AB
Blended Style Portfolio
(Class
Offered—Exchange Ticker Symbol) |
AB
Fixed-Income Municipal Portfolios
(Class
Offered—Exchange Ticker Symbol) | |||
AB Emerging Markets Portfolio
(Class
Z–EGMZX) |
AB Intermediate New York Municipal
Portfolio
(Class
A–ANIAX; Class C–ANMCX; Advisor Class–ANIYX) | |||
AB Intermediate California Municipal
Portfolio
(Class
A–AICAX; Class C–ACMCX; Advisor Class–AICYX) | ||||
AB
Fixed-Income Taxable Portfolio
(Class
Offered—Exchange Ticker Symbol) |
AB Intermediate Diversified Municipal
Portfolio
(Class
A–AIDAX; Class C–AIMCX; Class Z–AIDZX; Advisor
Class–AIDYX) | |||
AB Intermediate Duration
Portfolio
(Class
A–IDPAX; Class Z–IDPZX; Advisor Class–IDPYX) |
Non-U.S.
Stock Portfolios
(Class
Offered—Exchange Ticker Symbol) |
U.S.
Equity Portfolio
(Class
Offered—Exchange Ticker Symbol) | |||
International Strategic Equities
Portfolio
(Class
Z–STEZX) |
Small Cap Core Portfolio
(Class
Z–SCRZX) | |||
International Small Cap
Portfolio
(Class
Z–IRCZX) |
Ø Are Not
FDIC Insured
Ø May
Lose Value
Ø Are Not
Bank Guaranteed |
Class Z | ||
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) |
Class Z | ||||
Management
Fees |
||||
Distribution
and/or Service (12b-1) Fees |
||||
Other
Expenses: |
||||
Transfer
Agent |
||||
Other
Expenses(a) |
||||
|
|
|||
Total
Other Expenses |
||||
|
|
|||
Total
Annual Portfolio Operating Expenses |
||||
|
|
|||
Fee
Waiver/Expense Reimbursement(b) |
( |
|||
|
|
|||
Total
Annual Portfolio Operating Expenses after Fee Waiver/Expense
Reimbursement |
||||
|
|
|||
(a) |
|
(b) |
|
Class Z | ||||
After
1 Year |
$ | |||
After
3 Years |
$ | |||
After
5 Years |
$ | |||
After
10 Years |
$ |
• |
Emerging Markets Securities Risk:
Investments in foreign securities entail significant risks in addition to
those customarily associated with investing in U.S. equities. These risks
include risks related to unfavorable or unsuccessful government actions,
reduction of government or central bank support, economic sanctions and
potential responses to those sanctions, inadequate accounting standards
and auditing and financial recordkeeping requirements, lack of
information, social instability, armed conflict, and other adverse market,
economic, political and regulatory factors, all of which could disrupt the
financial markets in which the Portfolio invests and adversely affect the
value of the Portfolio’s assets. These risks are heightened with respect
to issuers in emerging-market countries because the markets are less
developed and less liquid and there may be a greater amount
of |
economic,
political and social uncertainty, and these risks are even more pronounced
in “frontier” markets, which are investable markets with lower total
market capitalization and liquidity than the more developed emerging
markets. Emerging markets typically have fewer medical and economic
resources than more developed countries, and thus they may be less able to
control or mitigate the effects of a pandemic, climate change, or a
natural disaster. In addition, the value of the Portfolio’s investments
may decline because of factors such as unfavorable or unsuccessful
government actions and reduction of government or central bank
support. |
• |
Foreign Currency Risk: This is the risk
that changes in foreign (non-U.S.) currency exchange rates may negatively
affect the value of the Portfolio’s investments or reduce the returns of
the Portfolio. For example, the value of the Portfolio’s investments in
foreign securities and foreign currency positions may decrease if the
U.S. Dollar is strong (i.e.,
gaining value relative to other currencies) and other currencies are weak
(i.e., losing value relative to
the U.S. Dollar). |
• |
Country Concentration Risk: The Portfolio
may not always be diversified among countries or regions and the effect on
the share price of the Portfolio of specific risks such as political,
regulatory and currency may be magnified due to concentration of the
Portfolio’s investments in a particular country or
region. |
• |
Actions by a Few Major Investors: In
certain countries, volatility may be heightened by actions of a few major
investors. For example, substantial increases or decreases in cash flows
of mutual funds investing in these markets could significantly affect
local stock prices and, therefore, share prices of the
Portfolio. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Illiquid securities may also be difficult to
value. If the Portfolio is forced to sell an illiquid asset to meet
redemption requests or other cash needs, or to try to limit losses, the
Portfolio may be forced to sell at a substantial loss or may not be able
to sell at all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value (“NAV”) or performance, which could cause
the value of your investment to decline. Redemption risk is heightened
during periods of overall market
turmoil. |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that stock prices in general or in
particular countries or sectors may decline over short or extended
periods. Stock prices may decline in response to adverse changes in the
economy or the economic outlook; deterioration in investor sentiment;
interest rate, currency and commodity price fluctuations; adverse
geopolitical, social or environmental developments; issuer- and
sector-specific considerations; public health crises (including the
occurrence of a contagious disease or illness) and regional and global
conflicts (including war or civil disturbance and acts of terrorism);
cybersecurity events; market disruptions caused by tariffs; trade
disputes; measures to address budget deficits; downgrading of sovereign
debt; sanctions or other government actions; and other factors. In the
past decade, financial markets in the United States, Europe and elsewhere
have experienced increased volatility, decreased liquidity and heightened
uncertainty. These market conditions may recur from time to time and have
an adverse impact on various securities markets. Governmental and
quasi-governmental authorities and regulators throughout the world have
provided significant support to financial markets in response to serious
economic disruptions, including, but not limited to, buying stocks,
providing direct capital infusions into companies, implementing new
monetary programs, dramatically changing interest rates and through other
market interventions. Government actions to support the economy and
financial markets have resulted in a large expansion of government
deficits and debt, the long-term consequences of which are not known.
Rates of inflation have recently risen. The Federal Reserve, as well as
certain foreign central banks have recently raised interest rates as part
of their efforts to address rising inflation, and there is a risk that
interest rates will continue to rise. Central bank, government or
regulatory actions, including increases or decreases in interest rates, or
actions that are inconsistent with such actions by different central
banks, governments or regulators, could negatively affect financial
markets generally, increase market volatility and reduce the value and
liquidity of securities in which the Portfolio invests. From time to time,
uncertainty regarding the status of negotiations in the U.S. government to
increase the statutory debt ceiling could: increase the risk that the U.S.
government may default on payments on certain U.S. government securities;
cause the credit rating of the U.S. government to be downgraded or
increase volatility in both stock and bond markets; result in higher
interest rates; reduce prices of U.S. Treasury securities; and/or increase
the costs of certain kinds of
debt. |
• |
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. The
prices of securities of mid-capitalization companies generally are more
volatile than those of large capitalization companies and are more likely
to be adversely affected than large capitalization companies by changes in
earnings results and investor expectations or poor economic or market
conditions, including those experienced during a recession. Securities of
mid-capitalization companies may underperform large capitalization
companies, may be harder to sell at times or at prices the portfolio
managers believe appropriate and may have greater potential for
losses. |
• |
Allocation Risk: The allocation of
investments among investment disciplines may have a significant effect on
the Portfolio’s performance when the investment disciplines in which the
Portfolio has greater exposure perform worse than the investment
disciplines with less exposure. Different investment styles tend to shift
in and out of favor depending on market conditions and investor sentiment.
The Portfolio may allocate a significant portion of its assets to
securities of companies in broadly related industries within an economic
sector. Companies in the same sector may be similarly affected by economic
or market events, making the Portfolio more vulnerable to unfavorable
developments in that sector than funds that invest more
broadly. |
• |
Derivatives Risk: The Portfolio may use
derivatives as direct investments to earn income, enhance return and
broaden portfolio diversification, which entail greater risk than if used
solely for hedging purposes. While hedging can guard against potential
risks, there is also a risk that a derivative intended as a hedge may not
perform as expected. In addition to other risks such as the credit risk of
the counterparty (the party on the others side of the transaction),
derivatives involve the risk that changes in the value of the derivative
may not correlate with relevant assets, rates or indices. Derivatives may
be difficult to price or unwind, and small changes may produce
disproportionate losses for the Portfolio. Certain derivatives have the
potential for unlimited loss, regardless of the size of the initial
investment. Assets required to be set aside or posted as margin or
collateral for derivatives positions may themselves go down in value, and
these collateral and other requirements may limit investment flexibility.
Some derivatives involve leverage, which can make the Portfolio more
volatile and can compound other risks. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
Use of derivatives may have different tax consequences for the Portfolio
than an investment in the underlying asset or index, and such differences
may affect the amount, timing and character of income distributed to
shareholders. The U.S. government and certain foreign governments have
adopted regulations governing derivatives markets, including mandatory
clearing of certain derivatives as well as additional regulations
governing margin, reporting and
registration |
requirements.
The ultimate impact of the regulations remains unclear. Additional
regulation may make derivatives more costly, limit their availability or
utility, otherwise adversely affect their performance, or disrupt
markets. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the value or performance of
the Portfolio. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class Z* | Return Before Taxes | |||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | ||||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||||
MSCI
Emerging Markets Index
(reflects
no deduction for fees, expenses, or taxes) |
* | Inception
date of Class Z shares: |
Employee | Length of Service | Title | ||
Sergey Davalchenko | Since 2022 | Senior Vice President of the Manager | ||
Stuart Rae | Since 2023 | Senior Vice President of the Manager | ||
Sammy
Suzuki |
Since
January 2024 |
Senior Vice President of the Manager |
Initial | Subsequent | |||
Class Z shares are currently offered exclusively to registered investment companies (or their series) managed by the Manager | None | None | ||
Automatic Investment Program | No minimum |
$50
If
initial minimum investment is
less
than $2,500, then $200
monthly
until account balance
reaches
$2,500 |
* |
Note:
The Portfolio may waive investment minimums for certain types of
retirement accounts or under certain other circumstances.
|
Class A | Class C | Advisor Class | ||||
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) |
Class A | Class C | Advisor Class | ||||||||||
Management
Fees |
||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
||||||||||||
Other
Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total
Annual Portfolio Operating Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
(a) |
(b) |
Class A | Class C | Advisor Class | ||||||||||
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. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. During periods of very low or negative interest rates, the
Portfolio’s returns may be adversely affected, including to such an extent
that the Portfolio may be unable to maintain positive returns. A Portfolio
may be subject to a greater risk of rising interest rates than would
normally be the case due to the recent tightening of the U.S. Federal
Reserve’s monetary policy, which |
has
caused the Federal Reserve to increase short-term interest rates in an
effort to address rising inflation. The long-term impacts of such actions
are not fully known at this time. Further actions from the Federal
Reserve, including increases or decreases in interest rates, may be
forthcoming and are likely to have unpredictable adverse effects on
economies and markets. |
• |
Credit Risk: This is the risk that the
issuer or the guarantor of a debt security, or the counterparty to a
derivatives or other contract, will be unable or unwilling to make timely
principal and/or interest payments, or to otherwise honor its obligations.
The issuer or guarantor may default, potentially causing a loss of the
full principal amount of a security and accrued interest. The degree of
risk for a particular security may be reflected in its credit rating,
although credit ratings are opinions and not guarantees of quality. The
credit rating of a fixed-income security may be downgraded after purchase,
which may adversely affect the value of the security. Investments in
fixed-income securities with lower ratings tend to have a higher
probability that an issuer will default or fail to meet its payment
obligations, making credit risk greater for medium-quality and lower-rated
debt securities. Lower-rated debt securities and similar unrated
securities (commonly known as “junk bonds”) have speculative elements or
are predominantly speculative credit risks. At times when credit risk is
perceived to be greater, credit “spreads” (i.e., the difference between the yields
on lower quality securities and the yields on higher quality securities)
may get larger or “widen”. As a result, the values of the lower quality
securities may go down more and they may become harder to
sell. |
• |
Duration Risk: The duration of a
fixed-income security may be shorter than or equal to full maturity of the
fixed-income security. Fixed-income securities with longer durations have
more interest rate risk and will decrease in price as interest rates rise.
Securities that have final maturities longer than their durations may be
affected by increased credit spreads to a far greater degree than their
durations would suggest, because they are exposed to credit risk until
final maturity. |
• |
Municipal Market Risk: This is the risk
that special factors may adversely affect the value of municipal
securities and have a significant effect on the yield or value of the
Portfolio’s investments in municipal securities. These factors include
economic conditions, political or legislative changes, uncertainties
related to the tax status of municipal securities, and the rights of
investors in these securities. The value of municipal securities may also
be adversely affected by rising health care costs, increasing unfunded
pension liabilities, and by the phasing out of federal programs providing
financial support. There have been some municipal issuers that have
defaulted on obligations, been downgraded or commenced insolvency
proceedings. Financial difficulties of municipal issuers may get worse,
particularly in light of the economic impact of the spread of an
infectious coronavirus (COVID-19). The ultimate long-term economic fallout
from COVID‑19, and the long-term impact on economies, markets, industries
and individual issuers, are not known. Most of the Portfolio’s investments
are in New York municipal securities. Thus, the Portfolio may be
vulnerable to events adversely affecting New York’s economy, including
economic, political and regulatory occurrences, court decisions,
terrorism, public health crises (including the occurrence of a contagious
disease or illness) and catastrophic natural disasters, such as
hurricanes, wildfires, flooding and blizzards, which may be further
exacerbated by recent environmental conditions and climate change
patterns. New York’s economy has a relatively large share of the nation’s
financial activities. With the financial services sector contributing a
significant portion of the state’s wages, the state’s economy is
especially vulnerable to adverse events affecting the financial markets.
The Portfolio’s investments in certain municipal securities with principal
and interest payments that are made from the revenues of a specific
project or facility, and not general tax revenues, are subject to the risk
that factors affecting the project or facility, such as local business or
economic conditions, could have a significant effect on the project’s
ability to make payments of principal and interest on these
securities. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Portfolio’s assets can decline as can the value of the Portfolio’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. Rates of inflation have recently risen,
which have adversely affected economies and markets. Rising inflation has
caused the Federal Reserve and other central banks to take
actions—including raising interest rates. The long-term impacts of such
actions are not fully known at this time. Further actions from the Federal
Reserve and other central banks, including increases or decreases in
interest rates, may be forthcoming and are likely to have unpredictable
adverse effects on economies and
markets. |
• |
Non-diversification Risk: Concentration
of investments in a small number of securities tends to increase risk. The
Portfolio is not “diversified”. This means that the Portfolio can invest
more of its assets in a relatively small number of issuers with greater
concentration of risk. Matters affecting these issuers can have a more
significant effect on the Portfolio’s net asset
value. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Over recent years, regulatory changes have led
to reduced liquidity in the marketplace, and the capacity of dealers to
make markets in fixed-income securities has been outpaced by the growth in
the size of the fixed-income markets. Illiquid investments risk may be
magnified in a rising interest rate environment, where the value and
liquidity of fixed-income securities generally go down. The Portfolio is
subject to greater risk because the market for municipal securities is
generally smaller and may not be as liquid as many other fixed-income
markets, which may make municipal securities more difficult to trade or
dispose of than other types of securities. Illiquid securities may also be
difficult to value. If the Portfolio is forced to sell an illiquid asset
to meet redemption requests or other cash needs, or to try to limit
losses, the Portfolio may be forced to sell at a substantial loss or may
not be able to sell at all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value, or performance, which could cause the
value of your investment to decline. Redemption risk is heightened during
periods of overall market
turmoil. |
• |
Derivatives Risk: The Portfolio may use
derivatives as direct investments to earn income, enhance return and
broaden portfolio diversification, which entail greater risk than if used
solely for hedging purposes. While hedging can guard against potential
risks, there is also a risk that a derivative intended as a hedge may not
perform as expected. In addition to other risks such as the credit risk of
the counterparty (the party on the others side of the transaction),
derivatives involve the risk that changes in the value of the derivative
may not correlate with relevant assets, rates or indices. Derivatives may
be difficult to price or unwind, and small changes may produce
disproportionate losses for the Portfolio. Certain derivatives have the
potential for unlimited loss, regardless of the size of the initial
investment. Assets required to be set aside or posted as margin or
collateral for derivatives positions may themselves go down in value, and
these collateral and other requirements may limit investment flexibility.
Some derivatives involve leverage, which can make the Portfolio more
volatile and can compound other risks. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
Use of derivatives may have different tax consequences for the Portfolio
than an investment in the underlying asset or index, and such differences
may affect the amount, timing and character of income distributed to
shareholders, including the proportion of income consisting of
exempt-interest dividends. The U.S. government and certain foreign
governments have adopted regulations governing derivatives markets,
including mandatory clearing of certain derivatives as well as additional
regulations governing margin, reporting and registration requirements. The
ultimate impact of the regulations remains unclear. Additional regulation
may make derivatives more costly, limit their availability or utility,
otherwise adversely affect their performance, or disrupt
markets. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the value or performance of
the Portfolio. |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that bond prices in general or in
particular countries or sectors may decline over short or extended
periods. In the past decade, financial markets in the United States and
elsewhere have experienced increased volatility, decreased liquidity and
heightened uncertainty. These market conditions may continue, worsen, or
spread. Governmental and quasi-governmental authorities and regulators
throughout the world have provided significant support to financial
markets in response to serious economic disruptions, including, but not
limited to, buying stocks, providing direct capital infusions into
companies, implementing new monetary programs, dramatically changing
interest rates and through other market interventions. Government actions
to support the economy and financial markets have resulted in a large
expansion of government deficits and debt, the long-term consequences of
which are not known. Rates of inflation have recently risen. The Federal
Reserve, as well as certain foreign central banks have recently raised
interest rates as part of their efforts to address rising inflation, and
there is a risk that interest rates will continue to rise. Central bank,
government or regulatory actions, including increases or decreases in
interest rates, or actions that are inconsistent with such actions by
different central banks, governments or regulators, could negatively
affect financial markets generally, increase market volatility and reduce
the value and liquidity of securities in which the Portfolio invests. From
time to time, uncertainty regarding the status of negotiations in the U.S.
government to increase the statutory debt ceiling could: increase the risk
that the U.S. government may default on payments on certain U.S.
government securities; cause the credit rating of the U.S. government to
be downgraded or increase volatility in both stock and bond markets;
result in higher interest rates; reduce prices of U.S. Treasury
securities; and/or increase the costs of certain kinds of
debt. |
• |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
federal income, and if applicable, state income taxes. Unfavorable
legislation, adverse interpretations by federal or state authorities,
litigation or noncompliant conduct by the issuer of a municipal security
could affect the tax-exempt status of municipal securities. If the
Internal Revenue Service or a state authority determines that an issuer of
a municipal security has not complied with applicable requirements,
interest from the security could become subject to regular federal income
tax and/or state personal income tax, possibly retroactively to the date
the security was issued, the value of the security could decline
significantly, and a portion of the distributions to Portfolio
shareholders could be recharacterized as taxable. The U.S. Congress has
considered changes to U.S. federal tax law that would, if enacted, have a
negative impact on certain types of municipal securities, such as private
activity bonds, or would otherwise make investments in municipal bonds
less attractive. |
• |
Lower-rated Securities Risk: Lower-rated
securities, or junk bonds/high-yield securities, are subject to greater
risk of loss of principal and interest and greater market risk than
higher-rated securities. The capacity of issuers of lower-rated securities
to pay interest and repay principal is more likely to weaken than is that
of issuers of higher-rated securities in times of deteriorating economic
conditions or rising interest
rates. |
• |
Prepayment and Extension Risk: Prepayment
risk is the risk that a loan, bond or other security might be called or
otherwise converted, prepaid or redeemed before maturity. If this happens,
particularly during a time of declining interest rates or credit spreads,
the Portfolio will not benefit from the rise in market price that normally
accompanies a decline in interest rates, and may not be able to invest the
proceeds in securities providing as much income, resulting in a lower
yield to the Portfolio. Conversely, extension risk is the risk that as
interest rates rise or spreads widen, payments of securities may occur
more slowly than anticipated by the market. If this happens, the values of
these securities may go down because their interest rates are lower than
current market rates and they remain outstanding longer than
anticipated. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A** | Return Before Taxes | |||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | ||||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||||
Class C | Return Before Taxes | |||||||||||||||
Advisor Class*** | Return Before Taxes | |||||||||||||||
Bloomberg
1-10 Year Blend Index****
(reflects
no deduction for fees, expenses, or taxes) |
* |
|
** |
|
|
|
|
*** | Inception
date of Advisor Class shares: |
**** | The
Bloomberg 1-10 Year Blend Index represents the performance of the
long-term tax-exempt bond market consisting of investment-grade
bonds. |
Employee | Length of Service | Title | ||
Daryl Clements | Since 2022 | Senior Vice President of the Manager | ||
Matthew J. Norton | Since 2016 | Senior Vice President of the Manager | ||
Andrew D. Potter | Since 2018 | Vice President of the Manager |
Initial | Subsequent | |||
Class A/Class C Shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
Automatic Investment Program | No minimum |
$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) | None | None |
* |
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 the Portfolio. |
Class A | Class C | Advisor Class | ||||
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) |
Class A | Class C | Advisor Class | ||||||||||
Management
Fees |
||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
||||||||||||
Other
Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total
Annual Portfolio Operating Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
(a) |
(b) |
Class A | Class C | Advisor Class | ||||||||||
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. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. During periods of very low or negative interest rates, the
Portfolio’s returns may be adversely affected, including to such an extent
that the Portfolio may be unable to maintain positive returns. A Portfolio
may be subject to a greater risk of rising interest rates than would
normally be the case due to the recent tightening of the U.S. Federal
Reserve’s monetary policy, which |
has
caused the Federal Reserve to increase short-term interest rates in an
effort to address rising inflation. The long-term impacts of such actions
are not fully known at this time. Further actions from the Federal
Reserve, including increases or decreases in interest rates, may be
forthcoming and are likely to have unpredictable adverse effects on
economies and markets. |
• |
Credit Risk: This is the risk that the
issuer or the guarantor of a debt security, or the counterparty to a
derivatives or other contract, will be unable or unwilling to make timely
principal and/or interest payments, or to otherwise honor its obligations.
The issuer or guarantor may default, potentially causing a loss of the
full principal amount of a security and accrued interest. The degree of
risk for a particular security may be reflected in its credit rating,
although credit ratings are opinions and not guarantees of quality. The
credit rating of a fixed-income security may be downgraded after purchase,
which may adversely affect the value of the security. Investments in
fixed-income securities with lower ratings tend to have a higher
probability that an issuer will default or fail to meet its payment
obligations, making credit risk greater for medium-quality and lower-rated
debt securities. Lower-rated debt securities and similar unrated
securities (commonly known as “junk bonds”) have speculative elements or
are predominantly speculative credit risks. At times when credit risk is
perceived to be greater, credit “spreads” (i.e., the difference between the yields
on lower quality securities and the yields on higher quality securities)
may get larger or “widen”. As a result, the values of the lower quality
securities may go down more and they may become harder to
sell. |
• |
Duration Risk: The duration of a
fixed-income security may be shorter than or equal to full maturity of the
fixed-income security. Fixed-income securities with longer durations have
more interest rate risk and will decrease in price as interest rates rise.
Securities that have final maturities longer than their durations may be
affected by increased credit spreads to a far greater degree than their
durations would suggest, because they are exposed to credit risk until
final maturity. |
• |
Municipal Market Risk: This is the risk
that special factors may adversely affect the value of municipal
securities and have a significant effect on the yield or value of the
Portfolio’s investments in municipal securities. These factors include
economic conditions, political or legislative changes, uncertainties
related to the tax status of municipal securities, and the rights of
investors in these securities. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Portfolio’s assets can decline as can the value of the Portfolio’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. Rates of inflation have recently risen,
which have adversely affected economies and markets. Rising inflation has
caused the Federal Reserve and other central banks to take
actions—including raising interest rates. The long-term impacts of such
actions are not fully known at this time. Further actions from the Federal
Reserve and other central banks, including increases or decreases in
interest rates, may be forthcoming and are likely to have unpredictable
adverse effects on economies and
markets. |
• |
Non-diversification Risk: Concentration
of investments in a small number of securities tends to increase risk. The
Portfolio is not “diversified”. This means that the Portfolio can invest
more of its assets in a relatively small number of issuers with greater
concentration of risk. Matters affecting these issuers can have a more
significant effect on the Portfolio’s net asset
value. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Over recent years, regulatory changes have led
to reduced liquidity in the marketplace, and the capacity of dealers to
make markets in fixed-income securities has been outpaced by the growth in
the size of the fixed-income markets. Illiquid investments risk may be
magnified in a rising interest rate environment, where the value and
liquidity of fixed-income securities generally go down. The Portfolio is
subject to greater risk because the market for municipal securities is
generally smaller and may not be as liquid as many other fixed-income
markets, which may make municipal securities more difficult to trade or
dispose of than other types of securities. Illiquid securities may also be
difficult to value. If the Portfolio is forced to sell an illiquid asset
to meet redemption requests or other cash needs, or to try to limit
losses, the Portfolio may be forced to sell at a substantial loss or may
not be able to sell at all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value, or performance, which could cause the
value of your investment to decline. Redemption risk is heightened during
periods of overall market
turmoil. |
• |
Derivatives Risk: The Portfolio may use
derivatives as direct investments to earn income, enhance return and
broaden portfolio diversification, which entail greater risk than if used
solely for hedging purposes. While hedging can guard against potential
risks, there is also a risk that a derivative intended as a hedge may not
perform as expected. In addition to other risks such as the credit risk of
the counterparty (the party on the others side of the transaction),
derivatives involve the risk that changes in the value of the derivative
may not correlate with relevant assets, rates or indices. Derivatives may
be difficult to price or unwind, and small changes may produce
disproportionate losses for the Portfolio. Certain derivatives have the
potential for unlimited loss, regardless of the size of the initial
investment. Assets required to be set aside or posted as margin or
collateral for derivatives positions may themselves go down in value, and
these collateral and other requirements may limit investment flexibility.
Some derivatives involve leverage, which can make the Portfolio more
volatile and can compound other risks. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
Use of derivatives may have different tax consequences for the Portfolio
than an investment in the underlying asset or index, and such differences
may affect the amount, timing and character of income distributed to
shareholders, including the proportion of income consisting of
exempt-interest dividends. The U.S. government and certain foreign
governments have adopted regulations governing derivatives markets,
including mandatory clearing of certain derivatives as well as additional
regulations governing margin, reporting and registration requirements. The
ultimate impact of the regulations remains unclear. Additional regulation
may make derivatives more costly, limit their availability or utility,
otherwise adversely affect their performance, or disrupt
markets. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the value or performance of
the Portfolio. |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that bond prices in general or in
particular countries or sectors may decline over short or extended
periods. In the past decade, financial markets in the United States and
elsewhere have experienced increased volatility, decreased liquidity and
heightened uncertainty. These market conditions may continue, worsen, or
spread. Governmental and quasi-governmental authorities and regulators
throughout the world have provided significant support to financial
markets in response to serious economic disruptions, including, but not
limited to, buying stocks, providing direct capital infusions into
companies, implementing new monetary programs, dramatically changing
interest rates and through other market interventions. Government actions
to support the economy and financial markets have resulted in a large
expansion of government deficits and debt, the long-term consequences of
which are not known. Rates of inflation have recently risen. The Federal
Reserve, as well as certain foreign central banks have recently raised
interest rates as part of their efforts to address rising inflation, and
there is a risk that interest rates will continue to rise. Central bank,
government or regulatory actions, including increases or decreases in
interest rates, or actions that are inconsistent with such actions by
different central banks, |
governments
or regulators, could negatively affect financial markets generally,
increase market volatility and reduce the value and liquidity of
securities in which the Portfolio invests. From time to time, uncertainty
regarding the status of negotiations in the U.S. government to increase
the statutory debt ceiling could: increase the risk
that the U.S. government may default on payments on certain U.S.
government securities; cause the credit rating of the U.S. government to
be downgraded or increase volatility in both stock and bond markets;
result in higher interest rates; reduce prices of U.S.
Treasury securities; and/or increase the costs of certain kinds of
debt. |
• |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
federal income, and if applicable, state income taxes. Unfavorable
legislation, adverse interpretations by federal or state authorities,
litigation or noncompliant conduct by the issuer of a municipal security
could affect the tax-exempt status of municipal securities. If the
Internal Revenue Service or a state authority determines that an issuer of
a municipal security has not complied with applicable requirements,
interest from the security could become subject to regular federal income
tax and/or state personal income tax, possibly retroactively to the date
the security was issued, the value of the security could decline
significantly, and a portion of the distributions to Portfolio
shareholders could be recharacterized as taxable. The U.S. Congress has
considered changes to U.S. federal tax law that would, if enacted, have a
negative impact on certain types of municipal securities, such as private
activity bonds, or would otherwise make investments in municipal bonds
less attractive. |
• |
Lower-rated Securities Risk: Lower-rated
securities, or junk bonds/high-yield securities, are subject to greater
risk of loss of principal and interest and greater market risk than
higher-rated securities. The capacity of issuers of lower-rated securities
to pay interest and repay principal is more likely to weaken than is that
of issuers of higher-rated securities in times of deteriorating economic
conditions or rising interest
rates. |
• |
Prepayment and Extension Risk: Prepayment
risk is the risk that a loan, bond or other security might be called or
otherwise converted, prepaid or redeemed before maturity. If this happens,
particularly during a time of declining interest rates or credit spreads,
the Portfolio will not benefit from the rise in market price that normally
accompanies a decline in interest rates, and may not be able to invest the
proceeds in securities providing as much income, resulting in a lower
yield to the Portfolio. Conversely, extension risk is the risk that as
interest rates rise or spreads widen, payments of securities may occur
more slowly than anticipated by the market. If this happens, the values of
these securities may go down because their interest rates are lower than
current market rates and they remain outstanding longer than
anticipated. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A** | Return Before Taxes | |||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | ||||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||||
Class C | Return Before Taxes | |||||||||||||||
Advisor Class*** | Return Before Taxes | |||||||||||||||
Bloomberg
1-10 Year Blend Index****
(reflects
no deduction for fees, expenses, or taxes) |
* |
|
** |
|
– |
Are
shown for Class A shares only and will vary for Class C and
Advisor Class shares because these Classes have different expense
ratios; |
|
– |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement
accounts. |
*** | Inception
date of Advisor Class shares: |
**** |
|
Employee | Length of Service | Title | ||
Daryl Clements | Since 2022 | Senior Vice President of the Manager | ||
Matthew J. Norton | Since 2016 | Senior Vice President of the Manager | ||
Andrew D. Potter | Since 2018 | Vice President of the Manager |
Initial | Subsequent | |||
Class A/Class C Shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
Automatic Investment Program | No minimum |
$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) | None | None |
* |
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 the Portfolio. |
Class A | Class C | Class Z | Advisor Class | |||||
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) |
Class A | Class C | Class Z | Advisor Class | |||||||||||||
Management
Fees |
||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||||||
Other
Expenses: |
||||||||||||||||
Transfer
Agent |
||||||||||||||||
Other
Expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Other Expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Portfolio Operating Expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) |
(b) |
Class A | Class C | Class Z | Advisor Class | |||||||||||||
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. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. During periods of very low or negative interest rates, the
Portfolio’s returns may be adversely affected, including to such an extent
that the Portfolio may be unable to maintain positive returns. A Portfolio
may be subject to a greater risk of rising interest rates than would
normally be the case due to the recent tightening of the U.S. Federal
Reserve’s monetary policy, which has caused the Federal Reserve to
increase short-term interest rates in an effort to address rising
inflation. The long-term impacts of such actions are not fully known at
this time. Further actions from the Federal Reserve, including increases
or decreases in interest rates, may be forthcoming and are likely to have
unpredictable adverse effects on economies and
markets. |
• |
Credit Risk: This is the risk that the
issuer or the guarantor of a debt security, or the counterparty to a
derivatives or other contract, will be unable or unwilling to make timely
principal and/or interest payments, or to otherwise honor its obligations.
The issuer or guarantor may default, potentially causing a loss of the
full principal amount of a security and accrued interest. The degree of
risk for a particular security may be reflected in its credit rating,
although credit ratings are opinions and not
guarantees |
of
quality. The credit rating of a fixed-income security may be downgraded
after purchase, which may adversely affect the value of the security.
Investments in fixed-income securities with lower ratings tend to have a
higher probability that an issuer will default or fail to meet its payment
obligations, making credit risk greater for medium-quality and lower-rated
debt securities. Lower-rated debt securities and similar unrated
securities (commonly known as “junk bonds”) have speculative elements or
are predominantly speculative credit risks. At times when credit risk is
perceived to be greater, credit “spreads” (i.e., the difference between the yields
on lower quality securities and the yields on higher quality securities)
may get larger or “widen”. As a result, the values of the lower quality
securities may go down more and they may become harder to
sell. |
• |
Duration Risk: The duration of a
fixed-income security may be shorter than or equal to full maturity of the
fixed-income security. Fixed-income securities with longer durations have
more interest rate risk and will decrease in price as interest rates rise.
Securities that have final maturities longer than their durations may be
affected by increased credit spreads to a far greater degree than their
durations would suggest, because they are exposed to credit risk until
final maturity. |
• |
Municipal Market Risk: This is the risk
that special factors may adversely affect the value of municipal
securities and have a significant effect on the yield or value of the
Portfolio’s investments in municipal securities. These factors include
economic conditions, political or legislative changes, uncertainties
related to the tax status of municipal securities, and the rights of
investors in these securities. The value of municipal securities may also
be adversely affected by rising health care costs, increasing unfunded
pension liabilities, and by the phasing out of federal programs providing
financial support. There have been some municipal issuers that have
defaulted on obligations, been downgraded or commenced insolvency
proceedings. Financial difficulties of municipal issuers may get worse,
particularly in light of the economic impact of the spread of an
infectious coronavirus (COVID-19). The ultimate long-term economic fallout
from COVID‑19, and the long-term impact on economies, markets, industries
and individual issuers, are not known. To the extent the Portfolio invests
in a particular state’s municipal securities, it may be vulnerable to
events adversely affecting that state, including economic, political and
regulatory occurrences, court decisions, terrorism, public health crises
(including the occurrence of a contagious disease or illness) and
catastrophic natural disasters, such as hurricanes, wildfires, flooding
and earthquakes, which may be further exacerbated by recent environmental
conditions and climate change patterns. The Portfolio’s investments in
certain municipal securities with principal and interest payments that are
made from the revenues of a specific project or facility, and not general
tax revenues, are subject to the risk that factors affecting the project
or facility, such as local business or economic conditions, could have a
significant effect on the project’s ability to make payments of principal
and interest on these
securities. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Portfolio’s assets can decline as can the value of the Portfolio’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. Rates of inflation have recently risen,
which have adversely affected economies and markets. Rising inflation has
caused the Federal Reserve and other central banks to take
actions—including raising interest rates. The long-term impacts of such
actions are not fully known at this time. Further actions from the Federal
Reserve and other central banks, including increases or decreases in
interest rates, may be forthcoming and are likely to have unpredictable
adverse effects on economies and
markets. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Over recent years, regulatory changes have led
to reduced liquidity in the marketplace, and the capacity of dealers to
make markets in fixed-income securities has been outpaced by the growth in
the size of the fixed-income markets. Illiquid investments risk may be
magnified in a rising interest rate environment, where the value and
liquidity of fixed-income securities generally go down. The Portfolio is
subject to greater risk because the market for municipal securities is
generally smaller and may not be as liquid as many other fixed-income
markets, which may make municipal securities more difficult to trade or
dispose of than other types of securities. Illiquid securities may also be
difficult to value. If the Portfolio is forced to sell an illiquid asset
to meet redemption requests or other cash needs, or to try to limit
losses, the Portfolio may be forced to sell at a substantial loss or may
not be able to sell at all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value, or performance, which could cause the
value of your investment to decline. Redemption risk is heightened during
periods of overall market
turmoil. |
• |
Derivatives Risk: The Portfolio may use
derivatives as direct investments to earn income, enhance return and
broaden portfolio diversification, which entail greater risk than if used
solely for hedging purposes. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the value or performance of
the Portfolio. |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that bond prices in general or in
particular countries or sectors may decline over short or extended
periods. In the past decade, financial markets in the United States and
elsewhere have experienced increased volatility, decreased liquidity and
heightened uncertainty. These market conditions may continue, worsen, or
spread. Governmental and quasi-governmental authorities and regulators
throughout the world have provided significant support to financial
markets in response to serious economic disruptions, including, but not
limited to, buying stocks, providing direct capital infusions into
companies, implementing new monetary programs, dramatically changing
interest rates and through other market interventions. Government actions
to support the economy and financial markets have resulted in a large
expansion of government deficits and debt, the long-term consequences of
which are not known. Rates of inflation have recently risen. The Federal
Reserve, as well as certain foreign central banks have recently raised
interest rates as part of their efforts to address rising inflation, and
there is a risk that interest rates will continue to rise. Central bank,
government or regulatory actions, including increases or decreases in
interest rates, or actions that are inconsistent with such actions by
different central banks, governments or regulators, could negatively
affect financial markets generally, increase market volatility and reduce
the value and liquidity of securities in which the Portfolio invests. From
time to time, uncertainty regarding the status of negotiations in the U.S.
government to increase
the statutory debt ceiling could: increase the risk
that the U.S. government may default on payments on certain U.S.
government securities; cause the credit rating of the U.S. government to
be downgraded or increase volatility in both stock and bond markets;
result in higher interest rates; reduce prices of U.S.
Treasury securities; and/or increase the costs of certain kinds of
debt. |
• |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
federal income, and if applicable, state income taxes. Unfavorable
legislation, adverse interpretations by federal or state authorities,
litigation or noncompliant conduct by the issuer of a municipal security
could affect the tax-exempt status of municipal securities. If the
Internal Revenue Service or a state authority determines that an issuer of
a municipal security has not complied with applicable requirements,
interest from the security could become subject to regular federal income
tax and/or state personal income tax, possibly retroactively to the date
the security was issued, the value of the security could decline
significantly, and a portion of the distributions to Portfolio
shareholders could be recharacterized as taxable. The U.S. Congress has
considered changes to U.S. federal tax law that would, if enacted, have a
negative impact on certain types of municipal securities, such as private
activity bonds, or would otherwise make investments in municipal bonds
less attractive. |
• |
Lower-rated Securities Risk: Lower-rated
securities, or junk bonds/high-yield securities, are subject to greater
risk of loss of principal and interest and greater market risk than
higher-rated securities. The capacity of issuers of lower-rated securities
to pay interest and repay principal is more likely to weaken than is that
of issuers of higher-rated securities in times of deteriorating economic
conditions or rising interest
rates. |
• |
Prepayment and Extension Risk: Prepayment
risk is the risk that a loan, bond or other security might be called or
otherwise converted, prepaid or redeemed before maturity. If this happens,
particularly during a time of declining interest rates or credit spreads,
the Portfolio will not benefit from the rise in market price that normally
accompanies a decline in interest rates, and may not be able to invest the
proceeds in securities providing as much income, resulting in a lower
yield to the Portfolio. Conversely, extension risk is the risk that as
interest rates rise or spreads widen, payments of securities may occur
more slowly than anticipated by the market. If this happens, the values of
these securities may go down because their interest rates are lower than
current market rates and they remain outstanding longer than
anticipated. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A** | Return Before Taxes | |||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | ||||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||||
Class C | Return Before Taxes | |||||||||||||||
Class Z*** | Return Before Taxes | |||||||||||||||
Advisor Class**** | Return Before Taxes | |||||||||||||||
Bloomberg
1-10 Year Blend Index*****
(reflects
no deduction for fees, expenses, or taxes) |
* |
|
** |
|
|
|
|
*** | Inception
date of Class Z shares: |
**** | Inception
date of Advisor Class shares: |
***** |
|
Employee | Length of Service | Title | ||
Daryl Clements | Since 2022 | Senior Vice President of the Manager | ||
Matthew J. Norton | Since 2016 | Senior Vice President of the Manager | ||
Andrew D. Potter | Since 2018 | Vice President of the Manager |
Initial | Subsequent | |||
Class A/Class C Shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
Automatic Investment Program | No minimum |
$50
If
initial minimum investment is
less
than $2,500, then $200
monthly
until account balance
reaches
$2,500 | ||
Class Z Shares (only available 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, 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 Portfolio, and to certain institutional clients of the Manager) | None** | None | ||
Advisor Class Shares (only available to fee-based programs or through other limited arrangements) | None | None |
* |
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 the Portfolio. |
** |
Investors
who qualify for Class Z shares as institutional clients of the
Manager must have at least $2,000,000 invested in the Portfolio.
|
Class A | Class Z | Advisor Class | ||||
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) |
Class A | Class Z | Advisor Class | ||||||||||
Management
Fees |
||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
||||||||||||
Other
Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total
Annual Portfolio Operating Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(b) |
( |
( |
( |
|||||||||
|
|
|
|
|
|
|||||||
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
||||||||||||
|
|
|
|
|
|
|||||||
(a) |
(b) | The
Manager has contractually agreed to waive fees and/or to bear expenses of
the Portfolio until |
Class A | Class Z | Advisor Class | ||||||||||
After
1 Year |
$ | $ | $ | |||||||||
After
3 Years |
$ | $ | $ | |||||||||
After
5 Years |
$ | $ | $ | |||||||||
After
10 Years |
$ | $ | $ |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. During periods of very low or negative interest rates, the
Portfolio’s returns may be adversely affected, including to such an extent
that the Portfolio may be unable to maintain positive returns. A Portfolio
may be subject to a greater risk of rising interest rates than would
normally be the case due to the recent tightening of the U.S. Federal
Reserve’s monetary policy, which has caused the Federal Reserve to
increase short-term interest rates in an effort to address rising
inflation. The long-term impacts of such actions are not fully known at
this time. Further actions from the Federal Reserve, including increases
or decreases in interest rates, may be forthcoming and are likely to have
unpredictable adverse effects on economies and
markets. |
• |
Credit
Risk: This is the risk that the issuer or the guarantor of a debt
security, or the counterparty to a derivatives or other contract, will be
unable or unwilling to make timely principal and/or interest payments, or
to otherwise honor its obligations. The issuer or guarantor may default,
potentially causing a loss of the full principal amount of a security and
accrued interest. The degree of risk for a particular security may be
reflected in its credit rating, although credit ratings are opinions and
not guarantees of quality. The credit rating of a fixed-income security
may be downgraded after purchase, which may adversely affect the
value |
of
the security. Investments in fixed-income securities with lower ratings
tend to have a higher probability that an issuer will default or fail to
meet its payment obligations, making credit risk greater for
medium-quality and lower-rated debt securities. Lower-rated debt
securities and similar unrated securities (commonly known as “junk bonds”)
have speculative elements or are predominantly speculative credit risks.
At times when credit risk is perceived to be greater, credit “spreads”
(i.e., the difference between the
yields on lower quality securities and the yields on higher quality
securities) may get larger or “widen”. As a result, the values of the
lower quality securities may go down more and they may become harder to
sell. |
• |
Duration Risk: The duration of a
fixed-income security may be shorter than or equal to full maturity of the
fixed-income security. Fixed-income securities with longer durations have
more interest rate risk and will decrease in price as interest rates rise.
Securities that have final maturities longer than their durations may be
affected by increased credit spreads to a far greater degree than their
durations would suggest, because they are exposed to credit risk until
final maturity. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Portfolio’s assets can decline as can the value of the Portfolio’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. Rates of inflation have recently risen,
which have adversely affected economies and markets. Rising inflation has
caused the Federal Reserve and other central banks to take
actions—including raising interest rates. The long-term impacts of such
actions are not fully known at this time. Further actions from the Federal
Reserve and other central banks, including increases or decreases in
interest rates, may be forthcoming and are likely to have unpredictable
adverse effects on economies and
markets. |
• |
Inflation-Protected Securities Risk: The
terms of inflation-protected securities provide for the coupon and/or
maturity value to be adjusted based on changes in an inflation index.
Decreases in the inflation rate or in investors’ expectations about
inflation could cause these securities to underperform
non-inflation-adjusted securities on a total-return basis. In addition,
there can be no assurance that the relevant inflation index will
accurately measure the rate of inflation, in which case the securities may
not work as intended. These securities may be more difficult to trade or
dispose of than other types of
securities. |
• |
Foreign (Non-U.S.) Securities Risk:
Investments in foreign securities entail significant risks in addition to
those customarily associated with investing in U.S. securities, such as
less liquid, less transparent, less regulated and more volatile markets.
These risks include risks related to unfavorable or unsuccessful
government actions, reduction of government or central bank support,
economic sanctions and potential responses to those sanctions, inadequate
accounting standards and auditing and financial recordkeeping
requirements, lack of information, social instability, armed conflict, and
other adverse market, economic, political and regulatory factors, all of
which could disrupt the financial markets in which the Portfolio invests
and adversely affect the value of the Portfolio’s
assets. |
• |
Emerging Markets Securities Risk: The
risks of investing in foreign (non-U.S.) securities are heightened with
respect to issuers in emerging-market countries because the markets are
less developed and less liquid and there may be a greater amount of
economic, political and social uncertainty, and these risks are even more
pronounced in “frontier” markets, which are investable markets with lower
total market capitalization and liquidity than the more developed emerging
markets. Emerging markets typically have fewer medical and economic
resources than more developed countries, and thus they may be less able to
control or mitigate the effects of a pandemic, climate change, or a
natural disaster. In addition, the value of the Portfolio’s investments
may decline because of factors such as unfavorable or unsuccessful
government actions and reduction of government or central bank
support. |
• |
Derivatives Risk: The Portfolio may use
derivatives as direct investments to earn income, enhance return and
broaden portfolio diversification, which entail greater risk than if used
solely for hedging purposes. While hedging can guard against potential
risks, there is also a risk that a derivative intended as a hedge may not
perform as expected. In addition to other risks such as the credit risk of
the counterparty (the party on the others side of the transaction),
derivatives involve the risk that changes in the value of the derivative
may not correlate with relevant assets, rates or indices. Derivatives may
be difficult to price or unwind, and small changes may produce
disproportionate losses for the Portfolio. Certain derivatives have the
potential for unlimited loss, regardless of the size of the initial
investment. Assets required to be set aside or posted as margin or
collateral for derivatives positions may themselves go down in value, and
these collateral and other requirements may limit investment flexibility.
Some derivatives involve leverage, which can make the Portfolio more
volatile and can compound other risks. Derivatives, especially
over-the-counter derivatives, are also subject to counterparty risk, which
is the risk that the counterparty on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
Use of derivatives may have different tax consequences for the Portfolio
than an investment in the underlying asset or index, and such differences
may affect the amount, timing and character of income distributed to
shareholders. The U.S. government and certain foreign governments have
adopted regulations governing derivatives markets, including mandatory
clearing of certain derivatives as well as additional regulations
governing margin, reporting and registration requirements. The ultimate
impact of the regulations remains unclear. Additional regulation may make
derivatives more costly, limit their availability or utility, otherwise
adversely affect their performance, or disrupt
markets. |
• |
Mortgage-Related and Asset-Related Securities
Risk: Mortgage- and asset-related securities represent interests in
“pools” of mortgages or other assets, including consumer loans or
receivables held in trust. Mortgage- and asset-related securities are
subject to credit, interest rate, prepayment and extension risks. These
securities also are subject to risk of default on the underlying mortgage
or asset, particularly during periods of economic downturn. Small
movements in interest rates (both increases and decreases) may quickly and
significantly reduce the value of certain mortgage-related securities.
Asset-related securities entail certain risks not presented by
mortgage-backed securities, including the risk that it may be difficult to
perfect the liens securing any collateral backing certain asset-backed
securities. |
• |
Prepayment and Extension Risk: Prepayment
risk is the risk that a loan, bond or other security might be called or
otherwise converted, prepaid or redeemed before maturity. If this happens,
particularly during a time of declining interest rates or credit spreads,
the Portfolio will not benefit from the rise in market price that normally
accompanies a decline in interest rates, and may not be able to invest the
proceeds in securities providing as much income, resulting in a lower
yield to the Portfolio. Conversely, extension risk is the risk that as
interest rates rise or spreads widen, payments of securities may occur
more slowly than anticipated by the market. If this happens, the values of
these securities may go down because their interest rates are lower than
current market rates and they remain outstanding longer than
anticipated. |
• |
Subordination Risk: The Portfolio may
invest in securities that are subordinated to more senior securities of an
issuer, or which represent interests in pools of such subordinated
securities. Subordinated securities will be disproportionately affected by
a default or even a perceived decline in creditworthiness of the issuer.
Subordinated securities are more likely to suffer a credit loss than
non-subordinated securities of the same issuer, any loss incurred by the
subordinated securities is likely to be proportionately greater, and any
recovery of interest or principal may take more
time. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the value or performance of
the Portfolio. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Over recent years, regulatory changes have led
to reduced liquidity in the marketplace, and the capacity of dealers to
make markets in fixed-income securities has been outpaced by the growth in
the size of the fixed-income markets. Illiquid investments risk may be
magnified in a rising interest rate environment, where the value and
liquidity of fixed-income securities generally go down. Illiquid
securities may also be difficult to value. If the Portfolio is forced to
sell an illiquid asset to meet redemption requests or other cash needs, or
to try to limit losses, the Portfolio may be forced to sell at a
substantial loss or may not be able to sell at
all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value, or performance, which could cause the
value of your investment to decline. Redemption risk is heightened during
periods of overall market
turmoil. |
• |
Foreign Currency Risk: This is the risk
that changes in foreign (non-U.S.) currency exchange rates may negatively
affect the value of the Portfolio’s investments or reduce the returns of
the Portfolio. For example, the value of the Portfolio’s investments in
foreign securities and foreign currency positions may decrease if the
U.S. Dollar is strong (i.e.,
gaining value relative to other currencies) and other currencies are weak
(i.e., losing value relative to
the U.S. Dollar). |
• |
Actions by a Few Major Investors: In
certain countries, volatility may be heightened by actions of a few major
investors. For example, substantial increases or decreases in cash flows
of mutual funds investing in these markets could significantly affect
local securities prices and, therefore, share prices of the
Portfolio. |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that bond prices in general or in
particular countries or sectors may decline over short or extended
periods. In the past decade, financial markets in the United States,
Europe and elsewhere have experienced increased volatility, decreased
liquidity and heightened uncertainty. These market conditions may recur
from time to time and have an adverse impact on various securities
markets. Governmental and quasi-governmental authorities and regulators
throughout the world have provided significant support to financial
markets in response to serious economic disruptions, including, but not
limited to, buying stocks, providing direct capital infusions into
companies, implementing new |
monetary
programs, dramatically changing interest rates and through other market
interventions. Government actions to support the economy and financial
markets have resulted in a large expansion of government deficits and
debt, the long-term consequences of which are not known. Rates of
inflation have recently risen. The Federal Reserve, as well as certain
foreign central banks have recently raised interest rates as part of their
efforts to address rising inflation, and there is a risk that interest
rates will continue to rise. Central bank, government or regulatory
actions, including increases or decreases in interest rates, or actions
that are inconsistent with such actions by different central banks,
governments or regulators, could negatively affect financial markets
generally, increase market volatility and reduce the value and liquidity
of securities in which the Portfolio invests. From time to time,
uncertainty regarding the status of negotiations in the U.S. government to
increase the statutory debt ceiling could: increase the risk that the U.S.
government may default on payments on certain U.S. government securities;
cause the credit rating of the U.S. government to be downgraded or
increase volatility in both stock and bond markets; result in higher
interest rates; reduce prices of U.S. Treasury securities; and/or increase
the costs of certain kinds of
debt. |
• |
Lower-rated Securities Risk: Lower-rated
securities, or junk bonds/high-yield securities, are subject to greater
risk of loss of principal and interest and greater market risk than
higher-rated securities. The capacity of issuers of lower-rated securities
to pay interest and repay principal is more likely to weaken than is that
of issuers of higher-rated securities in times of deteriorating economic
conditions or rising interest
rates. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A**,*** | Return Before Taxes | - |
||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | - |
- |
- |
|||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | - |
|||||||||||||||
Class Z*** | Return Before Taxes | |||||||||||||||
Advisor Class*** | Return Before Taxes | |||||||||||||||
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
* |
|
** |
|
|
– |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement
accounts. |
*** | Inception
date of Class A, Class Z and Advisor Class shares:
|
Employee | Length of Service | Title | ||
Michael Canter | Since 2016 | Senior Vice President of the Manager | ||
Matthew S. Sheridan | Since 2023 | Senior Vice President of the Manager | ||
Serena Zhou | Since January 2024 | Senior Vice President of the Manager |
Initial | Subsequent | |||
Class A Shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
Automatic Investment Program | No minimum |
$50
If
initial minimum investment is
less
than $2,500, then $200
monthly
until account balance
reaches
$2,500 | ||
Class Z Shares (only available 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, 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 Portfolio, and to certain institutional clients of the Manager) | None** | None | ||
Advisor Class Shares (only available to fee-based programs or through other limited arrangements) | None | None |
* |
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 the Portfolio. |
** |
Investors
who qualify for Class Z shares as institutional clients of the
Manager must have at least $2,000,000 invested in the
Portfolio. |
Class Z | ||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
None | |
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | |
Maximum
Account Fee |
None |
Class Z | ||||
Management
Fees |
0.67% | |||
Distribution
and/or Service (12b-1) Fees |
None | |||
Other
Expenses: |
||||
Transfer
Agent |
0.02% | |||
Interest
Expense |
0.01% | |||
Other
Expenses |
0.03% | |||
|
|
|||
Total
Other Expenses |
0.06% | |||
|
|
|||
Total
Annual Portfolio Operating Expenses |
0.73% | |||
|
|
|||
Class Z | ||||
After
1 Year |
$ | 75 | ||
After
3 Years |
$ | 233 | ||
After
5 Years |
$ | 406 | ||
After
10 Years |
$ | 906 |
• |
Foreign (Non-U.S.) Securities Risk:
Investments in foreign securities entail significant risks in addition to
those customarily associated with investing in U.S. securities, such as
less liquid, less transparent, less regulated and more volatile markets.
These risks include risks related to unfavorable or unsuccessful
government actions, reduction of government or central bank support,
economic sanctions and potential responses to those sanctions, inadequate
accounting standards and auditing and financial recordkeeping
requirements, lack of information, social instability, armed conflict, and
other adverse market, economic, political and regulatory factors, all of
which could disrupt the financial markets in which the Portfolio invests
and adversely affect the value of the Portfolio’s
assets. |
• |
Country Concentration Risk: The Portfolio
may not always be diversified among countries or regions and the effect on
the share price of the Portfolio of specific risks such as political,
regulatory and currency may be magnified due to concentration of the
Portfolio’s investments in a particular country or
region. |
• |
Sector Risk: The Portfolio may have more
risk because of concentrated investments in a particular market sector,
such as the financials, consumer discretionary, information technology or
industrials sector. Market or economic factors affecting that sector could
have a major effect on the value of the Portfolio’s
investments. |
• |
Emerging Markets Securities Risk: The
risks of investing in foreign (non-U.S.) securities are heightened with
respect to issuers in emerging-market countries because the markets are
less developed and less liquid and there may be a greater amount of
economic, political and social uncertainty, and these risks are even more
pronounced in “frontier” markets, which are investable markets with lower
total market capitalization and liquidity than the more developed emerging
markets. Emerging markets typically have fewer medical and economic
resources than more developed countries, and thus they may be less able to
control or mitigate the effects of a pandemic, climate change, or a
natural disaster. In addition, the value of the Portfolio’s investments
may decline because of factors such as unfavorable or unsuccessful
government actions and reduction of government or central bank
support. |
• |
Foreign Currency Risk: This is the risk
that changes in foreign (non-U.S.) currency exchange rates may negatively
affect the value of the Portfolio’s investments or reduce the returns of
the Portfolio. For example, the value of the Portfolio’s investments in
foreign securities and foreign currency positions may decrease if the
U.S. Dollar is strong (i.e.,
gaining value relative to other currencies) and other currencies are weak
(i.e., losing value relative to
the U.S. Dollar). |
• |
Actions by a Few Major Investors: In
certain countries, volatility may be heightened by actions of a few major
investors. For example, substantial increases or decreases in cash flows
of mutual funds investing in these markets could significantly affect
local stock prices and, therefore, share prices of the
Portfolio. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Illiquid securities may also be difficult to
value. If the Portfolio is forced to sell an illiquid asset to meet
redemption requests or other cash needs, or to try to limit losses, the
Portfolio may be forced to sell at a substantial loss or may not be able
to sell at all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value, or performance, which could cause the
value of your investment to decline. Redemption risk is heightened during
periods of overall market turmoil. |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that stock prices in general or in
particular countries or sectors may decline over short or extended
periods. Stock prices may decline in response to adverse changes in the
economy or the economic outlook; deterioration in investor sentiment;
interest rate, currency and commodity price fluctuations; adverse
geopolitical, social or environmental developments; issuer- and
sector-specific considerations; public health crises (including the
occurrence of a contagious disease or illness) and regional and global
conflicts (including war or civil disturbance and acts of terrorism);
cybersecurity events; market disruptions caused by tariffs; trade
disputes; measures to address budget deficits; downgrading of sovereign
debt; sanctions or other government actions; and other factors. In the
past decade, financial markets in the United States, Europe and elsewhere
have experienced increased volatility, decreased liquidity and heightened
uncertainty. These market conditions may recur from time to time and have
an adverse impact on various securities markets. Governmental and
quasi-governmental authorities and regulators throughout the world have
provided significant support to financial markets in response to serious
economic disruptions, including, but not limited to, buying stocks,
providing direct capital infusions into companies, implementing new
monetary programs, dramatically changing interest rates and through other
market interventions. Government actions to support the economy and
financial markets have resulted in a large expansion of government
deficits and debt, the long-term consequences of which are not known.
Rates of inflation have recently risen. The Federal Reserve, as well as
certain foreign central banks have recently raised interest rates as part
of their efforts to address rising inflation, and there is a risk that
interest rates will continue to rise. Central bank, government or
regulatory actions, including increases or decreases in interest rates, or
actions that are inconsistent with such actions by different central
banks, governments or regulators, could negatively affect financial
markets generally, increase market volatility and reduce the value and
liquidity of securities in which the Portfolio invests. From time to time,
uncertainty regarding the status of negotiations in the U.S. government to
increase the statutory debt ceiling could: increase the risk that the U.S.
government may default on payments on certain U.S. government securities;
cause the credit rating of the U.S. government to be downgraded or
increase volatility in both stock and bond markets; result in higher
interest rates; reduce prices of U.S. Treasury securities; and/or increase
the costs of certain kinds of debt. |
• |
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. The prices of
securities of mid-capitalization companies generally are more volatile
than those of large capitalization companies and are more likely to be
adversely affected than large capitalization companies by changes in
earnings results and investor expectations or poor economic or market
conditions, including those experienced during a recession. Securities of
mid-capitalization companies may underperform large capitalization
companies, may be harder to sell at times or at prices the portfolio
managers believe appropriate and may have greater potential for
losses. |
• |
Allocation Risk: The Portfolio may seek
to focus on different investment disciplines or factors at different times
as a means to achieve its investment objective. In the event that the
investment disciplines or factors to which the Portfolio has greater
exposure perform worse than the investment disciplines or factors with
less exposure, the Portfolio’s returns may be negatively
affected. |
• |
Derivatives Risk: The Portfolio may use
derivatives in currency hedging as well as for direct investments to gain
access to certain markets, earn income, enhance return and broaden
portfolio diversification, which entail greater risk than if used solely
for hedging purposes. While hedging can guard against potential risks,
there is also a risk that a derivative intended as a hedge may not perform
as expected. In addition to other risks such as the credit risk of the
counterparty (the party on the others side of the transaction),
derivatives involve the risk that changes in the value of the derivative
may not correlate with relevant assets, rates or indices. Derivatives may
be difficult to price or unwind, and small changes may produce
disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Certain derivatives have the potential for unlimited loss, regardless of
the size of the initial investment. Assets required to be set aside or
posted as margin or collateral for derivatives positions may themselves go
down in value, and these collateral and other requirements may limit
investment flexibility. Some derivatives involve leverage, which can make
the Portfolio more volatile and can compound other risks. Derivatives,
especially over-the-counter derivatives, are also subject to counterparty
risk, which is the risk that the counterparty on a derivative transaction
will be unable or unwilling to honor its contractual obligations to the
Portfolio. The U.S. government and certain foreign governments have
adopted regulations governing derivatives markets, including mandatory
clearing of certain derivatives as well as additional regulations
governing margin, reporting and registration requirements. The ultimate
impact of the regulations remains unclear. Additional regulation may make
derivatives more costly, limit their availability or utility, otherwise
adversely affect their performance, or disrupt
markets. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the Manager and could also
have an adverse effect on the value or performance of the
Portfolio. |
• |
Real Estate Related Securities Risk:
Investing in real estate related securities includes, among others, the
following risks: possible declines in the value of real estate; risks
related to general and local economic conditions, including increases in
the rate of inflation; possible lack of availability of mortgage funds;
overbuilding; extended vacancies of properties; increases in competition,
property taxes and operating expenses; changes in zoning laws; costs
resulting from the clean-up of, and liability to third parties for damages
resulting from, environmental problems; casualty or condemnation losses;
uninsured damages from floods, earthquakes or other natural disasters;
limitations on and variations in rents; and changes in interest rates. In
addition, global climate change may have an adverse effect on property and
security values and may exacerbate the risks of natural disasters. The
COVID-19 pandemic also impacted certain real estate sectors by
accelerating the trend towards online shopping and remote-working
environments. Investing in Real Estate Investment Trusts (“REITs”)
involves certain unique risks in addition to those risks associated with
investing in the real estate industry in general. Equity REITs may be
affected by changes in the value of the underlying property owned by the
REITs, while mortgage REITs may be affected by the quality of any credit
extended. REITs are dependent upon management skills, are not diversified,
and are subject to heavy cash flow dependency, default by borrowers and
self-liquidation. Investing in REITs also involves risks similar to those
associated with investing in small-capitalization companies. REITs may
have limited financial resources, may trade less frequently and in a
limited volume and may be subject to more abrupt or erratic price
movements than larger company securities. REIT issuers may also fail to
maintain their exemptions from investment company registration or fail to
qualify for the “dividends paid deduction” under the Internal Revenue Code
of 1986, as amended. |
• |
Investment in Other Investment Companies
Risk: As with other investments, investments in other investment
companies, including other registered funds advised by the Manager and
ETFs, are subject to market and management risk. The market value of the
shares of other investment companies and ETFs may differ from their net
asset value. In addition, if the Portfolio acquires shares of investment
companies, shareholders bear both their proportionate share of expenses in
the Portfolio (including management and advisory fees) and, indirectly,
the expenses of the investment companies. |
• |
how
the Portfolio’s performance changed from year to year over the life of the
Portfolio; and |
• |
how
the Portfolio’s average annual returns for one year, five years and over
the life of the Portfolio compare to those of a broad-based securities
market index. |
1 Year | 5 Years | Since Inception* |
||||||||||||||
Class Z | Return Before Taxes | 13.55% | 5.25% | 4.94% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 12.88% | 4.61% | 4.34% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | 8.75% | 4.24% | 4.00% | |||||||||||||
MSCI
ACWI ex USA Index
(reflects
no deduction for fees, expenses, or taxes) |
15.62% | 7.08% | 6.29% |
* |
Inception
date for Class Z shares: December 21,
2015. |
Employee | Length of Service | Title | ||
Vivian Chen | Since 2023 | Senior Vice President of the Manager | ||
Stuart Rae | Since 2015 | Senior Vice President of the Manager |
Initial | Subsequent | |||
Class Z Shares are currently available exclusively to registered investment companies (or their series) managed by the Manager or its affiliates | None | None |
Class Z | ||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
None | |
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | |
Maximum
Account Fee |
None |
Class Z | ||||
Management
Fees |
1.00% | |||
Distribution
and/or Service (12b-1) Fees |
None | |||
Other
Expenses: |
||||
Transfer
Agent |
0.03% | |||
Other
Expenses |
0.06% | |||
|
|
|||
Total
Other Expenses |
0.09% | |||
|
|
|||
Total
Annual Portfolio Operating Expenses |
1.09% | |||
|
|
|||
Class Z | ||||
After
1 Year |
$ | 111 | ||
After
3 Years |
$ | 347 | ||
After
5 Years |
$ | 601 | ||
After
10 Years |
$ | 1,329 |
• |
Foreign (Non-U.S.) Securities Risk:
Investments in foreign securities entail significant risks in addition to
those customarily associated with investing in U.S. securities, such as
less liquid, less transparent, less regulated and more volatile markets.
These risks include risks related to unfavorable or unsuccessful
government actions, reduction of government or central bank support,
economic sanctions and potential responses to those sanctions, inadequate
accounting standards and auditing and financial recordkeeping
requirements, lack of information, social instability, armed conflict, and
other adverse market, economic, political and regulatory factors, all of
which could disrupt the financial markets in which the Portfolio invests
and adversely affect the value of the Portfolio’s
assets. |
• |
Country Concentration Risk: The Portfolio
may not always be diversified among countries or regions and the effect on
the share price of the Portfolio of specific risks such as political,
regulatory and currency may be magnified due to concentration of the
Portfolio’s investments in a particular country or
region. |
• |
Sector Risk: The Portfolio may have more
risk because of concentrated investments in a particular market sector,
such as the financials, consumer discretionary, information technology or
industrials sector. Market or economic factors affecting that sector could
have a major effect on the value of the Portfolio’s
investments. |
• |
Emerging Markets Securities Risk: The
risks of investing in foreign (non-U.S.) securities are heightened with
respect to issuers in emerging-market countries because the markets are
less developed and less liquid and there may be a greater amount of
economic, political and social uncertainty, and these risks are even more
pronounced in “frontier” markets, which are investable markets with lower
total market capitalization and liquidity than the more developed emerging
markets. Emerging markets typically have fewer medical and economic
resources than more developed countries, and thus they may be less able to
control or mitigate the effects of a pandemic, climate change, or a
natural disaster. In addition, the value of the Portfolio’s investments
may decline because of factors such as unfavorable or unsuccessful
government actions and reduction of government or central bank
support. |
• |
Foreign Currency Risk: This is the risk
that changes in foreign (non-U.S.) currency exchange rates may negatively
affect the value of the Portfolio’s investments or reduce the returns of
the Portfolio. For example, the value of the Portfolio’s investments in
foreign securities and foreign currency positions may decrease if the
U.S. Dollar is strong (i.e.,
gaining value relative to other currencies) and other currencies are weak
(i.e., losing value relative to
the U.S. Dollar). |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that stock prices in general or in
particular countries or sectors may decline over short or extended
periods. Stock prices may decline in response to adverse changes in the
economy or the economic outlook; deterioration in investor sentiment;
interest rate, currency and commodity price fluctuations; adverse
geopolitical, social or environmental developments; issuer- and
sector-specific considerations; public health crises (including the
occurrence of a contagious disease or illness) and regional and global
conflicts (including war or civil disturbance and acts of terrorism);
cybersecurity events; market disruptions caused by tariffs; trade
disputes; measures to address budget deficits; downgrading of sovereign
debt; sanctions or other government actions; and other factors. In the
past decade, financial markets in the United States, Europe and elsewhere
have experienced increased volatility, decreased liquidity and heightened
uncertainty. These market conditions may recur from time to time and have
an adverse impact on various securities markets. Governmental and
quasi-governmental authorities and regulators throughout the world have
provided significant support to financial markets in response to serious
economic disruptions, including, but not limited to, buying stocks,
providing direct capital infusions into companies, implementing new
monetary programs, dramatically changing interest rates and through other
market interventions. Government actions to support the economy and
financial markets have resulted in a large expansion of government
deficits and debt, the long-term consequences of which are not known.
Rates of inflation have recently risen. The Federal Reserve, as well as
certain foreign central banks have recently raised interest rates as part
of their efforts to address rising inflation, and there is a risk that
interest rates will continue to rise. Central bank, government or
regulatory actions, including increases or decreases in interest rates, or
actions that are inconsistent with such actions by different central
banks, governments or regulators, could negatively affect financial
markets generally, increase market volatility and reduce the value and
liquidity of securities in which the Portfolio invests. From time to time,
uncertainty regarding the status of negotiations in the U.S. government to
increase the statutory debt ceiling could: increase the risk that the U.S.
government may default on payments on certain U.S. government securities;
cause the credit rating of the U.S. government to be downgraded or
increase volatility in both stock and bond markets; result in higher
interest rates; reduce prices of U.S. Treasury securities; and/or increase
the costs of certain kinds of debt. |
• |
Actions by a Few Major Investors: In
certain countries, volatility may be heightened by actions of a few major
investors. For example, substantial increases or decreases in cash flows
of mutual funds investing in these markets could significantly affect
local stock prices and, therefore, share prices of the
Portfolio. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Illiquid securities may also be difficult to
value. If the Portfolio is forced to sell an illiquid asset to meet
redemption requests or other cash needs, or to try to limit losses, the
Portfolio may be forced to sell at a substantial loss or may not be able
to sell at all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value, or performance, which could cause the
value of your investment to decline. Redemption risk is heightened during
periods of overall market turmoil. |
• |
Capitalization Risk: Investments in
small-capitalization companies may be more volatile than investments in
large-capitalization companies. Investments in small-capitalization
companies may have additional risks because these companies may have
limited product lines, markets or financial resources. The prices of
securities of small capitalization companies generally are more volatile
than those of large capitalization companies and are more likely to be
adversely affected than large capitalization companies by changes in
earnings results and investor expectations or poor economic or market
conditions, including those experienced during a recession. Securities of
small capitalization companies may underperform large capitalization
companies, may be harder to sell at times or at prices the portfolio
managers believe appropriate and may have greater potential for
losses. |
• |
Allocation Risk: The Portfolio may seek
to focus on different investment disciplines or factors at different times
as a means to achieve its investment objective. In the event that the
investment disciplines or factors to which the Portfolio has greater
exposure perform worse than the investment disciplines or factors with
less exposure, the Portfolio’s returns may be negatively
affected. |
• |
Derivatives Risk: The Portfolio may use
derivatives in currency hedging as well as for direct investments to gain
access to certain markets, earn income, enhance return and broaden
portfolio diversification, which entail greater risk than if used solely
for hedging purposes. While hedging can guard against potential risks,
there is also a risk that a derivative intended as a hedge may not perform
as expected. In addition to other risks such as the credit risk of the
counterparty (the party on the others side of the transaction),
derivatives involve the risk that changes in the value of the derivative
may not correlate with relevant assets, rates or indices. Derivatives may
be difficult to price or unwind, and small changes may produce
disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Certain derivatives have the potential for unlimited loss, regardless of
the size of the initial investment. Assets required to be set aside or
posted as margin or collateral for derivatives positions may themselves go
down in value, and these collateral and other requirements may limit
investment flexibility. Some derivatives involve leverage, which can make
the Portfolio more volatile and can compound other risks. Derivatives,
especially over-the-counter derivatives, are also subject to counterparty
risk, which is the risk that the counterparty on a derivative transaction
will be unable or unwilling to honor its contractual obligations to the
Portfolio. The U.S. government and certain foreign governments have
adopted regulations governing derivatives markets, including mandatory
clearing of certain derivatives as well as additional regulations
governing margin, reporting and registration requirements. The ultimate
impact of the regulations remains unclear. Additional regulation may make
derivatives more costly, limit their availability or utility, otherwise
adversely affect their performance, or disrupt
markets. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the Manager and could also
have an adverse effect on the value or performance of the
Portfolio. |
• |
Real Estate Related Securities Risk:
Investing in real estate related securities includes, among others, the
following risks: possible declines in the value of real estate; risks
related to general and local economic conditions, including increases in
the rate of inflation; possible lack of availability of mortgage funds;
overbuilding; extended vacancies of properties; increases in competition,
property taxes and operating expenses; changes in zoning laws; costs
resulting from the clean-up of, and liability to third parties for damages
resulting from, environmental problems; casualty or condemnation losses;
uninsured damages from floods, earthquakes or other natural disasters;
limitations on and variations in rents; and changes in interest rates. In
addition, global climate change may have an adverse effect on property and
security values and may exacerbate the risks of natural disasters. The
COVID-19 pandemic also impacted certain real estate sectors by
accelerating the trend towards online shopping and remote-working
environments. Investing in Real Estate Investment Trusts (“REITs”)
involves certain unique risks in addition to those risks associated with
investing in the real estate industry in general. Equity REITs may be
affected by changes in the value of the underlying property owned by the
REITs, while mortgage REITs may be affected by the quality of any credit
extended. REITs are dependent upon management skills, are not diversified,
and are subject to heavy cash flow dependency, default by borrowers and
self-liquidation. Investing in REITs also involves risks similar to those
associated with investing in small-capitalization companies. REITs may
have limited financial resources, may trade less frequently and in a
limited volume and may be subject to more abrupt or erratic price
movements than larger company securities. REIT issuers may also fail to
maintain their exemptions from investment company registration or fail to
qualify for the “dividends paid deduction” under the Internal Revenue Code
of 1986, as amended. |
• |
Investment in Other Investment Companies
Risk: As with other investments, investments in other investment
companies, including other AB Mutual Funds and ETFs, are subject to market
and management risk. The market value of the shares of other investment
companies and ETFs may differ from their net asset value. In addition, if
the Portfolio acquires shares of investment companies, shareholders bear
both their proportionate share of expenses in the Portfolio (including
management and advisory fees) and, indirectly, the expenses of the
investment companies. |
• |
how
the Portfolio’s performance changed from year to year over the life of the
Portfolio; and |
• |
how
the Portfolio’s average annual returns for one year, five years and over
the life of the Portfolio compare to those of a broad-based securities
market index. |
1 Year | 5 Years | Since Inception* |
||||||||||||||
Class Z | Return Before Taxes | 13.18% | 5.40% | 4.85% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 12.59% | 5.10% | 4.15% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | 8.55% | 4.45% | 3.88% | |||||||||||||
MSCI
ACWI ex USA Small Cap Index
(reflects
no deduction for fees, expenses, or taxes) |
15.66% | 7.89% | 6.59% |
* |
Inception
date for Class Z shares: December 21,
2015. |
Employee | Length of Service | Title | ||
Andrew Birse | Since 2015 | Senior Vice President of the Manager | ||
Peter Chocian | Since 2015 | Senior Vice President of the Manager | ||
Nelson Yu | Since 2016 | Senior Vice President of the Manager |
Initial | Subsequent | |||
Class Z Shares are currently available exclusively to registered investment companies (or their series) managed by the Manager or its affiliates | None | None |
Class Z | ||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
None | |
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | |
Maximum
Account Fee |
None |
Class Z | ||||
Management
Fees |
0.80% | |||
Distribution
and/or Service (12b-1) Fees |
None | |||
Other
Expenses: |
||||
Transfer
Agent |
0.03% | |||
Other
Expenses |
0.05% | |||
|
|
|||
Total
Other Expenses |
0.08% | |||
|
|
|||
Total
Annual Portfolio Operating Expenses |
0.88% | |||
|
|
|||
Class Z | ||||
After
1 Year |
$ | 90 | ||
After
3 Years |
$ | 281 | ||
After
5 Years |
$ | 488 | ||
After
10 Years |
$ | 1,084 |
• |
Sector Risk: The Portfolio may have more
risk because of concentrated investments in a particular market sector,
such as the financials, consumer discretionary, information technology or
industrials sector. Market or economic factors affecting that sector could
have a major effect on the value of the Portfolio’s
investments. |
• |
Market Risk: The Portfolio is subject to
market risk, which is the risk that stock prices in general or in
particular countries or sectors may decline over short or extended
periods. Stock prices may decline in response to adverse changes in the
economy or the economic outlook; deterioration in investor sentiment;
interest rate, currency and commodity price fluctuations; adverse
geopolitical, social or environmental developments; issuer- and
sector-specific considerations; public health crises (including the
occurrence of a contagious disease or illness) and regional and global
conflicts (including war or civil disturbance and acts of terrorism);
cybersecurity events; market disruptions caused by tariffs; trade
disputes; measures to address budget deficits; downgrading of sovereign
debt; sanctions or other government actions; and other factors. In the
past decade, financial markets in the United States, Europe and elsewhere
have experienced increased volatility, decreased liquidity and heightened
uncertainty. These market conditions may recur from time to time and have
an adverse impact on various securities markets. Governmental and
quasi-governmental authorities and regulators throughout the world have
provided significant support to financial markets in response to serious
economic disruptions, including, but not limited to, buying stocks,
providing direct capital infusions into companies, implementing new
monetary programs, dramatically changing interest rates and through other
market interventions. Government actions to support the economy and
financial markets have resulted in a large expansion of government
deficits and debt, the long-term consequences of which are not known.
Rates of inflation have recently risen. The Federal Reserve, as well as
certain foreign central banks have recently raised interest rates as part
of their efforts to address rising inflation, and there is a risk that
interest rates will continue to rise. Central bank, government or
regulatory actions, including increases or decreases in interest rates, or
actions that are inconsistent with such actions by different central
banks, governments or regulators, could negatively affect financial
markets generally, increase market volatility and reduce the value and
liquidity of securities in which the |
Portfolio
invests. From time to time, uncertainty regarding the status of
negotiations in the U.S. government to increase the statutory debt ceiling
could: increase the risk that the U.S. government may default on payments
on certain U.S. government securities; cause the credit rating of the U.S.
government to be downgraded or increase volatility in both stock and bond
markets; result in higher interest rates; reduce prices of U.S. Treasury
securities; and/or increase the costs of certain kinds of
debt. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from
purchasing or selling these securities at an advantageous price. In
certain cases, governmental actions could prevent sales of securities or
repatriation of proceeds. Illiquid securities may also be difficult to
value. If the Portfolio is forced to sell an illiquid asset to meet
redemption requests or other cash needs, or to try to limit losses, the
Portfolio may be forced to sell at a substantial loss or may not be able
to sell at all. |
• |
Redemption Risk: The Portfolio may
experience heavy redemptions that could cause the Portfolio to liquidate
its assets at inopportune times or unfavorable prices or increase or
accelerate taxable gains or transaction costs and may negatively affect
the Portfolio’s net asset value, or performance, which could cause the
value of your investment to decline. Redemption risk is heightened during
periods of overall market turmoil. |
• |
Capitalization Risk: Investments in
small-capitalization companies may be more volatile than investments in
large-capitalization companies. Investments in small-capitalization
companies may have additional risks because these companies may have
limited product lines, markets or financial resources. The prices of
securities of small capitalization companies generally are more volatile
than those of large capitalization companies and are more likely to be
adversely affected than large capitalization companies by changes in
earnings results and investor expectations or poor economic or market
conditions, including those experienced during a recession. Securities of
small capitalization companies may underperform large capitalization
companies, may be harder to sell at times or at prices the portfolio
managers believe appropriate and may have greater potential for
losses. |
• |
Allocation Risk: The Portfolio may seek
to focus on different investment disciplines or factors at different times
as a means to achieve its investment objective. In the event that the
investment disciplines or factors to which the Portfolio has greater
exposure perform worse than the investment disciplines or factors with
less exposure, the Portfolio’s returns may be negatively
affected. |
• |
Derivatives Risk: The Portfolio may use
derivatives in currency hedging as well as for direct investments to gain
access to certain markets, earn income, enhance return and broaden
portfolio diversification, which entail greater risk than if used solely
for hedging purposes. While hedging can guard against potential risks,
there is also a risk that a derivative intended as a hedge may not perform
as expected. In addition to other risks such as the credit risk of the
counterparty (the party on the others side of the transaction),
derivatives involve the risk that changes in the value of the derivative
may not correlate with relevant assets, rates or indices. Derivatives may
be difficult to price or unwind, and small changes may produce
disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Certain derivatives have the potential for unlimited loss, regardless of
the size of the initial investment. Assets required to be set aside or
posted as margin or collateral for derivatives positions may themselves go
down in value, and these collateral and other requirements may limit
investment flexibility. Some derivatives
involve |
leverage,
which can make the Portfolio more volatile and can compound other risks.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty on a derivative
transaction will be unable or unwilling to honor its contractual
obligations to the Portfolio. The U.S. government and certain foreign
governments have adopted regulations governing derivatives markets,
including mandatory clearing of certain derivatives as well as additional
regulations governing margin, reporting and registration requirements. The
ultimate impact of the regulations remains unclear. Additional regulation
may make derivatives more costly, limit their availability or utility,
otherwise adversely affect their performance, or disrupt
markets. |
• |
Management Risk: The Portfolio is subject
to management risk because it is an actively-managed investment portfolio.
The Manager will apply its investment techniques and risk analyses in
making investment decisions for the Portfolio, but these techniques,
analyses and decisions may not work as intended or may not produce the
desired results, and may, during certain periods, result in increased
volatility for the Portfolio or cause the value of the Portfolio’s shares
to go down. In some cases, derivatives and other investment techniques may
be unavailable, or the Manager may determine not to use them, possibly
even under market conditions where their use could benefit the Portfolio.
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. In addition, the
Manager may change the Portfolio’s investment strategies or policies from
time to time. Those changes may not lead to the results intended by the
Manager and could have an adverse effect on the Manager and could also
have an adverse effect on the value or performance of the
Portfolio. |
• |
Real Estate Related Securities Risk:
Investing in real estate related securities includes, among others, the
following risks: possible declines in the value of real estate; risks
related to general and local economic conditions, including increases in
the rate of inflation; possible lack of availability of mortgage funds;
overbuilding; extended vacancies of properties; increases in competition,
property taxes and operating expenses; changes in zoning laws; costs
resulting from the clean-up of, and liability to third parties for damages
resulting from, environmental problems; casualty or condemnation losses;
uninsured damages from floods, earthquakes or other natural disasters;
limitations on and variations in rents; and changes in interest rates. In
addition, global climate change may have an adverse effect on property and
security values and may exacerbate the risks of natural disasters. The
COVID-19 pandemic also impacted certain real estate sectors by
accelerating the trend towards online shopping and remote-working
environments. Investing in Real Estate Investment Trusts (“REITs”)
involves certain unique risks in addition to those risks associated with
investing in the real estate industry in general. Equity REITs may be
affected by changes in the value of the underlying property owned by the
REITs, while mortgage REITs may be affected by the quality of any credit
extended. REITs are dependent upon management skills, are not diversified,
and are subject to heavy cash flow dependency, default by borrowers and
self-liquidation. Investing in REITs also involves risks similar to those
associated with investing in small-capitalization companies. REITs may
have limited financial resources, may trade less frequently and in a
limited volume and may be subject to more abrupt or erratic price
movements than larger company securities. REIT issuers may also fail to
maintain their exemptions from investment company registration or fail to
qualify for the “dividends paid deduction” under the Internal Revenue Code
of 1986, as amended. |
• |
Investment in Other Investment Companies
Risk: As with other investments, investments in other investment
companies, including other registered funds advised by the Manager and
ETFs, are subject to market and management risk. The market value of the
shares of other investment companies and ETFs may differ from their net
asset value. In addition, if the Portfolio acquires shares of investment
companies, shareholders bear both their proportionate share of expenses in
the Portfolio (including management and advisory fees) and, indirectly,
the expenses of the investment companies. |
• |
how
the Portfolio’s performance changed from year to year over the life of the
Portfolio; and |
• |
how
the Portfolio’s average annual returns for one year, five years and over
the life of the Portfolio compare to those of a broad-based securities
market index. |
1 Year | 5 Years | Since Inception* |
||||||||||||||
Class Z | Return Before Taxes | 20.95% | 11.06% | 8.00% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 18.50% | 9.85% | 6.68% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Portfolio Shares | 18.50% | 9.85% | 6.68% | |||||||||||||
Russell
2000 Index
(reflects
no deduction for fees, expenses, or taxes) |
16.93% | 9.97% | 8.68% |
* |
Inception
date for Class Z shares: December 29,
2015. |
Employee | Length of Service | Title | ||
Samantha Lau | Since 2015 | Senior Vice President of the Manager | ||
Erik A. Turenchalk | Since 2020 | Senior Vice President of the Manager |
Initial | Subsequent | |||
Class Z Shares are currently available exclusively to registered investment companies (or their series) managed by the Manager or its affiliates | None | None |
Principal Investments, Investment Strategies and Risks |
• |
less
governmental supervision of brokers and issuers of
securities |
• |
lack
of uniform accounting, auditing and financial-reporting
standards |
• |
settlement
and clearance practices that differ from those in the U.S. and may result
in delays or may not fully protect the Portfolios against loss or theft of
assets |
• |
the
possibility of nationalization of a company or industry and expropriation
or confiscatory taxation |
• |
the
imposition of foreign taxes |
• |
high
inflation and rapid fluctuations in inflation
rates |
• |
less
developed legal structures governing private or foreign
investment |
• |
increased
government intervention in markets resulting in artificially inflated
prices or demand for securities, and increased risk of loss and heightened
volatility if the intervention is unsuccessful or
discontinued |
• |
Higher
costs associated with foreign investing. Investments in foreign securities
will also result in generally higher expenses due
to: |
• |
the
costs of currency exchange |
• |
higher
brokerage commissions in certain foreign markets |
• |
the
expense of maintaining securities with foreign
custodians |
Argentina
Bangladesh
Belize
Brazil
Bulgaria
Burkina
Faso
Chile
China
Colombia
Czech
Republic
Dominican
Republic
Ecuador
Egypt
El
Salvador
Gabon
Georgia
Ghana
Greece |
Hungary
India
Indonesia
Iraq
Ivory
Coast
Jamaica
Jordan
Kazakhstan
Kenya
Kuwait
Lebanon
Malaysia
Mauritius
Mexico
Mongolia
Morocco
Nigeria
Pakistan |
Panama
Peru
Philippines
Poland
Qatar
Saudi
Arabia
Senegal
Serbia
South
Africa
South
Korea
Sri
Lanka
Taiwan
Thailand
Tunisia
Turkey
Ukraine
United Arab Emirates
Vietnam |
• |
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 asset for an
agreed upon price at a future date. A forward contract generally is
settled by physical delivery of the commodity or 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 Portfolios’ investments in forward contracts may
include the following: |
– |
Forward
Currency Exchange Contracts. A Portfolio 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 Portfolio, 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 Portfolio 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 Portfolio 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
Portfolio may purchase or sell futures contracts and options thereon to
hedge against changes in interest rates, securities prices (through index
futures or options) or currency exchange rates. Options on futures
contracts written or purchased by the AB Intermediate New York
Municipal Portfolio, AB Intermediate California Municipal Portfolio and AB
Intermediate Diversified Municipal Portfolio (collectively, the
“Fixed-Income Municipal Portfolios”) will be traded on U.S. exchanges and
expect to be used primarily for hedging purposes or to manage the
effective maturity or duration of fixed-income securities. The Non-U.S.
Stock Portfolios 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 Portfolio may lose the premium paid
for them if the price of the underlying security or other assets 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 Portfolio were permitted to expire without being sold or
exercised, its premium would represent a loss to the Portfolio. The
Portfolios’ investments in options include the
following: |
– |
Options
on Foreign Currencies. Certain Portfolios 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 Portfolio 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 Portfolio may forfeit the entire
amount of the premium plus related transaction costs. The Non-U.S. Stock
Portfolios 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 Portfolio may purchase or write a put or call option on
securities. The Portfolios will write only covered options on securities,
which means writing an option for securities the Portfolio owns. None of
the Portfolios will write any option if, immediately thereafter, the
aggregate value of the Portfolio’s securities subject to outstanding
options would exceed 25% of its net assets. |
– |
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
Portfolio may use option strategies such as the concurrent purchase of a
call or put option, including on individual securities and stock indices,
futures contracts (including on individual securities and stock indices)
or shares of 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 Portfolio would receive a
profit from the purchase of call options if there is an increase in the
value of the individual security, stock index, futures contract or ETF
above the higher strike price or, from the purchase of put options, if
there is a 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
Portfolio has the risk of losing the entire amount paid for the call or
put options. |
• |
Swaps—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, other than as
described below, the notional principal amount is used solely to calculate
the payment stream, but is not exchanged. Rather, most swaps are entered
into on a net basis (i.e., the two
payment streams are netted out, with the Portfolio 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.
Portfolios 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 SEC may adopt similar clearing and execution requirements
in respect of 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.
Payments received by a Fixed-Income Municipal Portfolio from swap
agreements will result in taxable income, either as ordinary income or
capital gains, rather than tax-exempt income, which will increase the
amount of taxable distributions received by shareholders. The Portfolios’
investments in swap transactions include the
following: |
– |
Currency
Swaps. The Non-U.S. Stock Portfolios and the AB Intermediate Duration
Portfolio 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 individually negotiated exchange by a Portfolio with another party of
a series of payments in specified currencies. Actual principal amounts of
currencies may be exchanged by the counterparties at the initiation, and
again upon the termination, of the transaction. Therefore, the entire
principal value of a currency swap is subject to the risk that the swap
counterparty will default on its contractual delivery obligations. If
there is a default by the counterparty to the transaction, the Portfolio
will have contractual remedies under the transaction
agreements. |
– |
Total
Return Swaps. A Portfolio 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 Portfolio 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
Portfolio 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 a Portfolio. There is no guarantee that a Portfolio’s
investment via a total return swap will deliver returns in excess of the
embedded borrowing costs and, accordingly, a Portfolio’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 Portfolio 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 Portfolio from interest rate swap transactions is
limited to the net amount of interest payments that the Portfolio is
contractually obligated to make. If the counterparty to an interest rate
swap transaction defaults, the Portfolio’s risk of loss consists of the
net amount of interest payments that the Portfolio contractually is
entitled to receive. |
– |
Inflation
(CPI) Swaps. Certain Portfolios may enter into inflation swap agreements.
Inflation swap agreements are contracts in which one party agrees to pay
the cumulative percentage increase in a price index (the Consumer Price
Index with respect to CPI swaps) over the term of the swap (with some lag
on the inflation index), and the other pays a compounded fixed rate.
Inflation swap agreements may be used to protect the NAV of a Portfolio
against an unexpected change in the rate of inflation measured by an
inflation index. A Portfolio will enter into inflation swaps on a net
basis. The values of inflation swap agreements are expected to change in
response to changes in real interest rates. Real interest rates are tied
to the relationship between nominal interest rates and the rate of
inflation. If nominal interest rates increase at a faster rate than
inflation, real interest rates may rise, leading to a decrease in value of
an inflation swap agreement. Additionally, payments received by a
Portfolio from inflation swap agreements will result in taxable income,
either as ordinary income or capital gains, rather than tax-exempt income,
which will increase the amount of taxable distributions received by
shareholders. |
– |
Credit
Default Swap Agreements. The “buyer” in a credit default swap contract is
obligated to pay the “seller” a periodic stream of payments over the term
of the contract in return for a contingent payment upon the occurrence of
a credit event with respect to an underlying reference obligation.
Generally, a credit event means bankruptcy, failure to pay, obligation
acceleration or restructuring. A Portfolio may be either the buyer or
seller in the transaction. As a seller, a Portfolio 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 Portfolio, 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 Portfolio 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, a Portfolio
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 Portfolio, coupled with the value of
any reference obligation received, may be less than the full face amount
it pays to the buyer, resulting in a loss to the Portfolio. If a Portfolio
is a buyer and no credit event occurs, the Portfolio will lose its
periodic stream of payments over the term of the contract. However, if a
credit event occurs, the buyer typically receives full notional value for
a reference obligation that may have little or no
value. |
• |
Currency Transactions—The Non-U.S. Stock
Portfolios and the Intermediate Duration Portfolio may invest in
non-U.S. Dollar-denominated securities on a currency hedged or
un-hedged basis. The Manager may actively manage a Portfolio’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 and options on futures, swaps and
options. The Manager may enter into currency 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 Portfolio and do not present attractive investment
opportunities. Such transactions may also be used when the Manager
believes that it may be more efficient than a direct investment in a
foreign currency-denominated security. A Portfolio 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—The
Non-U.S. Stock Portfolios 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 Portfolio. 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. |
• |
Are
signed and dated by the person(s) authorized in accordance with the
Portfolio’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 Portfolio. |
—Class A
shares |
None | |||
—Class C
shares |
$ | 1,000,000 | * |
* |
The
maximum individual purchase amount for Class C shares of the
Fixed-Income Municipal Portfolios is
$500,000. |
• |
Traditional
and Roth IRAs (the minimums listed in the table above
apply); |
• |
SEPs,
SAR-SEPs, SIMPLE IRAs, and individual 403(b)
plans; |
• |
all
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 where plan level or omnibus accounts are held
on the books of the SCB Fund and the Bernstein Fund (“Group Retirement
Plans”) with assets of $1,000,000 or more; |
• |
AllianceBernstein-sponsored
Coverdell Education Savings Accounts ($2,000 initial investment minimum,
$150 automatic investment program monthly
minimum); |
• |
AllianceBernstein
Link, AllianceBernstein Individual 401(k), and AllianceBernstein SIMPLE
IRA plans with at least $250,000 in plan assets and 100 employees;
and |
• |
certain
defined contribution retirement plans that do not have plan level or
omnibus accounts on the books of the Portfolio. |
• |
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;
and |
• |
by
investment advisory clients of, and certain other persons associated with,
the Manager and its affiliates or the
Portfolios. |
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 Z |
None |
* |
The
maximum fee allowed under the Rule 12b-1 Plan for the Class A shares
of each Portfolio is 0.30% of the aggregate average daily net assets. The
Board currently limits the payments to 0.25%. |
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 |
Initial Sales Charge | ||||||||||
Amount Purchased |
as
% of
Net Amount
Invested |
as
% of
Offering
Price | ||||||||
Up
to $100,000 |
3.09 | % | 3.00 | % | ||||||
$100,000
up to $250,000 |
2.04 | 2.00 | ||||||||
$250,000
up to $500,000 |
1.01 | 1.00 | ||||||||
$500,000
and above |
0.00 | 0.00 |
• |
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 Manager’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 Manager or
its affiliates, including clients and prospective clients of the Manager’s
Institutional Investment Management Division, employees of selected
dealers authorized to sell the SCB Fund’s and the Bernstein Fund’s shares,
and employees of the Manager; 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
Portfolio. |
• |
all
of the shareholder’s accounts at the Portfolios 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 required age
based on applicable rules; 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. |
• |
whether
you are eligible to invest in a particular share
class; |
• |
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 |
- |
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 Portfolio
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
Portfolio nor the Manager, ABIS, ABI or other Portfolio 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
Portfolio 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
Portfolios, through their agents, ABI and ABIS, maintain surveillance
procedures to detect excessive or short-term trading
in |
Portfolio
shares. This surveillance process involves several factors, which include
scrutinizing transactions in Portfolio shares that exceed certain monetary
thresholds or numerical limits within a specified period of time.
Generally, more than two exchanges of Portfolio 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 Portfolios 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
Portfolio shares, the Portfolios 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
Portfolios 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 relevant Portfolio 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 Portfolio shares back to a Portfolio
or redemptions will continue to be permitted in accordance with the terms
of the Portfolio’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 Portfolio 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 Portfolios, particularly among
certain brokers, dealers and other financial intermediaries, including
sponsors of retirement plans and variable insurance products. The
Portfolios apply their surveillance procedures to these omnibus account
arrangements. As required by SEC rules, the Portfolios have entered into
agreements with all of their financial intermediaries that require the
financial intermediaries to provide the Portfolios, upon the request of
the Portfolios or their agents, with individual account level information
about their transactions. If the Portfolios detect excessive trading
through their monitoring of omnibus accounts, including trading at the
individual account level, the financial intermediaries may also execute
instructions from the Portfolios to take actions to curtail the activity,
which may include applying blocks to accounts to prohibit future purchases
and exchanges of Portfolio shares. For certain retirement plan accounts,
the Portfolios may request that the retirement plan or other intermediary
revoke the relevant participant’s privilege to effect transactions in
Portfolio 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). |
Portfolio | Fee as a Percentage of Average Net Assets |
Fiscal Year Ended | ||||||||
AB
Emerging Markets Portfolio |
0.95 | % | 9/30/23 | |||||||
AB
Intermediate New York Municipal Portfolio |
0.41 | % | 9/30/23 | |||||||
AB
Intermediate California Municipal Portfolio |
0.42 | % | 9/30/23 | |||||||
AB
Intermediate Diversified Municipal Portfolio |
0.36 | % | 9/30/23 | |||||||
AB
Intermediate Duration Portfolio |
0.44 | % | 9/30/23 | |||||||
International
Strategic Equities Portfolio |
0.67 | % | 9/30/23 | |||||||
International
Small Cap Portfolio |
1.00 | % | 9/30/23 | |||||||
Small
Cap Core Portfolio |
0.80 | % | 9/30/23 |
Portfolio |
Expense
Limitation | ||||
International
Small Cap Portfolio |
| ||||
Class Z |
1.10 | % | |||
Small
Cap Core Portfolio |
| ||||
Class Z |
1.05 | % |
Employee; Length of Service; Title | Principal Occupation During the Past Five (5) Years | |
Sergey Davalchenko; since 2022; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated since prior to 2019. Chief Investment Officer—Emerging Market Growth Equities since 2022. | |
Stuart Rae; since 2023; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated in a substantially similar capacity since prior to 2019. Chief Investment Officer—Emerging Markets Value Equities since 2023 and Chief Investment Officer—Asia-Pacific Value Equities since prior to 2019. | |
Sammy Suzuki; since January 2024; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated since prior to 2019. Head—Emerging Markets Equities. |
Employee; Length of Service; Title | Principal Occupation During the Past Five (5) Years | |
Daryl Clements; since 2022; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated since prior to 2019. | |
Matthew J. Norton; since 2016; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated in a substantially similar capacity since prior to 2019. He is also Chief Investment Officer—Municipal Bonds. | |
Andrew D. Potter; since 2018; Vice President of the Manager | Vice President of the Manager, with which he has been associated since prior to 2019. |
Employee; Length of Service; Title | Principal Occupation During the Past Five (5) Years | |
Michael Canter; since 2016; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated in a substantially similar capacity to his current position since prior to 2019, and Director and Chief Investment Officer—Securitized Assets. | |
Matthew S. Sheridan; since 2023; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated since prior to 2019. Director—US Multi-Sector Fixed Income. | |
Serena Zhou; since January 2024; Senior Vice President of the Manager | Senior Vice President of the Manager, with which she has been associated since prior to 2019. |
Employee; Length of Service; Title | Principal Occupation During the Past Five (5) Years | |
Vivian Chen; since 2023; Senior Vice President of the Manager | Senior Vice President of the Manager, with which she has been associated since prior to 2019. | |
Stuart Rae; since 2015; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated in a substantially similar capacity since prior to 2019. Chief Investment Officer—Emerging Markets Value Equities since 2023 and Chief Investment Officer—Asia-Pacific Value Equities since prior to 2019. |
Employee; Length of Service; Title | Principal Occupation During the Past Five (5) Years | |
Andrew Birse; since 2015; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated in a similar capacity since prior to 2019. He is also Chief Investment Officer—European Value Equities since 2022 and International Small Cap Equities since 2021. | |
Peter Chocian; since 2015; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated in a similar capacity since prior to 2019. | |
Nelson Yu; since 2016; Senior Vice President of the Manager |
Senior
Vice President and Head of Equities of the Manager, with which he has been
associated since prior to 2019. |
Employee; Length of Service; Title | Principal Occupation During the Past Five (5) Years | |
Samantha Lau; since 2015; Senior Vice President of the Manager | Senior Vice President of the Manager, with which she has been associated in a similar capacity since prior to 2019. Chief Investment Officer—Small and SMID Cap Growth Equities. | |
Erik A. Turenchalk; since 2020; Senior Vice President of the Manager | Senior Vice President of the Manager, with which he has been associated in a similar capacity since prior to 2019. |
CLASS Z | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 21.81 | $ | 33.50 | $ | 27.22 | $ | 26.08 | $ | 28.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
0.30 | 0.45 | 0.59 | 0.39 | 0.57 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
2.45 | (9.11 | ) | 6.32 | 1.26 | (0.93 | ) | |||||||||||||
Contributions
from affiliates |
0 | 0 | 0 | 0.00 | (c) | 0.00 | (c) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
2.75 | (8.66 | ) | 6.91 | 1.65 | (0.36 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(0.38 | ) | (0.75 | ) | (0.63 | ) | (0.51 | ) | (0.40 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
0 | (2.28 | ) | 0 | 0 | (1.59 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(0.38 | ) | (3.03 | ) | (0.63 | ) | (0.51 | ) | (1.99 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 24.18 | $ | 21.81 | $ | 33.50 | $ | 27.22 | $ | 26.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d)(e) |
12.60 | % | (28.43 | )% | 25.56 | % | 6.33 | % | (0.66 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 96,099 | $ | 152,537 | $ | 219,793 | $ | 181,910 | $ | 176,887 | ||||||||||
Average
net assets (000 omitted) |
$ | 137,783 | $ | 198,222 | $ | 220,989 | $ | 178,143 | $ | 175,583 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
1.04 | % | 1.03 | % | 1.03 | % | 1.04 | % | 1.04 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.05 | % | 1.04 | % | 1.03 | % | 1.04 | % | 1.04 | % | ||||||||||
Net
investment income(b) |
1.24 | % | 1.57 | % | 1.76 | % | 1.50 | % | 2.21 | % | ||||||||||
Portfolio
turnover rate |
58 | % | 57 | % | 68 | % | 85 | % | 92 | % |
CLASS A | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | $ | 13.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.28 | 0.23 | 0.24 | 0.28 | 0.29 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.08 | (1.37 | ) | 0.22 | (0.14 | ) | 0.49 | |||||||||||||
Contributions
from Affiliates |
0 | (c) | 0 | 0 | 0 | 0 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.36 | (1.14 | ) | 0.46 | 0.14 | 0.78 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.29 | ) | (0.23 | ) | (0.24 | ) | (0.28 | ) | (0.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 12.95 | $ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
2.78 | % | (8.07 | )% | 3.26 | % | 1.03 | % | 5.74 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 79,542 | $ | 96,286 | $ | 116,552 | $ | 117,874 | $ | 119,718 | ||||||||||
Average
net assets (000 omitted) |
$ | 89,695 | $ | 105,328 | $ | 117,041 | $ | 119,315 | $ | 121,023 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
0.76 | % | 0.73 | % | 0.73 | % | 0.72 | % | 0.74 | % | ||||||||||
Net
investment income |
2.14 | % | 1.71 | % | 1.67 | % | 1.98 | % | 2.06 | % | ||||||||||
Portfolio
turnover rate |
20 | % | 14 | % | 18 | % | 18 | % | 18 | % |
CLASS C | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | $ | 13.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.18 | 0.13 | 0.13 | 0.17 | 0.18 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.08 | (1.37 | ) | 0.22 | (0.13 | ) | 0.49 | |||||||||||||
Contributions
from Affiliates |
0 | (c) | 0 | 0 | 0 | 0 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.26 | (1.24 | ) | 0.35 | 0.04 | 0.67 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.19 | ) | (0.13 | ) | (0.13 | ) | (0.18 | ) | (0.18 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 12.95 | $ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
2.01 | % | (8.76 | )% | 2.47 | % | 0.27 | % | 4.95 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 3,597 | $ | 5,515 | $ | 8,982 | $ | 19,813 | $ | 27,143 | ||||||||||
Average
net assets (000 omitted) |
$ | 4,655 | $ | 7,393 | $ | 15,076 | $ | 23,921 | $ | 29,799 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
1.51 | % | 1.48 | % | 1.48 | % | 1.48 | % | 1.49 | % | ||||||||||
Net
investment income |
1.38 | % | 0.95 | % | 0.93 | % | 1.23 | % | 1.31 | % | ||||||||||
Portfolio
turnover rate |
20 | % | 14 | % | 18 | % | 18 | % | 18 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 12.88 | $ | 14.24 | $ | 14.03 | $ | 14.17 | $ | 13.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.32 | 0.27 | 0.27 | 0.31 | 0.32 | |||||||||||||||
Net
realized and unrealized loss on investment transactions |
0.07 | (1.36 | ) | 0.21 | (0.13 | ) | 0.49 | |||||||||||||
Contributions
from Affiliates |
0 | (c) | 0 | 0 | 0 | 0 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.39 | (1.09 | ) | 0.48 | 0.18 | 0.81 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.32 | ) | (0.27 | ) | (0.27 | ) | (0.32 | ) | (0.32 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 12.95 | $ | 12.88 | $ | 14.24 | $ | 14.03 | $ | 14.17 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
3.04 | % | (7.77 | )% | 3.44 | % | 1.28 | % | 6.00 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 62,682 | $ | 61,511 | $ | 67,388 | $ | 64,546 | $ | 57,173 | ||||||||||
Average
net assets (000 omitted) |
$ | 61,081 | $ | 64,326 | $ | 62,323 | $ | 63,077 | $ | 45,530 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
0.51 | % | 0.48 | % | 0.48 | % | 0.47 | % | 0.49 | % | ||||||||||
Net
investment income |
2.40 | % | 1.96 | % | 1.91 | % | 2.22 | % | 2.30 | % | ||||||||||
Portfolio
turnover rate |
20 | % | 14 | % | 18 | % | 18 | % | 18 | % |
CLASS A | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.31 | 0.22 | 0.22 | 0.26 | 0.28 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.09 | (1.33 | ) | 0.07 | 0.08 | 0.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.40 | (1.11 | ) | 0.29 | 0.34 | 0.74 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.32 | ) | (0.21 | ) | (0.21 | ) | (0.26 | ) | (0.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.36 | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
3.03 | % | (7.63 | )% | 2.03 | % | 2.39 | % | 5.30 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 43,223 | $ | 57,141 | $ | 76,220 | $ | 82,318 | $ | 73,875 | ||||||||||
Average
net assets (000 omitted) |
$ | 49,135 | $ | 64,530 | $ | 83,485 | $ | 79,385 | $ | 66,990 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
0.76 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | ||||||||||
Net
investment income |
2.24 | % | 1.57 | % | 1.48 | % | 1.79 | % | 1.98 | % | ||||||||||
Portfolio
turnover rate |
31 | % | 23 | % | 27 | % | 16 | % | 24 | % |
CLASS C | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.28 | $ | 14.59 | $ | 14.52 | $ | 14.44 | $ | 13.98 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.20 | 0.12 | 0.11 | 0.15 | 0.18 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.10 | (1.32 | ) | 0.06 | 0.08 | 0.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.30 | (1.20 | ) | 0.17 | 0.23 | 0.64 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.22 | ) | (0.11 | ) | (0.10 | ) | (0.15 | ) | (0.18 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.36 | $ | 13.28 | $ | 14.59 | $ | 14.52 | $ | 14.44 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
2.25 | % | (8.26 | )% | 1.19 | % | 1.62 | % | 4.59 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 3,257 | $ | 3,652 | $ | 4,828 | $ | 6,586 | $ | 10,910 | ||||||||||
Average
net assets (000 omitted) |
$ | 3,463 | $ | 4,376 | $ | 5,934 | $ | 9,405 | $ | 11,297 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
1.51 | % | 1.49 | % | 1.48 | % | 1.48 | % | 1.49 | % | ||||||||||
Net
investment income |
1.50 | % | 0.82 | % | 0.73 | % | 1.05 | % | 1.24 | % | ||||||||||
Portfolio
turnover rate |
31 | % | 23 | % | 27 | % | 16 | % | 24 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.34 | 0.26 | 0.25 | 0.29 | 0.31 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.10 | (1.33 | ) | 0.08 | 0.08 | 0.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.44 | (1.07 | ) | 0.33 | 0.37 | 0.77 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.36 | ) | (0.25 | ) | (0.25 | ) | (0.29 | ) | (0.32 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.36 | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
3.28 | % | (7.40 | )% | 2.28 | % | 2.65 | % | 5.56 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 107,640 | $ | 102,466 | $ | 82,692 | $ | 60,140 | $ | 38,534 | ||||||||||
Average
net assets (000 omitted) |
$ | 123,025 | $ | 85,505 | $ | 70,376 | $ | 46,691 | $ | 27,392 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
0.51 | % | 0.48 | % | 0.48 | % | 0.49 | % | 0.48 | % | ||||||||||
Net
investment income |
2.50 | % | 1.86 | % | 1.71 | % | 2.03 | % | 2.21 | % | ||||||||||
Portfolio
turnover rate |
31 | % | 23 | % | 27 | % | 16 | % | 24 | % |
CLASS A | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | $ | 14.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.32 | 0.25 | 0.25 | 0.30 | 0.31 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.03 | (1.43 | ) | 0.13 | 0.10 | 0.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.35 | (1.18 | ) | 0.38 | 0.40 | 0.84 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.33 | ) | (0.25 | ) | (0.25 | ) | (0.30 | ) | (0.32 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.40 | $ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
2.59 | % | (8.06 | )% | 2.59 | % | 2.78 | % | 5.99 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 215,352 | $ | 261,936 | $ | 349,953 | $ | 271,074 | $ | 233,833 | ||||||||||
Average
net assets (000 omitted) |
$ | 239,010 | $ | 303,281 | $ | 319,098 | $ | 248,192 | $ | 221,783 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
0.69 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.66 | % | ||||||||||
Net
investment income |
2.37 | % | 1.77 | % | 1.69 | % | 2.04 | % | 2.18 | % | ||||||||||
Portfolio
turnover rate |
24 | % | 15 | % | 22 | % | 20 | % | 22 | % |
CLASS C | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.37 | $ | 14.81 | $ | 14.68 | $ | 14.57 | $ | 14.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.22 | 0.15 | 0.14 | 0.19 | 0.20 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.04 | (1.45 | ) | 0.13 | 0.11 | 0.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.26 | (1.30 | ) | 0.27 | 0.30 | 0.73 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less:
Dividends |
||||||||||||||||||||
Dividends
from net investment income |
(0.23 | ) | (0.14 | ) | (0.14 | ) | (0.19 | ) | (0.21 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.40 | $ | 13.37 | $ | 14.81 | $ | 14.68 | $ | 14.57 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.90 | % | (8.81 | )% | 1.82 | % | 2.07 | % | 5.20 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 10,185 | $ | 13,576 | $ | 18,542 | $ | 34,743 | $ | 42,152 | ||||||||||
Average
net assets (000 omitted) |
$ | 12,234 | $ | 15,772 | $ | 28,338 | $ | 39,529 | $ | 50,386 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
1.44 | % | 1.40 | % | 1.41 | % | 1.43 | % | 1.43 | % | ||||||||||
Net
investment income |
1.62 | % | 1.02 | % | 0.96 | % | 1.30 | % | 1.42 | % | ||||||||||
Portfolio
turnover rate |
24 | % | 15 | % | 22 | % | 20 | % | 22 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.36 | $ | 14.79 | $ | 14.66 | $ | 14.55 | $ | 14.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.36 | 0.29 | 0.29 | 0.33 | 0.34 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.02 | (1.44 | ) | 0.13 | 0.11 | 0.52 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.38 | (1.15 | ) | 0.42 | 0.44 | 0.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(0.36 | ) | (0.28 | ) | (0.29 | ) | (0.33 | ) | (0.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.38 | $ | 13.36 | $ | 14.79 | $ | 14.66 | $ | 14.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
2.85 | % | (7.84 | )% | 2.85 | % | 3.11 | % | 6.20 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 445,885 | $ | 477,015 | $ | 456,386 | $ | 377,082 | $ | 278,371 | ||||||||||
Average
net assets (000 omitted) |
$ | 453,119 | $ | 467,739 | $ | 419,891 | $ | 332,267 | $ | 306,629 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
0.44 | % | 0.40 | % | 0.41 | % | 0.43 | % | 0.43 | % | ||||||||||
Net
investment income |
2.62 | % | 2.04 | % | 1.94 | % | 2.29 | % | 2.40 | % | ||||||||||
Portfolio
turnover rate |
24 | % | 15 | % | 22 | % | 20 | % | 22 | % |
CLASS Z | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | $ | 14.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.36 | 0.29 | 0.29 | 0.34 | 0.35 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
0.03 | (1.44 | ) | 0.13 | 0.10 | 0.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.39 | (1.15 | ) | 0.42 | 0.44 | 0.88 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(0.37 | ) | (0.28 | ) | (0.29 | ) | (0.34 | ) | (0.36 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 13.40 | $ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(b) |
2.88 | % | (7.81 | )% | 2.87 | % | 3.08 | % | 6.29 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 449,844 | $ | 470,829 | $ | 505,365 | $ | 509,910 | $ | 844,127 | ||||||||||
Average
net assets (000 omitted) |
$ | 459,325 | $ | 500,681 | $ | 485,522 | $ | 590,892 | $ | 776,520 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses |
0.41 | % | 0.39 | % | 0.38 | % | 0.39 | % | 0.38 | % | ||||||||||
Net
investment income |
2.65 | % | 2.05 | % | 1.97 | % | 2.34 | % | 2.47 | % | ||||||||||
Portfolio
turnover rate |
24 | % | 15 | % | 22 | % | 20 | % | 22 | % |
CLASS A | ||||||||||||||||||||
Year Ended September 30, |
July 23,
2019(a) to September 30, |
|||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.14 | $ | 13.50 | $ | 14.03 | $ | 13.55 | $ | 13.36 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.35 | (b) | 0.16 | (b) | 0.18 | (b) | 0.15 | 0.04 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.34 | ) | (2.22 | ) | (0.29 | ) | 0.52 | 0.18 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.01 | (2.06 | ) | (0.11 | ) | 0.67 | 0.22 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(0.35 | ) | (0.17 | ) | (0.18 | ) | (0.19 | ) | (0.03 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
0 | (0.13 | ) | (0.24 | ) | 0 | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(0.35 | ) | (0.30 | ) | (0.42 | ) | (0.19 | ) | (0.03 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 10.80 | $ | 11.14 | $ | 13.50 | $ | 14.03 | $ | 13.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
0.10 | % | (15.54 | )% | (0.86 | )% | 5.08 | % | 1.71 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 481 | $ | 572 | $ | 1,741 | $ | 693 | $ | 10 | ||||||||||
Average
net assets (000 omitted) |
$ | 537 | $ | 746 | $ | 1,438 | $ | 170 | $ | 10 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
0.91 | % | 0.90 | % | 1.03 | % | 1.82 | % | 2.00 | %(h) | ||||||||||
Expenses,
before waivers/reimbursements |
6.62 | % | 5.51 | % | 3.95 | % | 1.82 | % | 2.00 | %(h) | ||||||||||
Net
investment income |
3.14 | %(b) | 1.26 | %(b) | 1.29 | %(b) | 1.11 | % | 1.34 | %(h) | ||||||||||
Portfolio
turnover rate(f) |
187 | % | 122 | % | 123 | % | 72 | % | 62 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, |
July 23,
2019(a) to September 30, |
|||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | $ | 13.36 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.40 | (b) | 0.20 | (b) | 0.21 | (b) | 0.20 | 0.04 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.36 | ) | (2.23 | ) | (0.29 | ) | 0.51 | 0.19 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.04 | (2.03 | ) | (0.08 | ) | 0.71 | 0.23 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(0.38 | ) | (0.20 | ) | (0.22 | ) | (0.23 | ) | (0.04 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
0 | (0.13 | ) | (0.24 | ) | 0 | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(0.38 | ) | (0.33 | ) | (0.46 | ) | (0.23 | ) | (0.04 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 10.79 | $ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
0.36 | % | (15.33 | )% | (0.62 | )% | 5.28 | % | 1.76 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 543 | $ | 9 | $ | 11 | $ | 11 | $ | 10 | ||||||||||
Average
net assets (000 omitted) |
$ | 139 | $ | 11 | $ | 11 | $ | 10 | $ | 10 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
0.66 | % | 0.66 | % | 0.86 | % | 1.64 | % | 1.75 | %(h) | ||||||||||
Expenses,
before waivers/reimbursements |
5.32 | % | 5.53 | % | 3.36 | % | 1.64 | % | 1.75 | %(h) | ||||||||||
Net
investment income |
3.71 | %(b) | 1.60 | %(b) | 1.51 | %(b) | 1.47 | % | 1.64 | %(h) | ||||||||||
Portfolio
turnover rate(f) |
187 | % | 122 | % | 123 | % | 72 | % | 62 | % |
CLASS Z | ||||||||||||||||||||
Year Ended September 30, |
July 23,
2019(g) to September 30, |
|||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | $ | 13.36 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a) |
0.39 | (b) | 0.21 | (b) | 0.24 | (b) | 0.31 | 0.07 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.33 | ) | (2.23 | ) | (0.29 | ) | 0.51 | 0.18 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
0.06 | (2.02 | ) | (0.05 | ) | 0.82 | 0.25 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(0.40 | ) | (0.21 | ) | (0.25 | ) | (0.34 | ) | (0.06 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
0 | (0.13 | ) | (0.24 | ) | 0 | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(0.40 | ) | (0.34 | ) | (0.49 | ) | (0.34 | ) | (0.06 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 10.79 | $ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
0.47 | %(i) | (15.26 | )%(i) | (0.40 | )% | 6.16 | % | 1.95 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 8 | $ | 8 | $ | 10 | $ | 10 | $ | 10 | ||||||||||
Average
net assets (000 omitted) |
$ | 8 | $ | 9 | $ | 10 | $ | 10 | $ | 10 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
0.57 | % | 0.57 | % | 0.63 | % | 0.82 | % | 0.77 | %(h) | ||||||||||
Expenses,
before waivers/reimbursements |
3.50 | % | 3.01 | % | 1.87 | % | 0.82 | % | 0.77 | %(h) | ||||||||||
Net
investment income |
3.50 | %(b) | 1.69 | %(b) | 1.74 | %(b) | 2.30 | % | 2.62 | %(h) | ||||||||||
Portfolio
turnover rate(f) |
187 | % | 122 | % | 123 | % | 72 | % | 62 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived 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. 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 proceeds received and credited to the Portfolio resulting
from the class action settlements, which enhanced the performance for the
Emerging Markets Portfolio for the years ended September 30, 2023,
September 30, 2022 and September 30, 2020, by 0.01%, 0.07% and 0.32%,
respectively. |
(f) |
The
Portfolio accounts for dollar roll transactions as purchases and
sales. |
(g) |
Commencement
of distributions. |
(h) |
Annualized. |
(i) |
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 Z | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.62 | $ | 13.78 | $ | 11.63 | $ | 11.64 | $ | 12.51 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income from investment operations | ||||||||||||||||||||
Investment
income, net(a)(b) |
0.24 | 0.37 | 0.30 | 0.19 | 0.26 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions and foreign
currency transactions |
1.59 | (3.74 | ) | 2.02 | 0.05 | (0.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
1.83 | (3.37 | ) | 2.32 | 0.24 | (0.53 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less
dividends and distributions: |
||||||||||||||||||||
Dividends
from net investment income |
(0.43 | ) | (0.33 | ) | (0.17 | ) | (0.25 | ) | (0.21 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
0 | (0.46 | ) | 0 | 0 | (0.13 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(0.43 | ) | (0.79 | ) | (0.17 | ) | (0.25 | ) | (0.34 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 11.02 | $ | 9.62 | $ | 13.78 | $ | 11.63 | $ | 11.64 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total return(d) | 19.25 | % | (26.01 | )% | 20.07 | % | 2.02 | % | (4.02 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 1,044,206 | $ | 1,331,970 | $ | 2,100,301 | $ | 1,349,824 | $ | 1,359,213 | ||||||||||
Average
net assets (000 omitted) |
$ | 1,325,072 | $ | 1,811,737 | $ | 2,067,177 | $ | 1,331,995 | $ | 1,331,620 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
0.73 | % | 0.71 | % | 0.71 | % | 0.76 | % | 0.76 | % | ||||||||||
Expenses,
before waivers/reimbursements(f) |
0.73 | % | 0.71 | % | 0.71 | % | 0.76 | % | 0.76 | % | ||||||||||
Net
investment income(b) |
2.16 | % | 3.03 | % | 2.26 | % | 1.65 | % | 2.31 | % | ||||||||||
Portfolio
turnover rate |
92 | % | 73 | % | 86 | % | 63 | % | 63 | % |
CLASS Z | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.93 | $ | 13.41 | $ | 10.42 | $ | 10.43 | $ | 12.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income from investment operations | ||||||||||||||||||||
Investment
income, net(a)(b) |
0.24 | 0.24 | 0.15 | 0.13 | 0.18 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions and foreign
currency transactions |
1.58 | (4.22 | ) | 2.98 | 0.08 | (1.20 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
1.82 | (3.98 | ) | 3.13 | 0.21 | (1.02 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less dividends and distributions: | ||||||||||||||||||||
Dividends
from net investment income |
(0.11 | ) | (0.27 | ) | (0.14 | ) | (0.22 | ) | (0.22 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
0 | (0.23 | ) | 0 | 0 | (0.76 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(0.11 | ) | (0.50 | ) | (0.14 | ) | (0.22 | ) | (0.98 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 10.64 | $ | 8.93 | $ | 13.41 | $ | 10.42 | $ | 10.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total return(d) | 20.42 | % | (30.81 | )% | 30.22 | % | 1.91 | % | (7.70 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 206,437 | $ | 300,821 | $ | 502,324 | $ | 398,208 | $ | 400,566 | ||||||||||
Average
net assets (000 omitted) |
$ | 288,501 | $ | 418,569 | $ | 478,856 | $ | 388,053 | $ | 396,772 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
1.09 | % | 1.07 | % | 1.07 | % | 1.08 | % | 1.10 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.09 | % | 1.07 | % | 1.07 | % | 1.08 | % | 1.10 | % | ||||||||||
Net
investment income(b) |
2.29 | % | 2.03 | % | 1.22 | % | 1.29 | % | 1.75 | % | ||||||||||
Portfolio
turnover rate |
50 | % | 50 | % | 48 | % | 58 | % | 46 | % |
CLASS
Z
Year
Ended September 30, |
||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.42 | $ | 15.31 | $ | 10.42 | $ | 10.82 | $ | 12.96 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income from investment operations | ||||||||||||||||||||
Investment
income, net(a)(b) |
0.08 | 0.05 | 0.01 | 0.05 | 0.05 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions and foreign
currency transactions |
1.52 | (3.03 | ) | 4.95 | (0.39 | ) | (1.37 | ) | ||||||||||||
Contributions
from affiliates |
0 | 0.00 | (c) | 0 | 0 | 0 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
from investment operations |
1.60 | (2.98 | ) | 4.96 | (0.34 | ) | (1.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less dividends and distributions: | ||||||||||||||||||||
Dividends
from net investment income |
(0.06 | ) | (0.02 | ) | (0.07 | ) | (0.06 | ) | (0.03 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(0.91 | ) | (0.89 | ) | 0 | 0 | (0.79 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(0.97 | ) | (0.91 | ) | (0.07 | ) | (0.06 | ) | (0.82 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 12.05 | $ | 11.42 | $ | 15.31 | $ | 10.42 | $ | 10.82 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total return(d)(e) | 14.34 | % | (20.95 | )% | 47.70 | % | (3.23 | )% | (9.80 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000 omitted) |
$ | 87,138 | $ | 111,941 | $ | 164,837 | $ | 116,488 | $ | 192,161 | ||||||||||
Average
net assets (000 omitted) |
$ | 109,237 | $ | 144,065 | $ | 155,037 | $ | 182,516 | $ | 190,252 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||
Expenses,
before waivers/reimbursements |
0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||
Net
investment income(b) |
0.68 | % | 0.39 | % | 0.10 | % | 0.46 | % | 0.46 | % | ||||||||||
Portfolio
turnover rate |
43 | % | 34 | % | 40 | % | 88 | % | 61 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived 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. 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 proceeds received and credited to the Portfolio resulting
from the class action settlements, which enhanced the performance for the
Small Cap Core Portfolio for the year ended September 30, 2021 by
0.01%. |
(f) |
The
expense ratios, excluding interest expense
are: |
YEAR ENDED 9/30/23 |
YEAR ENDED 9/30/22 |
YEAR ENDED 9/30/21 |
YEAR ENDED 9/30/20 |
YEAR ENDED 9/30/19 |
||||||||||||||||
International
Strategic Equities Portfolio |
| |||||||||||||||||||
SCB
Class |
| |||||||||||||||||||
Net
of waivers/reimbursements |
0.96% | 0.94% | 0.95% | 1.00% | 1.00% | |||||||||||||||
Before
waivers/reimbursements |
0.96% | 0.94% | 0.95% | 1.00% | 1.00% | |||||||||||||||
Advisor
Class |
| |||||||||||||||||||
Net
of waivers/reimbursements |
0.71% | 0.69% | 0.70% | 0.75% | 0.75% | |||||||||||||||
Before
waivers/reimbursements |
0.71% | 0.70% | 0.70% | 0.75% | 0.75% | |||||||||||||||
Class
Z |
| |||||||||||||||||||
Net
of waivers/reimbursements |
0.72% | 0.71% | 0.71% | 0.76% | 0.76% | |||||||||||||||
Before
waivers/reimbursements |
0.72% | 0.71% | 0.71% | 0.76% | 0.76% |
Year | Hypothetical Investment |
Hypothetical
Performance Earnings |
Investment
After Returns |
Hypothetical
Expenses |
Hypothetical
Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 500.00 | $ | 10,500.00 | $ | 109.20 | $ | 10,390.80 | |||||||||||||||
2 |
10,390.80 | 519.54 | 10,910.34 | 114.56 | 10,795.78 | ||||||||||||||||||||
3 |
10,795.78 | 539.79 | 11,335.57 | 119.02 | 11,216.55 | ||||||||||||||||||||
4 |
11,216.55 | 560.83 | 11,777.38 | 123.66 | 11,653.72 | ||||||||||||||||||||
5 |
11,653.72 | 582.69 | 12,236.41 | 128.48 | 12,107.93 | ||||||||||||||||||||
6 |
12,107.93 | 605.40 | 12,713.33 | 133.49 | 12,579.84 | ||||||||||||||||||||
7 |
12,579.84 | 628.99 | 13,208.83 | 138.69 | 13,070.14 | ||||||||||||||||||||
8 |
13,070.14 | 653.51 | 13,723.65 | 144.10 | 13,579.55 | ||||||||||||||||||||
9 |
13,579.55 | 678.98 | 14,258.53 | 149.71 | 14,108.82 | ||||||||||||||||||||
10 |
14,108.82 | 705.44 | 14,814.26 | 155.55 | 14,658.71 | ||||||||||||||||||||
Total |
$ | 5,975.17 | $ | 1,316.46 |
Year | Hypothetical Investment |
Hypothetical
Performance Earnings |
Investment
After Returns |
Hypothetical
Expenses |
Hypothetical
Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 377.41 | $ | 10,107.59 | |||||||||||||||
2 |
10,107.59 | 505.38 | 10,612.97 | 80.66 | 10,532.31 | ||||||||||||||||||||
3 |
10,532.31 | 526.62 | 11,058.93 | 84.05 | 10,974.88 | ||||||||||||||||||||
4 |
10,974.88 | 548.74 | 11,523.62 | 87.58 | 11,436.04 | ||||||||||||||||||||
5 |
11,436.04 | 571.80 | 12,007.84 | 91.26 | 11,916.58 | ||||||||||||||||||||
6 |
11,916.58 | 595.83 | 12,512.41 | 95.09 | 12,417.32 | ||||||||||||||||||||
7 |
12,417.32 | 620.87 | 13,038.19 | 99.09 | 12,939.10 | ||||||||||||||||||||
8 |
12,939.10 | 646.96 | 13,586.06 | 103.25 | 13,482.81 | ||||||||||||||||||||
9 |
13,482.81 | 674.14 | 14,156.95 | 107.59 | 14,049.36 | ||||||||||||||||||||
10 |
14,049.36 | 702.47 | 14,751.83 | 112.11 | 14,639.72 | ||||||||||||||||||||
Total |
$ | 5,877.81 | $ | 1,238.09 |
Year | Hypothetical Investment |
Hypothetical
Performance Earnings |
Investment
After Returns |
Hypothetical
Expenses |
Hypothetical
Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 377.41 | $ | 10,107.59 | |||||||||||||||
2 |
10,107.59 | 505.38 | 10,612.97 | 80.66 | 10,532.31 | ||||||||||||||||||||
3 |
10,532.31 | 526.62 | 11,058.93 | 84.05 | 10,974.88 | ||||||||||||||||||||
4 |
10,974.88 | 548.74 | 11,523.62 | 87.58 | 11,436.04 | ||||||||||||||||||||
5 |
11,436.04 | 571.80 | 12,007.84 | 91.26 | 11,916.58 | ||||||||||||||||||||
6 |
11,916.58 | 595.83 | 12,512.41 | 95.09 | 12,417.32 | ||||||||||||||||||||
7 |
12,417.32 | 620.87 | 13,038.19 | 99.09 | 12,939.10 | ||||||||||||||||||||
8 |
12,939.10 | 646.96 | 13,586.06 | 103.25 | 13,482.81 | ||||||||||||||||||||
9 |
13,482.81 | 674.14 | 14,156.95 | 107.59 | 14,049.36 | ||||||||||||||||||||
10 |
14,049.36 | 702.47 | 14,751.83 | 112.11 | 14,639.72 | ||||||||||||||||||||
Total |
$ | 5,877.81 | $ | 1,238.09 |
Year | Hypothetical Investment |
Hypothetical
Performance Earnings |
Investment
After Returns |
Hypothetical
Expenses |
Hypothetical
Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 370.28 | $ | 10,114.72 | |||||||||||||||
2 |
10,114.72 | 505.74 | 10,620.46 | 73.28 | 10,547.18 | ||||||||||||||||||||
3 |
10,547.18 | 527.36 | 11,074.54 | 76.41 | 10,998.13 | ||||||||||||||||||||
4 |
10,998.13 | 549.91 | 11,548.04 | 79.68 | 11,468.36 | ||||||||||||||||||||
5 |
11,468.36 | 573.42 | 12,041.78 | 83.09 | 11,958.69 | ||||||||||||||||||||
6 |
11,958.69 | 597.93 | 12,556.62 | 86.64 | 12,469.98 | ||||||||||||||||||||
7 |
12,469.98 | 623.50 | 13,093.48 | 90.35 | 13,003.13 | ||||||||||||||||||||
8 |
13,003.13 | 650.16 | 13,653.29 | 94.21 | 13,559.08 | ||||||||||||||||||||
9 |
13,559.08 | 677.95 | 14,237.03 | 98.24 | 14,138.79 | ||||||||||||||||||||
10 |
14,138.79 | 706.94 | 14,845.73 | 102.44 | 14,743.29 | ||||||||||||||||||||
Total |
$ | 5,897.91 | $ | 1,154.62 |
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 | 692.48 | 9,767.89 | ||||||||||||||||||||
3 |
9,767.89 | 488.39 | 10,256.28 | 678.97 | 9,577.31 | ||||||||||||||||||||
4 |
9,577.31 | 478.87 | 10,056.18 | 665.72 | 9,390.46 | ||||||||||||||||||||
5 |
9,390.46 | 469.52 | 9,859.98 | 652.73 | 9,207.25 | ||||||||||||||||||||
6 |
9,207.25 | 460.36 | 9,667.61 | 640.00 | 9,027.61 | ||||||||||||||||||||
7 |
9,027.61 | 451.38 | 9,478.99 | 627.51 | 8,851.48 | ||||||||||||||||||||
8 |
8,851.48 | 442.57 | 9,294.05 | 615.27 | 8,678.78 | ||||||||||||||||||||
9 |
8,678.78 | 433.94 | 9,112.72 | 603.26 | 8,509.46 | ||||||||||||||||||||
10 |
8,509.46 | 425.47 | 8,934.93 | 591.49 | 8,343.44 | ||||||||||||||||||||
Total |
$ | 4,627.36 | $ | 6,283.92 |
Year | Hypothetical Investment |
Hypothetical
Performance Earnings |
Investment
After Returns |
Hypothetical
Expenses |
Hypothetical
Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 500.00 | $ | 10,500.00 | $ | 76.65 | $ | 10,423.35 | |||||||||||||||
2 |
10,423.35 | 521.17 | 10,944.52 | 79.89 | 10,864.63 | ||||||||||||||||||||
3 |
10,864.63 | 543.23 | 11,407.86 | 83.28 | 11,324.58 | ||||||||||||||||||||
4 |
11,324.58 | 566.23 | 11,890.81 | 86.80 | 11,804.01 | ||||||||||||||||||||
5 |
11,804.01 | 590.20 | 12,394.21 | 90.48 | 12,303.73 | ||||||||||||||||||||
6 |
12,303.73 | 615.19 | 12,918.92 | 94.31 | 12,824.61 | ||||||||||||||||||||
7 |
12,824.61 | 641.23 | 13,465.84 | 98.30 | 13,367.54 | ||||||||||||||||||||
8 |
13,367.54 | 668.38 | 14,035.92 | 102.46 | 13,933.46 | ||||||||||||||||||||
9 |
13,933.46 | 696.67 | 14,630.13 | 106.80 | 14,523.33 | ||||||||||||||||||||
10 |
14,523.33 | 726.17 | 15,249.50 | 111.32 | 15,138.18 | ||||||||||||||||||||
Total |
$ | 6,068.47 | $ | 930.29 |
Year | Hypothetical Investment |
Hypothetical
Performance Earnings |
Investment
After Returns |
Hypothetical
Expenses |
Hypothetical
Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 500.00 | $ | 10,500.00 | $ | 114.45 | $ | 10,385.55 | |||||||||||||||
2 |
10,385.55 | 519.28 | 10,904.83 | 118.86 | 10,785.97 | ||||||||||||||||||||
3 |
10,785.97 | 539.30 | 11,325.27 | 123.45 | 11,201.82 | ||||||||||||||||||||
4 |
11,201.82 | 560.09 | 11,761.91 | 128.20 | 11,633.71 | ||||||||||||||||||||
5 |
11,633.71 | 581.69 | 12,215.40 | 133.15 | 12,082.25 | ||||||||||||||||||||
6 |
12,082.25 | 604.11 | 12,686.36 | 138.28 | 12,548.08 | ||||||||||||||||||||
7 |
12,548.08 | 627.40 | 13,175.48 | 143.61 | 13,031.87 | ||||||||||||||||||||
8 |
13,031.87 | 651.59 | 13,683.46 | 149.15 | 13,534.31 | ||||||||||||||||||||
9 |
13,534.31 | 676.72 | 14,211.03 | 154.90 | 14,056.13 | ||||||||||||||||||||
10 |
14,056.13 | 702.81 | 14,758.94 | 160.87 | 14,598.073 | ||||||||||||||||||||
Total |
$ | 5,962.99 | $ | 1,364.92 |
Year | Hypothetical Investment |
Hypothetical
Performance Earnings |
Investment
After Returns |
Hypothetical
Expenses |
Hypothetical
Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 500.00 | $ | 10,500.00 | $ | 92.40 | $ | 10,407.60 | |||||||||||||||
2 |
10,407.60 | 520.38 | 10,927.98 | 96.17 | 10,831.81 | ||||||||||||||||||||
3 |
10,831.81 | 541.59 | 11,373.40 | 100.09 | 11,273.31 | ||||||||||||||||||||
4 |
11,273.31 | 563.67 | 11,836.98 | 104.17 | 11,732.81 | ||||||||||||||||||||
5 |
11,732.81 | 586.64 | 12,319.45 | 108.41 | 12,211.04 | ||||||||||||||||||||
6 |
12,211.04 | 610.55 | 12,821.59 | 112.83 | 12,708.76 | ||||||||||||||||||||
7 |
12,708.76 | 635.44 | 13,344.20 | 117.43 | 13,226.77 | ||||||||||||||||||||
8 |
13,226.77 | 661.34 | 13,888.11 | 122.22 | 13,765.89 | ||||||||||||||||||||
9 |
13,765.89 | 688.29 | 14,454.18 | 127.20 | 14,326.98 | ||||||||||||||||||||
10 |
14,326.98 | 716.35 | 15,043.33 | 132.38 | 14,910.95 | ||||||||||||||||||||
Total |
$ | 6,024.25 | $ | 1,113.30 |
• |
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 this
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 SCB
Fund’s and the Bernstein 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 this prospectus |
• |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated holding of fund
family assets held by accounts (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
Portfolio’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 Portfolio’s
prospectus |
• |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in this prospectus |
• |
Rights
of accumulation (“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 Raymond
James. Eligible fund family assets not held at Raymond James 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 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
Portfolio’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 Portfolio’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 Portfolio’s Class C shares will have their shares
converted at net asset value to Class A shares (or the appropriate
share class) of the Portfolio 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 SCB Fund and the Bernstein Fund, and employees of the
SCB Fund’s and the Bernstein 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
Portfolio’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 |
• |
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 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 other accounts 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: the proceeds are from the sale
of shares within 60 days of the purchase, the sale and purchase are made
from a share class that charges a front load and one of the
following: |
• |
The
redemption and repurchase occur in the same
account. |
• |
The
redemption proceeds are used to process an: IRA contribution, excess
contributions, conversion, recharacterizing of contributions, or
distribution, and the repurchase is done in an account within the same
Edward Jones grouping for ROA. |
• |
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
redeemed 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
redeemed to pay Edward Jones fees or costs in such cases where the
transaction is initiated by Edward Jones. |
• |
Shares
exchanged in an Edward 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
purchase 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 |
• |
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 Portfolio’s Class C shares will have their shares
converted at net asset value to Class A shares of the Portfolio 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
Portfolio’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 Portfolio 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 |
• |
Shares
exchanged from Class C (i.e.,
level-load) shares that are no longer subject to a CDSC and are exchanged
into Class A shares of the same fund pursuant to J.P. Morgan
Securities LLC’s share class exchange policy |
• |
Qualified
employer-sponsored defined contribution and defined benefit retirement
plans, nonqualified deferred compensation plans, other employee benefit
plans and trusts used to fund those plans. For purposes of this provision,
such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3)
accounts |
• |
Shares
of funds purchased through J.P. Morgan Securities LLC Self-Directed
Investing accounts |
• |
Shares
purchased through rights of reinstatement |
• |
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 J.P. Morgan
Securities LLC or its affiliates and their spouse or financial dependent
as defined by J.P. Morgan Securities LLC |
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
by J.P. Morgan Securities LLC to Class A shares (or the appropriate
share class) of the same Fund if the shares are no longer subject to a
CDSC and the conversion is consistent with J.P. Morgan Securities LLC’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 retirement
accounts pursuant to the Internal Revenue Code |
• |
Shares
acquired through a right of reinstatement |
• |
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
within the purchaser’s household at J.P. Morgan Securities LLC. Eligible
fund family assets not held at J.P. Morgan Securities LLC (including 529
program holdings, where applicable) may be included in the ROA calculation
only if the shareholder notifies their financial advisor about such
assets |
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, through J.P. Morgan Securities LLC, over a
13-month period of time (if applicable) |
• |
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 |
• |
Reports
and other information about the Portfolios are available on the EDGAR
Database on the SEC’s Internet site at http://www.sec.gov. |
• |
Copies
of the information may be obtained, after paying a duplicating fee, by
electronic request at [email protected]. |
Fund | SEC File No. | ||||
Sanford C. Bernstein Fund, Inc. |
811-05555 | ||||
Bernstein
Fund, Inc. |
811-23100 |