(Shares Offered—Exchange Ticker Symbol) | ||||
AB Growth Fund
(Class
A–AGRFX; Class C–AGRCX; Class R–AGFRX; Class K–AGFKX;
Class I–AGFIX; Advisor Class–AGRYX) |
AB Sustainable Global Thematic Fund
(Class
A–ALTFX; Class C–ATECX; Class R–ATERX; Class K–ATEKX;
Class I–AGTIX; Advisor Class–ATEYX; Class Z–ATEZX) | |||
AB Large Cap Growth Fund
(Class
A–APGAX; Class C–APGCX; Class R–ABPRX; Class K–ALCKX;
Class I–ALLIX; Advisor Class–APGYX; Class Z–APGZX) |
AB Sustainable International Thematic
Fund
(Class
A–AWPAX; Class C–AWPCX; Class R–AWPRX; Class K–AWPKX;
Class I–AWPIX; Advisor Class–AWPYX; Class Z–AWPZX) | |||
AB Concentrated Growth Fund
(Class
A–WPASX; Class C–WPCSX; Class R–WPRSX; Class K–WPSKX;
Class I–WPSIX; Advisor Class–WPSGX; Class Z–WPSZX) |
AB Global Core Equity Portfolio
(Class
A–GCEAX; Class C–GCECX; Advisor Class–GCEYX) | |||
AB Discovery Growth Fund
(Class
A–CHCLX; Class C–CHCCX; Class R–CHCRX; Class K–CHCKX;
Class I–CHCIX; Advisor Class–CHCYX;
Class Z–CHCZX) |
AB International Strategic Core
Portfolio
(Class
A–ISARX; Class C–ISCRX; Advisor Class–ISRYX;
Class Z–ISZRX) | |||
AB Small Cap Growth Portfolio
(Class
A–QUASX; Class C–QUACX; Class R–QUARX; Class K–QUAKX;
Class I–QUAIX; Advisor Class–QUAYX; Class Z–QUAZX) |
AB Concentrated International Growth
Portfolio
(Class
A–CIAGX; Class C–CICGX; Advisor Class–CIGYX) | |||
AB Select US Equity Portfolio
(Class
A–AUUAX; Class C–AUUCX; Advisor Class–AUUYX; Class R–AUURX;
Class K–AUUKX; Class I–AUUIX) |
AB Sustainable US Thematic Portfolio
(Class
A–SUTAX; Class C–SUTCX; Advisor Class–FFTYX; Class Z–SUTZX) | |||
AB Select US Long/Short Portfolio
(Class
A–ASLAX; Class C–ASCLX; Advisor Class–ASYLX; Class R–ASRLX;
Class K–ASLKX; Class I–ASILX) |
Ø Are Not
FDIC Insured
Ø May
Lose Value
Ø Are Not
Bank Guaranteed |
Page | ||||
SUMMARY INFORMATION | 4 | |||
4 | ||||
7 | ||||
11 | ||||
14 | ||||
18 | ||||
22 | ||||
26 | ||||
30 | ||||
34 | ||||
38 | ||||
42 | ||||
46 | ||||
50 | ||||
ADDITIONAL INFORMATION ABOUT THE FUNDS’ STRATEGIES, RISKS AND INVESTMENTS | 55 | |||
INVESTING IN THE FUNDS | 68 | |||
68 | ||||
70 | ||||
71 | ||||
72 | ||||
72 | ||||
73 | ||||
74 | ||||
74 | ||||
75 | ||||
77 | ||||
MANAGEMENT OF THE FUNDS | 78 | |||
DIVIDENDS, DISTRIBUTIONS AND TAXES | 82 | |||
GENERAL INFORMATION | 84 | |||
GLOSSARY OF INVESTMENT TERMS | 85 | |||
FINANCIAL HIGHLIGHTS | 86 | |||
APPENDIX A—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION | A-1 | |||
APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS | B-1 |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K and I Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
Management
Fees |
.75% | .75% | .75% | .75% | .75% | .75% | ||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | ||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||
Transfer
Agent |
.09% | .09% | .09% | .26% | .20% | .02% | ||||||||||||||||||
Other
Expenses |
.03% | .03% | .03% | .03% | .03% | .03% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Other Expenses |
.12% | .12% | .12% | .29% | .23% | .05% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Annual Fund Operating Expenses |
1.12% | 1.87% | .87% | 1.54% | 1.23% | .80% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
After
1 Year |
$ | 534 | $ | 290 | * | $ | 89 | $ | 157 | $ | 125 | $ | 82 | |||||||||||
After
3 Years |
$ | 766 | $ | 588 | $ | 278 | $ | 486 | $ | 390 | $ | 255 | ||||||||||||
After
5 Years |
$ | 1,016 | $ | 1,011 | $ | 482 | $ | 839 | $ | 676 | $ | 444 | ||||||||||||
After
10 Years |
$ | 1,730 | $ | 1,995 | $ | 1,073 | $ | 1,834 | $ | 1,489 | $ | 990 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock market fluctuates. The value of its
investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing, such as growth,
may underperform the market generally. |
• |
Focused Portfolio Risk: Investments in a
limited number of companies may have more risk because changes in the
value of a single security may have a more significant effect, either
negative or positive, on the Fund’s net asset value, or
NAV. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology sector. To the extent
it does so, market or economic factors affecting the relevant sector(s)
could have a major effect on the value of the Fund’s
investments. |
• |
Capitalization Risk: Investments in
small- and mid-capitalization companies may be more volatile than
investments in large-capitalization companies. Investments in
small-capitalization companies may have additional risks because these
companies have limited product lines, markets or financial
resources. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market
index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 15.92% | 23.45% | 18.38% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 13.43% | 20.87% | 16.73% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 11.16% | 18.56% | 15.19% | |||||||||||||
Class C | Return Before Taxes | 19.24% | 23.60% | 18.00% | ||||||||||||
Advisor Class | Return Before Taxes | 21.35% | 24.84% | 19.21% | ||||||||||||
Class R | Return Before Taxes | 20.55% | 24.06% | 18.52% | ||||||||||||
Class K | Return Before Taxes | 20.94% | 24.44% | 18.90% | ||||||||||||
Class I | Return Before Taxes | 21.45% | 24.97% | 19.34% | ||||||||||||
Russell 3000® Growth
Index (reflects no deduction for fees, expenses, or taxes) |
25.85% | 24.56% | 19.39% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Bruce K. Aronow* | Since 2013 | Senior Vice President of the Adviser | ||
Frank V. Caruso | Since 2008 | Senior Vice President of the Adviser | ||
John H. Fogarty | Since 2013 | Senior Vice President of the Adviser |
* |
Mr. Aronow
is expected to retire from the Adviser effective December 31, 2023.
|
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
.48% | .48% | .48% | .48% | .48% | .48% | .48% | |||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
.08% | .08% | .08% | .26% | .20% | .12% | .02% | |||||||||||||||||||||
Other
Expenses |
.01% | .01% | .01% | .01% | .01% | .01% | .01% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.09% | .09% | .09% | .27% | .21% | .13% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Acquired
Fund Fees and Expenses |
.01% | .01% | .01% | .01% | .01% | .01% | .01% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
.83% | 1.58% | .58% | 1.26% | .95% | .62% | .52% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.00)% | (d) | (.00)% | (d) | (.00)% | (d) | (.00)% | (d) | (.00)% | (d) | (.01)% | (.00)% | (d) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.83% | 1.58% | .58% | 1.26% | .95% | .61% | .52% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
In
connection with the Fund’s investments in AB Government Money Market
Portfolio (the “Money Market Portfolio”) (except for the investment of any
cash collateral from securities lending), the Adviser has contractually
agreed to waive its management fee from the Fund and/or reimburse other
expenses of the Fund in an amount equal to the Fund’s pro rata share of
the Money Market Portfolio’s effective management fee, as included in
“Acquired Fund Fees and Expenses”. The agreement may only be terminated or
changed with the consent of the Fund’s Board of Directors.
|
(d) |
Amount
is less than .005%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | 506 | $ | 261 | * | $ | 59 | $ | 128 | $ | 97 | $ | 63 | $ | 53 | |||||||||||||
After
3 Years |
$ | 679 | $ | 499 | $ | 186 | $ | 400 | $ | 303 | $ | 196 | $ | 167 | ||||||||||||||
After
5 Years |
$ | 866 | $ | 860 | $ | 324 | $ | 692 | $ | 525 | $ | 344 | $ | 291 | ||||||||||||||
After
10 Years |
$ | 1,407 | $ | 1,677 | $ | 726 | $ | 1,523 | $ | 1,166 | $ | 772 | $ | 653 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing, such as growth,
may underperform the market generally. |
• |
Focused Portfolio Risk: Investments in a
limited number of companies may have more risk because changes in the
value of a single security may have a more significant effect, either
negative or positive, on the Fund’s net asset value, or
NAV. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology or health care sector.
To the extent it does so, market or economic factors affecting the
relevant sector(s) could have a major effect on the value of the Fund’s
investments. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying instrument, which could cause the
Fund to suffer a (potentially unlimited) loss. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty (the party on the other side of the
transaction) on a derivative transaction will be unable or unwilling to
honor its contractual obligations to the
Fund. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market
index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 23.11% | 24.20% | 19.94% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 20.75% | 22.59% | 18.34% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 15.16% | 19.49% | 16.50% | |||||||||||||
Class C | Return Before Taxes | 26.60% | 24.35% | 19.56% | ||||||||||||
Advisor Class | Return Before Taxes | 28.89% | 25.60% | 20.77% | ||||||||||||
Class R | Return Before Taxes | 28.04% | 24.79% | 20.04% | ||||||||||||
Class K | Return Before Taxes | 28.42% | 25.17% | 20.40% | ||||||||||||
Class I | Return Before Taxes | 28.84% | 25.59% | 20.82% | ||||||||||||
Class Z** | Return Before Taxes | 28.99% | 25.70% | 20.84% | ||||||||||||
Russell
1000® Growth
Index
(reflects
no deduction for fees, expenses, or taxes) |
27.60% | 25.32% | 19.79% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
** |
Inception
date for Class Z shares: 7/1/15. Performance information for periods
prior to the inception of Class Z shares is the performance of the
Fund’s Class A shares adjusted to reflect the expenses of
Class Z shares. |
Employee | Length of Service | Title | ||
Frank V. Caruso | Since 2012 | Senior Vice President of the Adviser | ||
John H. Fogarty | Since 2012 | Senior Vice President of the Adviser | ||
Vinay Thapar | Since 2018 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class
R, K, I and Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
.65% | .65% | .65% | .65% | .65% | .65% | .65% | |||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
.05% | .05% | .05% | .23% | .07% | .12% | .03% | |||||||||||||||||||||
Other
Expenses |
.05% | .05% | .05% | .05% | .04% | .04% | .04% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.10% | .10% | .10% | .28% | .11% | .16% | .07% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
1.00% | 1.75% | .75% | 1.43% | 1.01% | .81% | .72% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | 523 | $ | 278 | * | $ | 77 | $ | 146 | $ | 103 | $ | 83 | $ | 74 | |||||||||||||
After
3 Years |
$ | 730 | $ | 551 | $ | 240 | $ | 452 | $ | 322 | $ | 259 | $ | 230 | ||||||||||||||
After
5 Years |
$ | 954 | $ | 949 | $ | 417 | $ | 782 | $ | 558 | $ | 450 | $ | 401 | ||||||||||||||
After
10 Years |
$ | 1,598 | $ | 1,864 | $ | 930 | $ | 1,713 | $ | 1,236 | $ | 1,002 | $ | 894 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the equity markets fluctuate. The value of the
Fund’s investments may decline, sometimes rapidly and unpredictably,
simply because of economic changes or other events, including public
health crises (including the occurrence of a contagious disease or
illness) and regional and global conflicts, that affect large portions of
the market. It includes the risk that a particular style of investing,
such as growth, may underperform the market
generally. |
• |
Focused Portfolio Risk: Investments in a
limited number of companies may have more risk because changes in the
value of a single security may have a more significant effect, either
negative or positive, on the Fund’s net asset value, or
NAV. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology or health care sector.
To the extent it does so, market or economic factors affecting the
relevant sector(s) could have a major effect on the value of the Fund’s
investments. |
• |
Capitalization Risk: Investments in
mid-capitalization companies may be more volatile and less liquid than
investments in large-capitalization
companies. |
• |
Non-diversification Risk: The Fund may
have more risk because it is “non-diversified”, meaning that it can invest
more of its assets in a smaller number of issuers. Accordingly, changes in
the value of a single security may have a more significant effect, either
negative or positive, on the Fund’s NAV. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market
index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A*,** | Return Before Taxes | 25.57% | 21.32% | 17.36% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 22.63% | 19.74% | 16.35% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 17.16% | 17.11% | 14.55% | |||||||||||||
Class C* | Return Before Taxes | 29.17% | 21.46% | 16.99% | ||||||||||||
Advisor Class | Return Before Taxes | 31.47% | 22.68% | 18.16% | ||||||||||||
Class R* | Return Before Taxes | 30.62% | 22.01% | 17.55% | ||||||||||||
Class K* | Return Before Taxes | 31.11% | 22.34% | 17.86% | ||||||||||||
Class I* | Return Before Taxes | 31.38% | 22.67% | 18.17% | ||||||||||||
Class Z* | Return Before Taxes | 31.51% | 22.71% | 18.18% | ||||||||||||
S&P
500® Index
(reflects
no deduction for fees, expenses, or taxes) |
28.71% | 18.47% | 16.55% |
* |
Inception
date for Class A, Class C, Class R, Class K,
Class I and Class Z shares: 2/28/14. Performance information for
periods prior to the inception of Class A, Class C,
Class R, Class K, Class I and Class Z shares is the
performance of the Fund’s Advisor Class shares adjusted to reflect
the respective expenses of the Class A, Class C, Class R,
Class K, Class I and Class Z shares.
|
** |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
James Tierney | Since 2013 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
.59% | .59% | .59% | .59% | .59% | .59% | .59% | |||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.23% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
.07% | .07% | .07% | .25% | .20% | .10% | .02% | |||||||||||||||||||||
Other
Expenses(c) |
.02% | .02% | .02% | .02% | .03% | .02% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.09% | .09% | .09% | .27% | .23% | .12% | .05% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
.91% | 1.68% | .68% | 1.36% | 1.07% | .71% | .64% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee
Waiver and/or Expense Reimbursement(d) |
(.00)% | (e) | (.00)% | (e) | (.00)% | (e) | (.00)% | (e) | (.01)% | (.00)% | (e) | (.00)% | (e) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.91% | 1.68% | .68% | 1.36% | 1.06% | .71% | .64% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
(d) |
In
connection with the Fund’s investments in AB Government Money Market
Portfolio (the “Money Market Portfolio”) (except for the investment of any
cash collateral from securities lending), the Adviser has contractually
agreed to waive its management fee from the Fund and/or reimburse other
expenses of the Fund in an amount equal to the Fund’s pro rata share of
the Money Market Portfolio’s effective management fee. The agreement may
only be terminated or changed with the consent of the Fund’s Board of
Directors. |
(e) |
Amount
is less than .005%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | 514 | $ | 271 | * | $ | 69 | $ | 138 | $ | 108 | $ | 73 | $ | 65 | |||||||||||||
After
3 Years |
$ | 703 | $ | 530 | $ | 218 | $ | 431 | $ | 339 | $ | 227 | $ | 205 | ||||||||||||||
After
5 Years |
$ | 907 | $ | 913 | $ | 379 | $ | 745 | $ | 589 | $ | 395 | $ | 357 | ||||||||||||||
After
10 Years |
$ | 1,497 | $ | 1,782 | $ | 847 | $ | 1,635 | $ | 1,305 | $ | 883 | $ | 798 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing, such as growth,
may underperform the market generally. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology sector. To the extent
it does so, market or economic factors affecting the relevant sector(s)
could have a major effect on the value of the Fund’s
investments. |
• |
Capitalization Risk: Investments in
small- and mid-capitalization companies may be more volatile than
investments in large-capitalization companies. Investments in
small-capitalization companies may have additional risks because these
companies have limited product lines, markets or financial
resources. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market
index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 6.12% | 21.72% | 16.30% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 2.06% | 18.24% | 14.12% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 6.02% | 16.90% | 13.15% | |||||||||||||
Class C | Return Before Taxes | 9.26% | 21.87% | 15.91% | ||||||||||||
Advisor Class | Return Before Taxes | 11.10% | 23.06% | 17.08% | ||||||||||||
Class R | Return Before Taxes | 10.41% | 22.27% | 16.34% | ||||||||||||
Class K | Return Before Taxes | 10.75% | 22.62% | 16.68% | ||||||||||||
Class I | Return Before Taxes | 11.07% | 23.04% | 17.09% | ||||||||||||
Class Z** | Return Before Taxes | 11.15% | 23.14% | 17.15% | ||||||||||||
Russell
2500® Growth
Index
(reflects
no deduction for fees, expenses, or taxes) |
5.04% | 17.65% | 15.75% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
** |
Inception
date for Class Z: 5/30/14. Performance information for periods prior
to the inception of Class Z shares is the performance of the Fund’s
Class A shares adjusted to reflect the expenses of the Class Z
shares. |
Employee | Length of Service | Title | ||
Bruce K. Aronow* | Since 2008 | Senior Vice President of the Adviser | ||
Esteban Gomez | Since 2019 | Senior Vice President of the Adviser | ||
Samantha S. Lau | Since 2008 | Senior Vice President of the Adviser | ||
Heather Pavlak | Since 2019 | Vice President of the Adviser | ||
Wen-Tse Tseng | Since 2008 | Senior Vice President of the Adviser |
* |
Mr. Aronow
is expected to retire from the Adviser effective December 31, 2023.
|
Class A Shares |
Class C
Shares |
Advisor Class Shares |
Class
R, K, I and Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||||||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
||||||||
Exchange
Fee |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
||||||||||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
||||||||||||||||||||||||||||
Other
Expenses |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
(b) |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | $ | * | $ | $ | $ | $ | $ | ||||||||||||||||||||
After
3 Years |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
After
5 Years |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
After
10 Years |
$ | $ | $ | $ | $ | $ | $ |
* | If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100.
|
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing, such as growth,
may underperform the market
generally. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology or health care sector.
To the extent it does so, market or economic factors affecting the
relevant sector(s) could have a major effect on the value of the Fund’s
investments. |
• |
Capitalization Risk: Investments in
small- and mid-capitalization companies may be more volatile than
investments in large-capitalization companies. Investments in
small-capitalization companies may have additional risks because these
companies have limited product lines, markets or financial
resources. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other
factors. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as
expected. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | |||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | ||||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | ||||||||||||||||
Class C | Return Before Taxes | |||||||||||||||
Advisor Class | Return Before Taxes | |||||||||||||||
Class R | Return Before Taxes | |||||||||||||||
Class K | Return Before Taxes | |||||||||||||||
Class I | Return Before Taxes | |||||||||||||||
Class Z** | Return Before Taxes | |||||||||||||||
Russell
2000® Growth
Index
(reflects
no deduction for fees, expenses, or taxes) |
* |
|
|
|
|
** | Inception
date for Class Z shares: |
Employee | Length of Service | Title | ||
Bruce K. Aronow* | Since 2000 | Senior Vice President of the Adviser | ||
Esteban Gomez | Since 2019 | Senior Vice President of the Adviser | ||
Samantha S. Lau | Since 2004 | Senior Vice President of the Adviser | ||
Heather Pavlak | Since 2019 | Vice President of the Adviser | ||
Wen-Tse Tseng | Since 2006 | Senior Vice President of the Adviser |
* |
Mr. Aronow
is expected to retire from the Adviser effective December 31, 2023.
|
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K and I Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
Management
Fees |
1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | ||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||
Transfer
Agent |
.02% | .02% | .02% | .23% | .20% | .02% | ||||||||||||||||||
Other
Expenses(c) |
.20% | .20% | .20% | .24% | .20% | .20% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Other Expenses |
.22% | .22% | .22% | .47% | .40% | .22% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Annual Fund Operating Expenses |
1.47% | 2.22% | 1.22% | 1.97% | 1.65% | 1.22% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fee
Waiver and/or Expense Reimbursement(d) |
(.00)% | (e) | (.00)% | (e) | (.00)% | (e) | (.11)% | (.10)% | (.01)% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
1.47% | 2.22% | 1.22% | 1.86% | 1.55% | 1.21% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
(d) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until October 31, 2023 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses, interest expense, taxes, extraordinary
expenses, and brokerage commissions and other transaction costs), on an
annualized basis, from exceeding 1.55%, 2.30%, 1.30%, 1.80%, 1.55% and
1.30% of average daily net assets, respectively, for Class A, Class C,
Advisor Class, Class R, Class K and Class I shares. In addition, in
connection with the Fund’s investments in AB Government Money Market
Portfolio (the “Money Market Portfolio”) (except for the investment of any
cash collateral from securities lending), the Adviser has contractually
agreed to waive its management fee from the Fund and/or reimburse other
expenses of the Fund in an amount equal to the Fund’s pro rata share of
the Money Market Portfolio’s effective management fee. Each of the
agreements will remain in effect until October 31, 2023 and may only
be terminated or changed with the consent of the Fund’s Board of
Directors. In addition, each of the agreements will be automatically
extended for one-year terms unless the Adviser provides notice of
termination to the Fund at least 60 days prior to the end of the period.
|
(e) |
Amount
is less than .005%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
After
1 Year |
$ | 568 | $ | 325 | * | $ | 124 | $ | 189 | $ | 158 | $ | 123 | |||||||||||
After
3 Years |
$ | 870 | $ | 694 | $ | 387 | $ | 608 | $ | 511 | $ | 386 | ||||||||||||
After
5 Years |
$ | 1,194 | $ | 1,190 | $ | 670 | $ | 1,052 | $ | 888 | $ | 669 | ||||||||||||
After
10 Years |
$ | 2,108 | $ | 2,365 | $ | 1,477 | $ | 2,287 | $ | 1,946 | $ | 1,476 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock, bond or currency markets fluctuate.
The value of the Fund’s investments may decline, sometimes rapidly and
unpredictably, simply because of economic changes or other events,
including public health crises (including the occurrence of a contagious
disease or illness) and regional and global conflicts, that affect large
portions of the market. It includes the risk that a particular style of
investing may underperform the market
generally. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology sector. To the extent
it does so, market or economic factors affecting the relevant sector(s)
could have a major effect on the value of the Fund’s
investments. |
• |
Capitalization Risk: Investments in
small- and mid-capitalization companies may be more volatile than
investments in large-capitalization companies. Investments in these
companies may have additional risks because these companies may have
limited product lines, markets or financial
resources. |
• |
Active Trading Risk: The Fund expects to
engage in active and frequent trading of its portfolio securities and its
portfolio turnover rate may greatly exceed 100%. A higher rate of
portfolio turnover increases transaction costs, which may negatively
affect the Fund’s return. In addition, a high rate of portfolio turnover
may result in substantial short-term gains, which may have adverse tax
consequences for Fund shareholders. |
• |
IPO Risk: Securities purchased in an IPO
may be subject to substantial price volatility due to one or more factors
such as unseasoned trading in the securities, the lack of investor
knowledge of the issuer, the lack of an operating history of the issuer,
and the dependence of the issuer on key personnel, suppliers or a limited
number of customers. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market
index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 24.28% | 16.46% | 15.04% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 17.02% | 12.86% | 12.35% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 16.81% | 11.92% | 11.42% | |||||||||||||
Class C | Return Before Taxes | 27.81% | 16.60% | 14.68% | ||||||||||||
Advisor Class | Return Before Taxes | 30.09% | 17.76% | 15.83% | ||||||||||||
Class R | Return Before Taxes | 29.41% | 17.14% | 15.22% | ||||||||||||
Class K | Return Before Taxes | 29.73% | 17.41% | 15.47% | ||||||||||||
Class I | Return Before Taxes | 30.13% | 17.79% | 15.84% | ||||||||||||
S&P 500® Index (reflects no deduction for fees, expenses or taxes) |
28.71% | 18.47% | 16.55% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Kurt A. Feuerman | Since 2011 | Senior Vice President of the Adviser | ||
Anthony Nappo | Since 2015 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K and I Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
Management
Fees |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | ||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | ||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||
Transfer
Agent |
.06% | .06% | .06% | .14% | .05% | .03% | ||||||||||||||||||
Dividend
Expense, Borrowing Costs and Brokerage Expense on Securities Sold
Short |
.01% | .01% | .01% | .01% | .00% | .01% | ||||||||||||||||||
Other
Expenses |
.04% | .04% | .04% | .04% | .03% | .03% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Other Expenses |
.11% | .11% | .11% | .19% | .08% | .07% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Acquired
Fund Fees and Expenses |
.03% | .03% | .03% | .03% | .03% | .03% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Annual Fund Operating Expenses |
1.89% | 2.64% | 1.64% | 2.22% | 1.86% | 1.60% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.03)% | (.03)% | (.03)% | (.06)% | (.03)% | (.02)% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
1.86% | 2.61% | 1.61% | 2.16% | 1.83% | 1.58% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until October 31, 2023 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses, interest expense, taxes, extraordinary
expenses, and brokerage commissions and other transaction costs), on an
annualized basis, from exceeding 1.90%, 2.65%, 1.65%, 2.15%, 1.90% and
1.65% of average daily net assets, respectively, for Class A, Class C,
Advisor Class, Class R, Class K and Class I shares. In addition, in
connection with the Fund’s investments in AB Government Money Market
Portfolio (the “Money Market Portfolio”) (except for the investment of any
cash collateral from securities lending), the Adviser has contractually
agreed to waive its management fee from the Fund and/or reimburse other
expenses of the Fund in an amount equal to the Fund’s pro rata share of
the Money Market Portfolio’s effective management fee, as included in
“Acquired Fund Fees and Expenses”. Each of the agreements will remain in
effect until October 31, 2023 and may only be terminated or changed
with the consent of the Fund’s Board of Directors. In addition, each of
the agreements will be automatically extended for one-year terms unless
the Adviser provides notice of termination to the Fund at least 60 days
prior to the end of the period. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
After
1 Year |
$ | 606 | $ | 364 | * | $ | 164 | $ | 219 | $ | 186 | $ | 161 | |||||||||||
After
3 Years |
$ | 991 | $ | 818 | $ | 514 | $ | 688 | $ | 582 | $ | 503 | ||||||||||||
After
5 Years |
$ | 1,400 | $ | 1,397 | $ | 889 | $ | 1,184 | $ | 1,003 | $ | 869 | ||||||||||||
After
10 Years |
$ | 2,540 | $ | 2,790 | $ | 1,941 | $ | 2,550 | $ | 2,177 | $ | 1,898 | ||||||||||||
* |
If
you did not redeem your shares at the end of the period, your expenses
would decrease by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock, bond or currency markets fluctuate.
The value of the Fund’s investments may decline, sometimes rapidly and
unpredictably, simply because of economic changes or other events,
including public health crises (including the occurrence of a contagious
disease or illness) and regional and global conflicts, that affect large
portions of the market. It includes the risk that a particular style of
investing may underperform the market
generally. |
• |
Short Sale Risk: Short sales involve the
risk that the Fund will incur a loss by subsequently buying a security at
a higher price than the price at which it sold the security. The amount of
such loss is theoretically unlimited, as it will be based on the increase
in value of the security sold short. In contrast, the risk of loss from a
long position is limited to the Fund’s investment in the security, because
the price of the security cannot fall below zero. The Fund may not always
be able to close out a short position on favorable
terms. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying instrument, which could cause the
Fund to suffer a (potentially unlimited) loss. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty (the party on the other side of the
transaction) on a derivative transaction will be unable or unwilling to
honor its contractual obligations to the
Fund. |
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, the value of its shares may be more volatile
because leverage tends to exaggerate the effect of any increase or
decrease in the value of the Fund’s
investments. |
• |
Capitalization Risk: Investments in
small- and mid-capitalization companies may be more volatile than
investments in large-capitalization companies. Investments in these
companies may have additional risks because these companies may have
limited product lines, markets or financial
resources. |
• |
Active Trading Risk: The Fund expects to
engage in active and frequent trading of its portfolio securities and its
portfolio turnover rate is expected to greatly exceed 100%. A higher rate
of portfolio turnover increases transaction costs, which may negatively
affect the Fund’s return. In addition, a high rate of portfolio turnover
may result in substantial short-term gains, which may have adverse tax
consequences for Fund shareholders. |
• |
IPO Risk: Securities purchased in an IPO
may be subject to substantial price volatility due to one or more factors
such as unseasoned trading in the securities, the lack of investor
knowledge of the issuer, the lack of an operating history of the issuer,
and the dependence of the issuer on key personnel, suppliers or a limited
number of customers. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over the life of the
Fund; and |
• |
how
the Fund’s average annual returns for one year, five years and since
inception compare to those of a broad-based securities market
index. |
1 Year | 5 Years | Since Inception* |
||||||||||||||
Class A** | Return Before Taxes | 12.39% | 9.72% | 8.26% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 8.11% | 7.24% | 6.48% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 8.09% | 6.64% | 5.84% | |||||||||||||
Class C | Return Before Taxes | 15.46% | 9.84% | 7.97% | ||||||||||||
Advisor Class | Return Before Taxes | 17.55% | 10.94% | 9.05% | ||||||||||||
Class R | Return Before Taxes | 16.97% | 10.37% | 8.50% | ||||||||||||
Class K | Return Before Taxes | 17.45% | 10.67% | 8.79% | ||||||||||||
Class I | Return Before Taxes | 17.65% | 10.98% | 9.09% | ||||||||||||
S&P
500® Index
(reflects
no deduction for fees, expenses or taxes) |
28.71% | 18.47% | 16.49% |
* |
Inception
date for all Classes: 12/12/12. |
** |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Kurt A. Feuerman | Since 2012 | Senior Vice President of the Adviser | ||
Anthony Nappo | Since 2015 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
.65% | .65% | .65% | .65% | .65% | .65% | .65% | |||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
.09% | .09% | .09% | .26% | .20% | .07% | .03% | |||||||||||||||||||||
Other
Expenses |
.03% | .03% | .03% | .03% | .03% | .03% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.12% | .12% | .12% | .29% | .23% | .10% | .06% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
1.02% | 1.77% | .77% | 1.44% | 1.13% | .75% | .71% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | 525 | $ | 280 | * | $ | 79 | $ | 147 | $ | 115 | $ | 77 | $ | 73 | |||||||||||||
After
3 Years |
$ | 736 | $ | 557 | $ | 246 | $ | 456 | $ | 359 | $ | 240 | $ | 227 | ||||||||||||||
After
5 Years |
$ | 964 | $ | 959 | $ | 428 | $ | 787 | $ | 622 | $ | 417 | $ | 395 | ||||||||||||||
After
10 Years |
$ | 1,620 | $ | 1,886 | $ | 954 | $ | 1,724 | $ | 1,375 | $ | 930 | $ | 883 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing may underperform
the market generally. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology or industrials sector.
To the extent it does so, market or economic factors affecting the
relevant sector(s) could have a major effect on the value of the Fund’s
investments. |
• |
ESG Risk: Applying ESG and sustainability
criteria to the investment process may exclude securities of certain
issuers for non-investment reasons and, therefore, the Fund may forgo some
market opportunities available to funds that do not use ESG or
sustainability criteria. Securities of companies with ESG practices may
shift into and out of favor depending on market and economic conditions,
and the Fund’s performance may at times be better or worse than the
performance of funds that do not use ESG or sustainability criteria.
Furthermore, ESG factors and “sustainability”criteria are not uniformly
defined, and may differ from those used by other funds. In addition, in
evaluating an investment, the investment adviser is dependent upon
information and data that may be incomplete, inaccurate or unavailable,
which could adversely affect the analysis of the ESG and sustainability
factors relevant to a particular
investment. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid as well as being subject to increased economic,
political, regulatory, or other
uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Capitalization Risk: Investments in
mid-capitalization companies may be more volatile than investments in
large-capitalization companies. Investments in mid-capitalization
companies may have additional risks because these companies may have
limited product lines, markets or financial
resources. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying instrument, which could cause the
Fund to suffer a (potentially unlimited) loss. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty (the party on the other side of the
transaction) on a derivative transaction will be unable or unwilling to
honor its contractual obligations to the
Fund. |
• |
Focused Portfolio Risk: Investments in a
limited number of companies may have more risk because changes in the
value of a single security may have a more significant effect, either
negative or positive, on the Fund’s net asset value, or
NAV. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market
index. |
1 Year | 5 Years | 10 Years | ||||||||||||
Class A* | Return Before Taxes | 17.11% | 21.17% | 14.81% | ||||||||||
|
||||||||||||||
Return After Taxes on Distributions | 14.56% | 19.58% | 13.88% | |||||||||||
|
||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 11.92% | 16.98% | 12.25% | |||||||||||
Class C | Return Before Taxes | 20.38% | 21.31% | 14.45% | ||||||||||
Advisor Class | Return Before Taxes | 22.59% | 22.53% | 15.61% | ||||||||||
Class R | Return Before Taxes | 21.79% | 21.81% | 15.04% | ||||||||||
Class K | Return Before Taxes | 22.17% | 22.18% | 15.39% | ||||||||||
Class I | Return Before Taxes | 22.61% | 22.62% | 15.81% | ||||||||||
Class Z** | Return Before Taxes | 22.74% | 22.63% | 15.70% | ||||||||||
MSCI ACWI Index (Net) (reflects no deduction for fees, expenses, or taxes except the reinvestment of dividends of non-U.S. withholding taxes) |
18.54% | 14.40% | 11.85% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
** |
Inception
date for Class Z shares: 7/26/21. Performance information for periods
prior to the inception of Class Z shares is the performance of the
Fund’s Class A shares adjusted to reflect the expenses of the
Class Z shares. |
Employee | Length of Service | Title | ||
Daniel C. Roarty | Since 2013 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||||||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
||||||||
Exchange
Fee |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
||||||||||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
||||||||||||||||||||||||||||
Other
Expenses |
(c) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
(c) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
(b) |
(c) |
|
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | $ | * | $ | $ | $ | $ | $ | ||||||||||||||||||||
After
3 Years |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
After
5 Years |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
After
10 Years |
$ | $ | $ | $ | $ | $ | $ |
* | If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100.
|
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing may underperform
the market generally. |
• |
Focused Portfolio Risk: Investments
in a limited number of companies may have more risk because changes in the
value of a single security may have a more significant effect, either
negative or positive, on the Fund’s net asset value, or
NAV. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology or financial services
sector. To the extent it does so, market or economic factors affecting the
relevant sector(s) could have a major effect on the value of the Fund’s
investments. |
• |
ESG Risk: Applying ESG and
sustainability criteria to the investment process may exclude securities
of certain issuers for non-investment reasons and, therefore,
the Fund may forgo some market opportunities available to funds that do
not use ESG or sustainability criteria. Securities of companies with ESG
practices may shift into and out of favor depending on market and economic
conditions, and the Fund’s performance may at times be better or worse
than the performance of funds that do not use ESG or sustainability
criteria. Furthermore, ESG factors and “sustainability” criteria are not
uniformly defined, and may differ from those used by other funds. In
addition, in evaluating an investment, the investment adviser is dependent
upon information and data that may be incomplete, inaccurate or
unavailable, which could adversely affect the analysis of the ESG and
sustainability factors relevant to a particular
investment. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other
factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid as well as being subject to increased economic,
political, regulatory or other
uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Capitalization Risk: Investments in
small- and mid-capitalization companies may be more volatile than
investments in large-capitalization companies. Investments in
small-capitalization companies may have additional risks because these
companies have limited product lines, markets or financial
resources. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying instrument, which could cause the
Fund to suffer a (potentially unlimited) loss. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty (the party on the other side of the
transaction) on a derivative transaction will be unable or unwilling to
honor its contractual obligations to the
Fund. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as
expected. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||
Class A* | Return Before Taxes | |||||||||||||
|
||||||||||||||
Return After Taxes on Distributions | ||||||||||||||
|
||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | ||||||||||||||
Class C | Return Before Taxes | |||||||||||||
Advisor Class | Return Before Taxes | |||||||||||||
Class R | Return Before Taxes | |||||||||||||
Class K | Return Before Taxes | |||||||||||||
Class I | Return Before Taxes | |||||||||||||
Class Z** | Return Before Taxes | |||||||||||||
MSCI
ACWI Index (ex. U.S.) (Net)
(reflects
no deduction for fees, expenses, or taxes except the reinvestment of
dividends of non-U.S. withholding taxes) |
* |
|
|
|
|
** | Inception
date for Class Z shares: |
Employee | Length of Service | Title | ||
William Johnston | Since 2017 | Senior Vice President of the Adviser | ||
Daniel C. Roarty | Since 2011 | Senior Vice President of the Adviser |
Class A
Shares |
Class C Shares |
Advisor Class Shares | ||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | |||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | |||
Exchange
Fee |
None | None | None |
Class A | Class C | Advisor Class | ||||||||||
Management
Fees |
.74% | .74% | .74% | |||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | |||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
.01% | .01% | .01% | |||||||||
Other
Expenses(c) |
.04% | .04% | .04% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.05% | .05% | .05% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.04% | 1.79% | .79% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(d) |
(.01)% | (.00)% | (e) | (.00)% | (e) | |||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
1.03% | 1.79% | .79% | |||||||||
|
|
|
|
|
|
|||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
(d) |
In
connection with the Fund’s investments in AB Government Money Market
Portfolio (the “Money Market Portfolio”) (except for the investment of any
cash collateral from securities lending), the Adviser has contractually
agreed to waive its management fee from the Fund and/or reimburse other
expenses of the Fund in an amount equal to the Fund’s pro rata share of
the Money Market Portfolio’s effective management fee. The agreement may
only be terminated or changed with the consent of the Fund’s Board of
Directors. |
(e) |
Amount
is less than .005%. |
Class A | Class C | Advisor Class | ||||||||||
After
1 Year |
$ | 526 | $ | 282 | * | $ | 81 | |||||
After
3 Years |
$ | 741 | $ | 563 | $ | 252 | ||||||
After
5 Years |
$ | 974 | $ | 970 | $ | 439 | ||||||
After
10 Years |
$ | 1,641 | $ | 1,908 | $ | 978 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing may underperform
the market generally. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid as well as being subject to increased economic,
political, regulatory or other
uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over the life of the
Fund; and |
• |
how
the Fund’s average annual returns for one year, five years and since
inception compare to those of a broad-based securities market
index. |
1 Year | 5 Years | Since Inception* |
||||||||||||||||
Class A** | Return Before Taxes | 12.83% | 13.39% | 9.94% | ||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions | 11.37% | 12.45% | 9.20% | |||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 8.15% | 10.45% | 7.78% | |||||||||||||||
Class C | Return Before Taxes | 15.96% | 13.53% | 9.76% | ||||||||||||||
Advisor Class | Return Before Taxes | 18.14% | 14.68% | 10.86% | ||||||||||||||
MSCI
ACWI Index (Net)
(reflects
no deduction for fees, expenses, or taxes except the reinvestment of
dividends of non-U.S. withholding taxes) |
18.54% | 14.40% | 10.60% |
* |
Inception
date for all Classes: 11/12/14. |
** |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
David Dalgas | Since 2014 | Senior Vice President of the Adviser | ||
Klaus Ingemann | Since 2014 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
Management
Fees |
.65% | .65% | .65% | .65% | ||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | None | ||||||||||||
Other
Expenses: |
||||||||||||||||
Transfer
Agent |
.01% | .01% | .01% | .02% | ||||||||||||
Other
Expenses(c) |
.08% | .10% | .09% | .07% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Other Expenses |
.09% | .11% | .10% | .09% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses |
.99% | 1.76% | .75% | .74% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fee
Waiver and/or Expense Reimbursement(d) |
(.00)% | (e) | (.01)% | (.01)% | (.00)% | (e) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.99% | 1.75% | .74% | .74% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
(d) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until October 31, 2023 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses, interest expense, taxes, extraordinary
expenses, and brokerage commissions and other transaction costs), on an
annualized basis, from exceeding 1.00%, 1.75%, 0.75% and 0.75% of average
daily net assets, respectively, for Class A, Class C, Advisor Class and
Class Z shares. In addition, in connection with the Fund’s investments in
AB Government Money Market Portfolio (the “Money Market Portfolio”)
(except for the investment of any cash collateral from securities
lending), the Adviser has contractually agreed to waive its management fee
from the Fund and/or reimburse other expenses of the Fund in an amount
equal to the Fund’s pro rata share of the Money Market Portfolio’s
effective management fee. Each of the agreements will remain in effect
until October 31, 2023 and may only be terminated or changed with the
consent of the Fund’s Board of Directors. In addition, each of the
agreements will be automatically extended for one-year terms unless the
Adviser provides notice of termination to the Fund at least 60 days prior
to the end of the period. |
(e) |
Amount
is less than .005%. |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
After
1 Year |
$ | 522 | $ | 278 | * | $ | 76 | $ | 76 | |||||||
After
3 Years |
$ | 727 | $ | 553 | $ | 239 | $ | 237 | ||||||||
After
5 Years |
$ | 949 | $ | 953 | $ | 416 | $ | 411 | ||||||||
After
10 Years |
$ | 1,586 | $ | 1,869 | $ | 929 | $ | 918 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond markets fluctuate. The value of
the Fund’s investments may decline, sometimes rapidly and unpredictably,
simply because of economic changes or other events, including public
health crises (including the occurrence of a contagious disease or
illness) and regional and global conflicts, that affect large portions of
the market. It includes the risk that a particular style of investing may
underperform the market generally. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. These risks may be heightened with respect to
investments in emerging market countries, where there may be an increased
amount of economic, political and social
instability. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Capitalization Risk: Investments in
mid-capitalization companies may be more volatile than investments in
large-capitalization companies. Investments in mid-capitalization
companies may have additional risks because these companies have limited
product lines, markets or financial
resources. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying instrument, which could cause the
Fund to suffer a (potentially unlimited) loss. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty (the party on the other side of the
transaction) on a derivative transaction will be unable or unwilling to
honor its contractual obligations to the
Fund. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over the life of the
Fund; and |
• |
how
the Fund’s average annual returns for one year, five years and since
inception compare to those of a broad-based securities market
index. |
1 Year | 5 Years | Since Inception* |
||||||||||||||||
Class A** | Return Before Taxes | 4.92% | 8.02% | 5.88% | ||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions | 5.01% | 7.76% | 5.58% | |||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 3.09% | 6.36% | 4.62% | |||||||||||||||
Class C | Return Before Taxes | 7.80% | 8.15% | 5.79% | ||||||||||||||
Advisor Class | Return Before Taxes | 9.84% | 9.26% | 6.85% | ||||||||||||||
Class Z | Return Before Taxes | 9.93% | 9.25% | 6.86% | ||||||||||||||
MSCI
EAFE Index
(reflects
no deduction for fees, expenses or taxes) |
11.26% | 9.55% | 6.30% |
* |
Inception
dates: 7/29/15 for Class A, Class C and Advisor
Class shares and 11/20/19 for Class Z shares. Performance
information for periods prior to the inception of Class Z shares is
the performance of the Fund’s Class A shares adjusted to reflect
the expenses of the Class Z shares. |
** |
After-tax
Returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Kent W. Hargis | Since 2015 | Senior Vice President of the Adviser | ||
Brian Holland* | Effective January 2023 | Senior Vice President of the Adviser | ||
Sammy Suzuki | Since 2015 | Senior Vice President of the Adviser |
* |
Effective
January 1, 2023, Mr. Holland will join as a portfolio manager of
the Fund. |
Class A Shares |
Class C Shares |
Advisor Class Shares | ||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | |||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | |||
Exchange
Fee |
None | None | None |
Class A | Class C | Advisor Class | ||||||||||
Management
Fees |
.75% | .75% | .75% | |||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | |||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
.03% | .03% | .03% | |||||||||
Other
Expenses |
.09% | .09% | .09% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.12% | .12% | .12% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.12% | 1.87% | .87% | |||||||||
|
|
|
|
|
|
|||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
Class A | Class C | Advisor Class | ||||||||||
After
1 Year |
$ | 534 | $ | 290 | * | $ | 89 | |||||
After
3 Years |
$ | 766 | $ | 588 | $ | 278 | ||||||
After
5 Years |
$ | 1,016 | $ | 1,011 | $ | 482 | ||||||
After
10 Years |
$ | 1,730 | $ | 1,995 | $ | 1,073 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing, such as the
Fund’s growth approach, may underperform the market
generally. |
• |
Focused Portfolio Risk: Investments in a
limited number of companies may have more risk because changes in the
value of a single security may have a more significant effect, either
negative or positive, on the Fund’s net asset value, or
NAV. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the financials sector. To the extent it does so,
market or economic factors affecting the relevant sector(s) could have a
major effect on the value of the Fund’s
investments. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid, and because these investments may be subject to
increased economic, political, regulatory or other
uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Capitalization Risk: Investments in
mid-capitalization companies may be more volatile than investments in
large-capitalization companies. Investments in mid-capitalization
companies may have additional risks because these companies have limited
product lines, markets or financial
resources. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over the life of the
Fund; and |
• |
how
the Fund’s average annual returns for one year, five years and since
inception compare to those of a broad-based securities market
index. |
1 Year | 5 Years | Since Inception* |
||||||||||||||||
Class A** | Return Before Taxes | -1.22% | 13.26% | 7.40% | ||||||||||||||
Return After Taxes on Distributions | -1.63% | 12.27% | 6.69% | |||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -0.40% | 10.25% | 5.62% | |||||||||||||||
Class C | Return Before Taxes | 1.37% | 13.40% | 7.29% | ||||||||||||||
Advisor Class | Return Before Taxes | 3.39% | 14.52% | 8.35% | ||||||||||||||
MSCI
EAFE Index
(reflects
no deduction for fees, expenses or taxes) |
11.26% | 9.55% | 5.82% |
* |
Inception
date for all Classes: 4/15/15. |
** |
After-tax
Returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Dev Chakrabarti | Since 2015 | Senior Vice President of the Adviser | ||
Mark Phelps* | Since 2015 | Senior Vice President of the Adviser |
* |
Mr. Phelps
is expected to retire from the Adviser effective December 31, 2022.
|
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
Management
Fees |
.55% | .55% | .55% | .55% | ||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | None | ||||||||||||
Other
Expenses: |
||||||||||||||||
Transfer
Agent |
.09% | .17% | .08% | .02% | ||||||||||||
Other
Expenses |
.53% | 1.72% | .37% | .45% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Other Expenses |
.62% | 1.89% | .45% | .47% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Acquired
Fund Fees and Expenses |
.01% | .01% | .01% | .00% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses |
1.43% | 3.45% | 1.01% | 1.02% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.52)% | (1.80)% | (.35)% | (.37)% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.91% | 1.65% | .66% | .65% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C shares
automatically convert to Class A shares after eight years.
|
(c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until October 31, 2023 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses other than the advisory fees of any AB
Mutual Funds in which the Fund may invest, interest expense, taxes,
extraordinary expenses, and brokerage commissions and other transaction
costs), on an annualized basis, from exceeding 0.90%, 1.65%, 0.65% and
0.65% of average daily net assets, respectively, for Class A, Class
C, Advisor Class and Class Z shares. In addition, in connection with
the Fund’s investments in AB Government Money Market Portfolio (the “Money
Market Portfolio”) (except for the investment of any cash collateral from
securities lending), the Adviser has contractually agreed to waive its
management fee from the Fund and/or reimburse other expenses of the Fund
in an amount equal to the Fund’s pro rata share of the Money Market
Portfolio’s effective management fee, as included in “Acquired Fund Fees
and Expenses”. Each of the agreements will remain in effect until October
31, 2023 and may only be terminated or changed with the consent of the
Fund’s Board of Directors. In addition, each of the agreements will be
automatically extended for one-year terms unless the Adviser provides
notice of termination to the Fund at least 60 days prior to the end of the
period. |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
After
1 Year |
$ | 514 | $ | 268 | * | $ | 67 | $ | 66 | |||||||
After
3 Years |
$ | 809 | $ | 892 | $ | 287 | $ | 288 | ||||||||
After
5 Years |
$ | 1,126 | $ | 1,639 | $ | 524 | $ | 527 | ||||||||
After
10 Years |
$ | 2,022 | $ | 3,144 | $ | 1,204 | $ | 1,214 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock or bond market fluctuates. The value of
its investments may decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including public health
crises (including the occurrence of a contagious disease or illness) and
regional and global conflicts, that affect large portions of the market.
It includes the risk that a particular style of investing, such as the
Fund’s growth approach, may underperform the market
generally. |
• |
Sector Risk: The Fund may have more risk
because it may invest to a significant extent in one or more particular
market sectors, such as the information technology sector. To the extent
it does so, market or economic factors affecting the relevant sector(s)
could have a major effect on the value of the Fund’s
investments. |
• |
ESG Risk: Applying ESG and sustainability
criteria to the investment process may exclude securities of certain
issuers for non-investment reasons and, therefore, the Fund may forgo some
market opportunities available to funds that do not use ESG or
sustainability criteria. Securities of companies with favorable ESG
characteristics may shift into and out of favor depending on market and
economic conditions, and the Fund’s performance may at times be better or
worse than the performance of funds that do not use ESG or sustainability
criteria. Furthermore, ESG factors and “sustainability” criteria are not
uniformly defined, and may differ from those used by other funds. In
addition, in evaluating an investment, the investment adviser is dependent
upon information and data that may be incomplete, inaccurate or
unavailable, which could adversely affect the analysis of the ESG factors
relevant to a particular investment. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Capitalization Risk: Investments in
mid-capitalization companies may be more volatile than investments in
large-capitalization companies. Investments in mid-capitalization
companies may have additional risks because these companies may have
limited product lines, markets or financial
resources. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions for the Fund, but there is no guarantee that its
techniques will produce the intended results. Some of these techniques may
incorporate, or rely upon, quantitative models, but there is no guarantee
that these models will generate accurate forecasts, reduce risk or
otherwise perform as expected. |
• |
how
the Fund’s performance changed from year to year over the life of the
Fund; and |
• |
how
the Fund’s average annual returns for one year and since inception compare
to those of a broad-based securities market
index. |
1 Year | Since Inception |
|||||||||||
Advisor Class*,** | Return Before Taxes | 26.26% | 21.98% | |||||||||
| ||||||||||||
Return After Taxes on Distributions | 22.88% | 21.04% | ||||||||||
| ||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 16.62% | 17.67% | ||||||||||
Class A** | Return Before Taxes | 25.95% | 21.68% | |||||||||
Class C** | Return Before Taxes | 25.01% | 20.77% | |||||||||
Class Z** | Return Before Taxes | 26.26% | 21.98% | |||||||||
S&P
500 Index
(reflects
no deduction for fees, expenses, or taxes) |
28.71% | 18.12% |
* |
After-tax
Returns: |
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
** |
Inception
date for Advisor Class shares is June 28, 2017. Inception date
for Class A shares and Class Z shares is January 31, 2022.
Inception date for Class C shares is April 29, 2022. Performance
information for Class A shares, Class C and Class Z shares for
periods prior to their inception date is the performance of the Fund’s
Advisor Class shares adjusted to reflect the expenses of Class A
shares, Class C shares and Class Z shares, respectively.
|
Employee | Length of Service | Title | ||
Daniel C. Roarty | Since 2017 | Senior Vice President of the Adviser | ||
Benjamin Ruegsegger | Since 2017 | Senior Vice President of the Adviser |
• |
PURCHASE
AND SALE OF FUND SHARES |
Initial | Subsequent | |||
Class A/Class C shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
Automatic Investment Program | None | $50 If initial minimum investment is less than $2,500, then $200 monthly until account balance reaches $2,500 | ||
Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) | None | None | ||
Class A, Class R, Class K, Class I and Class Z shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans and, for Class Z shares, to persons participating in certain fee-based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of a Fund. | None | None |
• |
TAX
INFORMATION |
• |
PAYMENTS
TO BROKER-DEALERS AND OTHER FINANCIAL
INTERMEDIARIES |
• |
Forward Contracts. A forward contract is
an agreement that obligates one party to buy, and the other party to sell,
a specific quantity of an underlying commodity or other tangible asset for
an agreed-upon price at a future date. A forward contract generally is
settled by physical delivery of the commodity or tangible asset to an
agreed-upon location (rather than settled by cash) or is rolled forward
into a new forward contract, or, in the case of a non-deliverable forward,
by a cash payment at maturity. The Funds’ investments in forward contracts
may include the following: |
– |
Forward
Currency Exchange Contracts. A Fund may purchase or sell forward currency
exchange contracts for hedging purposes to minimize the risk from adverse
changes in the relationship between the U.S. Dollar and other
currencies or for non-hedging purposes as a means of making direct
investments in foreign currencies, as described below under “Other
Derivatives and Strategies—Currency Transactions”. A Fund, for example,
may enter into a forward contract as a transaction hedge (to “lock in” the
U.S. Dollar price of a non-U.S. Dollar security), as a position
hedge (to protect the value of securities the Fund owns that are
denominated in a foreign currency against substantial changes in the value
of the foreign currency) or as a cross-hedge (to protect the value of
securities the Fund owns that are denominated in a foreign currency
against substantial changes in the value of that foreign currency by
entering into a forward contract for a different foreign currency that is
expected to change in the same direction as the currency in which the
securities are denominated). |
• |
Futures Contracts and Options on Futures
Contracts. A futures contract is a standardized, exchange-traded
agreement that obligates the buyer to buy and the seller to sell a
specified quantity of an underlying asset (or settle for cash the value of
a contract based on an underlying asset, rate or index) at a specific
price on the contract maturity date. Options on futures contracts are
options that call for the delivery of futures contracts upon exercise. A
Fund may purchase or sell futures contracts and options thereon to hedge
against changes in interest rates, securities (through index futures or
options) or currencies. A Fund may also purchase or sell futures contracts
for foreign currencies or options thereon for non-hedging purposes as a
means of making direct investments in foreign currencies, as described
below under “Other Derivatives and Strategies—Currency
Transactions”. |
• |
Options. An option is an agreement that,
for a premium payment or fee, gives the option holder (the buyer) the
right but not the obligation to buy (a “call option”) or sell (a “put
option”) the underlying asset (or settle for cash an amount based on an
underlying asset, rate or index) at a specified price (the exercise price)
during a period of time or on a specified date. Investments in options are
considered speculative. A Fund may lose the premium paid for them if the
price of the underlying security or other asset decreased or remained the
same (in the case of a call option) or increased or remained the same (in
the case of a put option). If a put or call option purchased by a Fund
were permitted to expire without being sold or exercised, its premium
would represent a loss to the Fund. The Funds’ investments in options
include the following: |
– |
Options
on Foreign Currencies. A Fund may invest in options on foreign currencies
that are privately negotiated or traded on U.S. or foreign exchanges for
hedging purposes to protect against declines in the U.S. Dollar value
of foreign currency denominated securities held by a Fund and against
increases in the U.S. Dollar cost of securities to be acquired. The
purchase of an option on a foreign currency may constitute an effective
hedge against fluctuations in exchange rates, although if rates move
adversely, a Fund may forfeit the entire amount of the premium plus
related transaction costs. A Fund may also invest in options on foreign
currencies for non-hedging purposes as a means of making direct
investments in foreign currencies, as described below under “Other
Derivatives and Strategies—Currency
Transactions”. |
– |
Options
on Securities. A Fund may purchase or write a put or call option on
securities. A Fund will only exercise an option it purchased if the price
of the reference security is less (in the case of a put option) or more
(in the case of a call option) than the exercise price. If a Fund does not
exercise a purchased option, the premium it paid for the option will be
lost. A Fund may write covered options, which means writing an option for
securities the |
Fund
owns, and uncovered options. A Fund may also enter into options on the
yield “spread” or yield differential between two securities. In contrast
to other types of options, this option is based on the difference between
the yields of designated securities, futures or other instruments. In
addition, a Fund may write covered straddles. A straddle is a combination
of a call and a put written on the same underlying security. In purchasing
an option on securities, a Fund would be in a position to realize a gain
if, during the option period, the price of the underlying securities
increased (in the case of a call) or decreased (in the case of a put) by
an amount in excess of the premium paid; otherwise the Fund would
experience a loss not greater than the premium paid for the option. Thus,
a Fund would realize a loss if the price of the underlying security
declined or remained the same (in the case of a call) or increased or
remained the same (in the case of a put) or otherwise did not increase (in
the case of a put) or decrease (in the case of a call) by more than the
amount of the premium. If a put or call option purchased by a Fund were
permitted to expire without being sold or exercised, its premium would
represent a loss to the Fund. |
– |
Options
on Securities Indices. An option on a securities index is similar to an
option on a security except that, rather than taking or making delivery of
a security at a specified price, an option on a securities index gives the
holder the right to receive, upon exercise of the option, an amount of
cash if the closing level of the chosen index is greater than (in the case
of a call) or less than (in the case of a put) the exercise price of the
option. |
– |
Other
Option Strategies. In an effort to earn extra income, to adjust exposure
to individual securities or markets, or to protect all or a portion of its
portfolio from a decline in value, sometimes within certain ranges, a Fund
may use option strategies such as the concurrent purchase of a call or put
option, including on individual securities, stock indices, futures
contracts (including on individual securities and stock indices) or shares
of exchange-traded funds (“ETFs”) at one strike price and the writing of a
call or put option on the same individual security, stock index, futures
contract or ETF at a higher strike price in the case of a call option or
at a lower strike price in the case of a put option. The maximum profit
from this strategy would result for the call options from an increase in
the value of the individual security, stock index, futures contract or ETF
above the higher strike price or, for the put options, from the decline in
the value of the individual security, stock index, futures contract or ETF
below the lower strike price. If the price of the individual security,
stock index, futures contract or ETF declines, in the case of the call
option, or increases, in the case of the put option, the Fund has the risk
of losing the entire amount paid for the call or put
options. |
• |
Swap Transactions. A swap is an agreement
that obligates two parties to exchange a series of cash flows at specified
intervals (payment dates) based upon or calculated by reference to changes
in specified prices or rates (e.g.,
interest rates in the case of interest rate swaps or currency
exchange rates in the case of currency swaps) for a specified amount of an
underlying asset (the “notional” principal amount). Generally, the
notional principal amount is used solely to calculate the payment stream,
but is not exchanged. Most swaps are entered into on a net basis (i.e., the two payment streams are netted
out, with a Fund receiving or paying, as the case may be, only the net
amount of the two payments). Certain standardized swaps, including certain
interest rate swaps and credit default swaps, are subject to mandatory
central clearing and are required to be executed through a regulated swap
execution facility. Cleared swaps are transacted through futures
commission merchants (“FCMs”) that are members of central clearinghouses
with the clearinghouse serving as central counterparty, similar to
transactions in futures contracts. Funds post initial and variation margin
to support their obligations under cleared swaps by making payments to
their clearing member FCMs. Central clearing is intended to reduce
counterparty credit risks and increase liquidity, but central clearing
does not make swap transactions risk free. The Securities and Exchange
Commission (“SEC”) may adopt similar clearing and execution requirements
in respect of certain security-based swaps under its jurisdiction.
Privately negotiated swap agreements are two-party contracts entered into
primarily by institutional investors and are not cleared through a third
party, nor are these required to be executed on a regulated swap execution
facility. |
– |
Currency
Swaps. A Fund may invest in currency swaps for hedging purposes to protect
against adverse changes in exchange rates between the U.S. Dollar and
other currencies or for non-hedging purposes as a means of making direct
investments in foreign currencies, as described below under “Other
Derivatives and Strategies—Currency Transactions”. Currency swaps involve
the exchange by a Fund with another party of a series of payments in
specified currencies. Currency swaps may be bilateral and privately
negotiated with the Fund expecting to achieve an acceptable degree of
correlation between its portfolio investments and its currency swaps
position. Currency swaps may involve the exchange of actual principal
amounts of currencies by the counterparties at the initiation, and again
upon the termination, of the transaction. |
– |
Total
Return Swaps. A Fund may enter into total return swaps in order to take a
“long” or “short” position with respect to an underlying asset. A total
return swap involves |
commitments
to pay interest in exchange for a market-linked return based on a notional
amount of the underlying asset. Therefore, when a Fund enters into a total
return swap, it is subject to the market price volatility of the
underlying asset. To the extent that the total return of the security,
group of securities or index underlying the swap exceeds or falls short of
the offsetting interest obligation, the Fund will receive or make a
payment to the counterparty. Total return swaps may reflect a leveraged
investment and incorporate borrowing costs which are borne by the Fund.
There is no guarantee that the Fund’s investment via a total return swap
will deliver returns in excess of the embedded borrowing costs and,
accordingly, the Fund’s performance may be less than would be achieved by
a direct investment in the underlying reference
asset. |
– |
Interest
Rate Swaps, Swaptions, Caps, and Floors. Interest rate swaps involve the
exchange by a Fund with another party of payments calculated by reference
to specified interest rates (e.g.,
an exchange of floating-rate payments for fixed-rate payments). Unless
there is a counterparty default, the risk of loss to the Fund from
interest rate swap transactions is limited to the net amount of interest
payments that the Fund is contractually obligated to make. If the
counterparty to an interest rate swap transaction defaults, the Fund’s
risk of loss consists of the net amount of interest payments that the Fund
contractually is entitled to receive. |
– |
Credit
Default Swaps. The “buyer” in a credit default swap contract is obligated
to pay the “seller” a periodic stream of payments over the term of the
contract in return for a contingent payment upon the occurrence of a
credit event with respect to an underlying reference obligation.
Generally, a credit event means bankruptcy, failure to pay, obligation
acceleration or restructuring. A Fund may be either the buyer or seller in
the transaction. If a Fund is a seller, the Fund receives a fixed rate of
income throughout the term of the contract, which typically is between one
month and ten years, provided that no credit event occurs. If a credit
event occurs, a Fund, as seller, typically must pay the contingent payment
to the buyer, which will be either (i) the “par value” (face amount)
of the reference obligation in which case the Fund will receive the
reference obligation in return or (ii) an amount equal to the
difference between the face amount and the current market value of the
reference obligation. As a buyer, if a credit event occurs, the Fund would
be the receiver of such contingent payments, either delivering the
reference obligation in exchange for the full notional (face) value of a
reference obligation that may have little or no value, or receiving a
payment equal to the difference between the face amount and the current
market value of the obligation. The current market value of the reference
obligation is typically determined via an auction process sponsored by the
International Swaps and Derivatives Association, Inc. The periodic
payments previously received by the Fund, coupled with the value of any
reference obligation received, may be less than the full amount it pays to
the buyer, resulting in a loss to the Fund. If a Fund is a buyer and no
credit event occurs, the Fund will lose its periodic stream of payments
over the term of the contract. However, if a credit event occurs, the
buyer typically receives full notional value for a reference obligation
that may have little or no value. |
• |
Other Derivatives and
Strategies |
– |
Currency
Transactions. A Fund may invest in non-U.S. Dollar-denominated
securities on a currency hedged or un-hedged basis. The Adviser may
actively manage a Fund’s currency exposures and may seek investment
opportunities by taking long or short positions in currencies through the
use of currency-related derivatives, including forward currency exchange
contracts, futures contracts and options on futures contracts, swaps and
options. The Adviser may enter into transactions for investment
opportunities when it anticipates that a foreign currency will appreciate
or depreciate in value but securities denominated in that currency are not
held by a Fund and do not present attractive investment opportunities.
Such transactions may also be used when the Adviser believes that it may
be more efficient than a direct investment in a |
foreign
currency-denominated security. A Fund may also conduct currency exchange
contracts on a spot basis (i.e.,
for cash at the spot rate prevailing in the currency exchange market for
buying or selling currencies). |
– |
Synthetic
Foreign Equity Securities. A Fund may invest in different types of
derivatives generally referred to as synthetic foreign equity securities.
These securities may include international warrants or local access
products. International warrants are financial instruments issued by banks
or other financial institutions, which may or may not be traded on a
foreign exchange. International warrants are a form of derivative security
that may give holders the right to buy or sell an underlying security or a
basket of securities representing an index from or to the issuer of the
warrant for a particular price or may entitle holders to receive a cash
payment relating to the value of the underlying security or index, in each
case upon exercise by the Fund. Local access products are similar to
options in that they are exercisable by the holder for an underlying
security or a cash payment based upon the value of that security, but are
generally exercisable over a longer term than typical options. These types
of instruments may be American style, which means that they can be
exercised at any time on or before the expiration date of the
international warrant, or European style, which means that they may be
exercised only on the expiration date. |
Argentina
Bangladesh
Belize
Brazil
Bulgaria
Chile
China
Colombia
Croatia
Czech
Republic
Dominican
Republic
Ecuador
Egypt
El
Salvador
Gabon
Georgia
Ghana
Greece |
Hungary
India
Indonesia
Iraq
Ivory
Coast
Jamaica
Jordan
Kazakhstan
Kenya
Lebanon
Lithuania
Malaysia
Mexico
Mongolia
Nigeria
Pakistan
Panama
Peru |
Philippines
Poland
Qatar
Saudi
Arabia
Senegal
Serbia
South
Africa
South
Korea
Sri
Lanka
Taiwan
Thailand
Turkey
Ukraine
United
Arab Emirates
Uruguay
Venezuela
Vietnam |
• |
Are
signed and dated by the person(s) authorized in accordance with the Fund’s
policies and procedures to access the account and request
transactions; |
• |
Include
the fund and account number; and |
• |
Include
the amount of the transaction (stated in dollars, shares, or
percentage). |
• |
Medallion
signature guarantees or notarized signatures, if required for the type of
transaction. (Requirements are detailed on AllianceBernstein Investor
Services, Inc., or ABIS, service forms; Please contact ABIS with any
questions) |
• |
Any
supporting documentation that may be required. |
Purchase Minimums and Maximums |
—Initial: |
$ | 2,500 | ||
—Subsequent: |
$ | 50 |
* |
Purchase
minimums may not apply to some accounts established in connection with the
Automatic Investment Program and to some retirement-related investment
programs. These investment minimums also do not apply to persons
participating in a fee-based program or “Mutual Fund Only” brokerage
program which is sponsored and maintained by a registered broker-dealer or
other financial intermediary with omnibus account or “network level”
account arrangements with a Fund. |
—Class A
shares |
None | |||
—Class C
shares |
$ | 1,000,000 |
• |
Traditional
and Roth IRAs (minimums listed in the table above
apply); |
• |
SEPs,
SAR-SEPs, SIMPLE IRAs, and individual 403(b) plans (no investment
minimum); and |
• |
AllianceBernstein-sponsored
Coverdell Education Savings Accounts ($2,000 initial investment minimum,
$150 Automatic Investment Program monthly
minimum). |
• |
through
accounts established under a fee-based program, sponsored and maintained
by a registered broker-dealer or other financial intermediary and approved
by ABI; |
• |
through
a defined contribution employee benefit plan (e.g., a 401(k) plan) that purchases
shares directly without the involvement of a financial
intermediary; |
• |
by
investment advisory clients of, and certain other persons associated with,
the Adviser and its affiliates or the Funds; and |
• |
through
certain special arrangements approved by the
Adviser. |
Distribution and/or Service
(Rule 12b-1) Fee (as a
Percentage of Aggregate
Average Daily Net Assets) | |||||
Class A |
0.25 | %* | |||
Class C |
1.00 | % | |||
Advisor
Class |
None | ||||
Class R |
0.50 | % | |||
Class K |
0.25 | % | |||
Class I |
None | ||||
Class Z |
None |
* |
The
maximum fee allowed under the Rule 12b-1 Plan for the Class A shares
of AB Growth Fund and AB Large Cap Growth Fund is .50% of the
aggregate average daily net assets, and the maximum fee allowed under any
Rule 12b-1 Plan for Class A shares of all other Funds, except
AB Global Core Equity Portfolio,
AB International Strategic Core
Portfolio, AB Concentrated
International Growth Portfolio and AB Sustainable US Thematic
Portfolio, is .30% of the aggregate average daily net assets. The
Boards of the Funds currently limit the Funds’ payments to .25%, except
with respect to AB Discovery Growth
Fund, for which payments are currently limited to
.23%. |
Initial Sales Charge | ||||||||||
Amount Purchased | as % of Net Amount Invested |
as % of
Offering Price | ||||||||
Up
to $100,000 |
4.44 | % | 4.25 | % | ||||||
$100,000
up to $250,000 |
3.36 | 3.25 | ||||||||
$250,000
up to $500,000 |
2.30 | 2.25 | ||||||||
$500,000
up to $1,000,000 |
1.78 | 1.75 | ||||||||
$1,000,000
and above |
0.00 | 0.00 |
• |
persons
participating in a fee-based program, sponsored and maintained by a
registered broker-dealer or other financial intermediary, under which
persons pay an asset-based fee for services in the nature of investment
advisory or administrative services, or clients of broker-dealers or other
financial intermediaries who purchase Class A shares for their own
accounts through self-directed and/or non-discretionary brokerage accounts
with the broker-dealers or other financial intermediaries that may or may
not charge a transaction fee to its customers; |
• |
plan
participants who roll over amounts distributed from employer maintained
retirement plans to AllianceBernstein-sponsored IRAs where the plan is a
client of or serviced by the Adviser’s Institutional Investment Management
Division or Bernstein Global Wealth Management Division including
subsequent contributions to those IRAs; |
• |
certain
other investors, such as investment management clients of the Adviser or
its affiliates, including clients and prospective clients of the Adviser’s
Institutional Investment Management Division, employees of selected
dealers authorized to sell a Fund’s shares, and employees of the Adviser;
or |
• |
persons
participating in a “Mutual Fund Only” brokerage program, sponsored and
maintained by a registered broker-dealer or other financial
intermediary. |
• |
an
individual, his or her spouse or domestic partner, or the individual’s
children under the age of 21 purchasing shares for his, her or their own
account(s); |
• |
a
trustee or other fiduciary purchasing shares for a single trust, estate or
single fiduciary account with one or more beneficiaries
involved; |
• |
the
employee benefit plans of a single employer; or |
• |
any
company that has been in existence for at least six months or has a
purpose other than the purchase of shares of the
Fund. |
• |
all
of the shareholder’s accounts at the Funds or a financial intermediary;
and |
• |
accounts
of related parties of the shareholder, such as members of the same family,
at any financial intermediary. |
• |
permitted
exchanges of shares; |
• |
following
the death or disability of a shareholder; |
• |
if
the redemption represents a minimum required distribution from an IRA or
other retirement plan to a shareholder who has attained the age of 72;
or |
• |
if
the redemption is necessary to meet a plan participant’s or beneficiary’s
request for a distribution or loan from a group retirement plan or to
accommodate a plan participant’s or beneficiary’s direction to reallocate
his or her plan account among other investment alternatives available
under a group retirement plan. |
• |
the
amount you intend to invest; |
• |
how
long you expect to own shares; |
• |
expenses
associated with owning a particular class of
shares; |
• |
whether
you qualify for any reduction or waiver of sales charges (for example, if
you are making a large investment |
that
qualifies for a Quantity Discount,
you might consider purchasing Class A shares);
and |
• |
whether
a share class is available for purchase (Class R, K and I shares are
only offered to group retirement plans, not
individuals). |
- |
upfront
sales commissions; |
- |
Rule
12b-1 fees; |
- |
additional
distribution support; |
- |
defrayal
of costs for educational seminars and training; and |
- |
payments
related to providing shareholder recordkeeping and/or transfer agency
services. |
• |
Send
a signed letter of instruction or stock power, along with certificates,
to: |
• |
For
certified or overnight deliveries, send to: |
• |
For
your protection, a bank, a member firm of a national stock exchange or
another eligible guarantor institution must guarantee signatures. Stock
power forms are available from your financial intermediary, ABIS and many
commercial banks. Additional documentation is required for the sale of
shares by corporations, intermediaries, fiduciaries and surviving joint
owners. If you have any questions about these procedures, contact
ABIS. |
• |
You
may redeem your shares for which no stock certificates have been issued by
telephone request. Call ABIS at (800) 221-5672 with instructions on
how you wish to receive your sale proceeds. |
• |
ABIS
must receive and confirm a telephone redemption request by the Fund
Closing Time for you to receive that day’s NAV, less any applicable
CDSC. |
• |
For
your protection, ABIS will request personal or other information from you
to verify your identity and will generally record the calls. Neither the
Fund nor the Adviser, ABIS, ABI or other Fund agent will be liable for any
loss, injury, damage or expense as a result of acting upon telephone
instructions purporting to be on your behalf that ABIS reasonably believes
to be genuine. |
• |
If
you have selected electronic funds transfer in your Mutual Fund
Application, the redemption proceeds will be sent directly to your bank.
Otherwise, the proceeds will be mailed to you. |
• |
Redemption
requests by electronic funds transfer or check may not exceed $100,000 per
Fund account per day. |
• |
Telephone
redemption is not available for shares held in nominee or “street name”
accounts, retirement plan accounts, or shares held by a shareholder who
has changed his or her address of record within the previous
30 calendar days. |
• |
Transaction Surveillance Procedures. The
Funds, through their agents, ABI and ABIS, maintain surveillance
procedures to detect excessive or short-term trading in Fund shares. This
surveillance process involves several factors, which include scrutinizing
transactions in Fund shares that exceed certain monetary thresholds or
numerical limits within a specified period of time. Generally, more than
two exchanges of Fund shares during any 60-day period or purchases of
shares followed by a sale within 60 days will be identified by these
surveillance procedures. For purposes of these transaction surveillance
procedures, the Funds may consider trading activity in multiple accounts
under common ownership, control or influence. Trading activity identified
by either, or a combination, of these factors, or as a result of any other
information available at the time, will be evaluated to determine whether
such activity might constitute excessive or short-term trading. With
respect to managed or discretionary accounts for which the account owner
gives his/her broker, investment adviser or other third-party authority to
buy and sell Fund shares, the Funds may consider trades initiated by the
account owner, such as trades initiated in connection with bona fide cash
management purposes, separately in their analysis. These surveillance
procedures may be modified from time to time, as necessary or appropriate
to improve the detection of excessive or short-term trading or to address
specific circumstances. |
• |
Account Blocking Procedures. If the Funds
determine, in their sole discretion, that a particular transaction or
pattern of transactions identified by the transaction surveillance
procedures described above is excessive or short-term trading in nature,
the Funds will take remedial action that may include issuing a warning,
revoking certain account-related privileges (such as the ability to place
purchase, sale and exchange orders over the internet or by phone) or
prohibiting or “blocking” future purchase or exchange activity. However,
sales of Fund shares back to a Fund or redemptions will continue to be
permitted in accordance with the terms of the Fund’s current Prospectus.
As a result, unless the shareholder redeems his or her shares, which may
have consequences if the shares have declined in value, a CDSC is
applicable or adverse tax consequences may result, the shareholder may be
“locked” into an unsuitable investment. A blocked account will generally
remain blocked for 90 days. Subsequent detections of excessive or
short-term trading may result in an indefinite account block or an account
block until the account holder or the associated broker, dealer or other
financial intermediary provides evidence or assurance acceptable to the
Fund that the account holder did not or will not in the future engage in
excessive or short-term trading. |
• |
Applications of Surveillance Procedures and
Restrictions to Omnibus Accounts. Omnibus account arrangements are
common forms of holding shares of the Funds, particularly among certain
brokers, dealers and other financial intermediaries, including sponsors of
retirement plans. The Funds apply their surveillance procedures to these
omnibus account arrangements. As required by SEC rules, the Funds have
entered into agreements with all of their financial intermediaries that
require the financial intermediaries to provide the Funds, upon the
request of the Funds or their agents, with individual account level
information about their transactions. If the Funds detect excessive
trading through their monitoring of omnibus accounts, including trading at
the individual account level, the financial intermediaries will also
execute instructions from the Funds to take actions to curtail the
activity, which may include applying blocks to accounts to prohibit future
purchases and exchanges of Fund shares. For certain retirement plan
accounts, the Funds may request that the retirement plan or other
intermediary revoke the relevant participant’s privilege to effect
transactions in Fund shares via the internet or telephone, in which case
the relevant participant must submit future transaction orders via the
U.S. Postal Service (i.e., regular
mail). |
Fund | Fee as a Percentage of Average Net Assets* |
Fiscal Year Ended | ||||||||
AB
Growth Fund |
.75 | % | 7/31/22 | |||||||
AB
Large Cap Growth Fund |
.48 | % | 7/31/22 | |||||||
AB
Concentrated Growth Fund |
.65 | % | 6/30/22 | |||||||
AB
Discovery Growth Fund |
.59 | % | 7/31/22 | |||||||
AB
Small Cap Growth Portfolio |
.70 | % | 7/31/22 | |||||||
AB
Select US Equity Portfolio |
1.00 | % | 6/30/22 | |||||||
AB
Select US Long/Short Portfolio |
1.47 | % | 6/30/22 | |||||||
AB
Sustainable Global Thematic Fund |
.63 | % | 7/31/22 | |||||||
AB
Sustainable International Thematic Fund |
.65 | % | 6/30/22 | |||||||
AB
Global Core Equity Portfolio |
.74 | % | 6/30/22 | |||||||
AB
International Strategic Core Portfolio |
.65 | % | 6/30/22 | |||||||
AB
Concentrated International Growth Portfolio |
.75 | % | 6/30/22 | |||||||
AB
Sustainable US Thematic Portfolio** |
.03 | %*** | 6/30/22 |
* |
Fee
stated net of any expense limitations. See “Fees and Expenses of the Fund”
in the Summary Information at the beginning of this Prospectus for more
information about fee waivers. |
** |
In
May 2021, the Board of AB Sustainable US
Thematic Portfolio approved a change in the Fund’s fiscal year end
from December 31 to June 30. This table represents the advisory
fees that AB Sustainable US Thematic
Portfolio paid the Adviser during the 6-month period ended
June 30, 2022. For the fiscal year ended December 31, 2021,
AB Sustainable US Thematic Portfolio
paid the Adviser advisory fees equal to 0.00% of the Fund’s average
daily net assets, net of any waivers and/or
reimbursements. |
*** |
Effective
August 23, 2021, AB Sustainable US
Thematic Portfolio pays a fee for investment advisory services at
the annual rate of 0.55% of the Fund’s average daily net assets up to
$2.5 billion, 0.50% of average daily net assets in excess of
$2.5 billion up to $5 billion, and 0.45% of average daily net
assets in excess of $5 billion. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years | |
Bruce K. Aronow; since 2013; Senior Vice President of the Adviser* | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of U.S. Small and SMID Cap Growth Equities. | |
Frank V. Caruso; since 2008; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of U.S. Growth Equities. | |
John H. Fogarty; since 2013; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Co-Chief Investment Officer of U.S. Growth Equities. |
* |
Mr. Aronow
is expected to retire from the Adviser effective December 31,
2023. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five
(5) Years | |
Frank V. Caruso; since 2012; Senior Vice President of the Adviser | (see above) | |
John H. Fogarty; since 2012; Senior Vice President of the Adviser | (see above) | |
Vinay Thapar; since 2018; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years | |
Bruce K. Aronow; since 2008; Senior Vice President of the Adviser* | (see above) | |
Esteban Gomez; since 2019; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. | |
Samantha S. Lau; since 2008; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which she has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. She is also Co-Chief Investment Officer of U.S. Small and SMID Cap Growth Equities. | |
Heather Pavlak; since 2019; Vice President of the Adviser | Vice President of the Adviser, with which she has been associated in a substantially similar capacity as a portfolio manager since 2018. Before joining the Adviser in 2018, she spent four years at Schroders Investment Management as an equity research analyst. | |
Wen-Tse Tseng; since 2008; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. |
* |
Mr. Aronow
is expected to retire from the Adviser effective December 31,
2023. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years | |
Bruce K. Aronow; since 2000; Senior Vice President of the Adviser* | (see above) | |
Esteban Gomez; since 2019; Senior Vice President of the Adviser | (see above) | |
Samantha S. Lau; since 2004; Senior Vice President of the Adviser | (see above) | |
Heather Pavlak; since 2019; Vice President of the Adviser | (see above) | |
Wen-Tse Tseng; since 2006; Senior Vice President of the Adviser | (see above) |
* |
Mr. Aronow
is expected to retire from the Adviser effective December 31,
2023. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five
(5) Years | |
Kurt A. Feuerman; since 2011 for the AB Select US Equity Portfolio and since 2012 for the AB Select US Long/Short Portfolio; Senior Vice President of the Adviser | Senior Vice President and Chief Investment Officer, Select US Equity Portfolios of the Adviser, with which he has been associated in this current position since prior to 2017. | |
Anthony Nappo; since 2015; Senior Vice President of the Adviser | Senior Vice President and Co-Chief Investment Officer, Select US Equity Portfolios of the Adviser since prior to 2017, and a Portfolio Manager/Research Analyst on the Select Equities Portfolio Investment Team since prior to 2017. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years | |
Daniel C. Roarty; since 2013; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of the Sustainable Thematic Equities Team. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years | |
William Johnston; since 2017; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. | |
Daniel C. Roarty; since 2011; Senior Vice President of the Adviser | (see above) |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years | |
David Dalgas; since 2014; Senior Vice President of the Adviser | Senior Vice President of the Adviser since prior to 2017. Co-Chief Investment Officer—Global Core Equity since 2018. | |
Klaus Ingemann; since 2014; Senior Vice President of the Adviser | Senior Vice President of the Adviser since prior to 2017. Co-Chief Investment Officer—Global Core Equity since 2018. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years | |
Kent W. Hargis; since 2015; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. Co-Chief Investment Officer—Strategic Core Equities since 2018. | |
Brian Holland; effective January 2023; Senior Vice President of the Adviser* | Senior Vice President of the Adviser, with which he has been associated since prior to 2017. | |
Sammy Suzuki; since 2015; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. Co-Chief Investment Officer—Strategic Core Equities since 2018. |
* |
Effective
January 1, 2023, Mr. Holland will join as a portfolio manager of
the Fund. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five
(5) Years | |
Dev Chakrabarti; since 2015; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Co-Chief Investment Officer of Concentrated Global Growth. | |
Mark Phelps; since 2015; Senior Vice President of the Adviser* | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of Concentrated Global Growth. |
* |
Mr. Phelps
is expected to retire from the Adviser effective December 31,
2022. |
Employee; Length of Service; Title | Principal Occupation(s) During the Past Five (5) Years | |
Daniel C. Roarty; since 2017; Senior Vice President of the Adviser | (see above) | |
Benjamin Ruegsegger; since 2017; Senior Vice President of the Adviser | Senior Vice President and Portfolio Manager of the Adviser, with which he has been associated in a substantially similar capacity to his current position since 2017. He has also been a Senior Research Analyst of the Adviser since prior to 2017. |
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 119.12 | $ | 93.49 | $ | 81.99 | $ | 83.19 | $ | 71.87 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.76 | ) | (.71 | ) | (.56 | ) | (.43 | ) | (.45 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(18.82 | ) | 32.29 | 18.31 | 9.80 | 18.50 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .07 | |||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(19.58 | ) | 31.58 | 17.75 | 9.37 | 18.16 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 88.45 | $ | 119.12 | $ | 93.49 | $ | 81.99 | $ | 83.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(18.40 | )% | 35.00 | % | 23.15 | % | 13.58 | % | 26.56 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 967,086 | $ | 1,265,804 | $ | 1,000,469 | $ | 875,776 | $ | 806,980 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.11 | % | 1.13 | % | 1.16 | % | 1.18 | % | 1.19 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.12 | % | 1.13 | % | 1.17 | % | 1.18 | % | 1.20 | % | ||||||||||
Net
investment loss(b) |
(.74 | )% | (.69 | )% | (.70 | )% | (.55 | )% | (.58 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 45.01 | $ | 38.86 | $ | 37.89 | $ | 44.64 | $ | 41.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.52 | ) | (.58 | ) | (.51 | ) | (.49 | ) | (.57 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(5.66 | ) | 12.68 | 7.73 | 4.31 | 10.30 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(6.18 | ) | 12.10 | 7.22 | 3.82 | 9.79 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 27.74 | $ | 45.01 | $ | 38.86 | $ | 37.89 | $ | 44.64 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(19.01 | )% | 34.00 | % | 22.21 | % | 12.74 | % | 25.62 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 34,773 | $ | 54,488 | $ | 52,025 | $ | 42,599 | $ | 30,223 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.86 | % | 1.88 | % | 1.91 | % | 1.93 | % | 1.94 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.87 | % | 1.88 | % | 1.92 | % | 1.94 | % | 1.95 | % | ||||||||||
Net
investment loss(b) |
(1.49 | )% | (1.43 | )% | (1.45 | )% | (1.31 | )% | (1.34 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 133.95 | $ | 104.23 | $ | 90.49 | $ | 90.46 | $ | 77.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.57 | ) | (.50 | ) | (.40 | ) | (.26 | ) | (.28 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(21.48 | ) | 36.17 | 20.39 | 10.86 | 20.03 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .08 | |||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(22.05 | ) | 35.67 | 19.99 | 10.60 | 19.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 100.81 | $ | 133.95 | $ | 104.23 | $ | 90.49 | $ | 90.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(18.20 | )% | 35.34 | % | 23.46 | % | 13.87 | % | 26.87 | %+ | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 171,447 | $ | 253,434 | $ | 213,499 | $ | 200,593 | $ | 100,538 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.86 | % | .88 | % | .91 | % | .93 | % | .93 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.87 | % | .88 | % | .92 | % | .94 | % | .94 | % | ||||||||||
Net
investment loss(b) |
(.49 | )% | (.43 | )% | (.44 | )% | (.31 | )% | (.33 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 113.63 | $ | 89.77 | $ | 79.25 | $ | 81.05 | $ | 70.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(1.13 | ) | (1.07 | ) | (.87 | ) | (.71 | ) | (.71 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(17.80 | ) | 30.88 | 17.64 | 9.48 | 18.07 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .07 | |||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(18.93 | ) | 29.81 | 16.77 | 8.77 | 17.47 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 83.61 | $ | 113.63 | $ | 89.77 | $ | 79.25 | $ | 81.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(18.74 | )% | 34.47 | % | 22.69 | % | 13.16 | % | 26.10 | %+ | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 7,720 | $ | 9,738 | $ | 8,825 | $ | 3,177 | $ | 2,249 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.53 | % | 1.53 | % | 1.54 | % | 1.56 | % | 1.55 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.54 | % | 1.53 | % | 1.55 | % | 1.56 | % | 1.56 | % | ||||||||||
Net
investment loss(b) |
(1.16 | )% | (1.08 | )% | (1.12 | )% | (.94 | )% | (.95 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 122.74 | $ | 96.25 | $ | 84.29 | $ | 85.26 | $ | 73.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.90 | ) | (.85 | ) | (.65 | ) | (.50 | ) | (.51 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(19.45 | ) | 33.29 | 18.86 | 10.10 | 18.95 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .07 | |||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(20.35 | ) | 32.44 | 18.21 | 9.60 | 18.55 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 91.30 | $ | 122.74 | $ | 96.25 | $ | 84.29 | $ | 85.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(18.49 | )% | 34.89 | % | 23.07 | % | 13.51 | % | 26.47 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,385 | $ | 2,955 | $ | 2,343 | $ | 2,120 | $ | 1,524 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.22 | % | 1.24 | % | 1.24 | % | 1.25 | % | 1.25 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.23 | % | 1.24 | % | 1.25 | % | 1.25 | % | 1.26 | % | ||||||||||
Net
investment loss(b) |
(.85 | )% | (.79 | )% | (.78 | )% | (.62 | )% | (.65 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 133.67 | $ | 103.94 | $ | 90.17 | $ | 90.09 | $ | 77.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.49 | ) | (.42 | ) | (.32 | ) | (.17 | ) | (.18 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(21.44 | ) | 36.10 | 20.34 | 10.82 | 19.94 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .08 | |||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(21.93 | ) | 35.68 | 20.02 | 10.65 | 19.88 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 100.65 | $ | 133.67 | $ | 103.94 | $ | 90.17 | $ | 90.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(18.14 | )% | 35.45 | % | 23.58 | % | 13.99 | % | 27.03 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 51,502 | $ | 69,879 | $ | 61,918 | $ | 42,172 | $ | 18,961 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.79 | % | .81 | % | .81 | % | .82 | % | .82 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.80 | % | .81 | % | .82 | % | .83 | % | .83 | % | ||||||||||
Net
investment loss(b) |
(.42 | )% | (.36 | )% | (.36 | )% | (.20 | )% | (.22 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(d) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the years ended July 31, 2020, July 31,
2019 and July 31, 2018, such waiver amounted to .01%, .01% and .01%,
respectively. |
* |
Includes
the impact of proceeds received and credited to the Fund resulting from
class action settlements, which enhanced the Fund’s performance for the
years ended July 31, 2020, July 31, 2019 and July 31, 2018
by .07%, .03% and .04%, respectively. Includes the impact of a
reimbursement from the Adviser as a result of an error made by the Adviser
in processing a claim for class action settlement, which enhanced the
Fund’s performance for the year ended July 31, 2018 by .09%. Includes
the impact of proceeds recorded and credited to the Fund resulting from
regulatory settlement, which enhanced the Fund’s performance for the year
ended July 31, 2018 by .05%. |
+ |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 89.60 | $ | 67.60 | $ | 54.54 | $ | 53.00 | $ | 45.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.28 | ) | (.25 | ) | (.13 | ) | (.03 | ) | (.09 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(11.89 | ) | 24.40 | 15.29 | 6.00 | 9.94 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(12.17 | ) | 24.15 | 15.16 | 5.97 | 9.89 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 70.33 | $ | 89.60 | $ | 67.60 | $ | 54.54 | $ | 53.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.70 | )% | 36.43 | % | 28.61 | % | 12.70 | % | 22.42 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000,000’s omitted) |
$ | 3,689 | $ | 4,364 | $ | 3,379 | $ | 2,559 | $ | 2,406 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.82 | % | .83 | % | .85 | % | .88 | % | .89 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.82 | % | .83 | % | .86 | % | .89 | % | .91 | % | ||||||||||
Net
investment loss(b) |
(.36 | )% | (.33 | )% | (.23 | )% | (.06 | )% | (.18 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS C | |||||||||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
asset value, beginning of period |
$ | 62.27 | $ | 47.91 | $ | 39.52 | $ | 39.95 | $ | 34.65 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income From Investment Operations | |||||||||||||||||||||||||
Net
investment loss(a)(b) |
(.59 | ) | (.57 | ) | (.40 | ) | (.31 | ) | (.35 | ) | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(7.92 | ) | 17.08 | 10.89 | 4.31 | 7.57 | |||||||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .03 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
increase (decrease) in net asset value from operations |
(8.51 | ) | 16.51 | 10.49 | 4.00 | 7.25 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less: Distributions | |||||||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
asset value, end of period |
$ | 46.66 | $ | 62.27 | $ | 47.91 | $ | 39.52 | $ | 39.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total Return | |||||||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(15.34 | )% | 35.43 | % | 27.63 | % | 11.85 | % | 21.51 | % | |||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 538,833 | $ | 711,554 | $ | 601,204 | $ | 489,142 | $ | 424,321 | |||||||||||||||
Ratio
to average net assets of: |
|||||||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.57 | % | 1.58 | % | 1.60 | % | 1.63 | % | 1.64 | % | |||||||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.57 | % | 1.58 | % | 1.61 | % | 1.64 | % | 1.66 | % | |||||||||||||||
Net
investment loss(b) |
(1.11 | )% | (1.07 | )% | (.98 | )% | (.81 | )% | (.93 | )% | |||||||||||||||
Portfolio
turnover rate |
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | |||||||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 99.45 | $ | 74.63 | $ | 59.93 | $ | 57.65 | $ | 48.74 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.09 | ) | (.07 | ) | .01 | .11 | .04 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(13.32 | ) | 27.04 | 16.86 | 6.60 | 10.78 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(13.41 | ) | 26.97 | 16.87 | 6.71 | 10.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.07 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(7.10 | ) | (2.15 | ) | (2.17 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 78.94 | $ | 99.45 | $ | 74.63 | $ | 59.93 | $ | 57.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.48 | )% | 36.78 | % | 28.92 | % | 12.97 | % | 22.73 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000,000’s omitted) |
$ | 9,017 | $ | 9,123 | $ | 6,370 | $ | 4,083 | $ | 3,039 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.57 | % | .58 | % | .60 | % | .63 | % | .64 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.57 | % | .58 | % | .61 | % | .64 | % | .66 | % | ||||||||||
Net
investment income (loss)(b) |
(.11 | )% | (.08 | )% | .01 | % | .19 | % | .07 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 84.27 | $ | 63.95 | $ | 51.91 | $ | 50.84 | $ | 43.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.58 | ) | (.52 | ) | (.34 | ) | (.22 | ) | (.27 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(11.09 | ) | 22.99 | 14.48 | 5.72 | 9.56 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(11.67 | ) | 22.47 | 14.14 | 5.50 | 9.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 65.50 | $ | 84.27 | $ | 63.95 | $ | 51.91 | $ | 50.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(15.06 | )% | 35.88 | % | 28.08 | % | 12.29 | % | 21.94 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 85,606 | $ | 103,351 | $ | 98,913 | $ | 77,126 | $ | 66,470 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.25 | % | 1.24 | % | 1.25 | % | 1.26 | % | 1.27 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.25 | % | 1.24 | % | 1.26 | % | 1.27 | % | 1.29 | % | ||||||||||
Net
investment loss(b) |
(.79 | )% | (.73 | )% | (.63 | )% | (.44 | )% | (.56 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 91.12 | $ | 68.79 | $ | 55.52 | $ | 53.91 | $ | 45.85 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.39 | ) | (.33 | ) | (.19 | ) | (.07 | ) | (.13 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(12.08 | ) | 24.81 | 15.56 | 6.11 | 10.10 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(12.47 | ) | 24.48 | 15.37 | 6.04 | 10.01 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 71.55 | $ | 91.12 | $ | 68.79 | $ | 55.52 | $ | 53.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.79 | )% | 36.28 | % | 28.48 | % | 12.61 | % | 22.29 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 118,637 | $ | 167,898 | $ | 137,218 | $ | 114,161 | $ | 102,634 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.94 | % | .93 | % | .95 | % | .96 | % | .98 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.94 | % | .94 | % | .96 | % | .97 | % | 1.00 | % | ||||||||||
Net
investment loss(b) |
(.48 | )% | (.43 | )% | (.33 | )% | (.14 | )% | (.27 | )% | ||||||||||
Portfolio
turnover rate |
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 98.80 | $ | 74.18 | $ | 59.60 | $ | 57.35 | $ | 48.49 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.13 | ) | (.09 | ) | .00 | (e) | .11 | .03 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(13.21 | ) | 26.86 | 16.75 | 6.57 | 10.74 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(13.34 | ) | 26.77 | 16.75 | 6.68 | 10.81 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.07 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(7.10 | ) | (2.15 | ) | (2.17 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 78.36 | $ | 98.80 | $ | 74.18 | $ | 59.60 | $ | 57.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.52 | )% | 36.74 | % | 28.88 | % | 12.99 | % | 22.74 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 735,993 | $ | 947,580 | $ | 705,711 | $ | 497,816 | $ | 465,387 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.60 | % | .60 | % | .62 | % | .62 | % | .64 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.61 | % | .61 | % | .63 | % | .63 | % | .66 | % | ||||||||||
Net
investment income (loss)(b) |
(.14 | )% | (.10 | )% | (.01 | )% | .20 | % | .06 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS Z | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 99.24 | $ | 74.43 | $ | 59.76 | $ | 57.45 | $ | 48.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.04 | ) | (.01 | ) | .06 | .15 | .08 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(13.29 | ) | 26.97 | 16.81 | 6.59 | 10.75 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(13.33 | ) | 26.96 | 16.87 | 6.74 | 10.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.10 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(7.10 | ) | (2.15 | ) | (2.20 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 78.81 | $ | 99.24 | $ | 74.43 | $ | 59.76 | $ | 57.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.43 | )% | 36.87 | % | 29.02 | % | 13.07 | % | 22.82 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,926,601 | $ | 3,313,266 | $ | 2,127,817 | $ | 1,468,332 | $ | 965,544 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.51 | % | .51 | % | .52 | % | .54 | % | .55 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.51 | % | .52 | % | .53 | % | .55 | % | .57 | % | ||||||||||
Net
investment income (loss)(b) |
(.05 | )% | (.02 | )% | .09 | % | .27 | % | .15 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(d) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the years ended July 31, 2021, July 31,
2020, July 31, 2019 and July 31, 2018, such waiver amounted to
.01%, .01%, .01% and .02%, respectively. |
(e) |
Amount
is less than $.005. |
* |
Includes
the impact of proceeds received and credited to the Fund resulting from
class action settlements, which enhanced the Fund’s performance for the
year ended July 31, 2018 by .01%. |
Includes
the impact of proceeds recorded and credited to the Fund resulting from
regulatory settlement, which enhanced the Fund’s performance for the year
ended July 31, 2018 by .08%. |
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 58.21 | $ | 41.70 | $ | 40.35 | $ | 35.44 | $ | 32.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.11 | ) | (.08 | ) | (.10 | ) | (.12 | ) | (.15 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(8.64 | ) | 18.40 | 2.87 | 7.62 | 4.13 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(8.75 | ) | 18.32 | 2.77 | 7.50 | 3.98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 43.16 | $ | 58.21 | $ | 41.70 | $ | 40.35 | $ | 35.44 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.75 | )% | 44.80 | % | 6.84 | % | 22.67 | % | 12.39 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 55,057 | $ | 62,979 | $ | 37,615 | $ | 28,661 | $ | 26,920 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
1.00 | % | 1.01 | % | 1.12 | % | 1.19 | % | 1.21 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.00 | % | 1.01 | % | 1.15 | % | 1.19 | % | 1.21 | % | ||||||||||
Net
investment loss(b) |
(.20 | )% | (.15 | )% | (.24 | )% | (.32 | )% | (.45 | )% | ||||||||||
Portfolio
turnover rate |
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 54.65 | $ | 39.53 | $ | 38.61 | $ | 34.27 | $ | 31.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.49 | ) | (.43 | ) | (.38 | ) | (.38 | ) | (.40 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(7.94 | ) | 17.36 | 2.72 | 7.31 | 4.02 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(8.43 | ) | 16.93 | 2.34 | 6.93 | 3.62 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 39.92 | $ | 54.65 | $ | 39.53 | $ | 38.61 | $ | 34.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(18.36 | )% | 43.71 | % | 6.01 | % | 21.75 | % | 11.56 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 20,406 | $ | 31,765 | $ | 28,210 | $ | 22,320 | $ | 18,168 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
1.75 | % | 1.75 | % | 1.87 | % | 1.94 | % | 1.96 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.75 | % | 1.76 | % | 1.90 | % | 1.94 | % | 1.96 | % | ||||||||||
Net
investment loss(b) |
(.96 | )% | (.91 | )% | (.99 | )% | (1.07 | )% | (1.20 | )% | ||||||||||
Portfolio
turnover rate |
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 59.41 | $ | 42.42 | $ | 40.93 | $ | 35.83 | $ | 32.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.03 | .05 | .01 | (.03 | ) | (.07 | ) | |||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(8.86 | ) | 18.75 | 2.90 | 7.72 | 4.18 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(8.83 | ) | 18.80 | 2.91 | 7.69 | 4.11 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.06 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(6.36 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 44.22 | $ | 59.41 | $ | 42.42 | $ | 40.93 | $ | 35.83 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.54 | )% | 45.17 | % | 7.09 | % | 22.97 | % | 12.69 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 957,097 | $ | 1,152,671 | $ | 699,504 | $ | 537,484 | $ | 369,006 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
.75 | % | .76 | % | .87 | % | .94 | % | .96 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
.75 | % | .76 | % | .90 | % | .94 | % | .96 | % | ||||||||||
Net
investment income (loss)(b) |
.05 | % | .10 | % | .02 | % | (.07 | )% | (.21 | )% | ||||||||||
Portfolio
turnover rate |
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 56.89 | $ | 40.93 | $ | 39.76 | $ | 35.04 | $ | 32.37 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.29 | ) | (.26 | ) | (.21 | ) | (.21 | ) | (.24 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(8.40 | ) | 18.03 | 2.80 | 7.52 | 4.10 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(8.69 | ) | 17.77 | 2.59 | 7.31 | 3.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 41.90 | $ | 56.89 | $ | 40.93 | $ | 39.76 | $ | 35.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(18.07 | )% | 44.28 | % | 6.48 | % | 22.38 | % | 12.12 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 108 | $ | 70 | $ | 34 | $ | 16 | $ | 14 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
1.40 | % | 1.38 | % | 1.42 | % | 1.44 | % | 1.45 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.43 | % | 1.38 | % | 1.45 | % | 1.44 | % | 1.45 | % | ||||||||||
Net
investment loss(b) |
(.56 | )% | (.52 | )% | (.54 | )% | (.57 | )% | (.70 | )% | ||||||||||
Portfolio
turnover rate |
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 58.15 | $ | 41.69 | $ | 40.36 | $ | 35.45 | $ | 32.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.11 | ) | (.11 | ) | (.11 | ) | (.12 | ) | (.16 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(8.61 | ) | 18.38 | 2.86 | 7.62 | 4.14 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(8.72 | ) | 18.27 | 2.75 | 7.50 | 3.98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 43.13 | $ | 58.15 | $ | 41.69 | $ | 40.36 | $ | 35.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.71 | )% | 44.69 | % | 6.78 | % | 22.67 | % | 12.38 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,146 | $ | 1,753 | $ | 1,480 | $ | 741 | $ | 558 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
.98 | % | 1.07 | % | 1.15 | % | 1.19 | % | 1.21 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.01 | % | 1.07 | % | 1.18 | % | 1.20 | % | 1.22 | % | ||||||||||
Net
investment loss(b) |
(.19 | )% | (.22 | )% | (.27 | )% | (.32 | )% | (.46 | )% | ||||||||||
Portfolio
turnover rate |
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 59.48 | $ | 42.50 | $ | 41.00 | $ | 35.88 | $ | 32.95 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.04 | ) | .02 | .01 | (.03 | ) | (.07 | ) | ||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(8.85 | ) | 18.77 | 2.91 | 7.74 | 4.19 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(8.89 | ) | 18.79 | 2.92 | 7.71 | 4.12 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.00 | )(c) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 44.29 | $ | 59.48 | $ | 42.50 | $ | 41.00 | $ | 35.88 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.59 | )% | 45.06 | % | 7.10 | % | 22.99 | % | 12.71 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 8 | $ | 89 | $ | 18 | $ | 17 | $ | 21 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
.81 | % | .83 | % | .86 | % | .91 | % | .95 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
.81 | % | .83 | % | .88 | % | .92 | % | .96 | % | ||||||||||
Net
investment income (loss)(b) |
(.06 | )% | .03 | % | .03 | % | (.09 | )% | (.21 | )% | ||||||||||
Portfolio
turnover rate |
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS Z | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 59.52 | $ | 42.49 | $ | 40.98 | $ | 35.86 | $ | 32.93 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.04 | .10 | .02 | (.01 | ) | (.05 | ) | |||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(8.87 | ) | 18.74 | 2.91 | 7.72 | 4.17 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(8.83 | ) | 18.84 | 2.93 | 7.71 | 4.12 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.08 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(6.38 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 44.31 | $ | 59.52 | $ | 42.49 | $ | 40.98 | $ | 35.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.52 | )% | 45.19 | % | 7.13 | % | 23.01 | % | 12.72 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 82,429 | $ | 107,956 | $ | 2,007 | $ | 990 | $ | 812 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
.72 | % | .78 | % | .84 | % | .91 | % | .91 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
.72 | % | .78 | % | .87 | % | .92 | % | .92 | % | ||||||||||
Net
investment income (loss)(b) |
.07 | % | .18 | % | .04 | % | (.03 | )% | (.13 | )% | ||||||||||
Portfolio
turnover rate |
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(e) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the year ended June 30, 2018, such waiver
amounted to .01%. |
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 15.11 | $ | 12.74 | $ | 11.40 | $ | 12.41 | $ | 10.16 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.06 | ) | (.09 | ) | (.06 | ) | (.06 | ) | (.05 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(3.45 | ) | 4.58 | 2.11 | .82 | 3.02 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.51 | ) | 4.49 | 2.05 | .76 | 2.98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.28 | $ | 15.11 | $ | 12.74 | $ | 11.40 | $ | 12.41 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(27.82 | )% | 37.21 | %+ | 19.40 | % | 9.54 | % | 30.56 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 663,173 | $ | 1,024,438 | $ | 795,559 | $ | 726,621 | $ | 713,181 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.91 | % | .91 | % | .96 | % | .95 | % | .95 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.91 | % | .91 | % | .96 | % | .95 | % | .96 | % | ||||||||||
Net
investment loss(b) |
(.52 | )% | (.65 | )% | (.56 | )% | (.53 | )% | (.42 | )% | ||||||||||
Portfolio
turnover rate |
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.85 | $ | 6.76 | $ | 6.44 | $ | 7.93 | $ | 6.78 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.06 | ) | (.10 | ) | (.08 | ) | (.09 | ) | (.09 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(1.18 | ) | 2.31 | 1.11 | .37 | 1.97 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.24 | ) | 2.21 | 1.03 | .28 | 1.88 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 3.29 | $ | 6.85 | $ | 6.76 | $ | 6.44 | $ | 7.93 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(28.44 | )% | 36.23 | % | 18.43 | % | 8.72 | % | 29.51 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 14,986 | $ | 33,132 | $ | 34,650 | $ | 43,545 | $ | 42,670 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.68 | % | 1.68 | % | 1.73 | % | 1.72 | % | 1.72 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.68 | % | 1.68 | % | 1.73 | % | 1.73 | % | 1.73 | % | ||||||||||
Net
investment loss(b) |
(1.30 | )% | (1.42 | )% | (1.33 | )% | (1.31 | )% | (1.19 | )% | ||||||||||
Portfolio
turnover rate |
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 16.71 | $ | 13.88 | $ | 12.33 | $ | 13.26 | $ | 10.78 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.04 | ) | (.07 | ) | (.04 | ) | (.04 | ) | (.02 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(3.89 | ) | 5.02 | 2.30 | .90 | 3.22 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.93 | ) | 4.95 | 2.26 | .86 | 3.21 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.02 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.79 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 10.46 | $ | 16.71 | $ | 13.88 | $ | 12.33 | $ | 13.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(27.70 | )% | 37.49 | % | 19.65 | % | 9.75 | % | 30.96 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,129,007 | $ | 1,713,283 | $ | 1,253,607 | $ | 1,215,645 | $ | 1,140,555 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.68 | % | .68 | % | .73 | % | .72 | % | .72 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.68 | % | .68 | % | .73 | % | .72 | % | .73 | % | ||||||||||
Net
investment loss(b) |
(.28 | )% | (.42 | )% | (.33 | )% | (.30 | )% | (.18 | )% | ||||||||||
Portfolio
turnover rate |
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.61 | $ | 11.69 | $ | 10.56 | $ | 11.69 | $ | 9.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.10 | ) | (.14 | ) | (.10 | ) | (.10 | ) | (.09 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(3.04 | ) | 4.18 | 1.94 | .74 | 2.85 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.14 | ) | 4.04 | 1.84 | .64 | 2.77 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.15 | $ | 13.61 | $ | 11.69 | $ | 10.56 | $ | 11.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(28.21 | )% | 36.65 | %+ | 18.93 | % | 9.04 | % | 29.98 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 20,570 | $ | 33,946 | $ | 25,040 | $ | 24,376 | $ | 20,777 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.36 | % | 1.36 | % | 1.38 | % | 1.37 | % | 1.37 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.36 | % | 1.36 | % | 1.39 | % | 1.37 | % | 1.38 | % | ||||||||||
Net
investment loss(b) |
(.97 | )% | (1.10 | )% | (.99 | )% | (.95 | )% | (.84 | )% | ||||||||||
Portfolio
turnover rate |
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 14.82 | $ | 12.55 | $ | 11.25 | $ | 12.29 | $ | 10.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.08 | ) | (.11 | ) | (.07 | ) | (.07 | ) | (.06 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(3.37 | ) | 4.50 | 2.08 | .80 | 2.99 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.45 | ) | 4.39 | 2.01 | .73 | 2.94 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.05 | $ | 14.82 | $ | 12.55 | $ | 11.25 | $ | 12.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(27.97 | )% | 36.96 | %+ | 19.30 | % | 9.37 | % | 30.40 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 15,493 | $ | 31,252 | $ | 21,964 | $ | 21,997 | $ | 20,016 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.06 | % | 1.07 | % | 1.09 | % | 1.08 | % | 1.09 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.07 | % | 1.07 | % | 1.09 | % | 1.09 | % | 1.10 | % | ||||||||||
Net
investment loss(b) |
(.68 | )% | (.81 | )% | (.69 | )% | (.67 | )% | (.56 | )% | ||||||||||
Portfolio
turnover rate |
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 16.46 | $ | 13.70 | $ | 12.18 | $ | 13.12 | $ | 10.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.04 | ) | (.08 | ) | (.04 | ) | (.04 | ) | (.02 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(3.82 | ) | 4.96 | 2.27 | .89 | 3.18 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.86 | ) | 4.88 | 2.23 | .85 | 3.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.02 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.79 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 10.28 | $ | 16.46 | $ | 13.70 | $ | 12.18 | $ | 13.12 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(27.69 | )% | 37.47 | % | 19.65 | % | 9.75 | % | 30.87 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 425,004 | $ | 604,487 | $ | 103,821 | $ | 115,079 | $ | 87,649 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.71 | % | .74 | % | .75 | % | .75 | % | .74 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.71 | % | .74 | % | .76 | % | .75 | % | .75 | % | ||||||||||
Net
investment loss(b) |
(.31 | )% | (.53 | )% | (.35 | )% | (.33 | )% | (.16 | )% | ||||||||||
Portfolio
turnover rate |
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS Z | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 16.54 | $ | 13.75 | $ | 12.21 | $ | 13.15 | $ | 10.70 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.03 | ) | (.06 | ) | (.03 | ) | (.03 | ) | (.02 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(3.85 | ) | 4.97 | 2.28 | .89 | 3.19 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.88 | ) | 4.91 | 2.25 | .86 | 3.18 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.03 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.80 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 10.34 | $ | 16.54 | $ | 13.75 | $ | 12.21 | $ | 13.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(27.68 | )% | 37.55 | % | 19.76 | % | 9.82 | % | 30.91 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 660,787 | $ | 941,592 | $ | 551,672 | $ | 594,902 | $ | 387,101 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.64 | % | .64 | % | .66 | % | .66 | % | .66 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.64 | % | .64 | % | .66 | % | .66 | % | .67 | % | ||||||||||
Net
investment loss(b) |
(.24 | )% | (.39 | )% | (.26 | )% | (.24 | )% | (.15 | )% | ||||||||||
Portfolio
turnover rate |
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(e) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the year ended July 31, 2018, such waiver
amounted to .01%. |
* |
Includes
the impact of proceeds received and credited to the Fund resulting from
class action settlements, which enhanced the Fund’s performance for the
year ended July 31, 2019 by .01%. |
Includes
the impact of proceeds recorded and credited to the Fund resulting from
regulatory settlement, which enhanced the Fund’s performance for the year
ended July 31, 2018 by .07%. |
+ |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 79.55 | $ | 62.17 | $ | 57.21 | $ | 60.30 | $ | 49.25 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.51 | ) | (.62 | ) | (.37 | ) | (.36 | ) | (.44 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(21.59 | ) | 25.33 | 10.19 | 5.75 | 16.28 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(22.10 | ) | 24.71 | 9.82 | 5.39 | 15.84 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 50.68 | $ | 79.55 | $ | 62.17 | $ | 57.21 | $ | 60.30 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(30.61 | )% | 41.15 | %+ | 18.86 | %+ | 12.63 | % | 33.99 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 715,329 | $ | 1,090,466 | $ | 890,196 | $ | 621,553 | $ | 583,619 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
1.11 | % | 1.09 | % | 1.16 | % | 1.15 | % | 1.13 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.11 | % | 1.09 | % | 1.16 | % | 1.16 | % | 1.14 | % | ||||||||||
Net
investment loss(b) |
(.78 | )% | (.83 | )% | (.70 | )% | (.65 | )% | (.80 | )% | ||||||||||
Portfolio
turnover rate |
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 39.36 | $ | 33.92 | $ | 33.67 | $ | 39.66 | $ | 34.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.47 | ) | (.61 | ) | (.43 | ) | (.47 | ) | (.57 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(9.50 | ) | 13.38 | 5.54 | 2.96 | 10.94 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(9.97 | ) | 12.77 | 5.11 | 2.49 | 10.37 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 22.62 | $ | 39.36 | $ | 33.92 | $ | 33.67 | $ | 39.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(31.12 | )% | 40.11 | %+ | 17.99 | %+ | 11.79 | % | 32.99 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 33,191 | $ | 53,790 | $ | 35,697 | $ | 35,256 | $ | 31,424 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
1.86 | % | 1.84 | % | 1.90 | % | 1.91 | % | 1.88 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.86 | % | 1.84 | % | 1.91 | % | 1.91 | % | 1.89 | % | ||||||||||
Net
investment loss(b) |
(1.53 | )% | (1.59 | )% | (1.44 | )% | (1.40 | )% | (1.55 | )% | ||||||||||
Portfolio
turnover rate |
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 90.34 | $ | 69.65 | $ | 63.35 | $ | 65.62 | $ | 53.10 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.39 | ) | (.51 | ) | (.27 | ) | (.24 | ) | (.33 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(24.86 | ) | 28.53 | 11.43 | 6.46 | 17.64 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(25.25 | ) | 28.02 | 11.16 | 6.22 | 17.31 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.01 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.49 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 58.32 | $ | 90.34 | $ | 69.65 | $ | 63.35 | $ | 65.62 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(30.43 | )% | 41.51 | %+ | 19.16 | %+ | 12.93 | % | 34.30 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,814,970 | $ | 2,165,454 | $ | 1,051,243 | $ | 611,919 | $ | 414,913 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
.86 | % | .84 | % | .91 | % | .91 | % | .88 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
.87 | % | .84 | % | .91 | % | .91 | % | .89 | % | ||||||||||
Net
investment loss(b) |
(.53 | )% | (.60 | )% | (.46 | )% | (.41 | )% | (.55 | )% | ||||||||||
Portfolio
turnover rate |
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 75.03 | $ | 59.19 | $ | 54.90 | $ | 58.45 | $ | 48.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.69 | ) | (.88 | ) | (.54 | ) | (.54 | ) | (.64 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(20.19 | ) | 24.05 | 9.69 | 5.47 | 15.83 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(20.88 | ) | 23.17 | 9.15 | 4.93 | 15.19 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 47.38 | $ | 75.03 | $ | 59.19 | $ | 54.90 | $ | 58.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(30.84 | )% | 40.59 | %+ | 18.42 | %+ | 12.20 | % | 33.45 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 34,853 | $ | 53,326 | $ | 29,374 | $ | 30,459 | $ | 33,088 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
1.46 | % | 1.49 | % | 1.54 | % | 1.53 | % | 1.53 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.46 | % | 1.49 | % | 1.54 | % | 1.54 | % | 1.55 | % | ||||||||||
Net
investment loss(b) |
(1.13 | )% | (1.24 | )% | (1.07 | )% | (1.03 | )% | (1.20 | )% | ||||||||||
Portfolio
turnover rate |
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 82.50 | $ | 64.23 | $ | 58.90 | $ | 61.77 | $ | 50.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.45 | ) | (.62 | ) | (.34 | ) | (.33 | ) | (.42 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(22.50 | ) | 26.22 | 10.53 | 5.94 | 16.65 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(22.95 | ) | 25.60 | 10.19 | 5.61 | 16.23 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 52.78 | $ | 82.50 | $ | 64.23 | $ | 58.90 | $ | 61.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(30.54 | )% | 41.22 | %+ | 18.96 | %+ | 12.71 | % | 34.04 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 135,550 | $ | 121,057 | $ | 43,699 | $ | 43,284 | $ | 42,228 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
1.03 | % | 1.03 | % | 1.08 | % | 1.09 | % | 1.09 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
1.03 | % | 1.03 | % | 1.09 | % | 1.09 | % | 1.11 | % | ||||||||||
Net
investment loss(b) |
(.68 | )% | (.80 | )% | (.62 | )% | (.59 | )% | (.76 | )% | ||||||||||
Portfolio
turnover rate |
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 89.79 | $ | 69.27 | $ | 63.03 | $ | 65.33 | $ | 52.89 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.37 | ) | (.49 | ) | (.26 | ) | (.24 | ) | (.34 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(24.69 | ) | 28.34 | 11.36 | 6.43 | 17.57 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(25.06 | ) | 27.85 | 11.10 | 6.19 | 17.23 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.01 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.49 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 57.96 | $ | 89.79 | $ | 69.27 | $ | 63.03 | $ | 65.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(30.40 | )% | 41.48 | %+ | 19.17 | %+ | 12.93 | % | 34.29 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 597,941 | $ | 824,332 | $ | 614,788 | $ | 494,931 | $ | 448,949 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
.84 | % | .84 | % | .90 | % | .90 | % | .89 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
.84 | % | .84 | % | .90 | % | .90 | % | .91 | % | ||||||||||
Net
investment loss(b) |
(.50 | )% | (.59 | )% | (.44 | )% | (.40 | )% | (.57 | )% | ||||||||||
Portfolio
turnover rate |
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS Z | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 90.46 | $ | 69.68 | $ | 63.31 | $ | 65.54 | $ | 53.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.30 | ) | (.43 | ) | (.21 | ) | (.19 | ) | (.28 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(24.92 | ) | 28.54 | 11.44 | 6.46 | 17.61 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(25.22 | ) | 28.11 | 11.23 | 6.27 | 17.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.02 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.50 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 58.47 | $ | 90.46 | $ | 69.68 | $ | 63.31 | $ | 65.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(30.34 | )% | 41.62 | %+ | 19.29 | %+ | 13.03 | % | 34.42 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,056,456 | $ | 1,118,142 | $ | 473,742 | $ | 299,807 | $ | 153,533 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)‡ |
.76 | % | .75 | % | .81 | % | .81 | % | .80 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)‡ |
.76 | % | .75 | % | .81 | % | .82 | % | .81 | % | ||||||||||
Net
investment loss(b) |
(.41 | )% | (.51 | )% | (.36 | )% | (.32 | )% | (.48 | )% | ||||||||||
Portfolio
turnover rate |
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(e) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the year ended July 31, 2018, such waiver
amounted to .01%. |
* |
Includes
the impact of proceeds received and credited to the Fund resulting from
class action settlements, which enhanced the Fund’s performance for the
years ended July 31, 2019 and July 31, 2018 by .01%, and .03%,
respectively. |
+ |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 22.32 | $ | 16.19 | $ | 16.81 | $ | 17.15 | $ | 16.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.02 | (.03 | ) | .05 | .05 | .05 | ||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign
currency transactions |
(1.06 | ) | 6.76 | .68 | 1.32 | 2.39 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.04 | ) | 6.73 | .73 | 1.37 | 2.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.07 | ) | (.05 | ) | (.03 | ) | ||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(4.72 | ) | (.60 | ) | (1.35 | ) | (1.71 | ) | (1.83 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 16.56 | $ | 22.32 | $ | 16.19 | $ | 16.81 | $ | 17.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(8.03 | )% | 42.31 | % | 4.18 | % | 9.08 | % | 15.03 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 19,869 | $ | 18,875 | $ | 11,699 | $ | 10,765 | $ | 12,060 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements† |
1.47 | % | 1.51 | % | 1.53 | % | 1.50 | % | 1.45 | % | ||||||||||
Expenses,
before waivers/reimbursements† |
1.47 | % | 1.51 | % | 1.53 | % | 1.50 | % | 1.46 | % | ||||||||||
Net
investment income (loss)(b) |
.08 | % | (.13 | )% | .28 | % | .28 | % | .31 | % | ||||||||||
Portfolio
turnover rate |
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 20.57 | $ | 15.07 | $ | 15.78 | $ | 16.28 | $ | 15.87 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.13 | ) | (.16 | ) | (.07 | ) | (.07 | ) | (.07 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.89 | ) | 6.26 | .64 | 1.23 | 2.28 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.02 | ) | 6.10 | .57 | 1.16 | 2.21 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 14.83 | $ | 20.57 | $ | 15.07 | $ | 15.78 | $ | 16.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(8.69 | )% | 41.25 | % | 3.36 | % | 8.27 | % | 14.19 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 7,629 | $ | 9,319 | $ | 8,437 | $ | 11,463 | $ | 12,825 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements† |
2.22 | % | 2.26 | % | 2.27 | % | 2.25 | % | 2.21 | % | ||||||||||
Expenses,
before waivers/reimbursements† |
2.22 | % | 2.27 | % | 2.28 | % | 2.25 | % | 2.21 | % | ||||||||||
Net
investment loss(b) |
(.68 | )% | (.88 | )% | (.45 | )% | (.47 | )% | (.45 | )% | ||||||||||
Portfolio
turnover rate |
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 22.32 | $ | 16.17 | $ | 16.78 | $ | 17.14 | $ | 16.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.07 | .03 | .09 | .09 | .10 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.07 | ) | 6.74 | .69 | 1.31 | 2.38 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.00 | ) | 6.77 | .78 | 1.40 | 2.48 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.01 | ) | (.02 | ) | (.11 | ) | (.10 | ) | (.07 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(4.73 | ) | (.62 | ) | (1.39 | ) | (1.76 | ) | (1.87 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 16.59 | $ | 22.32 | $ | 16.17 | $ | 16.78 | $ | 17.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(7.82 | )% | 42.63 | % | 4.44 | % | 9.34 | % | 15.33 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 176,306 | $ | 181,782 | $ | 172,643 | $ | 196,566 | $ | 186,570 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements† |
1.22 | % | 1.26 | % | 1.27 | % | 1.25 | % | 1.20 | % | ||||||||||
Expenses,
before waivers/reimbursements† |
1.22 | % | 1.26 | % | 1.27 | % | 1.25 | % | 1.21 | % | ||||||||||
Net
investment income(b) |
.33 | % | .13 | % | .54 | % | .53 | % | .56 | % | ||||||||||
Portfolio
turnover rate |
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 21.60 | $ | 15.73 | $ | 16.37 | $ | 16.76 | $ | 16.22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.05 | ) | (.08 | ) | .00 | (c) | (.00 | )(c) | .00 | (c) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.98 | ) | 6.55 | .67 | 1.28 | 2.34 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.03 | ) | 6.47 | .67 | 1.28 | 2.34 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.03 | ) | (.01 | ) | – 0 – | |||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(4.72 | ) | (.60 | ) | (1.31 | ) | (1.67 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 15.85 | $ | 21.60 | $ | 15.73 | $ | 16.37 | $ | 16.76 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(8.32 | )% | 41.95 | % | 3.87 | % | 8.77 | % | 14.71 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 132 | $ | 54 | $ | 23 | $ | 19 | $ | 17 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements† |
1.80 | % | 1.80 | % | 1.80 | % | 1.78 | % | 1.76 | % | ||||||||||
Expenses,
before waivers/reimbursements† |
1.97 | % | 1.88 | % | 1.86 | % | 1.78 | % | 1.76 | % | ||||||||||
Net
investment income (loss)(b) |
(.26 | )% | (.43 | )% | .01 | % | (.02 | )% | .01 | % | ||||||||||
Portfolio
turnover rate |
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 22.02 | $ | 15.99 | $ | 16.59 | $ | 16.92 | $ | 16.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.00 | )(c) | (.03 | ) | .04 | .03 | .04 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.03 | ) | 6.66 | .68 | 1.30 | 2.35 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.03 | ) | 6.63 | .72 | 1.33 | 2.39 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.04 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(4.72 | ) | (.60 | ) | (1.32 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 16.27 | $ | 22.02 | $ | 15.99 | $ | 16.59 | $ | 16.92 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(8.15 | )% | 42.28 | % | 4.16 | % | 8.99 | % | 14.94 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,312 | $ | 1,404 | $ | 1,028 | $ | 875 | $ | 2,806 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements† |
1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | 1.54 | % | ||||||||||
Expenses,
before waivers/reimbursements† |
1.65 | % | 1.69 | % | 1.70 | % | 1.66 | % | 1.63 | % | ||||||||||
Net
investment income (loss)(b) |
(.00 | )%(c) | (.17 | )% | .26 | % | .18 | % | .22 | % | ||||||||||
Portfolio
turnover rate |
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 22.06 | $ | 15.99 | $ | 16.60 | $ | 16.97 | $ | 16.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.06 | .02 | .09 | .09 | .10 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.04 | ) | 6.67 | .68 | 1.30 | 2.36 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(.98 | ) | 6.69 | .77 | 1.39 | 2.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.01 | ) | (.02 | ) | (.10 | ) | (.10 | ) | (.07 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(4.73 | ) | (.62 | ) | (1.38 | ) | (1.76 | ) | (1.87 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 16.35 | $ | 22.06 | $ | 15.99 | $ | 16.60 | $ | 16.97 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(7.82 | )% | 42.62 | % | 4.45 | % | 9.38 | % | 15.35 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 3,717 | $ | 5,340 | $ | 4,244 | $ | 5,401 | $ | 39,104 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements† |
1.21 | % | 1.26 | % | 1.26 | % | 1.23 | % | 1.21 | % | ||||||||||
Expenses,
before waivers/reimbursements† |
1.22 | % | 1.26 | % | 1.27 | % | 1.24 | % | 1.22 | % | ||||||||||
Net
investment income(b) |
.32 | % | .13 | % | .56 | % | .55 | % | .57 | % | ||||||||||
Portfolio
turnover rate |
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $0.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or
contingent deferred sales charge is not reflected in the calculation of
total investment return. Total investment return does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return for a period of
less than one year is not annualized. |
* |
Includes
the impact of proceeds received, and credited to the Fund resulting from
class action settlements, which enhanced the performance of each share
class, for the years ended June 30, 2022, June 30, 2020 and
June 30, 2018 by 0.02%, 0.03% and 0.02%,
respectively. |
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 14.91 | $ | 12.48 | $ | 12.54 | $ | 12.86 | $ | 12.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.11 | ) | (.12 | ) | (.04 | ) | (.00 | )(c) | (.04 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.39 | ) | 3.14 | .42 | .69 | 1.26 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(.50 | ) | 3.02 | .38 | .69 | 1.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 12.67 | $ | 14.91 | $ | 12.48 | $ | 12.54 | $ | 12.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(4.49 | )% | 24.80 | % | 3.11 | % | 5.93 | % | 10.10 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 118,590 | $ | 111,374 | $ | 83,866 | $ | 89,337 | $ | 92,102 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)(f)‡ |
1.83 | % | 1.86 | % | 1.91 | % | 1.91 | % | 1.88 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)(f)‡ |
1.86 | % | 1.88 | % | 1.94 | % | 1.94 | % | 1.94 | % | ||||||||||
Net
investment loss(b) |
(.78 | )% | (.90 | )% | (.28 | )% | (.00 | )%(g) | (.30 | )% | ||||||||||
Portfolio
turnover rate (excluding securities sold short) |
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio
turnover rate (including securities sold short) |
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.82 | $ | 11.68 | $ | 11.85 | $ | 12.30 | $ | 11.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.20 | ) | (.21 | ) | (.12 | ) | (.09 | ) | (.13 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.35 | ) | 2.94 | .39 | .65 | 1.21 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(.55 | ) | 2.73 | .27 | .56 | 1.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 11.53 | $ | 13.82 | $ | 11.68 | $ | 11.85 | $ | 12.30 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(5.18 | )% | 23.91 | % | 2.25 | % | 5.11 | % | 9.34 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 44,732 | $ | 59,740 | $ | 64,205 | $ | 86,097 | $ | 98,333 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)(f)‡ |
2.58 | % | 2.61 | % | 2.66 | % | 2.66 | % | 2.63 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)(f)‡ |
2.61 | % | 2.63 | % | 2.69 | % | 2.69 | % | 2.69 | % | ||||||||||
Net
investment loss(b) |
(1.54 | )% | (1.65 | )% | (1.01 | )% | (.76 | )% | (1.05 | )% | ||||||||||
Portfolio
turnover rate (excluding securities sold short) |
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio
turnover rate (including securities sold short) |
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 15.29 | $ | 12.74 | $ | 12.78 | $ | 13.06 | $ | 12.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.08 | ) | (.09 | ) | (.00 | )(c) | .03 | (.01 | ) | |||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.41 | ) | 3.23 | .42 | .70 | 1.28 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(.49 | ) | 3.14 | .42 | .73 | 1.27 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.02 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(1.74 | ) | (.59 | ) | (.46 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.06 | $ | 15.29 | $ | 12.74 | $ | 12.78 | $ | 13.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(4.24 | )% | 25.17 | % | 3.27 | % | 6.24 | % | 10.39 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,506,544 | $ | 1,202,820 | $ | 876,972 | $ | 902,381 | $ | 762,575 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)(f)‡ |
1.58 | % | 1.61 | % | 1.66 | % | 1.66 | % | 1.64 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)(f)‡ |
1.61 | % | 1.63 | % | 1.69 | % | 1.69 | % | 1.69 | % | ||||||||||
Net
investment income (loss)(b) |
(.53 | )% | (.65 | )% | (.03 | )% | .24 | % | (.04 | )% | ||||||||||
Portfolio
turnover rate (excluding securities sold short) |
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio
turnover rate (including securities sold short) |
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 14.53 | $ | 12.20 | $ | 12.30 | $ | 12.67 | $ | 12.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.15 | ) | (.16 | ) | (.06 | ) | (.03 | ) | (.07 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.37 | ) | 3.08 | .40 | .67 | 1.24 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(.52 | ) | 2.92 | .34 | .64 | 1.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 12.27 | $ | 14.53 | $ | 12.20 | $ | 12.30 | $ | 12.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(4.76 | )% | 24.55 | % | 2.75 | % | 5.69 | % | 9.80 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 295 | $ | 293 | $ | 213 | $ | 283 | $ | 455 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)(f)‡ |
2.13 | % | 2.13 | % | 2.16 | % | 2.16 | % | 2.15 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)(f)‡ |
2.19 | % | 2.18 | % | 2.20 | % | 2.34 | % | 2.38 | % | ||||||||||
Net
investment loss(b) |
(1.08 | )% | (1.17 | )% | (.51 | )% | (.28 | )% | (.55 | )% | ||||||||||
Portfolio
turnover rate (excluding securities sold short) |
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio
turnover rate (including securities sold short) |
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 14.92 | $ | 12.48 | $ | 12.54 | $ | 12.86 | $ | 12.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.08 | ) | (.12 | ) | (.04 | ) | (.00 | )(c) | (.04 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.39 | ) | 3.15 | .42 | .69 | 1.26 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(.47 | ) | 3.03 | .38 | .69 | 1.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment transactions |
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 12.71 | $ | 14.92 | $ | 12.48 | $ | 12.54 | $ | 12.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(4.20 | )% | 24.80 | % | 3.11 | % | 5.93 | % | 10.10 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 13 | $ | 15 | $ | 12 | $ | 13 | $ | 13 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)(f)‡ |
1.59 | % | 1.83 | % | 1.92 | % | 1.92 | % | 1.90 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)(f)‡ |
1.83 | % | 1.85 | % | 1.96 | % | 2.05 | % | 2.05 | % | ||||||||||
Net
investment loss(b) |
(.54 | )% | (.86 | )% | (.31 | )% | (.02 | )% | (.32 | )% | ||||||||||
Portfolio
turnover rate (excluding securities sold short) |
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio
turnover rate (including securities sold short) |
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 15.33 | $ | 12.78 | $ | 12.81 | $ | 13.09 | $ | 12.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.07 | ) | (.09 | ) | .00 | (c) | .04 | .00 | (c) | |||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.41 | ) | 3.23 | .44 | .69 | 1.28 | ||||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(.48 | ) | 3.14 | .44 | .73 | 1.28 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.03 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(1.74 | ) | (.59 | ) | (.47 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.11 | $ | 15.33 | $ | 12.78 | $ | 12.81 | $ | 13.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)* |
(4.22 | )% | 25.17 | % | 3.37 | % | 6.22 | % | 10.46 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 34,177 | $ | 38,385 | $ | 16,674 | $ | 18,422 | $ | 13,299 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)(f)‡ |
1.55 | % | 1.60 | % | 1.62 | % | 1.61 | % | 1.58 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)(f)‡ |
1.57 | % | 1.62 | % | 1.66 | % | 1.65 | % | 1.64 | % | ||||||||||
Net
investment income (loss)(b) |
(.50 | )% | (.64 | )% | .01 | % | .31 | % | .01 | % | ||||||||||
Portfolio
turnover rate (excluding securities sold short) |
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio
turnover rate (including securities sold short) |
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(e) |
The
expense ratios presented below
exclude non-operating expenses: |
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Class A |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.83% | 1.85% | 1.86% | 1.85% | 1.83% | |||||||||||||||
Before
waivers/reimbursements |
1.85% | 1.88% | 1.89% | 1.89% | 1.88% | |||||||||||||||
Class C |
||||||||||||||||||||
Net
of waivers/reimbursements |
2.57% | 2.60% | 2.60% | 2.60% | 2.58% | |||||||||||||||
Before
waivers/reimbursements |
2.60% | 2.63% | 2.64% | 2.64% | 2.64% | |||||||||||||||
Advisor
Class |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.58% | 1.60% | 1.61% | 1.61% | 1.58% | |||||||||||||||
Before
waivers/reimbursements |
1.61% | 1.63% | 1.64% | 1.64% | 1.64% | |||||||||||||||
Class R |
||||||||||||||||||||
Net
of waivers/reimbursements |
2.12% | 2.13% | 2.11% | 2.12% | 2.09% | |||||||||||||||
Before
waivers/reimbursements |
2.18% | 2.18% | 2.15% | 2.29% | 2.33% | |||||||||||||||
Class K |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.59% | 1.83% | 1.87% | 1.86% | 1.84% | |||||||||||||||
Before
waivers/reimbursements |
1.82% | 1.85% | 1.91% | 2.00% | 2.00% | |||||||||||||||
Class I |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.54% | 1.60% | 1.57% | 1.55% | 1.53% | |||||||||||||||
Before
waivers/reimbursements |
1.57% | 1.62% | 1.61% | 1.59% | 1.59% |
(f) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the years ended June 30, 2022, June 30,
2021, June 30, 2020, June 30, 2019 and June 30, 2018, such
waiver amounted to .03%, .03%, .04%, .03% and .06%,
respectively. |
(g) |
Less
than 0.005%. |
* |
Includes
the impact of proceeds received and credited to the Fund resulting from
class action settlements, which enhanced the Fund’s performance for the
year ended June 30, 2020 by .03%. |
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 179.88 | $ | 142.42 | $ | 118.20 | $ | 120.08 | $ | 107.51 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.18 | ) | (.92 | ) | (.46 | ) | (.03 | ) | .07 | |||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(22.69 | ) | 49.90 | 28.37 | 6.33 | 11.63 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .87 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(22.87 | ) | 48.98 | 27.91 | 6.30 | 12.57 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.97 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (8.18 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 139.32 | $ | 179.88 | $ | 142.42 | $ | 118.20 | $ | 120.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.79 | )% | 35.76 | % | 24.22 | % | 6.48 | % | 11.69 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 739,832 | $ | 925,129 | $ | 699,723 | $ | 609,083 | $ | 627,185 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.02 | % | 1.18 | % | 1.25 | % | 1.26 | % | 1.29 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.02 | % | 1.18 | % | 1.26 | % | 1.26 | % | 1.30 | % | ||||||||||
Net
investment income (loss)(b) |
(.11 | )% | (.57 | )% | (.38 | )% | (.03 | )% | .06 | % | ||||||||||
Portfolio
turnover rate |
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 139.98 | $ | 113.84 | $ | 95.89 | $ | 99.07 | $ | 89.37 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(1.03 | ) | (1.65 | ) | (1.10 | ) | (.73 | ) | (.66 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(16.77 | ) | 39.31 | 22.74 | 5.04 | 9.64 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .72 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(17.80 | ) | 37.66 | 21.64 | 4.31 | 9.70 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.28 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.49 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 104.49 | $ | 139.98 | $ | 113.84 | $ | 95.89 | $ | 99.07 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(15.43 | )% | 34.73 | % | 23.29 | % | 5.67 | % | 10.85 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 28,646 | $ | 30,293 | $ | 17,436 | $ | 18,846 | $ | 24,636 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.77 | % | 1.93 | % | 2.01 | % | 2.01 | % | 2.04 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.77 | % | 1.93 | % | 2.01 | % | 2.02 | % | 2.05 | % | ||||||||||
Net
investment loss(b) |
(.85 | )% | (1.29 | )% | (1.14 | )% | (.80 | )% | (.69 | )% | ||||||||||
Portfolio
turnover rate |
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 193.31 | $ | 152.16 | $ | 125.72 | $ | 127.20 | $ | 113.60 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.25 | (.49 | ) | (.18 | ) | .29 | .53 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(24.72 | ) | 53.40 | 30.31 | 6.73 | 12.15 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(24.47 | ) | 52.91 | 30.13 | 7.02 | 13.60 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | (.24 | ) | – 0 – | (1.29 | ) | – 0 – | |||||||||||||
Distributions
from net realized gain on investment transactions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(17.69 | ) | (11.76 | ) | (3.69 | ) | (8.50 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 151.15 | $ | 193.31 | $ | 152.16 | $ | 125.72 | $ | 127.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.57 | )% | 36.11 | % | 24.53 | % | 6.75 | % | 11.97 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,137,575 | $ | 1,360,500 | $ | 592,942 | $ | 384,638 | $ | 314,797 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.77 | % | .93 | % | 1.00 | % | 1.01 | % | 1.03 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.77 | % | .93 | % | 1.01 | % | 1.01 | % | 1.04 | % | ||||||||||
Net
investment income (loss)(b) |
.15 | % | (.28 | )% | (.14 | )% | .24 | % | .43 | % | ||||||||||
Portfolio
turnover rate |
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 175.89 | $ | 140.03 | $ | 116.68 | $ | 118.43 | $ | 106.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.63 | ) | (1.56 | ) | (.88 | ) | (.38 | ) | (.27 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(22.23 | ) | 48.94 | 27.92 | 6.27 | 11.49 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .86 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(22.86 | ) | 47.38 | 27.04 | 5.89 | 12.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.43 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.64 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 135.34 | $ | 175.89 | $ | 140.03 | $ | 116.68 | $ | 118.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(15.14 | )% | 35.19 | % | 23.76 | % | 6.13 | % | 11.36 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 4,620 | $ | 3,363 | $ | 3,306 | $ | 3,313 | $ | 3,365 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.44 | % | 1.58 | % | 1.61 | % | 1.59 | % | 1.58 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡ |
1.44 | % | 1.59 | % | 1.61 | % | 1.60 | % | 1.60 | % | ||||||||||
Net
investment loss(b) |
(.42 | )% | (.98 | )% | (.74 | )% | (.34 | )% | (.23 | )% | ||||||||||
Portfolio
turnover rate |
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 184.10 | $ | 145.66 | $ | 120.86 | $ | 122.65 | $ | 109.83 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.37 | ) | (1.11 | ) | (.53 | ) | (.02 | ) | (.20 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(23.28 | ) | 51.07 | 29.02 | 6.45 | 12.13 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .89 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(23.65 | ) | 49.96 | 28.49 | 6.43 | 12.82 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (1.01 | ) | – 0 – | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (8.22 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 142.76 | $ | 184.10 | $ | 145.66 | $ | 120.86 | $ | 122.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.88 | )% | 35.63 | % | 24.15 | % | 6.45 | % | 11.67 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 3,676 | $ | 5,387 | $ | 4,466 | $ | 3,867 | $ | 2,803 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.13 | % | 1.28 | % | 1.30 | % | 1.28 | % | 1.29 | % | ||||||||||
Expenses,
before waivers/ reimbursements(d)‡ |
1.13 | % | 1.28 | % | 1.31 | % | 1.29 | % | 1.31 | % | ||||||||||
Net
investment loss(b) |
(.22 | )% | (.67 | )% | (.43 | )% | (.02 | )% | (.17 | )% | ||||||||||
Portfolio
turnover rate |
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 194.04 | $ | 152.73 | $ | 126.13 | $ | 127.62 | $ | 113.85 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.33 | (.54 | ) | (.13 | ) | .54 | .67 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(24.86 | ) | 53.66 | 30.42 | 6.61 | 12.18 | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(24.53 | ) | 53.12 | 30.29 | 7.15 | 13.77 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | (.29 | ) | – 0 – | (1.43 | ) | – 0 – | |||||||||||||
Distributions
from net realized gain on investment transactions |
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(17.69 | ) | (11.81 | ) | (3.69 | ) | (8.64 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 151.82 | $ | 194.04 | $ | 152.73 | $ | 126.13 | $ | 127.62 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c)* |
(14.54 | )% | 36.12 | % | 24.57 | % | 6.85 | % | 12.09 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 46,118 | $ | 38,716 | $ | 15,441 | $ | 9,208 | $ | 2,279 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.75 | % | .92 | % | .97 | % | .93 | % | .93 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.75 | % | .92 | % | .97 | % | .93 | % | .95 | % | ||||||||||
Net
investment income (loss)(b) |
.19 | % | (.31 | )% | (.10 | )% | .45 | % | .54 | % | ||||||||||
Portfolio
turnover rate |
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS Z | ||||||||
Year Ended July 31, 2022 |
July 27,
2021(e) to
July 31,
2021 |
|||||||
Net
asset value, beginning of period |
$ | 179.89 | $ | 178.52 | ||||
|
|
|
|
|||||
Income From Investment Operations | ||||||||
Net
investment income (loss)(a)(b) |
.55 | (.02 | ) | |||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(22.97 | ) | 1.39 | |||||
|
|
|
|
|||||
Net
increase (decrease) in net asset value from operations |
(22.42 | ) | 1.37 | |||||
|
|
|
|
|||||
Distributions
from net realized gain on investment transactions |
(17.69 | ) | – 0 – | |||||
|
|
|
|
|||||
Net
asset value, end of period |
$ | 139.78 | $ | 179.89 | ||||
|
|
|
|
|||||
Total Return | ||||||||
Total
investment return based on net asset value(c) |
(14.52 | )% | .77 | % | ||||
Ratios/Supplemental Data | ||||||||
Net
assets, end of period (000’s omitted) |
$ | 50,975 | $ | 10 | ||||
Ratio
to average net assets of: |
||||||||
Expenses,
net of waivers/reimbursements‡ |
.71 | % | .73 | %^ | ||||
Expenses,
before waivers/reimbursements‡ |
.71 | % | .73 | %^ | ||||
Net
investment income (loss)(b) |
.36 | % | (.73 | )%^ | ||||
Portfolio
turnover rate |
30 | % | 35 | % | ||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | %^ |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(d) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the years ended July 31, 2020 and July 31,
2018, such waiver amounted to .01% and .01%,
respectively. |
(e) |
Commencement
of distributions. |
* |
Includes
the impact of proceeds recorded and credited to the Fund resulting from
regulatory settlement, which enhanced the Fund’s performance for the year
ended July 31, 2018 by .77%. |
^ |
Annualized. |
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 23.53 | $ | 17.76 | $ | 16.45 | $ | 18.61 | $ | 17.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.09 | (.03 | ) | (.05 | ) | .02 | .09 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(5.79 | ) | 6.18 | 1.56 | (.14 | ) | .75 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.70 | ) | 6.15 | 1.51 | (.12 | ) | .84 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 16.46 | $ | 23.53 | $ | 17.76 | $ | 16.45 | $ | 18.61 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(25.82 | )% | 34.79 | % | 9.19 | % | 1.03 | % | 4.73 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 148,069 | $ | 215,976 | $ | 164,508 | $ | 175,100 | $ | 205,869 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
1.03 | % | 1.19 | % | 1.33 | % | 1.44 | % | 1.39 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
1.03 | % | 1.19 | % | 1.34 | % | 1.45 | % | 1.40 | % | ||||||||||
Net
investment income (loss)(b) |
.40 | % | (.14 | )% | (.31 | )% | .14 | % | .46 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 19.86 | $ | 15.15 | $ | 14.17 | $ | 16.47 | $ | 15.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment loss(a)(b) |
(.07 | ) | (.17 | ) | (.16 | ) | (.11 | ) | (.08 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(4.79 | ) | 5.26 | 1.34 | (.15 | ) | .71 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(4.86 | ) | 5.09 | 1.18 | (.26 | ) | .63 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.63 | $ | 19.86 | $ | 15.15 | $ | 14.17 | $ | 16.47 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(26.39 | )% | 33.77 | % | 8.34 | % | .26 | %* | 3.98 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,115 | $ | 1,793 | $ | 2,643 | $ | 4,736 | $ | 8,621 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
1.79 | % | 1.94 | % | 2.09 | % | 2.19 | % | 2.14 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
1.79 | % | 1.95 | % | 2.09 | % | 2.20 | % | 2.16 | % | ||||||||||
Net
investment loss(b) |
(.38 | )% | (.93 | )% | (1.10 | )% | (.74 | )% | (.46 | )% | ||||||||||
Portfolio
turnover rate |
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 24.28 | $ | 18.27 | $ | 16.87 | $ | 18.99 | $ | 18.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.16 | .05 | .01 | .11 | .14 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(6.01 | ) | 6.34 | 1.59 | (.19 | ) | .77 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.85 | ) | 6.39 | 1.60 | (.08 | ) | .91 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 17.06 | $ | 24.28 | $ | 18.27 | $ | 16.87 | $ | 18.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(25.64 | )% | 35.13 | % | 9.50 | % | 1.23 | %* | 5.03 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 534,213 | $ | 567,611 | $ | 223,606 | $ | 89,254 | $ | 44,697 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
.78 | % | .94 | % | 1.07 | % | 1.19 | % | 1.14 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
.79 | % | .94 | % | 1.08 | % | 1.20 | % | 1.15 | % | ||||||||||
Net
investment income(b) |
.74 | % | .24 | % | .04 | % | .68 | % | .73 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 22.82 | $ | 17.30 | $ | 16.09 | $ | 18.31 | $ | 17.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.01 | ) | (.13 | ) | (.11 | ) | (.03 | ) | .01 | |||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(5.59 | ) | 6.03 | 1.52 | (.15 | ) | .77 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.60 | ) | 5.90 | 1.41 | (.18 | ) | .78 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 15.85 | $ | 22.82 | $ | 17.30 | $ | 16.09 | $ | 18.31 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(26.20 | )% | 34.26 | % | 8.77 | % | .69 | %* | 4.45 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 3,414 | $ | 5,137 | $ | 4,976 | $ | 7,067 | $ | 9,234 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
1.49 | % | 1.62 | % | 1.69 | % | 1.75 | % | 1.70 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
1.49 | % | 1.63 | % | 1.70 | % | 1.76 | % | 1.72 | % | ||||||||||
Net
investment income (loss)(b) |
(.06 | )% | (.61 | )% | (.68 | )% | (.18 | )% | .08 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 23.36 | $ | 17.65 | $ | 16.36 | $ | 18.52 | $ | 17.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.04 | (.07 | ) | (.06 | ) | .02 | .12 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(5.73 | ) | 6.16 | 1.55 | (.14 | ) | .72 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.69 | ) | 6.09 | 1.49 | (.12 | ) | .84 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 16.30 | $ | 23.36 | $ | 17.65 | $ | 16.36 | $ | 18.52 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(25.97 | )% | 34.66 | % | 9.12 | % | 1.03 | % | 4.75 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 3,458 | $ | 8,520 | $ | 7,609 | $ | 6,376 | $ | 7,391 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
1.18 | % | 1.31 | % | 1.38 | % | 1.44 | % | 1.40 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
1.18 | % | 1.32 | % | 1.39 | % | 1.45 | % | 1.42 | % | ||||||||||
Net
investment income (loss)(b) |
.19 | % | (.31 | )% | (.36 | )% | .13 | % | .61 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 24.17 | $ | 18.19 | $ | 16.80 | $ | 18.90 | $ | 17.97 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
.12 | (.01 | ) | (.01 | ) | .08 | .18 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(5.96 | ) | 6.37 | 1.60 | (.14 | ) | .75 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.84 | ) | 6.36 | 1.59 | (.06 | ) | .93 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 16.96 | $ | 24.17 | $ | 18.19 | $ | 16.80 | $ | 18.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(25.71 | )% | 35.12 | % | 9.48 | % | 1.35 | %* | 5.17 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 565 | $ | 986 | $ | 1,090 | $ | 1,713 | $ | 1,981 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
.84 | % | .98 | % | 1.05 | % | 1.09 | % | 1.03 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
.84 | % | .99 | % | 1.06 | % | 1.10 | % | 1.05 | % | ||||||||||
Net
investment income (loss)(b) |
.55 | % | (.03 | )% | (.03 | )% | .49 | % | .91 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS Z | ||||
July 27,
2021(e) to
June 30,
2022 |
||||
Net
asset value, beginning of period |
$ | 23.66 | ||
|
|
|||
Income From Investment Operations | ||||
Net
investment income(a)(b) |
.30 | |||
Net
realized and unrealized loss on investment and foreign currency
transactions |
(6.09 | ) | ||
|
|
|||
Net
decrease in net asset value from operations |
(5.79 | ) | ||
|
|
|||
Less: Distributions | ||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(1.37 | ) | ||
|
|
|||
Net
asset value, end of period |
$ | 16.50 | ||
|
|
|||
Total Return | ||||
Total
investment return based on net asset value(c) |
(26.06 | )% | ||
Ratios/Supplemental Data | ||||
Net
assets, end of period (000’s omitted) |
$ | 12,747 | ||
Ratio
to average net assets of: |
||||
Expenses,
net of waivers/reimbursements(d)† |
.77 | %(f) | ||
Expenses,
before waivers/reimbursements(d)† |
.78 | %(f) | ||
Net
investment income(b) |
1.71 | %(f) | ||
Portfolio
turnover rate |
28 | % | ||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | %(f) |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or
contingent deferred sales charge is not reflected in the calculation of
total investment return. Total investment return does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return for a period of
less than one year is not annualized. |
(d) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses but bears proportionate
shares of the acquired fund fees and expenses (i.e. operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the years ended June 30,
2021, June 30, 2020, June 30, 2019 and June 30,
2018 such waiver amounted to 0.01%, 0.01%, 0.01% and 0.01%,
respectively. |
(e) |
Commencement
of distribution. |
(f) |
Annualized. |
* |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 17.63 | $ | 12.83 | $ | 13.31 | $ | 12.42 | $ | 11.72 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.10 | .12 | .12 | .17 | .16 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(3.42 | ) | 4.77 | (.16 | ) | 1.02 | 1.09 | |||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.32 | ) | 4.89 | (.04 | ) | 1.19 | 1.25 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.14 | ) | (.09 | ) | (.13 | ) | (.12 | ) | (.13 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.65 | ) | – 0 – | (.31 | ) | (.18 | ) | (.42 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.79 | ) | (.09 | ) | (.44 | ) | (.30 | ) | (.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.52 | $ | 17.63 | $ | 12.83 | $ | 13.31 | $ | 12.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(19.74 | )% | 38.20 | % | (.48 | )% | 9.95 | % | 10.72 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 19,471 | $ | 23,362 | $ | 17,101 | $ | 15,851 | $ | 12,925 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
1.03 | % | 1.05 | % | 1.08 | % | 1.13 | % | 1.15 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.04 | % | 1.06 | % | 1.08 | % | 1.13 | % | 1.15 | % | ||||||||||
Net
investment income(b) |
.62 | % | .79 | % | .89 | % | 1.33 | % | 1.31 | % | ||||||||||
Portfolio
turnover rate |
50 | % | 46 | % | 52 | % | 47 | % | 45 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 17.29 | $ | 12.61 | $ | 13.10 | $ | 12.29 | $ | 11.63 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b) |
(.03 | ) | .00 | (c) | .02 | .09 | .06 | |||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(3.34 | ) | 4.68 | (.15 | ) | .99 | 1.08 | |||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.37 | ) | 4.68 | (.13 | ) | 1.08 | 1.14 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.01 | ) | – 0 – | (.05 | ) | (.09 | ) | (.06 | ) | |||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.65 | ) | – 0 – | (.31 | ) | (.18 | ) | (.42 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.66 | ) | – 0 – | (.36 | ) | (.27 | ) | (.48 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.26 | $ | 17.29 | $ | 12.61 | $ | 13.10 | $ | 12.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(20.29 | )% | 37.11 | % | (1.17 | )% | 9.12 | % | 9.87 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 759 | $ | 1,040 | $ | 905 | $ | 553 | $ | 150 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
1.79 | % | 1.81 | % | 1.84 | % | 1.90 | % | 1.90 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.79 | % | 1.81 | % | 1.84 | % | 1.90 | % | 1.92 | % | ||||||||||
Net
investment income (loss)(b) |
(.15 | )% | .03 | % | .15 | % | .69 | % | .49 | % | ||||||||||
Portfolio
turnover rate |
50 | % | 46 | % | 52 | % | 47 | % | 45 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 17.69 | $ | 12.87 | $ | 13.35 | $ | 12.46 | $ | 11.75 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.14 | .17 | .15 | .20 | .18 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(3.43 | ) | 4.77 | (.15 | ) | 1.02 | 1.10 | |||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(3.29 | ) | 4.94 | .00 | (c) | 1.22 | 1.28 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.18 | ) | (.12 | ) | (.17 | ) | (.15 | ) | (.15 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.65 | ) | – 0 – | (.31 | ) | (.18 | ) | (.42 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.83 | ) | (.12 | ) | (.48 | ) | (.33 | ) | (.57 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.57 | $ | 17.69 | $ | 12.87 | $ | 13.35 | $ | 12.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(19.54 | )% | 38.54 | % | (.25 | )% | 10.21 | % | 11.02 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,349,994 | $ | 2,478,209 | $ | 1,215,240 | $ | 789,168 | $ | 465,263 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.79 | % | .81 | % | .84 | % | .90 | % | .90 | % | ||||||||||
Expenses,
before waivers/reimbursements |
.79 | % | .81 | % | .84 | % | .90 | % | .90 | % | ||||||||||
Net
investment income(b) |
.86 | % | 1.08 | % | 1.17 | % | 1.61 | % | 1.42 | % | ||||||||||
Portfolio
turnover rate |
50 | % | 46 | % | 52 | % | 47 | % | 45 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $0.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or
contingent deferred sales charge is not reflected in the calculation of
total investment return. Total investment return does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return for a period of
less than one year is not annualized. |
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.36 | $ | 11.05 | $ | 11.70 | $ | 12.04 | $ | 11.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.21 | .17 | .25 | .27 | .20 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.18 | ) | 2.33 | (.74 | ) | (.33 | ) | .93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.97 | ) | 2.50 | (.49 | ) | (.06 | ) | 1.13 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.03 | ) | (.19 | ) | (.16 | ) | (.16 | ) | (.07 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | – 0 – | – 0 – | (.12 | ) | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.03 | ) | (.19 | ) | (.16 | ) | (.28 | ) | (.13 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 11.36 | $ | 13.36 | $ | 11.05 | $ | 11.70 | $ | 12.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(14.79 | )% | 22.81 | % | (4.33 | )% | (.28 | )% | 10.25 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 6,062 | $ | 11,136 | $ | 9,439 | $ | 1,344 | $ | 460 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
.99 | % | 1.04 | % | 1.19 | % | 1.20 | % | 1.19 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
.99 | % | 1.04 | % | 1.27 | % | 1.51 | % | 1.93 | % | ||||||||||
Net
investment income(b) |
1.55 | % | 1.39 | % | 2.31 | % | 2.38 | % | 1.71 | % | ||||||||||
Portfolio
turnover rate |
35 | % | 35 | % | 39 | % | 51 | % | 53 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.20 | $ | 10.91 | $ | 11.60 | $ | 11.95 | $ | 11.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.14 | .09 | .06 | .18 | .10 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.18 | ) | 2.29 | (.63 | ) | (.32 | ) | .93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(2.04 | ) | 2.38 | (.57 | ) | (.14 | ) | 1.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | (.09 | ) | (.12 | ) | (.09 | ) | (.03 | ) | |||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | – 0 – | – 0 – | (.12 | ) | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
– 0 – | (.09 | ) | (.12 | ) | (.21 | ) | (.09 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 11.16 | $ | 13.20 | $ | 10.91 | $ | 11.60 | $ | 11.95 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(15.45 | )% | 21.89 | % | (5.01 | )% | (1.00 | )% | 9.34 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 246 | $ | 292 | $ | 190 | $ | 218 | $ | 118 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
1.75 | % | 1.79 | % | 1.95 | % | 1.95 | % | 1.94 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
1.76 | % | 1.81 | % | 2.00 | % | 2.28 | % | 2.68 | % | ||||||||||
Net
investment income(b) |
1.06 | % | .73 | % | .55 | % | 1.56 | % | .88 | % | ||||||||||
Portfolio
turnover rate |
35 | % | 35 | % | 39 | % | 51 | % | 53 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.46 | $ | 11.10 | $ | 11.74 | $ | 12.06 | $ | 11.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.26 | .21 | .20 | .32 | .25 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.22 | ) | 2.35 | (.67 | ) | (.34 | ) | .90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.96 | ) | 2.56 | (.47 | ) | (.02 | ) | 1.15 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.07 | ) | (.20 | ) | (.17 | ) | (.18 | ) | (.09 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | – 0 – | – 0 – | (.12 | ) | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.07 | ) | (.20 | ) | (.17 | ) | (.30 | ) | (.15 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 11.43 | $ | 13.46 | $ | 11.10 | $ | 11.74 | $ | 12.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(14.66 | )% | 23.26 | % | (4.14 | )% | .06 | % | 10.45 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 584,252 | $ | 656,592 | $ | 436,143 | $ | 201,875 | $ | 76,473 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
.74 | % | .78 | % | .95 | % | .95 | % | .94 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)† |
.75 | % | .79 | % | .99 | % | 1.26 | % | 1.65 | % | ||||||||||
Net
investment income(b) |
1.96 | % | 1.70 | % | 1.74 | % | 2.80 | % | 2.12 | % | ||||||||||
Portfolio
turnover rate |
35 | % | 35 | % | 39 | % | 51 | % | 53 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS Z | ||||||||||||
Year Ended June 30, | November 20, 2019(e) to June 30, |
|||||||||||
2022 | 2021 | 2020 | ||||||||||
Net
asset value, beginning of period |
$ | 13.45 | $ | 11.10 | $ | 12.09 | ||||||
|
|
|
|
|
|
|||||||
Income From Investment Operations | ||||||||||||
Net
investment income(a)(b) |
.26 | .16 | .12 | |||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.21 | ) | 2.39 | (.94 | ) | |||||||
|
|
|
|
|
|
|||||||
Net
increase (decrease) in net asset value from operations |
(1.95 | ) | 2.55 | (.82 | ) | |||||||
|
|
|
|
|
|
|||||||
Less: Dividends and Distributions | ||||||||||||
Dividends
from net investment income |
(.07 | ) | (.20 | ) | (.17 | ) | ||||||
|
|
|
|
|
|
|||||||
Net
asset value, end of period |
$ | 11.43 | $ | 13.45 | $ | 11.10 | ||||||
|
|
|
|
|
|
|||||||
Total Return | ||||||||||||
Total
investment return based on net asset value(c) |
(14.60 | )% | 23.17 | % | (6.91 | )% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 13 | $ | 12 | $ | 9 | ||||||
Ratio
to average net assets of: |
||||||||||||
Expenses,
net of waivers/reimbursements(d)† |
.74 | % | .79 | % | .93 | %(f) | ||||||
Expenses,
before waivers/reimbursements(d)† |
.74 | % | .80 | % | .97 | %(f) | ||||||
Net
investment income(b) |
1.93 | % | 1.35 | % | 1.76 | %(f) | ||||||
Portfolio
turnover rate |
35 | % | 35 | % | 39 | % | ||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | %(f) |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or
contingent deferred sales charge is not reflected in the calculation of
total investment return. Total investment return does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return for a period of
less than one year is not annualized. |
(d) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses but bears proportionate
shares of the acquired fund fees and expenses (i.e. operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the year ended June 30, 2018, such waiver
amounted to 0.01%. |
(e) |
Commencement
of distribution. |
(f) |
Annualized. |
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 15.33 | $ | 11.66 | $ | 11.02 | $ | 11.54 | $ | 10.50 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.01 | ) | .02 | .01 | .02 | .08 | ||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions and foreign
currency |
(5.34 | ) | 3.86 | .74 | .15 | 1.32 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.35 | ) | 3.88 | .75 | .17 | 1.40 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | (.00 | )(c) | (.08 | ) | |||||||||||||
Distributions
from net realized gain on investment transactions |
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.36 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.71 | $ | 15.33 | $ | 11.66 | $ | 11.02 | $ | 11.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)(e) |
(35.49 | )% | 33.53 | % | 6.75 | % | 2.72 | % | 13.43 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 6,741 | $ | 10,284 | $ | 1,729 | $ | 498 | $ | 286 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f)‡ |
1.12 | % | 1.15 | % | 1.22 | % | 1.29 | % | 1.29 | % | ||||||||||
Expenses,
before waivers/reimbursements(f)‡ |
1.12 | % | 1.17 | % | 1.47 | % | 1.85 | % | 2.08 | % | ||||||||||
Net
investment income (loss)(b) |
(.05 | )% | .14 | % | .12 | % | .23 | % | .67 | % | ||||||||||
Portfolio
turnover rate |
24 | % | 25 | % | 30 | % | 34 | % | 34 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 14.77 | $ | 11.32 | $ | 10.78 | $ | 11.38 | $ | 10.39 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income (loss)(a)(b) |
(.12 | ) | (.09 | ) | (.08 | ) | (.02 | ) | .00 | (c) | ||||||||||
Net
realized and unrealized gain (loss) on investment transactions and foreign
currency |
(5.11 | ) | 3.75 | .73 | .11 | 1.30 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.23 | ) | 3.66 | .65 | .09 | 1.30 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | – 0 – | – 0 – | (.03 | ) | ||||||||||||||
Distributions
from net realized gain on investment transactions |
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.31 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.27 | $ | 14.77 | $ | 11.32 | $ | 10.78 | $ | 11.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)(e) |
(36.03 | )% | 32.59 | % | 5.97 | % | 2.00 | % | 12.57 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 909 | $ | 1,909 | $ | 426 | $ | 291 | $ | 172 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f)‡ |
1.87 | % | 1.90 | % | 1.99 | % | 2.04 | % | 2.04 | % | ||||||||||
Expenses,
before waivers/reimbursements(f)‡ |
1.87 | % | 1.93 | % | 2.27 | % | 2.59 | % | 2.89 | % | ||||||||||
Net
investment income (loss)(b) |
(.89 | )% | (.66 | )% | (.79 | )% | (.17 | )% | .02 | % | ||||||||||
Portfolio
turnover rate |
24 | % | 25 | % | 30 | % | 34 | % | 34 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 15.46 | $ | 11.73 | $ | 11.06 | $ | 11.57 | $ | 10.51 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.03 | .05 | .04 | .06 | .06 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions and foreign
currency |
(5.41 | ) | 3.89 | .75 | .13 | 1.37 | ||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(5.38 | ) | 3.94 | .79 | .19 | 1.43 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
– 0 – | – 0 – | (.01 | ) | (.01 | ) | (.09 | ) | ||||||||||||
Distributions
from net realized gain on investment transactions |
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.27 | ) | (.21 | ) | (.12 | ) | (.70 | ) | (.37 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.81 | $ | 15.46 | $ | 11.73 | $ | 11.06 | $ | 11.57 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)(e) |
(35.38 | )% | 33.84 | % | 7.11 | % | 3.01 | % | 13.61 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 367,324 | $ | 480,418 | $ | 160,265 | $ | 67,054 | $ | 45,424 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f)‡ |
.87 | % | .90 | % | .98 | % | 1.04 | % | 1.04 | % | ||||||||||
Expenses,
before waivers/reimbursements(f)‡ |
.87 | % | .93 | % | 1.23 | % | 1.59 | % | 1.80 | % | ||||||||||
Net
investment income(b) |
.24 | % | .32 | % | .37 | % | .54 | % | .53 | % | ||||||||||
Portfolio
turnover rate |
24 | % | 25 | % | 30 | % | 34 | % | 34 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(e) |
Includes
the impact of reimbursements from the Adviser which enhanced the Fund’s
performance for the year ended June 30, 2020 by
.01%. |
(f) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the years ended June 30, 2020, June 30,
2019 and June 30, 2018, such waiver amounted to .01%, .01% and .01%,
respectively. |
CLASS A | ||||
February 1,
2022(a) to
June 30,
2022(b) |
||||
Net
asset value, beginning of period |
$ | 19.39 | ||
|
|
|||
Income From Investment Operations | ||||
Net
investment income(c)(d) |
.01 | |||
Net
realized and unrealized loss on investments |
(3.47 | ) | ||
|
|
|||
Net
decrease in net asset value from operations |
(3.46 | ) | ||
|
|
|||
Net
asset value, end of period |
$ | 15.93 | ||
|
|
|||
Total Return | ||||
Total
investment return based on net asset value(e) |
(17.84 | )% | ||
Ratios/Supplemental Data | ||||
Net
assets, end of period (000’s omitted) |
$ | 25 | ||
Ratio
to average net assets of: |
||||
Expenses,
net of waivers/reimbursements† |
.90 | %(f) | ||
Expenses,
before waivers/reimbursements† |
1.42 | %(f) | ||
Net
investment income(d) |
.13 | %(f) | ||
Portfolio
turnover rate |
17 | % | ||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.01 | %(f) |
CLASS C | ||||
May 2,
2022(a) to
June 30,
2022(b) |
||||
Net
asset value, beginning of period |
$ | 17.38 | ||
|
|
|||
Income From Investment Operations | ||||
Net
investment loss(c)(d) |
(.01 | ) | ||
Net
realized and unrealized loss on investments |
(1.45 | ) | ||
|
|
|||
Net
decrease in net asset value from operations |
(1.46 | ) | ||
|
|
|||
Net
asset value, end of period |
$ | 15.92 | ||
|
|
|||
Total Return | ||||
Total
investment return based on net asset value(e) |
(8.40 | )% | ||
Ratios/Supplemental Data | ||||
Net
assets, end of period (000’s omitted) |
$ | 54 | ||
Ratio
to average net assets of: |
||||
Expenses,
net of waivers/reimbursements†(g) |
1.64 | %(f) | ||
Expenses,
before waivers/reimbursements†(g) |
3.44 | %(f) | ||
Net
investment loss(d) |
(.43 | )%(f) | ||
Portfolio
turnover rate |
17 | % | ||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.01 | %(f) |
ADVISOR CLASS | ||||||||||||||||||||||||
January 1, 2022 to June 30, 2022(b) |
Year Ended December 31, | June 28, 2017(h) to December 31, 2017 |
||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
asset value, beginning of period |
$ | 21.71 | $ | 18.83 | $ | 13.94 | $ | 10.59 | $ | 11.11 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net
investment income (loss)(c)(d) |
.01 | .11 | (.06 | ) | .09 | .08 | .04 | |||||||||||||||||
Net
realized and unrealized gain (loss) on investments |
(5.77 | ) | 4.83 | 5.26 | 3.34 | (.54 | ) | 1.09 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net
increase (decrease) in net asset value from operations |
(5.76 | ) | 4.94 | 5.20 | 3.43 | (.46 | ) | 1.13 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends
from net investment income |
– 0 – | (.13 | ) | (.00 | )(i) | (.08 | ) | (.06 | ) | (.02 | ) | |||||||||||||
Distributions
from net realized gain on investments |
– 0 – | (1.93 | ) | (.31 | ) | – 0 – | (.00 | )(i) | – 0 – | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
dividends and distributions |
– 0 – | (2.06 | ) | (.31 | ) | (.08 | ) | (.06 | ) | (.02 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net
asset value, end of period |
$ | 15.95 | $ | 21.71 | $ | 18.83 | $ | 13.94 | $ | 10.59 | $ | 11.11 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Return | ||||||||||||||||||||||||
Total
investment return based on net asset value(e) |
(26.56 | )% | 26.26 | % | 37.34 | % | 32.41 | % | (4.15 | )% | 11.32 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 109,204 | $ | 191,746 | $ | 181,969 | $ | 100,714 | $ | 65,208 | $ | 1,111 | ||||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||||||
Expenses,
net of waivers/reimbursements†(g) |
.65 | %(f) | .12 | % | 1.09 | % | .43 | % | .42 | %(j) | .33 | %(f) | ||||||||||||
Expenses,
before waivers/reimbursements†(g) |
1.00 | %(f) | .36 | % | 1.32 | % | .84 | % | 1.05 | %(j) | 37.77 | %(f) | ||||||||||||
Net
investment income (loss)(d) |
.14 | %(f) | .54 | % | (.38 | )% | .69 | % | .73 | % | .66 | %(f) | ||||||||||||
Portfolio
turnover rate |
17 | % | 37 | % | 51 | % | 41 | % | 31 | % | 22 | % | ||||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.01 | %(f) | .00 | % | .01 | % | .01 | % | .01 | % | .01 | %(f) |
CLASS Z | ||||
February 1,
2022(a) to
June 30,
2022(b) |
||||
Net
asset value, beginning of period |
$ | 19.39 | ||
|
|
|||
Income From Investment Operations | ||||
Net
investment income(c)(d) |
.03 | |||
Net
realized and unrealized loss on investments |
(3.47 | ) | ||
|
|
|||
Net
decrease in net asset value from operations |
(3.44 | ) | ||
|
|
|||
Net
asset value, end of period |
$ | 15.95 | ||
|
|
|||
Total Return | ||||
Total
investment return based on net asset value(e) |
(17.74 | )% | ||
Ratios/Supplemental Data | ||||
Net
assets, end of period (000’s omitted) |
$ | 8 | ||
Ratio
to average net assets of: |
||||
Expenses,
net of waivers/reimbursements† |
.65 | %(f) | ||
Expenses,
before waivers/reimbursements† |
1.02 | %(f) | ||
Net
investment income(d) |
.36 | %(f) | ||
Portfolio
turnover rate |
17 | % | ||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | %(f) |
(a) |
Commencement
of distribution. |
(b) |
The
Fund changed its fiscal year end from December 31 to June
30. |
(c) |
Based
on average shares outstanding. |
(d) |
Net
of expenses waived/reimbursed by the Adviser. |
(e) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Total investment return does not
reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. Total investment return
for a period of less than one year is not
annualized. |
(f) |
Annualized. |
(g) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses but bears proportionate
shares of the acquired fund fees and expenses (i.e. operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, for the period ended June 30, 2022, the years ended
December 31, 2020, December 31, 2019, December 31, 2018,
and the period ended December 31, 2017, such waiver amounted to 0.01%
(annualized), 0.01%, 0.01%, 0.01% and 0.01% (annualized),
respectively. |
(h) |
Commencement
of operations. |
(i) |
Amount
is less than $0.005. |
(j) |
The
advisory fee reflected in the Fund’s expense ratio may be higher or lower
than the Base Fee plus Performance Adjustment due to the different time
periods over which the fee is calculated (i.e., the financial reporting period vs.
the Performance Period). |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 537.60 | $ | 9,941.15 | |||||||||||||||
2 |
9,941.15 | 497.06 | 10,438.21 | 116.91 | 10,321.30 | ||||||||||||||||||||
3 |
10,321.30 | 516.07 | 10,837.37 | 121.38 | 10,715.99 | ||||||||||||||||||||
4 |
10,715.99 | 535.80 | 11,251.79 | 126.02 | 11,125.77 | ||||||||||||||||||||
5 |
11,125.77 | 556.29 | 11,682.06 | 130.84 | 11,551.22 | ||||||||||||||||||||
6 |
11,551.22 | 577.56 | 12,128.78 | 135.84 | 11,992.94 | ||||||||||||||||||||
7 |
11,992.94 | 599.65 | 12,592.59 | 141.04 | 12,451.55 | ||||||||||||||||||||
8 |
12,451.55 | 622.58 | 13,074.13 | 146.43 | 12,927.70 | ||||||||||||||||||||
9 |
12,927.70 | 646.39 | 13,574.09 | 152.03 | 13,422.06 | ||||||||||||||||||||
10 |
13,422.06 | 671.10 | 14,093.16 | 157.84 | 13,935.32 | ||||||||||||||||||||
Cumulative |
$ | 5,701.25 | $ | 1,765.93 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 508.45 | $ | 9,970.30 | |||||||||||||||
2 |
9,970.30 | 498.52 | 10,468.82 | 86.89 | 10,381.93 | ||||||||||||||||||||
3 |
10,381.93 | 519.10 | 10,901.03 | 90.48 | 10,810.55 | ||||||||||||||||||||
4 |
10,810.55 | 540.53 | 11,351.08 | 94.21 | 11,256.87 | ||||||||||||||||||||
5 |
11,256.87 | 562.84 | 11,819.71 | 98.10 | 11,721.61 | ||||||||||||||||||||
6 |
11,721.61 | 586.08 | 12,307.69 | 102.15 | 12,205.54 | ||||||||||||||||||||
7 |
12,205.54 | 610.28 | 12,815.82 | 106.37 | 12,709.45 | ||||||||||||||||||||
8 |
12,709.45 | 635.47 | 13,344.92 | 110.76 | 13,234.16 | ||||||||||||||||||||
9 |
13,234.16 | 661.71 | 13,895.87 | 115.34 | 13,780.53 | ||||||||||||||||||||
10 |
13,780.53 | 689.03 | 14,469.56 | 120.10 | 14,349.46 | ||||||||||||||||||||
Cumulative |
$ | 5,782.31 | $ | 1,432.85 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 525.54 | $ | 9,953.21 | |||||||||||||||
2 |
9,953.21 | 497.66 | 10,450.87 | 104.51 | 10,346.36 | ||||||||||||||||||||
3 |
10,346.36 | 517.32 | 10,863.68 | 108.64 | 10,755.04 | ||||||||||||||||||||
4 |
10,755.04 | 537.75 | 11,292.79 | 112.93 | 11,179.86 | ||||||||||||||||||||
5 |
11,179.86 | 558.99 | 11,738.85 | 117.39 | 11,621.46 | ||||||||||||||||||||
6 |
11,621.46 | 581.07 | 12,202.53 | 122.03 | 12,080.50 | ||||||||||||||||||||
7 |
12,080.50 | 604.03 | 12,684.53 | 126.85 | 12,557.68 | ||||||||||||||||||||
8 |
12,557.68 | 627.88 | 13,185.56 | 131.86 | 13,053.70 | ||||||||||||||||||||
9 |
13,053.70 | 652.69 | 13,706.39 | 137.06 | 13,569.33 | ||||||||||||||||||||
10 |
13,569.33 | 678.47 | 14,247.80 | 142.48 | 14,105.32 | ||||||||||||||||||||
Cumulative |
$ | 5,734.61 | $ | 1,629.29 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 516.49 | $ | 9,962.26 | |||||||||||||||
2 |
9,962.26 | 498.11 | 10,460.37 | 95.19 | 10,365.18 | ||||||||||||||||||||
3 |
10,365.18 | 518.26 | 10,883.44 | 99.04 | 10,784.40 | ||||||||||||||||||||
4 |
10,784.40 | 539.22 | 11,323.62 | 103.04 | 11,220.58 | ||||||||||||||||||||
5 |
11,220.58 | 561.03 | 11,781.61 | 107.21 | 11,674.40 | ||||||||||||||||||||
6 |
11,674.40 | 583.72 | 12,258.12 | 111.55 | 12,146.57 | ||||||||||||||||||||
7 |
12,146.57 | 607.33 | 12,753.90 | 116.06 | 12,637.84 | ||||||||||||||||||||
8 |
12,637.84 | 631.89 | 13,269.73 | 120.75 | 13,148.98 | ||||||||||||||||||||
9 |
13,148.98 | 657.45 | 13,806.43 | 125.64 | 13,680.79 | ||||||||||||||||||||
10 |
13,680.79 | 684.04 | 14,364.83 | 130.72 | 14,234.11 | ||||||||||||||||||||
Cumulative |
$ | 5,759.80 | $ | 1,525.69 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 536.60 | $ | 9,942.15 | |||||||||||||||
2 |
9,942.15 | 497.11 | 10,439.26 | 115.88 | 10,323.38 | ||||||||||||||||||||
3 |
10,323.38 | 516.17 | 10,839.55 | 120.32 | 10,719.23 | ||||||||||||||||||||
4 |
10,719.23 | 535.96 | 11,255.19 | 124.93 | 11,130.26 | ||||||||||||||||||||
5 |
11,130.26 | 556.51 | 11,686.77 | 129.72 | 11,557.05 | ||||||||||||||||||||
6 |
11,557.05 | 577.85 | 12,134.90 | 134.70 | 12,000.20 | ||||||||||||||||||||
7 |
12,000.20 | 600.01 | 12,600.21 | 139.86 | 12,460.35 | ||||||||||||||||||||
8 |
12,460.35 | 623.02 | 13,083.37 | 145.23 | 12,938.14 | ||||||||||||||||||||
9 |
12,938.14 | 646.91 | 13,585.05 | 150.79 | 13,434.26 | ||||||||||||||||||||
10 |
13,434.26 | 671.71 | 14,105.97 | 156.58 | 13,949.39 | ||||||||||||||||||||
Cumulative |
$ | 5,704.00 | $ | 1,754.61 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 572.79 | $ | 9,905.96 | |||||||||||||||
2 |
9,905.96 | 495.30 | 10,401.26 | 152.90 | 10,248.36 | ||||||||||||||||||||
3 |
10,248.36 | 512.42 | 10,760.78 | 158.18 | 10,602.60 | ||||||||||||||||||||
4 |
10,602.60 | 530.13 | 11,132.73 | 163.65 | 10,969.08 | ||||||||||||||||||||
5 |
10,969.08 | 548.45 | 11,517.53 | 169.31 | 11,348.22 | ||||||||||||||||||||
6 |
11,348.22 | 567.41 | 11,915.63 | 175.16 | 11,740.47 | ||||||||||||||||||||
7 |
11,740.47 | 587.02 | 12,327.49 | 181.21 | 12,146.28 | ||||||||||||||||||||
8 |
12,146.28 | 607.31 | 12,753.59 | 187.48 | 12,566.11 | ||||||||||||||||||||
9 |
12,566.11 | 628.31 | 13,194.42 | 193.96 | 13,000.46 | ||||||||||||||||||||
10 |
13,000.46 | 650.02 | 13,650.48 | 200.66 | 13,449.82 | ||||||||||||||||||||
Cumulative |
$ | 5,605.12 | $ | 2,155.30 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 612.00 | $ | 9,866.75 | |||||||||||||||
2 |
9,866.75 | 493.34 | 10,360.09 | 195.81 | 10,164.28 | ||||||||||||||||||||
3 |
10,164.28 | 508.21 | 10,672.49 | 201.71 | 10,470.78 | ||||||||||||||||||||
4 |
10,470.78 | 523.54 | 10,994.32 | 207.79 | 10,786.53 | ||||||||||||||||||||
5 |
10,786.53 | 539.33 | 11,325.86 | 214.06 | 11,111.80 | ||||||||||||||||||||
6 |
11,111.80 | 555.59 | 11,667.39 | 220.51 | 11,446.88 | ||||||||||||||||||||
7 |
11,446.88 | 572.34 | 12,019.22 | 227.16 | 11,792.06 | ||||||||||||||||||||
8 |
11,792.06 | 589.60 | 12,381.66 | 234.01 | 12,147.65 | ||||||||||||||||||||
9 |
12,147.65 | 607.38 | 12,755.03 | 241.07 | 12,513.96 | ||||||||||||||||||||
10 |
12,513.96 | 625.70 | 13,139.66 | 248.34 | 12,891.32 | ||||||||||||||||||||
Cumulative |
$ | 5,493.78 | $ | 2,602.46 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 527.55 | $ | 9,951.20 | |||||||||||||||
2 |
9,951.20 | 497.56 | 10,448.76 | 106.58 | 10,342.18 | ||||||||||||||||||||
3 |
10,342.18 | 517.11 | 10,859.29 | 110.76 | 10,748.53 | ||||||||||||||||||||
4 |
10,748.53 | 537.43 | 11,285.96 | 115.12 | 11,170.84 | ||||||||||||||||||||
5 |
11,170.84 | 558.54 | 11,729.38 | 119.64 | 11,609.74 | ||||||||||||||||||||
6 |
11,609.74 | 580.49 | 12,190.23 | 124.34 | 12,065.89 | ||||||||||||||||||||
7 |
12,065.89 | 603.29 | 12,669.18 | 129.23 | 12,539.95 | ||||||||||||||||||||
8 |
12,539.95 | 627.00 | 13,166.95 | 134.30 | 13,032.65 | ||||||||||||||||||||
9 |
13,032.65 | 651.63 | 13,684.28 | 139.58 | 13,544.70 | ||||||||||||||||||||
10 |
13,544.70 | 677.24 | 14,221.94 | 145.06 | 14,076.88 | ||||||||||||||||||||
Cumulative |
$ | 5,729.04 | $ | 1,652.16 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 528.55 | $ | 9,950.20 | |||||||||||||||
2 |
9,950.20 | 497.51 | 10,447.71 | 107.61 | 10,340.10 | ||||||||||||||||||||
3 |
10,340.10 | 517.01 | 10,857.11 | 111.83 | 10,745.28 | ||||||||||||||||||||
4 |
10,745.28 | 537.26 | 11,282.54 | 116.21 | 11,166.33 | ||||||||||||||||||||
5 |
11,166.33 | 558.32 | 11,724.65 | 120.76 | 11,603.89 | ||||||||||||||||||||
6 |
11,603.89 | 580.19 | 12,184.08 | 125.50 | 12,058.58 | ||||||||||||||||||||
7 |
12,058.58 | 602.93 | 12,661.51 | 130.41 | 12,531.10 | ||||||||||||||||||||
8 |
12,531.10 | 626.56 | 13,157.66 | 135.52 | 13,022.14 | ||||||||||||||||||||
9 |
13,022.14 | 651.11 | 13,673.25 | 140.83 | 13,532.42 | ||||||||||||||||||||
10 |
13,532.42 | 676.62 | 14,209.04 | 146.35 | 14,062.69 | ||||||||||||||||||||
Cumulative |
$ | 5,726.26 | $ | 1,663.57 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 528.55 | $ | 9,950.20 | |||||||||||||||
2 |
9,950.20 | 497.51 | 10,447.71 | 108.66 | 10,339.05 | ||||||||||||||||||||
3 |
10,339.05 | 516.95 | 10,856.00 | 112.90 | 10,743.10 | ||||||||||||||||||||
4 |
10,743.10 | 537.16 | 11,280.26 | 117.31 | 11,162.95 | ||||||||||||||||||||
5 |
11,162.95 | 558.15 | 11,721.10 | 121.90 | 11,599.20 | ||||||||||||||||||||
6 |
11,599.20 | 579.96 | 12,179.16 | 126.66 | 12,052.50 | ||||||||||||||||||||
7 |
12,052.50 | 602.63 | 12,655.13 | 131.61 | 12,523.52 | ||||||||||||||||||||
8 |
12,523.52 | 626.18 | 13,149.70 | 136.76 | 13,012.94 | ||||||||||||||||||||
9 |
13,012.94 | 650.65 | 13,663.59 | 142.10 | 13,521.49 | ||||||||||||||||||||
10 |
13,521.49 | 676.07 | 14,197.56 | 147.65 | 14,049.91 | ||||||||||||||||||||
Cumulative |
$ | 5,724.01 | $ | 1,674.10 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 524.53 | $ | 9,954.22 | |||||||||||||||
2 |
9,954.22 | 497.71 | 10,451.93 | 103.47 | 10,348.46 | ||||||||||||||||||||
3 |
10,348.46 | 517.42 | 10,865.88 | 107.57 | 10,758.31 | ||||||||||||||||||||
4 |
10,758.31 | 537.92 | 11,296.23 | 111.83 | 11,184.40 | ||||||||||||||||||||
5 |
11,184.40 | 559.22 | 11,743.62 | 116.26 | 11,627.36 | ||||||||||||||||||||
6 |
11,627.36 | 581.37 | 12,208.73 | 120.87 | 12,087.86 | ||||||||||||||||||||
7 |
12,087.86 | 604.39 | 12,692.25 | 125.65 | 12,566.60 | ||||||||||||||||||||
8 |
12,566.60 | 628.33 | 13,194.93 | 130.63 | 13,064.30 | ||||||||||||||||||||
9 |
13,064.30 | 653.22 | 13,717.52 | 135.80 | 13,581.72 | ||||||||||||||||||||
10 |
13,581.72 | 679.09 | 14,260.81 | 141.18 | 14,119.63 | ||||||||||||||||||||
Cumulative |
$ | 5,737.42 | $ | 1,617.79 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 537.60 | $ | 9,941.15 | |||||||||||||||
2 |
9,941.15 | 497.06 | 10,438.21 | 116.91 | 10,321.30 | ||||||||||||||||||||
3 |
10,321.30 | 516.07 | 10,837.37 | 121.38 | 10,715.99 | ||||||||||||||||||||
4 |
10,715.99 | 535.80 | 11,251.79 | 126.02 | 11,125.77 | ||||||||||||||||||||
5 |
11,125.77 | 556.29 | 11,682.06 | 130.84 | 11,551.22 | ||||||||||||||||||||
6 |
11,551.22 | 577.56 | 12,128.78 | 135.84 | 11,992.94 | ||||||||||||||||||||
7 |
11,992.94 | 599.65 | 12,592.59 | 141.04 | 12,451.55 | ||||||||||||||||||||
8 |
12,451.55 | 622.58 | 13,074.13 | 146.43 | 12,927.70 | ||||||||||||||||||||
9 |
12,927.70 | 646.39 | 13,574.09 | 152.03 | 13,422.06 | ||||||||||||||||||||
10 |
13,422.06 | 671.10 | 14,093.16 | 157.84 | 13,935.32 | ||||||||||||||||||||
Cumulative |
$ | 5,701.25 | $ | 1,765.93 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 516.49 | $ | 9,962.26 | |||||||||||||||
2 |
9,962.26 | 498.11 | 10,460.37 | 149.58 | 10,310.79 | ||||||||||||||||||||
3 |
10,310.79 | 515.54 | 10,826.33 | 154.82 | 10,671.51 | ||||||||||||||||||||
4 |
10,671.51 | 533.58 | 11,205.09 | 160.23 | 11,044.86 | ||||||||||||||||||||
5 |
11,044.86 | 552.24 | 11,597.10 | 165.84 | 11,431.26 | ||||||||||||||||||||
6 |
11,431.26 | 571.56 | 12,002.82 | 171.64 | 11,831.18 | ||||||||||||||||||||
7 |
11,831.18 | 591.56 | 12,422.74 | 177.65 | 12,245.09 | ||||||||||||||||||||
8 |
12,245.09 | 612.25 | 12,857.34 | 183.86 | 12,673.48 | ||||||||||||||||||||
9 |
12,673.48 | 633.67 | 13,307.15 | 190.29 | 13,116.86 | ||||||||||||||||||||
10 |
13,116.86 | 655.84 | 13,772.70 | 196.95 | 13,575.75 | ||||||||||||||||||||
Cumulative |
$ | 5,643.10 | $ | 2,067.35 |
* |
Expenses
are net of any fee waiver or expense waiver in the first year. Thereafter,
the expense ratio reflects the Fund’s operating expenses as reflected
under “Fees and Expenses of the Fund” before waiver in the Summary
Information at the beginning of this Prospectus. |
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used to fund those plans, provided
that the shares are not held in a commission-based brokerage account and
shares are held for the benefit of the plan |
• |
Shares
purchased by a 529 Plan (does not include 529 Plan units or 529-specific
share classes or equivalents) |
• |
Shares
purchased through a Merrill Lynch affiliated investment advisory
program |
• |
Shares
exchanged due to the holdings moving from a Merrill Lynch affiliated
investment advisory program to a Merrill Lynch brokerage (non-advisory)
account pursuant to Merrill Lynch’s policies relating to sales load
discounts and waivers |
• |
Shares
purchased by third-party investment advisors on behalf of their advisory
clients through Merrill Lynch’s platform |
• |
Shares
of funds purchased through the Merrill Edge Self-Directed platform (if
applicable) |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
• |
Shares
exchanged from Class C (i.e.
level-load) shares of the same fund pursuant to Merrill Lynch’s policies
relating to sales load discounts and waivers |
• |
Employees
and registered representatives of Merrill Lynch or its affiliates and
their family members |
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in the
Prospectus |
• |
Eligible
shares purchased from the proceeds of redemptions within the same fund
family, provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were subject to a front-end
or deferred sales load (known as Rights of Reinstatement). Automated
transactions (i.e., systematic
purchases and withdrawals) and purchases made after shares are
automatically sold to pay Merrill Lynch’s account maintenance fees are not
eligible for reinstatement |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code |
• |
Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch |
• |
Shares
acquired through a right of reinstatement |
• |
Shares
held in retirement brokerage accounts that are exchanged for a lower cost
share class due to transfer to a fee-based account or
platforms |
• |
Shares
received through an exchange due to the holdings moving from a Merrill
Lynch affiliated investment advisory program to a Merrill Lynch brokerage
(non-advisory) account pursuant to Merrill Lynch’s policies relating to
sales load discounts and waivers |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
as described in the Fund’s Prospectus will be automatically calculated
based on the aggregated holding of fund family assets held by accounts
(including 529 program holdings, where applicable) within the purchaser’s
household at Merrill Lynch. Eligible fund family assets not held at
Merrill Lynch may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such
assets |
• |
Letters
of Intent (“LOI”) which allow for breakpoint discounts based on
anticipated purchases within a fund family, through Merrill Lynch, over a
13-month period of time (if applicable) |
• |
Employer-sponsored
retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
• |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same
fund |
• |
Shares
purchased through a Morgan Stanley self-directed brokerage
account |
• |
Class C
(i.e., level-load) shares that are
no longer subject to a contingent deferred sales charge and are converted
to Class A shares of the same fund pursuant to Morgan Stanley Wealth
Management’s share class conversion program |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (i) the repurchase occurs within 90 days following the
redemption, (ii) the redemption and purchase occur in the same
account, and (iii) redeemed shares were subject to a front-end or
deferred sales charge |
• |
Employer-sponsored
retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs or SAR-SEPs |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the same fund family) |
• |
Shares
exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To the extent that
this Prospectus elsewhere provides for a waiver with respect to exchanges
of Class C shares or conversion of Class C shares following a
shorter holding period, that waiver will apply |
• |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members |
• |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and
defined benefit plans) that are held by a covered family member, defined
as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s
lineal ascendant (mother, father, grandmother, grandfather, great
grandmother, great grandfather), advisor’s lineal descendant (son,
step-son, daughter, step-daughter, grandson, granddaughter, great
grandson, great granddaughter) or any spouse of a covered family member
who is a lineal descendant |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (i.e., Rights
of Reinstatement) |
• |
Shares
purchased in an investment advisory program |
• |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions |
• |
Employees
and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond
James |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided that (1) the repurchase occurs within 90 days following
the redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (known as Rights of
Reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares
converted at net asset value to Class A shares (or the appropriate
share class) of the Fund if the shares are no longer subject to a CDSC and
the conversion is in line with the policies and procedures of Raymond
James |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the Fund’s
Prospectus |
• |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser’s household at Raymond James.
Eligible fund family assets not held at Raymond James may be included in
the calculation of Rights of Accumulation only if the shareholder notifies
his or her financial advisor about such assets |
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Raymond James may be included in the calculation
of Letters of Intent only if the shareholder notifies his or her financial
advisor about such assets |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
• |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by
Janney |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within ninety (90) days
following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were subject to a front-end
or deferred sales load (i.e.,
right of reinstatement) |
• |
Employer-sponsored
retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• |
Shares
acquired through a right of reinstatement |
• |
Class
C shares that are no longer subject to a CDSC and are converted to
Class A shares of the same fund pursuant to Janney’s policies and
procedures |
• |
Shares
sold upon the death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
purchased in connection with a return of excess contributions from an IRA
account |
• |
Shares
sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching the required age based
on applicable rules |
• |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney |
• |
Shares
acquired through a right of reinstatement |
• |
Shares
exchanged into the same share class of a different
fund |
• |
Breakpoints
as described in the Fund’s Prospectus |
• |
Rights
of Accumulation (“ROA”), which entitle shareholders to breakpoint
discounts, will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Janney. Eligible fund family assets not held at Janney may be
included in the ROA calculation only if the shareholder notifies his or
her financial advisor about such assets |
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Janney may be included in the calculation of
Letters of Intent only if the shareholder notifies his or her financial
advisor about such assets |
* |
Also,
referred to as an “initial sales charge” |
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used to fund those plans, provided
that the shares are not held in a commission-based brokerage account and
shares are held for the benefit of the plan |
• |
Shares
purchased by or through a 529 Plan |
• |
Shares
purchased through an OPCO affiliated investment advisory
program |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (known as Rights of
Reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares
converted at net asset value to Class A shares (or the appropriate
share class) of the Fund if the shares are no longer subject to a CDSC and
the conversion is in line with the policies and procedures of
OPCO |
• |
Employees
and registered representatives of OPCO or its affiliates and their family
members |
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in the
Prospectus |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the
Prospectus |
• |
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated holding of fund
family assets held by accounts within the purchaser’s household at OPCO.
Eligible fund family assets not held at OPCO may be included in the ROA
calculation only if the shareholder notifies his or her financial advisor
about such assets |
• |
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus. |
• |
The
applicable sales charge on a purchase of Class A shares is determined
by taking into account all share classes (except certain money market
funds and any assets held in group retirement plans) of AB Mutual Funds
held by the shareholder or in an account grouped by Edward Jones with
other accounts for the purpose of providing certain pricing considerations
(“pricing groups”). If grouping assets as a shareholder, this includes all
share classes held on the Edward Jones platform and/or held on another
platform. The inclusion of eligible fund family assets in the ROA
calculation is dependent on the shareholder notifying Edward Jones of such
assets at the time of calculation. Money market funds are included only if
such shares were sold with a sales charge at the time of purchase or
acquired in exchange for shares purchased with a sales
charge. |
• |
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a
shareholder or pricing group level. |
• |
ROA
is determined by calculating the higher of cost minus redemptions or
market value (current shares x NAV). |
• |
Through
a LOI, shareholders can receive the sales charge and breakpoint discounts
for purchases shareholders intend to make over a 13-month period from the
date Edward Jones receives the LOI. The LOI is determined by calculating
the higher of cost or market value of qualifying holdings at LOI
initiation in combination with the value that the shareholder intends to
buy over a 13-month period to calculate the front-end sales charge and any
breakpoint discounts. Each purchase the shareholder makes during that
13-month period will receive the sales charge and breakpoint discount that
applies to the total amount. The inclusion of eligible fund family assets
in the LOI calculation is dependent on the shareholder notifying Edward
Jones of such assets at the time of calculation. Purchases made before the
LOI is received by Edward Jones are not adjusted under the LOI and will
not reduce the sales charge previously paid. Sales charges will be
adjusted if the LOI is not met. |
• |
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected
to establish or change ROA for the IRA accounts associated with the plan
to a plan-level grouping, LOIs will also be at the plan-level and may only
be established by the employer. |
• |
Associates
of Edward Jones and its affiliates and their family members who are in the
same pricing group (as determined by Edward Jones under its policies and
procedures) as the associate. This waiver will continue for the remainder
of the associate’s life if the associate retires from Edward Jones in
good-standing and remains in good standing pursuant to Edward Jones’
policies and procedures. |
• |
Shares
purchased in an Edward Jones fee-based program. |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment. |
• |
Shares
purchased from the proceeds of redeemed shares of the same fund family so
long as the following conditions are met: 1) the proceeds are from the
sale of shares within 60 days of the purchase, and 2) the sale and
purchase are made in the same share class and the same account or the
purchase is made in an individual retirement account with proceeds from
the liquidations in a non-retirement account. |
• |
Shares
exchanged into Class A shares from another share class so long as the
exchange is into the same fund and was initiated at the discretion of
Edward Jones. Edward Jones is responsible for any remaining CDSC due to
the fund company, if applicable. Any future purchases are subject to the
applicable sales charge as disclosed in the
Prospectus. |
• |
Exchanges
from Class C shares to Class A shares of the same fund,
generally, in the 84th month following
the anniversary of the purchase date or earlier at the discretion of
Edward Jones. |
• |
The
death or disability of the shareholder. |
• |
Systematic
withdrawals with up to 10% per year of the account
value. |
• |
Return
of excess contributions from an Individual Retirement Account
(IRA). |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS
regulations. |
• |
Shares
sold to pay Edward Jones fees or costs in such cases where the transaction
is initiated by Edward Jones. |
• |
Shares
exchanged in an Edwards Jones fee-based program. |
• |
Shares
acquired through NAV reinstatement. |
• |
Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as
described below. |
• |
Initial
purchase minimum: $250 |
• |
Subsequent
purchases minimum: none |
• |
Edward
Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts that are
not included in this policy: |
• |
A
fee-based account held on an Edward Jones
platform |
• |
A
529 account held on an Edward Jones platform |
• |
An
account with an active systematic investment plan or
LOI |
• |
At
any time it deems necessary, Edward Jones has the authority to exchange at
NAV a shareholder’s holdings in a fund to Class A shares of the same
fund |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund |
• |
Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by
Baird |
• |
Shares
purchased from the proceeds of redemptions from another AB Mutual Fund,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
accounts, and (3) redeemed shares were subject to a front-end or
deferred sales charge (known as rights of
reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares
converted at net asset value to Class A shares of the Fund if the
shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of Baird |
• |
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage
account at Baird, including 401(k) plans, 457 plans, employer-sponsored
403(b) plans, profit sharing and money purchase pension plans and defined
benefit plans. For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs or
SAR-SEPs |
• |
Shares
sold due to death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
bought due to returns of excess contributions from an IRA
account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the required age based on
applicable rules |
• |
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of AB Mutual Fund
assets held by accounts within the purchaser’s household at Baird.
Eligible AB Mutual Fund assets not held at Baird may be included in the
Rights of Accumulation calculation only if the shareholder notifies his or
her financial advisor about such assets |
• |
Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases of AB Mutual Funds through Baird, over a 13-month period of
time |
• |
Class C
shares that have been held for more than seven (7) years will be
converted to Class A shares of the same Fund pursuant to Stifel’s
policies and procedures |
• |
Class C
(i.e., level-load) shares that are
no longer subject to a contingent deferred sales charge are systematically
converted to the Class A shares of the same fund pursuant to USBI’s
share class exchange policy |
• |
ANNUAL/SEMI-ANNUAL
REPORTS TO SHAREHOLDERS |
• |
STATEMENT
OF ADDITIONAL INFORMATION (SAI) |
By Mail: |
c/o
AllianceBernstein Investor Services, Inc.
P.O.
Box 786003 San Antonio, TX 78278-6003 | |
By Phone: | For Information:
(800) 221-5672 For Literature: (800) 227-4618 | |
On the Internet: | www.abfunds.com |
Fund | Commission File No. | ||||
AB
Growth Fund |
811-05088 | ||||
AB
Large Cap Growth Fund |
811-06730 | ||||
AB
Concentrated Growth Fund |
811-01716 | ||||
AB
Discovery Growth Fund |
811-00204 | ||||
AB
Small Cap Growth Portfolio |
811-01716 | ||||
AB
Select US Equity Portfolio |
811-01716 | ||||
AB
Select US Long/Short Portfolio |
811-01716 | ||||
AB
Sustainable Global Thematic Fund |
811-03131 | ||||
AB
Sustainable International Thematic Fund |
811-08426 | ||||
AB
Global Core Equity Portfolio |
811-01716 | ||||
AB
International Strategic Core Portfolio |
811-01716 | ||||
AB
Concentrated International Growth Portfolio |
811-01716 | ||||
AB
Sustainable US Thematic Portfolio |
811-01716 |