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Document/Exhibit Description Pages Size 1: 497 Definitive Material HTML 5.29M 7: R1 Document and Entity Information HTML 25K 8: R2 Risk/Return Detail Data- AB Small Cap Growth HTML 254K Portfolio 9: R3 Risk/Return Detail Data- AB SUSTAINABLE HTML 264K INTERNATIONAL THEMATIC FUND, INC. 11: XML IDEA XML File -- Filing Summary XML 25K 10: XML XBRL Instance -- abcfi-20221101_htm XML 308K 3: EX-101.CAL XBRL Calculations -- abcfi-20221101_cal XML 19K 4: EX-101.DEF XBRL Definitions -- abcfi-20221101_def XML 451K 5: EX-101.LAB XBRL Labels -- abcfi-20221101_lab XML 451K 6: EX-101.PRE XBRL Presentations -- abcfi-20221101_pre XML 420K 2: EX-101.SCH XBRL Schema -- abcfi-20221101 XSD 29K 12: JSON XBRL Instance as JSON Data -- MetaLinks 104± 237K 13: ZIP XBRL Zipped Folder -- 0000919574-22-006179-xbrl Zip 809K
AB Growth Funds |
(Shares Offered—Exchange Ticker Symbol) | ||||
AB Growth Fund
(Class A–AGRFX; Class C–AGRCX; Class R–AGFRX; Class K–AGFKX; Class I–AGFIX; Advisor Class–AGRYX)
|
AB Sustainable Global Thematic Fund
(Class A–ALTFX; Class C–ATECX; Class R–ATERX; Class K–ATEKX; Class I–AGTIX; Advisor Class–ATEYX; Class Z–ATEZX)
|
|||
AB Large Cap Growth Fund
(Class A–APGAX; Class C–APGCX; Class R–ABPRX; Class K–ALCKX; Class I–ALLIX; Advisor Class–APGYX; Class Z–APGZX)
|
AB Sustainable International Thematic Fund
(Class A–AWPAX; Class C–AWPCX; Class R–AWPRX; Class K–AWPKX; Class I–AWPIX; Advisor Class–AWPYX; Class Z–AWPZX)
|
|||
AB Concentrated Growth Fund
(Class A–WPASX; Class C–WPCSX; Class R–WPRSX; Class K–WPSKX; Class I–WPSIX; Advisor Class–WPSGX; Class Z–WPSZX)
|
AB Global Core Equity Portfolio
(Class A–GCEAX; Class C–GCECX; Advisor Class–GCEYX)
|
|||
AB Discovery Growth Fund
(Class A–CHCLX; Class C–CHCCX; Class R–CHCRX; Class K–CHCKX; Class I–CHCIX; Advisor Class–CHCYX; Class Z–CHCZX)
|
AB International Strategic Core Portfolio
(Class A–ISARX; Class C–ISCRX; Advisor Class–ISRYX; Class Z–ISZRX)
|
|||
AB Small Cap Growth Portfolio
(Class A–QUASX; Class C–QUACX; Class R–QUARX; Class K–QUAKX; Class I–QUAIX; Advisor Class–QUAYX; Class Z–QUAZX)
|
AB Concentrated International Growth Portfolio
(Class A–CIAGX; Class C–CICGX; Advisor Class–CIGYX)
|
|||
AB Select US Equity Portfolio
(Class A–AUUAX; Class C–AUUCX; Advisor Class–AUUYX; Class R–AUURX; Class K–AUUKX; Class I–AUUIX)
|
AB Sustainable US Thematic Portfolio
(Class A–SUTAX; Class C–SUTCX; Advisor Class–FFTYX; Class Z–SUTZX)
|
|||
AB Select US Long/Short Portfolio
(Class A–ASLAX; Class C–ASCLX; Advisor Class–ASYLX; Class R–ASRLX; Class K–ASLKX; Class I–ASILX)
|
Ø Are Not FDIC Insured
Ø May Lose Value
Ø Are Not Bank Guaranteed
|
Page | ||||
SUMMARY INFORMATION | 4 | |||
4 | ||||
7 | ||||
11 | ||||
14 | ||||
18 | ||||
22 | ||||
26 | ||||
30 | ||||
34 | ||||
38 | ||||
42 | ||||
46 | ||||
50 | ||||
ADDITIONAL INFORMATION ABOUT THE FUNDS’ STRATEGIES, RISKS AND INVESTMENTS | 55 | |||
INVESTING IN THE FUNDS | 68 | |||
68 | ||||
70 | ||||
71 | ||||
72 | ||||
72 | ||||
73 | ||||
74 | ||||
74 | ||||
75 | ||||
77 | ||||
MANAGEMENT OF THE FUNDS | 78 | |||
DIVIDENDS, DISTRIBUTIONS AND TAXES | 82 | |||
GENERAL INFORMATION | 84 | |||
GLOSSARY OF INVESTMENT TERMS | 85 | |||
FINANCIAL HIGHLIGHTS | 86 | |||
APPENDIX A—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION | A-1 | |||
APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS | B-1 |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K and I Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
Management Fees
|
.75% | .75% | .75% | .75% | .75% | .75% | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | .50% | .25% | None | ||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||
Transfer Agent
|
.09% | .09% | .09% | .26% | .20% | .02% | ||||||||||||||||||
Other Expenses
|
.03% | .03% | .03% | .03% | .03% | .03% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Other Expenses
|
.12% | .12% | .12% | .29% | .23% | .05% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Annual Fund Operating Expenses
|
1.12% | 1.87% | .87% | 1.54% | 1.23% | .80% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
After 1 Year
|
$ | 534 | $ | 290 | * | $ | 89 | $ | 157 | $ | 125 | $ | 82 | |||||||||||
After 3 Years
|
$ | 766 | $ | 588 | $ | 278 | $ | 486 | $ | 390 | $ | 255 | ||||||||||||
After 5 Years
|
$ | 1,016 | $ | 1,011 | $ | 482 | $ | 839 | $ | 676 | $ | 444 | ||||||||||||
After 10 Years
|
$ | 1,730 | $ | 1,995 | $ | 1,073 | $ | 1,834 | $ | 1,489 | $ | 990 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.
|
• |
Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 15.92% | 23.45% | 18.38% | ||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions | 13.43% | 20.87% | 16.73% | |||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 11.16% | 18.56% | 15.19% | |||||||||||||
Class C | Return Before Taxes | 19.24% | 23.60% | 18.00% | ||||||||||||
Advisor Class | Return Before Taxes | 21.35% | 24.84% | 19.21% | ||||||||||||
Class R | Return Before Taxes | 20.55% | 24.06% | 18.52% | ||||||||||||
Class K | Return Before Taxes | 20.94% | 24.44% | 18.90% | ||||||||||||
Class I | Return Before Taxes | 21.45% | 24.97% | 19.34% | ||||||||||||
Russell 3000® Growth Index (reflects no deduction for fees, expenses, or taxes) |
25.85% | 24.56% | 19.39% |
* | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Bruce K. Aronow* | Since 2013 | Senior Vice President of the Adviser | ||
Frank V. Caruso | Since 2008 | Senior Vice President of the Adviser | ||
John H. Fogarty | Since 2013 | Senior Vice President of the Adviser |
* |
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
|
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management Fees
|
.48% | .48% | .48% | .48% | .48% | .48% | .48% | |||||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||||||
Transfer Agent
|
.08% | .08% | .08% | .26% | .20% | .12% | .02% | |||||||||||||||||||||
Other Expenses
|
.01% | .01% | .01% | .01% | .01% | .01% | .01% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Other Expenses
|
.09% | .09% | .09% | .27% | .21% | .13% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Acquired Fund Fees and Expenses
|
.01% | .01% | .01% | .01% | .01% | .01% | .01% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses
|
.83% | 1.58% | .58% | 1.26% | .95% | .62% | .52% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee Waiver and/or Expense Reimbursement(c)
|
(.00)% | (d) | (.00)% | (d) | (.00)% | (d) | (.00)% | (d) | (.00)% | (d) | (.01)% | (.00)% | (d) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
.83% | 1.58% | .58% | 1.26% | .95% | .61% | .52% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. The agreement may only be terminated or changed with the consent of the Fund’s Board of Directors. |
(d) | Amount is less than .005%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After 1 Year
|
$ | 506 | $ | 261 | * | $ | 59 | $ | 128 | $ | 97 | $ | 63 | $ | 53 | |||||||||||||
After 3 Years
|
$ | 679 | $ | 499 | $ | 186 | $ | 400 | $ | 303 | $ | 196 | $ | 167 | ||||||||||||||
After 5 Years
|
$ | 866 | $ | 860 | $ | 324 | $ | 692 | $ | 525 | $ | 344 | $ | 291 | ||||||||||||||
After 10 Years
|
$ | 1,407 | $ | 1,677 | $ | 726 | $ | 1,523 | $ | 1,166 | $ | 772 | $ | 653 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.
|
• |
Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 23.11% | 24.20% | 19.94% | ||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions | 20.75% | 22.59% | 18.34% | |||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 15.16% | 19.49% | 16.50% | |||||||||||||
Class C | Return Before Taxes | 26.60% | 24.35% | 19.56% | ||||||||||||
Advisor Class | Return Before Taxes | 28.89% | 25.60% | 20.77% | ||||||||||||
Class R | Return Before Taxes | 28.04% | 24.79% | 20.04% | ||||||||||||
Class K | Return Before Taxes | 28.42% | 25.17% | 20.40% | ||||||||||||
Class I | Return Before Taxes | 28.84% | 25.59% | 20.82% | ||||||||||||
Class Z** | Return Before Taxes | 28.99% | 25.70% | 20.84% | ||||||||||||
Russell 1000® Growth Index
(reflects no deduction for fees, expenses, or taxes)
|
27.60% | 25.32% | 19.79% |
* | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
** | Inception date for Class Z shares: 7/1/15. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of Class Z shares. |
Employee | Length of Service | Title | ||
Frank V. Caruso | Since 2012 | Senior Vice President of the Adviser | ||
John H. Fogarty | Since 2012 | Senior Vice President of the Adviser | ||
Vinay Thapar | Since 2018 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class
R, K, I and Z
Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management Fees
|
.65% | .65% | .65% | .65% | .65% | .65% | .65% | |||||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||||||
Transfer Agent
|
.05% | .05% | .05% | .23% | .07% | .12% | .03% | |||||||||||||||||||||
Other Expenses
|
.05% | .05% | .05% | .05% | .04% | .04% | .04% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Other Expenses
|
.10% | .10% | .10% | .28% | .11% | .16% | .07% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses
|
1.00% | 1.75% | .75% | 1.43% | 1.01% | .81% | .72% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After 1 Year
|
$ | 523 | $ | 278 | * | $ | 77 | $ | 146 | $ | 103 | $ | 83 | $ | 74 | |||||||||||||
After 3 Years
|
$ | 730 | $ | 551 | $ | 240 | $ | 452 | $ | 322 | $ | 259 | $ | 230 | ||||||||||||||
After 5 Years
|
$ | 954 | $ | 949 | $ | 417 | $ | 782 | $ | 558 | $ | 450 | $ | 401 | ||||||||||||||
After 10 Years
|
$ | 1,598 | $ | 1,864 | $ | 930 | $ | 1,713 | $ | 1,236 | $ | 1,002 | $ | 894 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the equity markets fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.
|
• |
Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
Capitalization Risk: Investments in mid-capitalization companies may be more volatile and less liquid than investments in large-capitalization companies.
|
• |
Non-diversification Risk: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s NAV.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A*,** | Return Before Taxes | 25.57% | 21.32% | 17.36% | ||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions | 22.63% | 19.74% | 16.35% | |||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 17.16% | 17.11% | 14.55% | |||||||||||||
Class C* | Return Before Taxes | 29.17% | 21.46% | 16.99% | ||||||||||||
Advisor Class | Return Before Taxes | 31.47% | 22.68% | 18.16% | ||||||||||||
Class R* | Return Before Taxes | 30.62% | 22.01% | 17.55% | ||||||||||||
Class K* | Return Before Taxes | 31.11% | 22.34% | 17.86% | ||||||||||||
Class I* | Return Before Taxes | 31.38% | 22.67% | 18.17% | ||||||||||||
Class Z* | Return Before Taxes | 31.51% | 22.71% | 18.18% | ||||||||||||
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
|
28.71% | 18.47% | 16.55% |
* | Inception date for Class A, Class C, Class R, Class K, Class I and Class Z shares: 2/28/14. Performance information for periods prior to the inception of Class A, Class C, Class R, Class K, Class I and Class Z shares is the performance of the Fund’s Advisor Class shares adjusted to reflect the respective expenses of the Class A, Class C, Class R, Class K, Class I and Class Z shares. |
** | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
James Tierney | Since 2013 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management Fees
|
.59% | .59% | .59% | .59% | .59% | .59% | .59% | |||||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
.23% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||||||
Transfer Agent
|
.07% | .07% | .07% | .25% | .20% | .10% | .02% | |||||||||||||||||||||
Other Expenses(c)
|
.02% | .02% | .02% | .02% | .03% | .02% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Other Expenses
|
.09% | .09% | .09% | .27% | .23% | .12% | .05% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses
|
.91% | 1.68% | .68% | 1.36% | 1.07% | .71% | .64% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee Waiver and/or Expense Reimbursement(d)
|
(.00)% | (e) | (.00)% | (e) | (.00)% | (e) | (.00)% | (e) | (.01)% | (.00)% | (e) | (.00)% | (e) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
.91% | 1.68% | .68% | 1.36% | 1.06% | .71% | .64% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | “Other Expenses” includes acquired fund fees and expenses totaling less than .01%. |
(d) | In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. The agreement may only be terminated or changed with the consent of the Fund’s Board of Directors. |
(e) | Amount is less than .005%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After 1 Year
|
$ | 514 | $ | 271 | * | $ | 69 | $ | 138 | $ | 108 | $ | 73 | $ | 65 | |||||||||||||
After 3 Years
|
$ | 703 | $ | 530 | $ | 218 | $ | 431 | $ | 339 | $ | 227 | $ | 205 | ||||||||||||||
After 5 Years
|
$ | 907 | $ | 913 | $ | 379 | $ | 745 | $ | 589 | $ | 395 | $ | 357 | ||||||||||||||
After 10 Years
|
$ | 1,497 | $ | 1,782 | $ | 847 | $ | 1,635 | $ | 1,305 | $ | 883 | $ | 798 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 6.12% | 21.72% | 16.30% | ||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions | 2.06% | 18.24% | 14.12% | |||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 6.02% | 16.90% | 13.15% | |||||||||||||
Class C | Return Before Taxes | 9.26% | 21.87% | 15.91% | ||||||||||||
Advisor Class | Return Before Taxes | 11.10% | 23.06% | 17.08% | ||||||||||||
Class R | Return Before Taxes | 10.41% | 22.27% | 16.34% | ||||||||||||
Class K | Return Before Taxes | 10.75% | 22.62% | 16.68% | ||||||||||||
Class I | Return Before Taxes | 11.07% | 23.04% | 17.09% | ||||||||||||
Class Z** | Return Before Taxes | 11.15% | 23.14% | 17.15% | ||||||||||||
Russell 2500® Growth Index
(reflects no deduction for fees, expenses, or taxes)
|
5.04% | 17.65% | 15.75% |
* | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
** | Inception date for Class Z: 5/30/14. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares. |
Employee | Length of Service | Title | ||
Bruce K. Aronow* | Since 2008 | Senior Vice President of the Adviser | ||
Esteban Gomez | Since 2019 | Senior Vice President of the Adviser | ||
Samantha S. Lau | Since 2008 | Senior Vice President of the Adviser | ||
Heather Pavlak | Since 2019 | Vice President of the Adviser | ||
Wen-Tse Tseng | Since 2008 | Senior Vice President of the Adviser |
* |
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
|
Class A Shares |
Class C
Shares
|
Advisor Class Shares |
Class
R, K, I and Z Shares
|
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
i 4.25% | i None | i None | i i i i None / / / | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
i None(a) | i 1.00%(b) | i None | i i i i None / / / | ||||
Exchange Fee
|
i None | i None | i None | i i i i None / / / |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management Fees
|
i .70% | i .70% | i .70% | i .70% | i .70% | i .70% | i .70% | |||||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
i .25% | i 1.00% | i None | i .50% | i .25% | i None | i None | |||||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||||||
Transfer Agent
|
i .14% | i .14% | i .14% | i .24% | i .05% | i .12% | i .03% | |||||||||||||||||||||
Other Expenses
|
i .02% | i .02% | i .03% | i .02% | i .03% | i .02% | i .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Other Expenses
|
i .16% | i .16% | i .17% | i .26% | i .08% | i .14% | i .06% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses
|
i 1.11% | i 1.86% | i .87% | i 1.46% | i 1.03% | i .84% | i .76% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) | i Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After 1 Year
|
$ | i 533 | $ | i 289 | * | $ | i 89 | $ | i 149 | $ | i 105 | $ | i 86 | $ | i 78 | |||||||||||||
After 3 Years
|
$ | i 763 | $ | i 585 | $ | i 278 | $ | i 462 | $ | i 328 | $ | i 268 | $ | i 243 | ||||||||||||||
After 5 Years
|
$ | i 1,011 | $ | i 1,006 | $ | i 482 | $ | i 797 | $ | i 569 | $ | i 466 | $ | i 422 | ||||||||||||||
After 10 Years
|
$ | i 1,719 | $ | i 1,984 | $ | i 1,073 | $ | i 1,746 | $ | i 1,259 | $ | i 1,037 | $ | i 942 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
i how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | i 4.69% | i 23.83% | i 17.51% | ||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions | i 2.31% | i 20.64% | i 15.14% | |||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | i 3.94% | i 18.56% | i 13.97% | |||||||||||||
Class C | Return Before Taxes | i 7.61% | i 23.98% | i 17.13% | ||||||||||||
Advisor Class | Return Before Taxes | i 9.60% | i 25.22% | i 18.32% | ||||||||||||
Class R | Return Before Taxes | i 8.92% | i 24.43% | i 17.62% | ||||||||||||
Class K | Return Before Taxes | i 9.41% | i 24.96% | i 18.07% | ||||||||||||
Class I | Return Before Taxes | i 9.60% | i 25.22% | i 18.37% | ||||||||||||
Class Z** | Return Before Taxes | i 9.72% | i 25.33% | i 18.39% | ||||||||||||
Russell 2000® Growth Index
(reflects no deduction for fees, expenses, or taxes)
|
i 2.83% | i 14.53% | i 14.14% |
* | i i After-tax returns: / |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; i actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
** | Inception date for Class Z shares: i 7/1/15. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares. |
Employee | Length of Service | Title | ||
Bruce K. Aronow* | Since 2000 | Senior Vice President of the Adviser | ||
Esteban Gomez | Since 2019 | Senior Vice President of the Adviser | ||
Samantha S. Lau | Since 2004 | Senior Vice President of the Adviser | ||
Heather Pavlak | Since 2019 | Vice President of the Adviser | ||
Wen-Tse Tseng | Since 2006 | Senior Vice President of the Adviser |
* |
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
|
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K and I Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
Management Fees
|
1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | .50% | .25% | None | ||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||
Transfer Agent
|
.02% | .02% | .02% | .23% | .20% | .02% | ||||||||||||||||||
Other Expenses(c)
|
.20% | .20% | .20% | .24% | .20% | .20% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Other Expenses
|
.22% | .22% | .22% | .47% | .40% | .22% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Annual Fund Operating Expenses
|
1.47% | 2.22% | 1.22% | 1.97% | 1.65% | 1.22% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fee Waiver and/or Expense Reimbursement(d)
|
(.00)% | (e) | (.00)% | (e) | (.00)% | (e) | (.11)% | (.10)% | (.01)% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
1.47% | 2.22% | 1.22% | 1.86% | 1.55% | 1.21% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | “Other Expenses” includes acquired fund fees and expenses totaling less than .01%. |
(d) | The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund until October 31, 2023 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.55%, 2.30%, 1.30%, 1.80%, 1.55% and 1.30% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class R, Class K and Class I shares. In addition, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to
the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. Each of the agreements will remain in effect until October 31, 2023 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one-year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period. |
(e) | Amount is less than .005%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
After 1 Year
|
$ | 568 | $ | 325 | * | $ | 124 | $ | 189 | $ | 158 | $ | 123 | |||||||||||
After 3 Years
|
$ | 870 | $ | 694 | $ | 387 | $ | 608 | $ | 511 | $ | 386 | ||||||||||||
After 5 Years
|
$ | 1,194 | $ | 1,190 | $ | 670 | $ | 1,052 | $ | 888 | $ | 669 | ||||||||||||
After 10 Years
|
$ | 2,108 | $ | 2,365 | $ | 1,477 | $ | 2,287 | $ | 1,946 | $ | 1,476 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock, bond or currency markets fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in these companies may have additional risks because these companies may have limited product lines, markets or financial resources.
|
• |
Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.
|
• |
IPO Risk: Securities purchased in an IPO may be subject to substantial price volatility due to one or more factors such as unseasoned trading in the securities, the lack of investor knowledge of the issuer, the lack of an operating history of the issuer, and the dependence of the issuer on key personnel, suppliers or a limited number of customers.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 24.28% | 16.46% | 15.04% | ||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions | 17.02% | 12.86% | 12.35% | |||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 16.81% | 11.92% | 11.42% | |||||||||||||
Class C | Return Before Taxes | 27.81% | 16.60% | 14.68% | ||||||||||||
Advisor Class | Return Before Taxes | 30.09% | 17.76% | 15.83% | ||||||||||||
Class R | Return Before Taxes | 29.41% | 17.14% | 15.22% | ||||||||||||
Class K | Return Before Taxes | 29.73% | 17.41% | 15.47% | ||||||||||||
Class I | Return Before Taxes | 30.13% | 17.79% | 15.84% | ||||||||||||
S&P 500® Index (reflects no deduction for fees, expenses or taxes) |
28.71% | 18.47% | 16.55% |
* | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Kurt A. Feuerman | Since 2011 | Senior Vice President of the Adviser | ||
Anthony Nappo | Since 2015 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K and I Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
Management Fees
|
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | .50% | .25% | None | ||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||
Transfer Agent
|
.06% | .06% | .06% | .14% | .05% | .03% | ||||||||||||||||||
Dividend Expense, Borrowing Costs and Brokerage Expense on Securities Sold Short
|
.01% | .01% | .01% | .01% | .00% | .01% | ||||||||||||||||||
Other Expenses
|
.04% | .04% | .04% | .04% | .03% | .03% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Other Expenses
|
.11% | .11% | .11% | .19% | .08% | .07% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Acquired Fund Fees and Expenses
|
.03% | .03% | .03% | .03% | .03% | .03% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Annual Fund Operating Expenses
|
1.89% | 2.64% | 1.64% | 2.22% | 1.86% | 1.60% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fee Waiver and/or Expense Reimbursement(c)
|
(.03)% | (.03)% | (.03)% | (.06)% | (.03)% | (.02)% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
1.86% | 2.61% | 1.61% | 2.16% | 1.83% | 1.58% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund until October 31, 2023 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.90%, 2.65%, 1.65%, 2.15%, 1.90% and 1.65% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class R, Class K and Class I shares. In addition, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to
the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. Each of the agreements will remain in effect until October 31, 2023 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one-year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | |||||||||||||||||||
After 1 Year
|
$ | 606 | $ | 364 | * | $ | 164 | $ | 219 | $ | 186 | $ | 161 | |||||||||||
After 3 Years
|
$ | 991 | $ | 818 | $ | 514 | $ | 688 | $ | 582 | $ | 503 | ||||||||||||
After 5 Years
|
$ | 1,400 | $ | 1,397 | $ | 889 | $ | 1,184 | $ | 1,003 | $ | 869 | ||||||||||||
After 10 Years
|
$ | 2,540 | $ | 2,790 | $ | 1,941 | $ | 2,550 | $ | 2,177 | $ | 1,898 | ||||||||||||
* | If you did not redeem your shares at the end of the period, your expenses would decrease by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock, bond or currency markets fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.
|
• |
Short Sale Risk: Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security. The amount of such loss is theoretically unlimited, as it will be based on the increase in value of the security sold short. In contrast, the risk of loss from a long position is limited to the Fund’s investment in the security, because the price of the security cannot fall below zero. The Fund may not always be able to close out a short position on favorable terms.
|
• |
Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Leverage Risk: To the extent the Fund uses leveraging techniques, the value of its shares may be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments.
|
• |
Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in these companies may have additional risks because these companies may have limited product lines, markets or financial resources.
|
• |
Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.
|
• |
IPO Risk: Securities purchased in an IPO may be subject to substantial price volatility due to one or more factors such as unseasoned trading in the securities, the lack of investor knowledge of the issuer, the lack of an operating history of the issuer, and the dependence of the issuer on key personnel, suppliers or a limited number of customers.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over the life of the Fund; and
|
• |
how the Fund’s average annual returns for one year, five years and since inception compare to those of a broad-based securities market index.
|
1 Year | 5 Years | Since Inception* |
||||||||||||||
Class A** | Return Before Taxes | 12.39% | 9.72% | 8.26% | ||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions | 8.11% | 7.24% | 6.48% | |||||||||||||
|
||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 8.09% | 6.64% | 5.84% | |||||||||||||
Class C | Return Before Taxes | 15.46% | 9.84% | 7.97% | ||||||||||||
Advisor Class | Return Before Taxes | 17.55% | 10.94% | 9.05% | ||||||||||||
Class R | Return Before Taxes | 16.97% | 10.37% | 8.50% | ||||||||||||
Class K | Return Before Taxes | 17.45% | 10.67% | 8.79% | ||||||||||||
Class I | Return Before Taxes | 17.65% | 10.98% | 9.09% | ||||||||||||
S&P 500® Index
(reflects no deduction for fees, expenses or taxes)
|
28.71% | 18.47% | 16.49% |
* | Inception date for all Classes: 12/12/12. |
** | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Kurt A. Feuerman | Since 2012 | Senior Vice President of the Adviser | ||
Anthony Nappo | Since 2015 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management Fees
|
.65% | .65% | .65% | .65% | .65% | .65% | .65% | |||||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||||||
Transfer Agent
|
.09% | .09% | .09% | .26% | .20% | .07% | .03% | |||||||||||||||||||||
Other Expenses
|
.03% | .03% | .03% | .03% | .03% | .03% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Other Expenses
|
.12% | .12% | .12% | .29% | .23% | .10% | .06% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses
|
1.02% | 1.77% | .77% | 1.44% | 1.13% | .75% | .71% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After 1 Year
|
$ | 525 | $ | 280 | * | $ | 79 | $ | 147 | $ | 115 | $ | 77 | $ | 73 | |||||||||||||
After 3 Years
|
$ | 736 | $ | 557 | $ | 246 | $ | 456 | $ | 359 | $ | 240 | $ | 227 | ||||||||||||||
After 5 Years
|
$ | 964 | $ | 959 | $ | 428 | $ | 787 | $ | 622 | $ | 417 | $ | 395 | ||||||||||||||
After 10 Years
|
$ | 1,620 | $ | 1,886 | $ | 954 | $ | 1,724 | $ | 1,375 | $ | 930 | $ | 883 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or industrials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG factors and “sustainability”criteria are not uniformly defined, and may differ from those used by other funds. In addition, in evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Emerging Market Risk: Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory, or other uncertainties.
|
• |
Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.
|
• |
Capitalization Risk: Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.
|
• |
Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||
Class A* | Return Before Taxes | 17.11% | 21.17% | 14.81% | ||||||||||
|
||||||||||||||
Return After Taxes on Distributions | 14.56% | 19.58% | 13.88% | |||||||||||
|
||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 11.92% | 16.98% | 12.25% | |||||||||||
Class C | Return Before Taxes | 20.38% | 21.31% | 14.45% | ||||||||||
Advisor Class | Return Before Taxes | 22.59% | 22.53% | 15.61% | ||||||||||
Class R | Return Before Taxes | 21.79% | 21.81% | 15.04% | ||||||||||
Class K | Return Before Taxes | 22.17% | 22.18% | 15.39% | ||||||||||
Class I | Return Before Taxes | 22.61% | 22.62% | 15.81% | ||||||||||
Class Z** | Return Before Taxes | 22.74% | 22.63% | 15.70% | ||||||||||
MSCI ACWI Index (Net) (reflects no deduction for fees, expenses, or taxes except the reinvestment of dividends of non-U.S. withholding taxes) |
18.54% | 14.40% | 11.85% |
* | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
** | Inception date for Class Z shares: 7/26/21. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares. |
Employee | Length of Service | Title | ||
Daniel C. Roarty | Since 2013 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
i 4.25% | i None | i None | i i i i None / / / | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
i None(a) | i 1.00%(b) | i None | i i i i None / / / | ||||
Exchange Fee
|
i None | i None | i None | i i i i None / / / |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management Fees
|
i .65% | i .65% | i .65% | i .65% | i .65% | i .65% | i .65% | |||||||||||||||||||||
Distribution and/or Service (12b-1) Fees
|
i .25% | i 1.00% | i None | i .50% | i .25% | i None | i None | |||||||||||||||||||||
Other Expenses:
|
||||||||||||||||||||||||||||
Transfer Agent
|
i .05% | i .06% | i .06% | i .26% | i .20% | i .11% | i .02% | |||||||||||||||||||||
Other Expenses
|
i .08% | i .08% | i .08% | i .08% | i .08% | i .08% | i .08% | (c) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Other Expenses
|
i .13% | i .14% | i .14% | i .34% | i .28% | i .19% | i .10% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Annual Fund Operating Expenses
|
i 1.03% | i 1.79% | i .79% | i 1.49% | i 1.18% | i .84% | i .75% | (c) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) | i Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | i “Other Expenses” have been restated to reflect estimated current fiscal year expenses for Class Z shares, which are different than the expenses incurred in the initial year of operations for Class Z shares. Consequently, “Total Annual Fund Operating Expenses” for Class Z shares differ from the ratio of expenses to average net assets shown for Class Z shares in the Financial Highlights. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After 1 Year
|
$ | i 526 | $ | i 282 | * | $ | i 81 | $ | i 152 | $ | i 120 | $ | i 86 | $ | i 77 | |||||||||||||
After 3 Years
|
$ | i 739 | $ | i 563 | $ | i 252 | $ | i 471 | $ | i 375 | $ | i 268 | $ | i 240 | ||||||||||||||
After 5 Years
|
$ | i 969 | $ | i 970 | $ | i 439 | $ | i 813 | $ | i 649 | $ | i 466 | $ | i 417 | ||||||||||||||
After 10 Years
|
$ | i 1,631 | $ | i 1,905 | $ | i 978 | $ | i 1,779 | $ | i 1,432 | $ | i 1,037 | $ | i 930 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.
|
• |
Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or financial services sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG factors and “sustainability” criteria are not uniformly defined, and may differ from those used by other funds. In addition, in evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Emerging Market Risk: Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.
|
• |
Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.
|
• |
Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.
|
• |
Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
i how the Fund’s performance changed from year to year over ten years; and
|
• |
how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||
Class A* | Return Before Taxes | i 3.47% | i 13.59% | i 8.28% | ||||||||||
|
||||||||||||||
Return After Taxes on Distributions | i 2.04% | i 12.45% | i 7.70% | |||||||||||
|
||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | i 3.00% | i 10.65% | i 6.65% | |||||||||||
Class C | Return Before Taxes | i 6.26% | i 13.72% | i 7.94% | ||||||||||
Advisor Class | Return Before Taxes | i 8.39% | i 14.87% | i 9.04% | ||||||||||
Class R | Return Before Taxes | i 7.61% | i 14.16% | i 8.42% | ||||||||||
Class K | Return Before Taxes | i 7.94% | i 14.52% | i 8.75% | ||||||||||
Class I | Return Before Taxes | i 8.29% | i 14.91% | i 9.16% | ||||||||||
Class Z** | Return Before Taxes | i 8.39% | i 14.93% | i 9.10% | ||||||||||
MSCI ACWI Index (ex. U.S.) (Net)
(reflects no deduction for fees, expenses, or taxes except the reinvestment of dividends of non-U.S. withholding taxes)
|
i 7.82% | i 9.61% | i 7.28% |
* | i i After-tax returns: / |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; i actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
** | Inception date for Class Z shares: i 7/26/21. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares. |
Employee | Length of Service | Title | ||
William Johnston | Since 2017 | Senior Vice President of the Adviser | ||
Daniel C. Roarty | Since 2011 | Senior Vice President of the Adviser |
Class A
Shares
|
Class C Shares |
Advisor Class Shares |
||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | |||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | |||
Exchange Fee
|
None | None | None |
Class A | Class C | Advisor Class | ||||||||||
Management Fees
|
.74% | .74% | .74% | |||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | |||||||||
Other Expenses:
|
||||||||||||
Transfer Agent
|
.01% | .01% | .01% | |||||||||
Other Expenses(c)
|
.04% | .04% | .04% | |||||||||
|
|
|
|
|
|
|||||||
Total Other Expenses
|
.05% | .05% | .05% | |||||||||
|
|
|
|
|
|
|||||||
Total Annual Fund Operating Expenses
|
1.04% | 1.79% | .79% | |||||||||
|
|
|
|
|
|
|||||||
Fee Waiver and/or Expense Reimbursement(d)
|
(.01)% | (.00)% | (e) | (.00)% | (e) | |||||||
|
|
|
|
|
|
|||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
1.03% | 1.79% | .79% | |||||||||
|
|
|
|
|
|
|||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | “Other Expenses” includes acquired fund fees and expenses totaling less than .01%. |
(d) | In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. The agreement may only be terminated or changed with the consent of the Fund’s Board of Directors. |
(e) | Amount is less than .005%. |
Class A | Class C | Advisor Class | ||||||||||
After 1 Year
|
$ | 526 | $ | 282 | * | $ | 81 | |||||
After 3 Years
|
$ | 741 | $ | 563 | $ | 252 | ||||||
After 5 Years
|
$ | 974 | $ | 970 | $ | 439 | ||||||
After 10 Years
|
$ | 1,641 | $ | 1,908 | $ | 978 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Emerging Market Risk: Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.
|
• |
Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over the life of the Fund; and
|
• |
how the Fund’s average annual returns for one year, five years and since inception compare to those of a broad-based securities market index.
|
1 Year | 5 Years | Since Inception* |
||||||||||||||||
Class A** | Return Before Taxes | 12.83% | 13.39% | 9.94% | ||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions | 11.37% | 12.45% | 9.20% | |||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 8.15% | 10.45% | 7.78% | |||||||||||||||
Class C | Return Before Taxes | 15.96% | 13.53% | 9.76% | ||||||||||||||
Advisor Class | Return Before Taxes | 18.14% | 14.68% | 10.86% | ||||||||||||||
MSCI ACWI Index (Net)
(reflects no deduction for fees, expenses, or taxes except the reinvestment of dividends of non-U.S. withholding taxes)
|
18.54% | 14.40% | 10.60% |
* | Inception date for all Classes: 11/12/14. |
** | After-tax returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
David Dalgas | Since 2014 | Senior Vice President of the Adviser | ||
Klaus Ingemann | Since 2014 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class Z Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
Management Fees
|
.65% | .65% | .65% | .65% | ||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | None | ||||||||||||
Other Expenses:
|
||||||||||||||||
Transfer Agent
|
.01% | .01% | .01% | .02% | ||||||||||||
Other Expenses(c)
|
.08% | .10% | .09% | .07% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Expenses
|
.09% | .11% | .10% | .09% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Annual Fund Operating Expenses
|
.99% | 1.76% | .75% | .74% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fee Waiver and/or Expense Reimbursement(d)
|
(.00)% | (e) | (.01)% | (.01)% | (.00)% | (e) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
.99% | 1.75% | .74% | .74% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | “Other Expenses” includes acquired fund fees and expenses totaling less than .01%. |
(d) | The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund until October 31, 2023 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.00%, 1.75%, 0.75% and 0.75% of average daily net assets, respectively, for Class A, Class C, Advisor Class and Class Z shares. In addition, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the
Money Market Portfolio’s effective management fee. Each of the agreements will remain in effect until October 31, 2023 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one-year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period. |
(e) | Amount is less than .005%. |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
After 1 Year
|
$ | 522 | $ | 278 | * | $ | 76 | $ | 76 | |||||||
After 3 Years
|
$ | 727 | $ | 553 | $ | 239 | $ | 237 | ||||||||
After 5 Years
|
$ | 949 | $ | 953 | $ | 416 | $ | 411 | ||||||||
After 10 Years
|
$ | 1,586 | $ | 1,869 | $ | 929 | $ | 918 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond markets fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. These risks may be heightened with respect to investments in emerging market countries, where there may be an increased amount of economic, political and social instability.
|
• |
Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.
|
• |
Capitalization Risk: Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.
|
• |
Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over the life of the Fund; and
|
• |
how the Fund’s average annual returns for one year, five years and since inception compare to those of a broad-based securities market index.
|
1 Year | 5 Years | Since Inception* |
||||||||||||||||
Class A** | Return Before Taxes | 4.92% | 8.02% | 5.88% | ||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions | 5.01% | 7.76% | 5.58% | |||||||||||||||
|
||||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 3.09% | 6.36% | 4.62% | |||||||||||||||
Class C | Return Before Taxes | 7.80% | 8.15% | 5.79% | ||||||||||||||
Advisor Class | Return Before Taxes | 9.84% | 9.26% | 6.85% | ||||||||||||||
Class Z | Return Before Taxes | 9.93% | 9.25% | 6.86% | ||||||||||||||
MSCI EAFE Index
(reflects no deduction for fees, expenses or taxes)
|
11.26% | 9.55% | 6.30% |
* | Inception dates: 7/29/15 for Class A, Class C and Advisor Class shares and 11/20/19 for Class Z shares. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares. |
** | After-tax Returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Kent W. Hargis | Since 2015 | Senior Vice President of the Adviser | ||
Brian Holland* | Effective January 2023 | Senior Vice President of the Adviser | ||
Sammy Suzuki | Since 2015 | Senior Vice President of the Adviser |
* |
Effective January 1, 2023, Mr. Holland will join as a portfolio manager of the Fund.
|
Class A Shares |
Class C Shares |
Advisor Class Shares |
||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | |||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | |||
Exchange Fee
|
None | None | None |
Class A | Class C | Advisor Class | ||||||||||
Management Fees
|
.75% | .75% | .75% | |||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | |||||||||
Other Expenses:
|
||||||||||||
Transfer Agent
|
.03% | .03% | .03% | |||||||||
Other Expenses
|
.09% | .09% | .09% | |||||||||
|
|
|
|
|
|
|||||||
Total Other Expenses
|
.12% | .12% | .12% | |||||||||
|
|
|
|
|
|
|||||||
Total Annual Fund Operating Expenses
|
1.12% | 1.87% | .87% | |||||||||
|
|
|
|
|
|
|||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
Class A | Class C | Advisor Class | ||||||||||
After 1 Year
|
$ | 534 | $ | 290 | * | $ | 89 | |||||
After 3 Years
|
$ | 766 | $ | 588 | $ | 278 | ||||||
After 5 Years
|
$ | 1,016 | $ | 1,011 | $ | 482 | ||||||
After 10 Years
|
$ | 1,730 | $ | 1,995 | $ | 1,073 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Fund’s growth approach, may underperform the market generally.
|
• |
Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the financials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Emerging Market Risk: Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.
|
• |
Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.
|
• |
Capitalization Risk: Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over the life of the Fund; and
|
• |
how the Fund’s average annual returns for one year, five years and since inception compare to those of a broad-based securities market index.
|
1 Year | 5 Years | Since Inception* |
||||||||||||||||
Class A** | Return Before Taxes | -1.22% | 13.26% | 7.40% | ||||||||||||||
Return After Taxes on Distributions | -1.63% | 12.27% | 6.69% | |||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -0.40% | 10.25% | 5.62% | |||||||||||||||
Class C | Return Before Taxes | 1.37% | 13.40% | 7.29% | ||||||||||||||
Advisor Class | Return Before Taxes | 3.39% | 14.52% | 8.35% | ||||||||||||||
MSCI EAFE Index
(reflects no deduction for fees, expenses or taxes)
|
11.26% | 9.55% | 5.82% |
* | Inception date for all Classes: 4/15/15. |
** | After-tax Returns: |
– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;
|
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Dev Chakrabarti | Since 2015 | Senior Vice President of the Adviser | ||
Mark Phelps* | Since 2015 | Senior Vice President of the Adviser |
* |
Mr. Phelps is expected to retire from the Adviser effective December 31, 2022.
|
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class Z Shares |
|||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
|
4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
|
None(a) | 1.00%(b) | None | None | ||||
Exchange Fee
|
None | None | None | None |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
Management Fees
|
.55% | .55% | .55% | .55% | ||||||||||||
Distribution and/or Service (12b-1) Fees
|
.25% | 1.00% | None | None | ||||||||||||
Other Expenses:
|
||||||||||||||||
Transfer Agent
|
.09% | .17% | .08% | .02% | ||||||||||||
Other Expenses
|
.53% | 1.72% | .37% | .45% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Expenses
|
.62% | 1.89% | .45% | .47% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Acquired Fund Fees and Expenses
|
.01% | .01% | .01% | .00% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Annual Fund Operating Expenses
|
1.43% | 3.45% | 1.01% | 1.02% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fee Waiver and/or Expense Reimbursement(c)
|
(.52)% | (1.80)% | (.35)% | (.37)% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
.91% | 1.65% | .66% | .65% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) | Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances. |
(b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years. |
(c) | The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund until October 31, 2023 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB Mutual Funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 0.90%, 1.65%, 0.65% and 0.65% of average daily net assets, respectively, for Class A, Class C, Advisor Class and Class Z shares. In addition, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse
other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. Each of the agreements will remain in effect until October 31, 2023 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one-year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period. |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
After 1 Year
|
$ | 514 | $ | 268 | * | $ | 67 | $ | 66 | |||||||
After 3 Years
|
$ | 809 | $ | 892 | $ | 287 | $ | 288 | ||||||||
After 5 Years
|
$ | 1,126 | $ | 1,639 | $ | 524 | $ | 527 | ||||||||
After 10 Years
|
$ | 2,022 | $ | 3,144 | $ | 1,204 | $ | 1,214 |
* | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Fund’s growth approach, may underperform the market generally.
|
• |
Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
|
• |
ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG factors and “sustainability” criteria are not uniformly defined, and may differ from those used by other funds. In addition, in evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG factors relevant to a particular investment.
|
• |
Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
|
• |
Capitalization Risk: Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.
|
• |
Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
|
• |
how the Fund’s performance changed from year to year over the life of the Fund; and
|
• |
how the Fund’s average annual returns for one year and since inception compare to those of a broad-based securities market index.
|
1 Year | Since Inception |
|||||||||||
Advisor Class*,** | Return Before Taxes | 26.26% | 21.98% | |||||||||
|
||||||||||||
Return After Taxes on Distributions | 22.88% | 21.04% | ||||||||||
|
||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 16.62% | 17.67% | ||||||||||
Class A** | Return Before Taxes | 25.95% | 21.68% | |||||||||
Class C** | Return Before Taxes | 25.01% | 20.77% | |||||||||
Class Z** | Return Before Taxes | 26.26% | 21.98% | |||||||||
S&P 500 Index
(reflects no deduction for fees, expenses, or taxes)
|
28.71% | 18.12% |
* | After-tax Returns: |
– |
Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and
|
– |
Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
** | Inception date for Advisor Class shares is June 28, 2017. Inception date for Class A shares and Class Z shares is January 31, 2022. Inception date for Class C shares is April 29, 2022. Performance information for Class A shares, Class C and Class Z shares for periods prior to their inception date is the performance of the Fund’s Advisor Class shares adjusted to reflect the expenses of Class A shares, Class C shares and Class Z shares, respectively. |
Employee | Length of Service | Title | ||
Daniel C. Roarty | Since 2017 | Senior Vice President of the Adviser | ||
Benjamin Ruegsegger | Since 2017 | Senior Vice President of the Adviser |
• |
PURCHASE AND SALE OF FUND SHARES
|
Initial | Subsequent | |||
Class A/Class C shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
Automatic Investment Program | None | $50 If initial minimum investment is less than $2,500, then $200 monthly until account balance reaches $2,500 |
||
Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) | None | None | ||
Class A, Class R, Class K, Class I and Class Z shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans and, for Class Z shares, to persons participating in certain fee-based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of a Fund. | None | None |
• |
TAX INFORMATION
|
• |
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
|
• |
Forward Contracts. A forward contract is an agreement that obligates one party to buy, and the other party to sell, a specific quantity of an underlying commodity or other tangible asset for an agreed-upon price at a future date. A forward contract generally is settled by physical delivery of the commodity or tangible asset to an agreed-upon location (rather than settled by cash) or is rolled forward into a new forward contract, or, in the case of a non-deliverable forward, by a cash payment at maturity. The Funds’ investments in forward contracts may include the following:
|
– |
Forward Currency Exchange Contracts. A Fund may purchase or sell forward currency exchange contracts for hedging purposes to minimize the risk from adverse changes in the relationship between the U.S. Dollar and other currencies or for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”. A Fund, for example, may enter into a forward contract as a transaction hedge (to “lock in” the U.S. Dollar price of a non-U.S. Dollar security), as a position hedge (to protect the value of securities the Fund owns that are denominated in a foreign currency against substantial changes in the value of the foreign currency) or as a cross-hedge (to protect the value of securities the Fund owns that are denominated in a foreign currency against substantial changes in the value of that foreign currency by entering into a forward contract for a different
foreign currency that is expected to change in the same direction as the currency in which the securities are denominated).
|
• |
Futures Contracts and Options on Futures Contracts. A futures contract is a standardized, exchange-traded agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate or index) at a specific price on the contract maturity date. Options on futures contracts are options that call for the delivery of futures contracts upon exercise. A Fund may purchase or sell futures contracts and options thereon to hedge against changes in interest rates, securities (through index futures or options) or currencies. A Fund may also purchase or sell futures contracts for foreign currencies or options thereon for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”.
|
• |
Options. An option is an agreement that, for a premium payment or fee, gives the option holder (the buyer) the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the exercise price) during a period of time or on a specified date. Investments in options are considered speculative. A Fund may lose the premium paid for them if the price of the underlying security or other asset decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by a Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. The Funds’ investments in options include the following:
|
– |
Options on Foreign Currencies. A Fund may invest in options on foreign currencies that are privately negotiated or traded on U.S. or foreign exchanges for hedging purposes to protect against declines in the U.S. Dollar value of foreign currency denominated securities held by a Fund and against increases in the U.S. Dollar cost of securities to be acquired. The purchase of an option on a foreign currency may constitute an effective hedge against fluctuations in exchange rates, although if rates move adversely, a Fund may forfeit the entire amount of the premium plus related transaction costs. A Fund may also invest in options on foreign currencies for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”.
|
– |
Options on Securities. A Fund may purchase or write a put or call option on securities. A Fund will only exercise an option it purchased if the price of the reference security is less (in the case of a put option) or more (in the case of a call option) than the exercise price. If a Fund does not exercise a purchased option, the premium it paid for the option will be lost. A Fund may write covered options, which means writing an option for securities the
|
Fund owns, and uncovered options. A Fund may also enter into options on the yield “spread” or yield differential between two securities. In contrast to other types of options, this option is based on the difference between the yields of designated securities, futures or other instruments. In addition, a Fund may write covered straddles. A straddle is a combination of a call and a put written on the same underlying security. In purchasing an option on securities, a Fund would be in a position to realize a gain if, during the option period, the price of the underlying securities increased (in the case of a call) or decreased (in the case of a put) by an amount in excess of the premium paid; otherwise the Fund would experience a loss not greater than the premium paid for the option. Thus, a Fund would realize a loss if the price of the underlying security declined or remained the same (in the case of a call) or increased or remained the same (in the
case of a put) or otherwise did not increase (in the case of a put) or decrease (in the case of a call) by more than the amount of the premium. If a put or call option purchased by a Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.
|
– |
Options on Securities Indices. An option on a securities index is similar to an option on a security except that, rather than taking or making delivery of a security at a specified price, an option on a securities index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the chosen index is greater than (in the case of a call) or less than (in the case of a put) the exercise price of the option.
|
– |
Other Option Strategies. In an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of its portfolio from a decline in value, sometimes within certain ranges, a Fund may use option strategies such as the concurrent purchase of a call or put option, including on individual securities, stock indices, futures contracts (including on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”) at one strike price and the writing of a call or put option on the same individual security, stock index, futures contract or ETF at a higher strike price in the case of a call option or at a lower strike price in the case of a put option. The maximum profit from this strategy would result for the call options from an increase in the value of the individual security, stock index, futures contract or ETF above the higher strike price or, for the put options, from the decline
in the value of the individual security, stock index, futures contract or ETF below the lower strike price. If the price of the individual security, stock index, futures contract or ETF declines, in the case of the call option, or increases, in the case of the put option, the Fund has the risk of losing the entire amount paid for the call or put options.
|
• |
Swap Transactions. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals (payment dates) based upon or calculated by reference to changes in specified prices or rates (e.g., interest rates in the case of interest rate swaps or currency exchange rates in the case of currency swaps) for a specified amount of an underlying asset (the “notional” principal amount). Generally, the notional principal amount is used solely to calculate the payment stream, but is not exchanged. Most swaps are entered into on a net basis (i.e., the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments). Certain standardized swaps, including certain interest rate swaps and credit default swaps, are subject to mandatory central clearing and are required to be executed through
a regulated swap execution facility. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Funds post initial and variation margin to support their obligations under cleared swaps by making payments to their clearing member FCMs. Central clearing is intended to reduce counterparty credit risks and increase liquidity, but central clearing does not make swap transactions risk free. The Securities and Exchange Commission (“SEC”) may adopt similar clearing and execution requirements in respect of certain security-based swaps under its jurisdiction. Privately negotiated swap agreements are two-party contracts entered into primarily by institutional investors and are not cleared through a third party, nor are these required to be executed on a regulated swap execution facility.
|
– |
Currency Swaps. A Fund may invest in currency swaps for hedging purposes to protect against adverse changes in exchange rates between the U.S. Dollar and other currencies or for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”. Currency swaps involve the exchange by a Fund with another party of a series of payments in specified currencies. Currency swaps may be bilateral and privately negotiated with the Fund expecting to achieve an acceptable degree of correlation between its portfolio investments and its currency swaps position. Currency swaps may involve the exchange of actual principal amounts of currencies by the counterparties at the initiation, and again upon the termination, of the transaction.
|
– |
Total Return Swaps. A Fund may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying asset. A total return swap involves
|
commitments to pay interest in exchange for a market-linked return based on a notional amount of the underlying asset. Therefore, when a Fund enters into a total return swap, it is subject to the market price volatility of the underlying asset. To the extent that the total return of the security, group of securities or index underlying the swap exceeds or falls short of the offsetting interest obligation, the Fund will receive or make a payment to the counterparty. Total return swaps may reflect a leveraged investment and incorporate borrowing costs which are borne by the Fund. There is no guarantee that the Fund’s investment via a total return swap will deliver returns in excess of the embedded borrowing costs and, accordingly, the Fund’s performance may be less than would be achieved by a direct investment in the underlying reference asset.
|
– |
Interest Rate Swaps, Swaptions, Caps, and Floors. Interest rate swaps involve the exchange by a Fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments). Unless there is a counterparty default, the risk of loss to the Fund from interest rate swap transactions is limited to the net amount of interest payments that the Fund is contractually obligated to make. If the counterparty to an interest rate swap transaction defaults, the Fund’s risk of loss consists of the net amount of interest payments that the Fund contractually is entitled to receive.
|
– |
Credit Default Swaps. The “buyer” in a credit default swap contract is obligated to pay the “seller” a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event means bankruptcy, failure to pay, obligation acceleration or restructuring. A Fund may be either the buyer or seller in the transaction. If a Fund is a seller, the Fund receives a fixed rate of income throughout the term of the contract, which typically is between one month and ten years, provided that no credit event occurs. If a credit event occurs, a Fund, as seller, typically must pay the contingent payment to the buyer, which will be either (i) the “par value” (face amount) of the reference obligation in which case the Fund will receive the reference obligation in return or (ii) an amount equal to the difference between
the face amount and the current market value of the reference obligation. As a buyer, if a credit event occurs, the Fund would be the receiver of such contingent payments, either delivering the reference obligation in exchange for the full notional (face) value of a reference obligation that may have little or no value, or receiving a payment equal to the difference between the face amount and the current market value of the obligation. The current market value of the reference obligation is typically determined via an auction process sponsored by the International Swaps and Derivatives Association, Inc. The periodic payments previously received by the Fund, coupled with the value of any reference obligation received, may be less than the full amount it pays to the buyer, resulting in a loss to the Fund. If a Fund is a buyer and no credit event occurs, the Fund will lose its periodic stream of payments over the term of the contract. However, if a credit event occurs,
the buyer typically receives full notional value for a reference obligation that may have little or no value.
|
• |
Other Derivatives and Strategies
|
– |
Currency Transactions. A Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or un-hedged basis. The Adviser may actively manage a Fund’s currency exposures and may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures contracts and options on futures contracts, swaps and options. The Adviser may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by a Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a
|
foreign currency-denominated security. A Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).
|
– |
Synthetic Foreign Equity Securities. A Fund may invest in different types of derivatives generally referred to as synthetic foreign equity securities. These securities may include international warrants or local access products. International warrants are financial instruments issued by banks or other financial institutions, which may or may not be traded on a foreign exchange. International warrants are a form of derivative security that may give holders the right to buy or sell an underlying security or a basket of securities representing an index from or to the issuer of the warrant for a particular price or may entitle holders to receive a cash payment relating to the value of the underlying security or index, in each case upon exercise by the Fund. Local access products are similar to options in that they are exercisable by the holder for an underlying security or a cash payment based upon the value of that security, but are generally exercisable
over a longer term than typical options. These types of instruments may be American style, which means that they can be exercised at any time on or before the expiration date of the international warrant, or European style, which means that they may be exercised only on the expiration date.
|
Argentina
Bangladesh
Belize
Brazil
Bulgaria
Chile
China
Colombia
Croatia
Czech Republic
Dominican Republic
Ecuador
Egypt
El Salvador
Gabon
Georgia
Ghana
Greece
|
Hungary
India
Indonesia
Iraq
Ivory Coast
Jamaica
Jordan
Kazakhstan
Kenya
Lebanon
Lithuania
Malaysia
Mexico
Mongolia
Nigeria
Pakistan
Panama
Peru
|
Philippines
Poland
Qatar
Saudi Arabia
Senegal
Serbia
South Africa
South Korea
Sri Lanka
Taiwan
Thailand
Turkey
Ukraine
United Arab Emirates
Uruguay
Venezuela
Vietnam
|
• |
Are signed and dated by the person(s) authorized in accordance with the Fund’s policies and procedures to access the account and request transactions;
|
• |
Include the fund and account number; and
|
• |
Include the amount of the transaction (stated in dollars, shares, or percentage).
|
• |
Medallion signature guarantees or notarized signatures, if required for the type of transaction. (Requirements are detailed on AllianceBernstein Investor Services, Inc., or ABIS, service forms; Please contact ABIS with any questions)
|
• |
Any supporting documentation that may be required.
|
Purchase Minimums and Maximums |
—Initial:
|
$ | 2,500 | ||
—Subsequent:
|
$ | 50 |
* |
Purchase minimums may not apply to some accounts established in connection with the Automatic Investment Program and to some retirement-related investment programs. These investment minimums also do not apply to persons participating in a fee-based program or “Mutual Fund Only” brokerage program which is sponsored and maintained by a registered broker-dealer or other financial intermediary with omnibus account or “network level” account arrangements with a Fund.
|
—Class A shares
|
None | |||
—Class C shares
|
$ | 1,000,000 |
• |
Traditional and Roth IRAs (minimums listed in the table above apply);
|
• |
SEPs, SAR-SEPs, SIMPLE IRAs, and individual 403(b) plans (no investment minimum); and
|
• |
AllianceBernstein-sponsored Coverdell Education Savings Accounts ($2,000 initial investment minimum, $150 Automatic Investment Program monthly minimum).
|
• |
through accounts established under a fee-based program, sponsored and maintained by a registered broker-dealer or other financial intermediary and approved by ABI;
|
• |
through a defined contribution employee benefit plan (e.g., a 401(k) plan) that purchases shares directly without the involvement of a financial intermediary;
|
• |
by investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds; and
|
• |
through certain special arrangements approved by the Adviser.
|
Distribution and/or Service
(Rule 12b-1) Fee (as a
Percentage of Aggregate
Average Daily Net Assets)
|
|||||
Class A
|
0.25 | %* | |||
Class C
|
1.00 | % | |||
Advisor Class
|
None | ||||
Class R
|
0.50 | % | |||
Class K
|
0.25 | % | |||
Class I
|
None | ||||
Class Z
|
None |
* |
The maximum fee allowed under the Rule 12b-1 Plan for the Class A shares of AB Growth Fund and AB Large Cap Growth Fund is .50% of the aggregate average daily net assets, and the maximum fee allowed under any Rule 12b-1 Plan for Class A shares of all other Funds, except AB Global Core Equity Portfolio, AB International Strategic Core Portfolio, AB Concentrated International Growth Portfolio and AB Sustainable US Thematic Portfolio, is .30% of the aggregate average daily net assets. The Boards of the Funds currently limit the Funds’ payments to .25%, except with respect to AB Discovery Growth Fund, for which payments are currently limited to .23%.
|
Initial Sales Charge | ||||||||||
Amount Purchased | as % of Net Amount Invested |
as % of
Offering
Price |
||||||||
Up to $100,000
|
4.44 | % | 4.25 | % | ||||||
$100,000 up to $250,000
|
3.36 | 3.25 | ||||||||
$250,000 up to $500,000
|
2.30 | 2.25 | ||||||||
$500,000 up to $1,000,000
|
1.78 | 1.75 | ||||||||
$1,000,000 and above
|
0.00 | 0.00 |
• |
persons participating in a fee-based program, sponsored and maintained by a registered broker-dealer or other financial intermediary, under which persons pay an asset-based fee for services in the nature of investment advisory or administrative services, or clients of broker-dealers or other financial intermediaries who purchase Class A shares for their own accounts through self-directed and/or non-discretionary brokerage accounts with the broker-dealers or other financial intermediaries that may or may not charge a transaction fee to its customers;
|
• |
plan participants who roll over amounts distributed from employer maintained retirement plans to AllianceBernstein-sponsored IRAs where the plan is a client of or serviced by the Adviser’s Institutional Investment Management Division or Bernstein Global Wealth Management Division including subsequent contributions to those IRAs;
|
• |
certain other investors, such as investment management clients of the Adviser or its affiliates, including clients and prospective clients of the Adviser’s Institutional Investment Management Division, employees of selected dealers authorized to sell a Fund’s shares, and employees of the Adviser; or
|
• |
persons participating in a “Mutual Fund Only” brokerage program, sponsored and maintained by a registered broker-dealer or other financial intermediary.
|
• |
an individual, his or her spouse or domestic partner, or the individual’s children under the age of 21 purchasing shares for his, her or their own account(s);
|
• |
a trustee or other fiduciary purchasing shares for a single trust, estate or single fiduciary account with one or more beneficiaries involved;
|
• |
the employee benefit plans of a single employer; or
|
• |
any company that has been in existence for at least six months or has a purpose other than the purchase of shares of the Fund.
|
• |
all of the shareholder’s accounts at the Funds or a financial intermediary; and
|
• |
accounts of related parties of the shareholder, such as members of the same family, at any financial intermediary.
|
• |
permitted exchanges of shares;
|
• |
following the death or disability of a shareholder;
|
• |
if the redemption represents a minimum required distribution from an IRA or other retirement plan to a shareholder who has attained the age of 72; or
|
• |
if the redemption is necessary to meet a plan participant’s or beneficiary’s request for a distribution or loan from a group retirement plan or to accommodate a plan participant’s or beneficiary’s direction to reallocate his or her plan account among other investment alternatives available under a group retirement plan.
|
• |
the amount you intend to invest;
|
• |
how long you expect to own shares;
|
• |
expenses associated with owning a particular class of shares;
|
• |
whether you qualify for any reduction or waiver of sales charges (for example, if you are making a large investment
|
that qualifies for a Quantity Discount, you might consider purchasing Class A shares); and
|
• |
whether a share class is available for purchase (Class R, K and I shares are only offered to group retirement plans, not individuals).
|
- |
upfront sales commissions;
|
- |
Rule 12b-1 fees;
|
- |
additional distribution support;
|
- |
defrayal of costs for educational seminars and training; and
|
- |
payments related to providing shareholder recordkeeping and/or transfer agency services.
|
• |
Send a signed letter of instruction or stock power, along with certificates, to:
|
• |
For certified or overnight deliveries, send to:
|
• |
For your protection, a bank, a member firm of a national stock exchange or another eligible guarantor institution must guarantee signatures. Stock power forms are available from your financial intermediary, ABIS and many commercial banks. Additional documentation is required for the sale of shares by corporations, intermediaries, fiduciaries and surviving joint owners. If you have any questions about these procedures, contact ABIS.
|
• |
You may redeem your shares for which no stock certificates have been issued by telephone request. Call ABIS at (800) 221-5672 with instructions on how you wish to receive your sale proceeds.
|
• |
ABIS must receive and confirm a telephone redemption request by the Fund Closing Time for you to receive that day’s NAV, less any applicable CDSC.
|
• |
For your protection, ABIS will request personal or other information from you to verify your identity and will generally record the calls. Neither the Fund nor the Adviser, ABIS, ABI or other Fund agent will be liable for any loss, injury, damage or expense as a result of acting upon telephone instructions purporting to be on your behalf that ABIS reasonably believes to be genuine.
|
• |
If you have selected electronic funds transfer in your Mutual Fund Application, the redemption proceeds will be sent directly to your bank. Otherwise, the proceeds will be mailed to you.
|
• |
Redemption requests by electronic funds transfer or check may not exceed $100,000 per Fund account per day.
|
• |
Telephone redemption is not available for shares held in nominee or “street name” accounts, retirement plan accounts, or shares held by a shareholder who has changed his or her address of record within the previous 30 calendar days.
|
• |
Transaction Surveillance Procedures. The Funds, through their agents, ABI and ABIS, maintain surveillance procedures to detect excessive or short-term trading in Fund shares. This surveillance process involves several factors, which include scrutinizing transactions in Fund shares that exceed certain monetary thresholds or numerical limits within a specified period of time. Generally, more than two exchanges of Fund shares during any 60-day period or purchases of shares followed by a sale within 60 days will be identified by these surveillance procedures. For purposes of these transaction surveillance procedures, the Funds may consider trading activity in multiple accounts under common ownership, control or influence. Trading activity identified by either, or a combination, of these factors, or as a result of any other information available at the time, will be evaluated to determine whether such activity might constitute excessive
or short-term trading. With respect to managed or discretionary accounts for which the account owner gives his/her broker, investment adviser or other third-party authority to buy and sell Fund shares, the Funds may consider trades initiated by the account owner, such as trades initiated in connection with bona fide cash management purposes, separately in their analysis. These surveillance procedures may be modified from time to time, as necessary or appropriate to improve the detection of excessive or short-term trading or to address specific circumstances.
|
• |
Account Blocking Procedures. If the Funds determine, in their sole discretion, that a particular transaction or pattern of transactions identified by the transaction surveillance procedures described above is excessive or short-term trading in nature, the Funds will take remedial action that may include issuing a warning, revoking certain account-related privileges (such as the ability to place purchase, sale and exchange orders over the internet or by phone) or prohibiting or “blocking” future purchase or exchange activity. However, sales of Fund shares back to a Fund or redemptions will continue to be permitted in accordance with the terms of the Fund’s current Prospectus. As a result, unless the shareholder redeems his or her shares, which may have consequences if the shares have declined in value, a CDSC is applicable or adverse tax consequences may result, the shareholder may be “locked” into an unsuitable investment.
A blocked account will generally remain blocked for 90 days. Subsequent detections of excessive or short-term trading may result in an indefinite account block or an account block until the account holder or the associated broker, dealer or other financial intermediary provides evidence or assurance acceptable to the Fund that the account holder did not or will not in the future engage in excessive or short-term trading.
|
• |
Applications of Surveillance Procedures and Restrictions to Omnibus Accounts. Omnibus account arrangements are common forms of holding shares of the Funds, particularly among certain brokers, dealers and other financial intermediaries, including sponsors of retirement plans. The Funds apply their surveillance procedures to these omnibus account arrangements. As required by SEC rules, the Funds have entered into agreements with all of their financial intermediaries that require the financial intermediaries to provide the Funds, upon the request of the Funds or their agents, with individual account level information about their transactions. If the Funds detect excessive trading through their monitoring of omnibus accounts, including trading at the individual account level, the financial intermediaries will also execute instructions from the Funds to take actions to curtail the activity, which may include applying blocks to accounts
to prohibit future purchases and exchanges of Fund shares. For certain retirement plan accounts, the Funds may request that the retirement plan or other intermediary revoke the relevant participant’s privilege to effect transactions in Fund shares via the internet or telephone, in which case the relevant participant must submit future transaction orders via the U.S. Postal Service (i.e., regular mail).
|
Fund | Fee as a Percentage of Average Net Assets* |
Fiscal Year Ended |
||||||||
AB Growth Fund
|
.75 | % | 7/31/22 | |||||||
AB Large Cap Growth Fund
|
.48 | % | 7/31/22 | |||||||
AB Concentrated Growth Fund
|
.65 | % | 6/30/22 | |||||||
AB Discovery Growth Fund
|
.59 | % | 7/31/22 | |||||||
AB Small Cap Growth Portfolio
|
.70 | % | 7/31/22 | |||||||
AB Select US Equity Portfolio
|
1.00 | % | 6/30/22 | |||||||
AB Select US Long/Short Portfolio
|
1.47 | % | 6/30/22 | |||||||
AB Sustainable Global Thematic Fund
|
.63 | % | 7/31/22 | |||||||
AB Sustainable International Thematic Fund
|
.65 | % | 6/30/22 | |||||||
AB Global Core Equity Portfolio
|
.74 | % | 6/30/22 | |||||||
AB International Strategic Core Portfolio
|
.65 | % | 6/30/22 | |||||||
AB Concentrated International Growth Portfolio
|
.75 | % | 6/30/22 | |||||||
AB Sustainable US Thematic Portfolio**
|
.03 | %*** | 6/30/22 |
* |
Fee stated net of any expense limitations. See “Fees and Expenses of the Fund” in the Summary Information at the beginning of this Prospectus for more information about fee waivers.
|
** |
In May 2021, the Board of AB Sustainable US Thematic Portfolio approved a change in the Fund’s fiscal year end from December 31 to June 30. This table represents the advisory fees that AB Sustainable US Thematic Portfolio paid the Adviser during the 6-month period ended June 30, 2022. For the fiscal year ended December 31, 2021, AB Sustainable US Thematic Portfolio paid the Adviser advisory fees equal to 0.00% of the Fund’s average daily net assets, net of any waivers and/or reimbursements.
|
*** |
Effective August 23, 2021, AB Sustainable US Thematic Portfolio pays a fee for investment advisory services at the annual rate of 0.55% of the Fund’s average daily net assets up to $2.5 billion, 0.50% of average daily net assets in excess of $2.5 billion up to $5 billion, and 0.45% of average daily net assets in excess of $5 billion.
|
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Bruce K. Aronow; since 2013; Senior Vice President of the Adviser* | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of U.S. Small and SMID Cap Growth Equities. | |
Frank V. Caruso; since 2008; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of U.S. Growth Equities. | |
John H. Fogarty; since 2013; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Co-Chief Investment Officer of U.S. Growth Equities. |
* |
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
|
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Frank V. Caruso; since 2012; Senior Vice President of the Adviser | (see above) | |
John H. Fogarty; since 2012; Senior Vice President of the Adviser | (see above) | |
Vinay Thapar; since 2018; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Bruce K. Aronow; since 2008; Senior Vice President of the Adviser* | (see above) | |
Esteban Gomez; since 2019; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. | |
Samantha S. Lau; since 2008; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which she has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. She is also Co-Chief Investment Officer of U.S. Small and SMID Cap Growth Equities. | |
Heather Pavlak; since 2019; Vice President of the Adviser | Vice President of the Adviser, with which she has been associated in a substantially similar capacity as a portfolio manager since 2018. Before joining the Adviser in 2018, she spent four years at Schroders Investment Management as an equity research analyst. | |
Wen-Tse Tseng; since 2008; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. |
* |
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
|
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Bruce K. Aronow; since 2000; Senior Vice President of the Adviser* | (see above) | |
Esteban Gomez; since 2019; Senior Vice President of the Adviser | (see above) | |
Samantha S. Lau; since 2004; Senior Vice President of the Adviser | (see above) | |
Heather Pavlak; since 2019; Vice President of the Adviser | (see above) | |
Wen-Tse Tseng; since 2006; Senior Vice President of the Adviser | (see above) |
* |
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
|
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Kurt A. Feuerman; since 2011 for the AB Select US Equity Portfolio and since 2012 for the AB Select US Long/Short Portfolio; Senior Vice President of the Adviser | Senior Vice President and Chief Investment Officer, Select US Equity Portfolios of the Adviser, with which he has been associated in this current position since prior to 2017. | |
Anthony Nappo; since 2015; Senior Vice President of the Adviser | Senior Vice President and Co-Chief Investment Officer, Select US Equity Portfolios of the Adviser since prior to 2017, and a Portfolio Manager/Research Analyst on the Select Equities Portfolio Investment Team since prior to 2017. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Daniel C. Roarty; since 2013; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of the Sustainable Thematic Equities Team. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
William Johnston; since 2017; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. | |
Daniel C. Roarty; since 2011; Senior Vice President of the Adviser | (see above) |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
David Dalgas; since 2014; Senior Vice President of the Adviser | Senior Vice President of the Adviser since prior to 2017. Co-Chief Investment Officer—Global Core Equity since 2018. | |
Klaus Ingemann; since 2014; Senior Vice President of the Adviser | Senior Vice President of the Adviser since prior to 2017. Co-Chief Investment Officer—Global Core Equity since 2018. |
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Kent W. Hargis; since 2015; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. Co-Chief Investment Officer—Strategic Core Equities since 2018. | |
Brian Holland; effective January 2023; Senior Vice President of the Adviser* | Senior Vice President of the Adviser, with which he has been associated since prior to 2017. | |
Sammy Suzuki; since 2015; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017. Co-Chief Investment Officer—Strategic Core Equities since 2018. |
* |
Effective January 1, 2023, Mr. Holland will join as a portfolio manager of the Fund.
|
Employee; Length of Service; Title |
Principal Occupation(s) During
the Past Five (5) Years
|
|
Dev Chakrabarti; since 2015; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Co-Chief Investment Officer of Concentrated Global Growth. | |
Mark Phelps; since 2015; Senior Vice President of the Adviser* | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity as a portfolio manager since prior to 2017, and Chief Investment Officer of Concentrated Global Growth. |
* |
Mr. Phelps is expected to retire from the Adviser effective December 31, 2022.
|
Employee; Length of Service; Title | Principal Occupation(s) During the Past Five (5) Years |
|
Daniel C. Roarty; since 2017; Senior Vice President of the Adviser | (see above) | |
Benjamin Ruegsegger; since 2017; Senior Vice President of the Adviser | Senior Vice President and Portfolio Manager of the Adviser, with which he has been associated in a substantially similar capacity to his current position since 2017. He has also been a Senior Research Analyst of the Adviser since prior to 2017. |
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 119.12 | $ | 93.49 | $ | 81.99 | $ | 83.19 | $ | 71.87 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.76 | ) | (.71 | ) | (.56 | ) | (.43 | ) | (.45 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(18.82 | ) | 32.29 | 18.31 | 9.80 | 18.50 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | – 0 – | – 0 – | .07 | |||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(19.58 | ) | 31.58 | 17.75 | 9.37 | 18.16 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 88.45 | $ | 119.12 | $ | 93.49 | $ | 81.99 | $ | 83.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(18.40 | )% | 35.00 | % | 23.15 | % | 13.58 | % | 26.56 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 967,086 | $ | 1,265,804 | $ | 1,000,469 | $ | 875,776 | $ | 806,980 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.11 | % | 1.13 | % | 1.16 | % | 1.18 | % | 1.19 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.12 | % | 1.13 | % | 1.17 | % | 1.18 | % | 1.20 | % | ||||||||||
Net investment loss(b)
|
(.74 | )% | (.69 | )% | (.70 | )% | (.55 | )% | (.58 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 45.01 | $ | 38.86 | $ | 37.89 | $ | 44.64 | $ | 41.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.52 | ) | (.58 | ) | (.51 | ) | (.49 | ) | (.57 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(5.66 | ) | 12.68 | 7.73 | 4.31 | 10.30 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(6.18 | ) | 12.10 | 7.22 | 3.82 | 9.79 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 27.74 | $ | 45.01 | $ | 38.86 | $ | 37.89 | $ | 44.64 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(19.01 | )% | 34.00 | % | 22.21 | % | 12.74 | % | 25.62 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 34,773 | $ | 54,488 | $ | 52,025 | $ | 42,599 | $ | 30,223 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.86 | % | 1.88 | % | 1.91 | % | 1.93 | % | 1.94 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.87 | % | 1.88 | % | 1.92 | % | 1.94 | % | 1.95 | % | ||||||||||
Net investment loss(b)
|
(1.49 | )% | (1.43 | )% | (1.45 | )% | (1.31 | )% | (1.34 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 133.95 | $ | 104.23 | $ | 90.49 | $ | 90.46 | $ | 77.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.57 | ) | (.50 | ) | (.40 | ) | (.26 | ) | (.28 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(21.48 | ) | 36.17 | 20.39 | 10.86 | 20.03 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | – 0 – | – 0 – | .08 | |||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(22.05 | ) | 35.67 | 19.99 | 10.60 | 19.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 100.81 | $ | 133.95 | $ | 104.23 | $ | 90.49 | $ | 90.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(18.20 | )% | 35.34 | % | 23.46 | % | 13.87 | % | 26.87 | %+ | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 171,447 | $ | 253,434 | $ | 213,499 | $ | 200,593 | $ | 100,538 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.86 | % | .88 | % | .91 | % | .93 | % | .93 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.87 | % | .88 | % | .92 | % | .94 | % | .94 | % | ||||||||||
Net investment loss(b)
|
(.49 | )% | (.43 | )% | (.44 | )% | (.31 | )% | (.33 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 113.63 | $ | 89.77 | $ | 79.25 | $ | 81.05 | $ | 70.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(1.13 | ) | (1.07 | ) | (.87 | ) | (.71 | ) | (.71 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(17.80 | ) | 30.88 | 17.64 | 9.48 | 18.07 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | – 0 – | – 0 – | .07 | |||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(18.93 | ) | 29.81 | 16.77 | 8.77 | 17.47 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 83.61 | $ | 113.63 | $ | 89.77 | $ | 79.25 | $ | 81.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(18.74 | )% | 34.47 | % | 22.69 | % | 13.16 | % | 26.10 | %+ | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 7,720 | $ | 9,738 | $ | 8,825 | $ | 3,177 | $ | 2,249 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.53 | % | 1.53 | % | 1.54 | % | 1.56 | % | 1.55 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.54 | % | 1.53 | % | 1.55 | % | 1.56 | % | 1.56 | % | ||||||||||
Net investment loss(b)
|
(1.16 | )% | (1.08 | )% | (1.12 | )% | (.94 | )% | (.95 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 122.74 | $ | 96.25 | $ | 84.29 | $ | 85.26 | $ | 73.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.90 | ) | (.85 | ) | (.65 | ) | (.50 | ) | (.51 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(19.45 | ) | 33.29 | 18.86 | 10.10 | 18.95 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | – 0 – | – 0 – | .07 | |||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(20.35 | ) | 32.44 | 18.21 | 9.60 | 18.55 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 91.30 | $ | 122.74 | $ | 96.25 | $ | 84.29 | $ | 85.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(18.49 | )% | 34.89 | % | 23.07 | % | 13.51 | % | 26.47 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 2,385 | $ | 2,955 | $ | 2,343 | $ | 2,120 | $ | 1,524 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.22 | % | 1.24 | % | 1.24 | % | 1.25 | % | 1.25 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.23 | % | 1.24 | % | 1.25 | % | 1.25 | % | 1.26 | % | ||||||||||
Net investment loss(b)
|
(.85 | )% | (.79 | )% | (.78 | )% | (.62 | )% | (.65 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 133.67 | $ | 103.94 | $ | 90.17 | $ | 90.09 | $ | 77.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.49 | ) | (.42 | ) | (.32 | ) | (.17 | ) | (.18 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(21.44 | ) | 36.10 | 20.34 | 10.82 | 19.94 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | – 0 – | – 0 – | .08 | |||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(21.93 | ) | 35.68 | 20.02 | 10.65 | 19.88 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(11.09 | ) | (5.95 | ) | (6.25 | ) | (10.57 | ) | (6.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 100.65 | $ | 133.67 | $ | 103.94 | $ | 90.17 | $ | 90.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(18.14 | )% | 35.45 | % | 23.58 | % | 13.99 | % | 27.03 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 51,502 | $ | 69,879 | $ | 61,918 | $ | 42,172 | $ | 18,961 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.79 | % | .81 | % | .81 | % | .82 | % | .82 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.80 | % | .81 | % | .82 | % | .83 | % | .83 | % | ||||||||||
Net investment loss(b)
|
(.42 | )% | (.36 | )% | (.36 | )% | (.20 | )% | (.22 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 28 | % | 38 | % | 49 | % | 46 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(d) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended July 31, 2020, July 31, 2019 and July 31, 2018, such waiver amounted to .01%, .01% and .01%, respectively.
|
* |
Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the years ended July 31, 2020, July 31, 2019 and July 31, 2018 by .07%, .03% and .04%, respectively. Includes the impact of a reimbursement from the Adviser as a result of an error made by the Adviser in processing a claim for class action settlement, which enhanced the Fund’s performance for the year ended July 31, 2018 by .09%. Includes the impact of proceeds recorded and credited to the Fund resulting from regulatory settlement, which enhanced the Fund’s performance for the year ended July 31, 2018 by .05%.
|
+ |
The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.
|
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 89.60 | $ | 67.60 | $ | 54.54 | $ | 53.00 | $ | 45.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.28 | ) | (.25 | ) | (.13 | ) | (.03 | ) | (.09 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(11.89 | ) | 24.40 | 15.29 | 6.00 | 9.94 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(12.17 | ) | 24.15 | 15.16 | 5.97 | 9.89 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 70.33 | $ | 89.60 | $ | 67.60 | $ | 54.54 | $ | 53.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.70 | )% | 36.43 | % | 28.61 | % | 12.70 | % | 22.42 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000,000’s omitted)
|
$ | 3,689 | $ | 4,364 | $ | 3,379 | $ | 2,559 | $ | 2,406 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.82 | % | .83 | % | .85 | % | .88 | % | .89 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.82 | % | .83 | % | .86 | % | .89 | % | .91 | % | ||||||||||
Net investment loss(b)
|
(.36 | )% | (.33 | )% | (.23 | )% | (.06 | )% | (.18 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS C | |||||||||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net asset value, beginning of period
|
$ | 62.27 | $ | 47.91 | $ | 39.52 | $ | 39.95 | $ | 34.65 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income From Investment Operations | |||||||||||||||||||||||||
Net investment loss(a)(b)
|
(.59 | ) | (.57 | ) | (.40 | ) | (.31 | ) | (.35 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(7.92 | ) | 17.08 | 10.89 | 4.31 | 7.57 | |||||||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .03 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net increase (decrease) in net asset value from operations
|
(8.51 | ) | 16.51 | 10.49 | 4.00 | 7.25 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less: Distributions | |||||||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value, end of period
|
$ | 46.66 | $ | 62.27 | $ | 47.91 | $ | 39.52 | $ | 39.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total Return | |||||||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(15.34 | )% | 35.43 | % | 27.63 | % | 11.85 | % | 21.51 | % | |||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 538,833 | $ | 711,554 | $ | 601,204 | $ | 489,142 | $ | 424,321 | |||||||||||||||
Ratio to average net assets of:
|
|||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.57 | % | 1.58 | % | 1.60 | % | 1.63 | % | 1.64 | % | |||||||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.57 | % | 1.58 | % | 1.61 | % | 1.64 | % | 1.66 | % | |||||||||||||||
Net investment loss(b)
|
(1.11 | )% | (1.07 | )% | (.98 | )% | (.81 | )% | (.93 | )% | |||||||||||||||
Portfolio turnover rate
|
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | |||||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 99.45 | $ | 74.63 | $ | 59.93 | $ | 57.65 | $ | 48.74 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.09 | ) | (.07 | ) | .01 | .11 | .04 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(13.32 | ) | 27.04 | 16.86 | 6.60 | 10.78 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(13.41 | ) | 26.97 | 16.87 | 6.71 | 10.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.07 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(7.10 | ) | (2.15 | ) | (2.17 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 78.94 | $ | 99.45 | $ | 74.63 | $ | 59.93 | $ | 57.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.48 | )% | 36.78 | % | 28.92 | % | 12.97 | % | 22.73 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000,000’s omitted)
|
$ | 9,017 | $ | 9,123 | $ | 6,370 | $ | 4,083 | $ | 3,039 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.57 | % | .58 | % | .60 | % | .63 | % | .64 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.57 | % | .58 | % | .61 | % | .64 | % | .66 | % | ||||||||||
Net investment income (loss)(b)
|
(.11 | )% | (.08 | )% | .01 | % | .19 | % | .07 | % | ||||||||||
Portfolio turnover rate
|
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 84.27 | $ | 63.95 | $ | 51.91 | $ | 50.84 | $ | 43.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.58 | ) | (.52 | ) | (.34 | ) | (.22 | ) | (.27 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(11.09 | ) | 22.99 | 14.48 | 5.72 | 9.56 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(11.67 | ) | 22.47 | 14.14 | 5.50 | 9.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 65.50 | $ | 84.27 | $ | 63.95 | $ | 51.91 | $ | 50.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(15.06 | )% | 35.88 | % | 28.08 | % | 12.29 | % | 21.94 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 85,606 | $ | 103,351 | $ | 98,913 | $ | 77,126 | $ | 66,470 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.25 | % | 1.24 | % | 1.25 | % | 1.26 | % | 1.27 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.25 | % | 1.24 | % | 1.26 | % | 1.27 | % | 1.29 | % | ||||||||||
Net investment loss(b)
|
(.79 | )% | (.73 | )% | (.63 | )% | (.44 | )% | (.56 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 91.12 | $ | 68.79 | $ | 55.52 | $ | 53.91 | $ | 45.85 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.39 | ) | (.33 | ) | (.19 | ) | (.07 | ) | (.13 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(12.08 | ) | 24.81 | 15.56 | 6.11 | 10.10 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(12.47 | ) | 24.48 | 15.37 | 6.04 | 10.01 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 71.55 | $ | 91.12 | $ | 68.79 | $ | 55.52 | $ | 53.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.79 | )% | 36.28 | % | 28.48 | % | 12.61 | % | 22.29 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 118,637 | $ | 167,898 | $ | 137,218 | $ | 114,161 | $ | 102,634 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.94 | % | .93 | % | .95 | % | .96 | % | .98 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.94 | % | .94 | % | .96 | % | .97 | % | 1.00 | % | ||||||||||
Net investment loss(b)
|
(.48 | )% | (.43 | )% | (.33 | )% | (.14 | )% | (.27 | )% | ||||||||||
Portfolio turnover rate
|
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 98.80 | $ | 74.18 | $ | 59.60 | $ | 57.35 | $ | 48.49 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.13 | ) | (.09 | ) | .00 | (e) | .11 | .03 | ||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(13.21 | ) | 26.86 | 16.75 | 6.57 | 10.74 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(13.34 | ) | 26.77 | 16.75 | 6.68 | 10.81 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.07 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(7.10 | ) | (2.15 | ) | (2.17 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 78.36 | $ | 98.80 | $ | 74.18 | $ | 59.60 | $ | 57.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.52 | )% | 36.74 | % | 28.88 | % | 12.99 | % | 22.74 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 735,993 | $ | 947,580 | $ | 705,711 | $ | 497,816 | $ | 465,387 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.60 | % | .60 | % | .62 | % | .62 | % | .64 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.61 | % | .61 | % | .63 | % | .63 | % | .66 | % | ||||||||||
Net investment income (loss)(b)
|
(.14 | )% | (.10 | )% | (.01 | )% | .20 | % | .06 | % | ||||||||||
Portfolio turnover rate
|
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
CLASS Z | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 99.24 | $ | 74.43 | $ | 59.76 | $ | 57.45 | $ | 48.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.04 | ) | (.01 | ) | .06 | .15 | .08 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(13.29 | ) | 26.97 | 16.81 | 6.59 | 10.75 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(13.33 | ) | 26.96 | 16.87 | 6.74 | 10.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.10 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(7.10 | ) | (2.15 | ) | (2.10 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(7.10 | ) | (2.15 | ) | (2.20 | ) | (4.43 | ) | (1.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 78.81 | $ | 99.24 | $ | 74.43 | $ | 59.76 | $ | 57.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.43 | )% | 36.87 | % | 29.02 | % | 13.07 | % | 22.82 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 2,926,601 | $ | 3,313,266 | $ | 2,127,817 | $ | 1,468,332 | $ | 965,544 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.51 | % | .51 | % | .52 | % | .54 | % | .55 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.51 | % | .52 | % | .53 | % | .55 | % | .57 | % | ||||||||||
Net investment income (loss)(b)
|
(.05 | )% | (.02 | )% | .09 | % | .27 | % | .15 | % | ||||||||||
Portfolio turnover rate
|
34 | % | 25 | % | 32 | % | 37 | % | 47 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.01 | % | .01 | % | .01 | % | .01 | % | .02 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(d) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended July 31, 2021, July 31, 2020, July 31, 2019 and July 31, 2018, such waiver amounted to .01%, .01%, .01% and .02%, respectively.
|
(e) |
Amount is less than $.005.
|
* |
Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended July 31, 2018 by .01%.
|
Includes the impact of proceeds recorded and credited to the Fund resulting from regulatory settlement, which enhanced the Fund’s performance for the year ended July 31, 2018 by .08%.
|
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 58.21 | $ | 41.70 | $ | 40.35 | $ | 35.44 | $ | 32.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.11 | ) | (.08 | ) | (.10 | ) | (.12 | ) | (.15 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(8.64 | ) | 18.40 | 2.87 | 7.62 | 4.13 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(8.75 | ) | 18.32 | 2.77 | 7.50 | 3.98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 43.16 | $ | 58.21 | $ | 41.70 | $ | 40.35 | $ | 35.44 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(17.75 | )% | 44.80 | % | 6.84 | % | 22.67 | % | 12.39 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 55,057 | $ | 62,979 | $ | 37,615 | $ | 28,661 | $ | 26,920 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
1.00 | % | 1.01 | % | 1.12 | % | 1.19 | % | 1.21 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.00 | % | 1.01 | % | 1.15 | % | 1.19 | % | 1.21 | % | ||||||||||
Net investment loss(b)
|
(.20 | )% | (.15 | )% | (.24 | )% | (.32 | )% | (.45 | )% | ||||||||||
Portfolio turnover rate
|
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 54.65 | $ | 39.53 | $ | 38.61 | $ | 34.27 | $ | 31.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.49 | ) | (.43 | ) | (.38 | ) | (.38 | ) | (.40 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(7.94 | ) | 17.36 | 2.72 | 7.31 | 4.02 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(8.43 | ) | 16.93 | 2.34 | 6.93 | 3.62 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 39.92 | $ | 54.65 | $ | 39.53 | $ | 38.61 | $ | 34.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(18.36 | )% | 43.71 | % | 6.01 | % | 21.75 | % | 11.56 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 20,406 | $ | 31,765 | $ | 28,210 | $ | 22,320 | $ | 18,168 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
1.75 | % | 1.75 | % | 1.87 | % | 1.94 | % | 1.96 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.75 | % | 1.76 | % | 1.90 | % | 1.94 | % | 1.96 | % | ||||||||||
Net investment loss(b)
|
(.96 | )% | (.91 | )% | (.99 | )% | (1.07 | )% | (1.20 | )% | ||||||||||
Portfolio turnover rate
|
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 59.41 | $ | 42.42 | $ | 40.93 | $ | 35.83 | $ | 32.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.03 | .05 | .01 | (.03 | ) | (.07 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(8.86 | ) | 18.75 | 2.90 | 7.72 | 4.18 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(8.83 | ) | 18.80 | 2.91 | 7.69 | 4.11 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.06 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(6.36 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 44.22 | $ | 59.41 | $ | 42.42 | $ | 40.93 | $ | 35.83 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(17.54 | )% | 45.17 | % | 7.09 | % | 22.97 | % | 12.69 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 957,097 | $ | 1,152,671 | $ | 699,504 | $ | 537,484 | $ | 369,006 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
.75 | % | .76 | % | .87 | % | .94 | % | .96 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
.75 | % | .76 | % | .90 | % | .94 | % | .96 | % | ||||||||||
Net investment income (loss)(b)
|
.05 | % | .10 | % | .02 | % | (.07 | )% | (.21 | )% | ||||||||||
Portfolio turnover rate
|
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 56.89 | $ | 40.93 | $ | 39.76 | $ | 35.04 | $ | 32.37 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.29 | ) | (.26 | ) | (.21 | ) | (.21 | ) | (.24 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(8.40 | ) | 18.03 | 2.80 | 7.52 | 4.10 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(8.69 | ) | 17.77 | 2.59 | 7.31 | 3.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 41.90 | $ | 56.89 | $ | 40.93 | $ | 39.76 | $ | 35.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(18.07 | )% | 44.28 | % | 6.48 | % | 22.38 | % | 12.12 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 108 | $ | 70 | $ | 34 | $ | 16 | $ | 14 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
1.40 | % | 1.38 | % | 1.42 | % | 1.44 | % | 1.45 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.43 | % | 1.38 | % | 1.45 | % | 1.44 | % | 1.45 | % | ||||||||||
Net investment loss(b)
|
(.56 | )% | (.52 | )% | (.54 | )% | (.57 | )% | (.70 | )% | ||||||||||
Portfolio turnover rate
|
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 58.15 | $ | 41.69 | $ | 40.36 | $ | 35.45 | $ | 32.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.11 | ) | (.11 | ) | (.11 | ) | (.12 | ) | (.16 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(8.61 | ) | 18.38 | 2.86 | 7.62 | 4.14 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(8.72 | ) | 18.27 | 2.75 | 7.50 | 3.98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 43.13 | $ | 58.15 | $ | 41.69 | $ | 40.36 | $ | 35.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(17.71 | )% | 44.69 | % | 6.78 | % | 22.67 | % | 12.38 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,146 | $ | 1,753 | $ | 1,480 | $ | 741 | $ | 558 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
.98 | % | 1.07 | % | 1.15 | % | 1.19 | % | 1.21 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.01 | % | 1.07 | % | 1.18 | % | 1.20 | % | 1.22 | % | ||||||||||
Net investment loss(b)
|
(.19 | )% | (.22 | )% | (.27 | )% | (.32 | )% | (.46 | )% | ||||||||||
Portfolio turnover rate
|
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 59.48 | $ | 42.50 | $ | 41.00 | $ | 35.88 | $ | 32.95 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.04 | ) | .02 | .01 | (.03 | ) | (.07 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(8.85 | ) | 18.77 | 2.91 | 7.74 | 4.19 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(8.89 | ) | 18.79 | 2.92 | 7.71 | 4.12 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.00 | )(c) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 44.29 | $ | 59.48 | $ | 42.50 | $ | 41.00 | $ | 35.88 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(17.59 | )% | 45.06 | % | 7.10 | % | 22.99 | % | 12.71 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 8 | $ | 89 | $ | 18 | $ | 17 | $ | 21 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
.81 | % | .83 | % | .86 | % | .91 | % | .95 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
.81 | % | .83 | % | .88 | % | .92 | % | .96 | % | ||||||||||
Net investment income (loss)(b)
|
(.06 | )% | .03 | % | .03 | % | (.09 | )% | (.21 | )% | ||||||||||
Portfolio turnover rate
|
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS Z | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 59.52 | $ | 42.49 | $ | 40.98 | $ | 35.86 | $ | 32.93 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.04 | .10 | .02 | (.01 | ) | (.05 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(8.87 | ) | 18.74 | 2.91 | 7.72 | 4.17 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(8.83 | ) | 18.84 | 2.93 | 7.71 | 4.12 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.08 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.30 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions
|
(6.38 | ) | (1.81 | ) | (1.42 | ) | (2.59 | ) | (1.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 44.31 | $ | 59.52 | $ | 42.49 | $ | 40.98 | $ | 35.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(17.52 | )% | 45.19 | % | 7.13 | % | 23.01 | % | 12.72 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 82,429 | $ | 107,956 | $ | 2,007 | $ | 990 | $ | 812 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
.72 | % | .78 | % | .84 | % | .91 | % | .91 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
.72 | % | .78 | % | .87 | % | .92 | % | .92 | % | ||||||||||
Net investment income (loss)(b)
|
.07 | % | .18 | % | .04 | % | (.03 | )% | (.13 | )% | ||||||||||
Portfolio turnover rate
|
40 | % | 26 | % | 23 | % | 30 | % | 27 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Amount is less than $.005.
|
(d) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(e) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the year ended June 30, 2018, such waiver amounted to .01%.
|
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 15.11 | $ | 12.74 | $ | 11.40 | $ | 12.41 | $ | 10.16 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.06 | ) | (.09 | ) | (.06 | ) | (.06 | ) | (.05 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(3.45 | ) | 4.58 | 2.11 | .82 | 3.02 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.51 | ) | 4.49 | 2.05 | .76 | 2.98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 9.28 | $ | 15.11 | $ | 12.74 | $ | 11.40 | $ | 12.41 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(27.82 | )% | 37.21 | %+ | 19.40 | % | 9.54 | % | 30.56 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 663,173 | $ | 1,024,438 | $ | 795,559 | $ | 726,621 | $ | 713,181 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)
|
.91 | % | .91 | % | .96 | % | .95 | % | .95 | % | ||||||||||
Expenses, before waivers/reimbursements(e)
|
.91 | % | .91 | % | .96 | % | .95 | % | .96 | % | ||||||||||
Net investment loss(b)
|
(.52 | )% | (.65 | )% | (.56 | )% | (.53 | )% | (.42 | )% | ||||||||||
Portfolio turnover rate
|
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 6.85 | $ | 6.76 | $ | 6.44 | $ | 7.93 | $ | 6.78 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.06 | ) | (.10 | ) | (.08 | ) | (.09 | ) | (.09 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(1.18 | ) | 2.31 | 1.11 | .37 | 1.97 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.24 | ) | 2.21 | 1.03 | .28 | 1.88 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 3.29 | $ | 6.85 | $ | 6.76 | $ | 6.44 | $ | 7.93 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(28.44 | )% | 36.23 | % | 18.43 | % | 8.72 | % | 29.51 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 14,986 | $ | 33,132 | $ | 34,650 | $ | 43,545 | $ | 42,670 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)
|
1.68 | % | 1.68 | % | 1.73 | % | 1.72 | % | 1.72 | % | ||||||||||
Expenses, before waivers/reimbursements(e)
|
1.68 | % | 1.68 | % | 1.73 | % | 1.73 | % | 1.73 | % | ||||||||||
Net investment loss(b)
|
(1.30 | )% | (1.42 | )% | (1.33 | )% | (1.31 | )% | (1.19 | )% | ||||||||||
Portfolio turnover rate
|
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 16.71 | $ | 13.88 | $ | 12.33 | $ | 13.26 | $ | 10.78 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.04 | ) | (.07 | ) | (.04 | ) | (.04 | ) | (.02 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(3.89 | ) | 5.02 | 2.30 | .90 | 3.22 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.93 | ) | 4.95 | 2.26 | .86 | 3.21 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.02 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.79 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 10.46 | $ | 16.71 | $ | 13.88 | $ | 12.33 | $ | 13.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(27.70 | )% | 37.49 | % | 19.65 | % | 9.75 | % | 30.96 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,129,007 | $ | 1,713,283 | $ | 1,253,607 | $ | 1,215,645 | $ | 1,140,555 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)
|
.68 | % | .68 | % | .73 | % | .72 | % | .72 | % | ||||||||||
Expenses, before waivers/reimbursements(e)
|
.68 | % | .68 | % | .73 | % | .72 | % | .73 | % | ||||||||||
Net investment loss(b)
|
(.28 | )% | (.42 | )% | (.33 | )% | (.30 | )% | (.18 | )% | ||||||||||
Portfolio turnover rate
|
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 13.61 | $ | 11.69 | $ | 10.56 | $ | 11.69 | $ | 9.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.10 | ) | (.14 | ) | (.10 | ) | (.10 | ) | (.09 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(3.04 | ) | 4.18 | 1.94 | .74 | 2.85 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.14 | ) | 4.04 | 1.84 | .64 | 2.77 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 8.15 | $ | 13.61 | $ | 11.69 | $ | 10.56 | $ | 11.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(28.21 | )% | 36.65 | %+ | 18.93 | % | 9.04 | % | 29.98 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 20,570 | $ | 33,946 | $ | 25,040 | $ | 24,376 | $ | 20,777 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)
|
1.36 | % | 1.36 | % | 1.38 | % | 1.37 | % | 1.37 | % | ||||||||||
Expenses, before waivers/reimbursements(e)
|
1.36 | % | 1.36 | % | 1.39 | % | 1.37 | % | 1.38 | % | ||||||||||
Net investment loss(b)
|
(.97 | )% | (1.10 | )% | (.99 | )% | (.95 | )% | (.84 | )% | ||||||||||
Portfolio turnover rate
|
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 14.82 | $ | 12.55 | $ | 11.25 | $ | 12.29 | $ | 10.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.08 | ) | (.11 | ) | (.07 | ) | (.07 | ) | (.06 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(3.37 | ) | 4.50 | 2.08 | .80 | 2.99 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.45 | ) | 4.39 | 2.01 | .73 | 2.94 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 9.05 | $ | 14.82 | $ | 12.55 | $ | 11.25 | $ | 12.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(27.97 | )% | 36.96 | %+ | 19.30 | % | 9.37 | % | 30.40 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 15,493 | $ | 31,252 | $ | 21,964 | $ | 21,997 | $ | 20,016 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)
|
1.06 | % | 1.07 | % | 1.09 | % | 1.08 | % | 1.09 | % | ||||||||||
Expenses, before waivers/reimbursements(e)
|
1.07 | % | 1.07 | % | 1.09 | % | 1.09 | % | 1.10 | % | ||||||||||
Net investment loss(b)
|
(.68 | )% | (.81 | )% | (.69 | )% | (.67 | )% | (.56 | )% | ||||||||||
Portfolio turnover rate
|
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 16.46 | $ | 13.70 | $ | 12.18 | $ | 13.12 | $ | 10.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.04 | ) | (.08 | ) | (.04 | ) | (.04 | ) | (.02 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(3.82 | ) | 4.96 | 2.27 | .89 | 3.18 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.86 | ) | 4.88 | 2.23 | .85 | 3.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.02 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.79 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 10.28 | $ | 16.46 | $ | 13.70 | $ | 12.18 | $ | 13.12 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(27.69 | )% | 37.47 | % | 19.65 | % | 9.75 | % | 30.87 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 425,004 | $ | 604,487 | $ | 103,821 | $ | 115,079 | $ | 87,649 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)
|
.71 | % | .74 | % | .75 | % | .75 | % | .74 | % | ||||||||||
Expenses, before waivers/reimbursements(e)
|
.71 | % | .74 | % | .76 | % | .75 | % | .75 | % | ||||||||||
Net investment loss(b)
|
(.31 | )% | (.53 | )% | (.35 | )% | (.33 | )% | (.16 | )% | ||||||||||
Portfolio turnover rate
|
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
CLASS Z | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 16.54 | $ | 13.75 | $ | 12.21 | $ | 13.15 | $ | 10.70 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.03 | ) | (.06 | ) | (.03 | ) | (.03 | ) | (.02 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(3.85 | ) | 4.97 | 2.28 | .89 | 3.19 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.88 | ) | 4.91 | 2.25 | .86 | 3.18 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.03 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.77 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(2.32 | ) | (2.12 | ) | (.71 | ) | (1.80 | ) | (.73 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 10.34 | $ | 16.54 | $ | 13.75 | $ | 12.21 | $ | 13.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(27.68 | )% | 37.55 | % | 19.76 | % | 9.82 | % | 30.91 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 660,787 | $ | 941,592 | $ | 551,672 | $ | 594,902 | $ | 387,101 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)
|
.64 | % | .64 | % | .66 | % | .66 | % | .66 | % | ||||||||||
Expenses, before waivers/reimbursements(e)
|
.64 | % | .64 | % | .66 | % | .66 | % | .67 | % | ||||||||||
Net investment loss(b)
|
(.24 | )% | (.39 | )% | (.26 | )% | (.24 | )% | (.15 | )% | ||||||||||
Portfolio turnover rate
|
64 | % | 75 | % | 80 | % | 69 | % | 72 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Amount is less than $.005.
|
(d) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(e) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the year ended July 31, 2018, such waiver amounted to .01%.
|
* |
Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended July 31, 2019 by .01%.
|
Includes the impact of proceeds recorded and credited to the Fund resulting from regulatory settlement, which enhanced the Fund’s performance for the year ended July 31, 2018 by .07%.
|
+ |
The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.
|
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 79.55 | $ | 62.17 | $ | 57.21 | $ | 60.30 | $ | 49.25 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.51 | ) | (.62 | ) | (.37 | ) | (.36 | ) | (.44 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(21.59 | ) | 25.33 | 10.19 | 5.75 | 16.28 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(22.10 | ) | 24.71 | 9.82 | 5.39 | 15.84 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 50.68 | $ | 79.55 | $ | 62.17 | $ | 57.21 | $ | 60.30 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(30.61 | )% | 41.15 | %+ | 18.86 | %+ | 12.63 | % | 33.99 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 715,329 | $ | 1,090,466 | $ | 890,196 | $ | 621,553 | $ | 583,619 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
1.11 | % | 1.09 | % | 1.16 | % | 1.15 | % | 1.13 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.11 | % | 1.09 | % | 1.16 | % | 1.16 | % | 1.14 | % | ||||||||||
Net investment loss(b)
|
(.78 | )% | (.83 | )% | (.70 | )% | (.65 | )% | (.80 | )% | ||||||||||
Portfolio turnover rate
|
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 39.36 | $ | 33.92 | $ | 33.67 | $ | 39.66 | $ | 34.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.47 | ) | (.61 | ) | (.43 | ) | (.47 | ) | (.57 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(9.50 | ) | 13.38 | 5.54 | 2.96 | 10.94 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(9.97 | ) | 12.77 | 5.11 | 2.49 | 10.37 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 22.62 | $ | 39.36 | $ | 33.92 | $ | 33.67 | $ | 39.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(31.12 | )% | 40.11 | %+ | 17.99 | %+ | 11.79 | % | 32.99 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 33,191 | $ | 53,790 | $ | 35,697 | $ | 35,256 | $ | 31,424 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
1.86 | % | 1.84 | % | 1.90 | % | 1.91 | % | 1.88 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.86 | % | 1.84 | % | 1.91 | % | 1.91 | % | 1.89 | % | ||||||||||
Net investment loss(b)
|
(1.53 | )% | (1.59 | )% | (1.44 | )% | (1.40 | )% | (1.55 | )% | ||||||||||
Portfolio turnover rate
|
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 90.34 | $ | 69.65 | $ | 63.35 | $ | 65.62 | $ | 53.10 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.39 | ) | (.51 | ) | (.27 | ) | (.24 | ) | (.33 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(24.86 | ) | 28.53 | 11.43 | 6.46 | 17.64 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(25.25 | ) | 28.02 | 11.16 | 6.22 | 17.31 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.01 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.49 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 58.32 | $ | 90.34 | $ | 69.65 | $ | 63.35 | $ | 65.62 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(30.43 | )% | 41.51 | %+ | 19.16 | %+ | 12.93 | % | 34.30 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,814,970 | $ | 2,165,454 | $ | 1,051,243 | $ | 611,919 | $ | 414,913 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
.86 | % | .84 | % | .91 | % | .91 | % | .88 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
.87 | % | .84 | % | .91 | % | .91 | % | .89 | % | ||||||||||
Net investment loss(b)
|
(.53 | )% | (.60 | )% | (.46 | )% | (.41 | )% | (.55 | )% | ||||||||||
Portfolio turnover rate
|
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 75.03 | $ | 59.19 | $ | 54.90 | $ | 58.45 | $ | 48.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.69 | ) | (.88 | ) | (.54 | ) | (.54 | ) | (.64 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(20.19 | ) | 24.05 | 9.69 | 5.47 | 15.83 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(20.88 | ) | 23.17 | 9.15 | 4.93 | 15.19 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 47.38 | $ | 75.03 | $ | 59.19 | $ | 54.90 | $ | 58.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(30.84 | )% | 40.59 | %+ | 18.42 | %+ | 12.20 | % | 33.45 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 34,853 | $ | 53,326 | $ | 29,374 | $ | 30,459 | $ | 33,088 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
1.46 | % | 1.49 | % | 1.54 | % | 1.53 | % | 1.53 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.46 | % | 1.49 | % | 1.54 | % | 1.54 | % | 1.55 | % | ||||||||||
Net investment loss(b)
|
(1.13 | )% | (1.24 | )% | (1.07 | )% | (1.03 | )% | (1.20 | )% | ||||||||||
Portfolio turnover rate
|
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 82.50 | $ | 64.23 | $ | 58.90 | $ | 61.77 | $ | 50.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.45 | ) | (.62 | ) | (.34 | ) | (.33 | ) | (.42 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(22.50 | ) | 26.22 | 10.53 | 5.94 | 16.65 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(22.95 | ) | 25.60 | 10.19 | 5.61 | 16.23 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 52.78 | $ | 82.50 | $ | 64.23 | $ | 58.90 | $ | 61.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(30.54 | )% | 41.22 | %+ | 18.96 | %+ | 12.71 | % | 34.04 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 135,550 | $ | 121,057 | $ | 43,699 | $ | 43,284 | $ | 42,228 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
1.03 | % | 1.03 | % | 1.08 | % | 1.09 | % | 1.09 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
1.03 | % | 1.03 | % | 1.09 | % | 1.09 | % | 1.11 | % | ||||||||||
Net investment loss(b)
|
(.68 | )% | (.80 | )% | (.62 | )% | (.59 | )% | (.76 | )% | ||||||||||
Portfolio turnover rate
|
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 89.79 | $ | 69.27 | $ | 63.03 | $ | 65.33 | $ | 52.89 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.37 | ) | (.49 | ) | (.26 | ) | (.24 | ) | (.34 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(24.69 | ) | 28.34 | 11.36 | 6.43 | 17.57 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(25.06 | ) | 27.85 | 11.10 | 6.19 | 17.23 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.01 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.49 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 57.96 | $ | 89.79 | $ | 69.27 | $ | 63.03 | $ | 65.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(30.40 | )% | 41.48 | %+ | 19.17 | %+ | 12.93 | % | 34.29 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 597,941 | $ | 824,332 | $ | 614,788 | $ | 494,931 | $ | 448,949 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
.84 | % | .84 | % | .90 | % | .90 | % | .89 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
.84 | % | .84 | % | .90 | % | .90 | % | .91 | % | ||||||||||
Net investment loss(b)
|
(.50 | )% | (.59 | )% | (.44 | )% | (.40 | )% | (.57 | )% | ||||||||||
Portfolio turnover rate
|
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS Z | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 90.46 | $ | 69.68 | $ | 63.31 | $ | 65.54 | $ | 53.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.30 | ) | (.43 | ) | (.21 | ) | (.19 | ) | (.28 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions
|
(24.92 | ) | 28.54 | 11.44 | 6.46 | 17.61 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | – 0 – | – 0 – | .00 | (c) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(25.22 | ) | 28.11 | 11.23 | 6.27 | 17.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.02 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.48 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(6.77 | ) | (7.33 | ) | (4.86 | ) | (8.50 | ) | (4.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 58.47 | $ | 90.46 | $ | 69.68 | $ | 63.31 | $ | 65.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(30.34 | )% | 41.62 | %+ | 19.29 | %+ | 13.03 | % | 34.42 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,056,456 | $ | 1,118,142 | $ | 473,742 | $ | 299,807 | $ | 153,533 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡
|
.76 | % | .75 | % | .81 | % | .81 | % | .80 | % | ||||||||||
Expenses, before waivers/reimbursements(e)‡
|
.76 | % | .75 | % | .81 | % | .82 | % | .81 | % | ||||||||||
Net investment loss(b)
|
(.41 | )% | (.51 | )% | (.36 | )% | (.32 | )% | (.48 | )% | ||||||||||
Portfolio turnover rate
|
54 | % | 74 | % | 75 | % | 70 | % | 65 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Amount is less than $.005.
|
(d) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(e) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the year ended July 31, 2018, such waiver amounted to .01%.
|
* |
Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the years ended July 31, 2019 and July 31, 2018 by .01%, and .03%, respectively.
|
+ |
The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.
|
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 22.32 | $ | 16.19 | $ | 16.81 | $ | 17.15 | $ | 16.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.02 | (.03 | ) | .05 | .05 | .05 | ||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(1.06 | ) | 6.76 | .68 | 1.32 | 2.39 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.04 | ) | 6.73 | .73 | 1.37 | 2.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.07 | ) | (.05 | ) | (.03 | ) | ||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(4.72 | ) | (.60 | ) | (1.35 | ) | (1.71 | ) | (1.83 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 16.56 | $ | 22.32 | $ | 16.19 | $ | 16.81 | $ | 17.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(8.03 | )% | 42.31 | % | 4.18 | % | 9.08 | % | 15.03 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 19,869 | $ | 18,875 | $ | 11,699 | $ | 10,765 | $ | 12,060 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements†
|
1.47 | % | 1.51 | % | 1.53 | % | 1.50 | % | 1.45 | % | ||||||||||
Expenses, before waivers/reimbursements†
|
1.47 | % | 1.51 | % | 1.53 | % | 1.50 | % | 1.46 | % | ||||||||||
Net investment income (loss)(b)
|
.08 | % | (.13 | )% | .28 | % | .28 | % | .31 | % | ||||||||||
Portfolio turnover rate
|
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 20.57 | $ | 15.07 | $ | 15.78 | $ | 16.28 | $ | 15.87 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.13 | ) | (.16 | ) | (.07 | ) | (.07 | ) | (.07 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.89 | ) | 6.26 | .64 | 1.23 | 2.28 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.02 | ) | 6.10 | .57 | 1.16 | 2.21 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 14.83 | $ | 20.57 | $ | 15.07 | $ | 15.78 | $ | 16.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(8.69 | )% | 41.25 | % | 3.36 | % | 8.27 | % | 14.19 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 7,629 | $ | 9,319 | $ | 8,437 | $ | 11,463 | $ | 12,825 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements†
|
2.22 | % | 2.26 | % | 2.27 | % | 2.25 | % | 2.21 | % | ||||||||||
Expenses, before waivers/reimbursements†
|
2.22 | % | 2.27 | % | 2.28 | % | 2.25 | % | 2.21 | % | ||||||||||
Net investment loss(b)
|
(.68 | )% | (.88 | )% | (.45 | )% | (.47 | )% | (.45 | )% | ||||||||||
Portfolio turnover rate
|
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 22.32 | $ | 16.17 | $ | 16.78 | $ | 17.14 | $ | 16.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.07 | .03 | .09 | .09 | .10 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(1.07 | ) | 6.74 | .69 | 1.31 | 2.38 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.00 | ) | 6.77 | .78 | 1.40 | 2.48 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.01 | ) | (.02 | ) | (.11 | ) | (.10 | ) | (.07 | ) | ||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(4.73 | ) | (.62 | ) | (1.39 | ) | (1.76 | ) | (1.87 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 16.59 | $ | 22.32 | $ | 16.17 | $ | 16.78 | $ | 17.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(7.82 | )% | 42.63 | % | 4.44 | % | 9.34 | % | 15.33 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 176,306 | $ | 181,782 | $ | 172,643 | $ | 196,566 | $ | 186,570 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements†
|
1.22 | % | 1.26 | % | 1.27 | % | 1.25 | % | 1.20 | % | ||||||||||
Expenses, before waivers/reimbursements†
|
1.22 | % | 1.26 | % | 1.27 | % | 1.25 | % | 1.21 | % | ||||||||||
Net investment income(b)
|
.33 | % | .13 | % | .54 | % | .53 | % | .56 | % | ||||||||||
Portfolio turnover rate
|
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 21.60 | $ | 15.73 | $ | 16.37 | $ | 16.76 | $ | 16.22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.05 | ) | (.08 | ) | .00 | (c) | (.00 | )(c) | .00 | (c) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.98 | ) | 6.55 | .67 | 1.28 | 2.34 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.03 | ) | 6.47 | .67 | 1.28 | 2.34 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.03 | ) | (.01 | ) | – 0 – | |||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(4.72 | ) | (.60 | ) | (1.31 | ) | (1.67 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 15.85 | $ | 21.60 | $ | 15.73 | $ | 16.37 | $ | 16.76 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(8.32 | )% | 41.95 | % | 3.87 | % | 8.77 | % | 14.71 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 132 | $ | 54 | $ | 23 | $ | 19 | $ | 17 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements†
|
1.80 | % | 1.80 | % | 1.80 | % | 1.78 | % | 1.76 | % | ||||||||||
Expenses, before waivers/reimbursements†
|
1.97 | % | 1.88 | % | 1.86 | % | 1.78 | % | 1.76 | % | ||||||||||
Net investment income (loss)(b)
|
(.26 | )% | (.43 | )% | .01 | % | (.02 | )% | .01 | % | ||||||||||
Portfolio turnover rate
|
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 22.02 | $ | 15.99 | $ | 16.59 | $ | 16.92 | $ | 16.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.00 | )(c) | (.03 | ) | .04 | .03 | .04 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(1.03 | ) | 6.66 | .68 | 1.30 | 2.35 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.03 | ) | 6.63 | .72 | 1.33 | 2.39 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.04 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(4.72 | ) | (.60 | ) | (1.32 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 16.27 | $ | 22.02 | $ | 15.99 | $ | 16.59 | $ | 16.92 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(8.15 | )% | 42.28 | % | 4.16 | % | 8.99 | % | 14.94 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,312 | $ | 1,404 | $ | 1,028 | $ | 875 | $ | 2,806 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements†
|
1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | 1.54 | % | ||||||||||
Expenses, before waivers/reimbursements†
|
1.65 | % | 1.69 | % | 1.70 | % | 1.66 | % | 1.63 | % | ||||||||||
Net investment income (loss)(b)
|
(.00 | )%(c) | (.17 | )% | .26 | % | .18 | % | .22 | % | ||||||||||
Portfolio turnover rate
|
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 22.06 | $ | 15.99 | $ | 16.60 | $ | 16.97 | $ | 16.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.06 | .02 | .09 | .09 | .10 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(1.04 | ) | 6.67 | .68 | 1.30 | 2.36 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(.98 | ) | 6.69 | .77 | 1.39 | 2.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.01 | ) | (.02 | ) | (.10 | ) | (.10 | ) | (.07 | ) | ||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(4.72 | ) | (.60 | ) | (1.28 | ) | (1.66 | ) | (1.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(4.73 | ) | (.62 | ) | (1.38 | ) | (1.76 | ) | (1.87 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 16.35 | $ | 22.06 | $ | 15.99 | $ | 16.60 | $ | 16.97 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(7.82 | )% | 42.62 | % | 4.45 | % | 9.38 | % | 15.35 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 3,717 | $ | 5,340 | $ | 4,244 | $ | 5,401 | $ | 39,104 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements†
|
1.21 | % | 1.26 | % | 1.26 | % | 1.23 | % | 1.21 | % | ||||||||||
Expenses, before waivers/reimbursements†
|
1.22 | % | 1.26 | % | 1.27 | % | 1.24 | % | 1.22 | % | ||||||||||
Net investment income(b)
|
.32 | % | .13 | % | .56 | % | .55 | % | .57 | % | ||||||||||
Portfolio turnover rate
|
197 | % | 148 | % | 183 | % | 209 | % | 236 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .02 | % | .02 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Amount is less than $0.005.
|
(d) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charge or contingent deferred sales charge is not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return for a period of less than one year is not annualized.
|
* |
Includes the impact of proceeds received, and credited to the Fund resulting from class action settlements, which enhanced the performance of each share class, for the years ended June 30, 2022, June 30, 2020 and June 30, 2018 by 0.02%, 0.03% and 0.02%, respectively.
|
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 14.91 | $ | 12.48 | $ | 12.54 | $ | 12.86 | $ | 12.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.11 | ) | (.12 | ) | (.04 | ) | (.00 | )(c) | (.04 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.39 | ) | 3.14 | .42 | .69 | 1.26 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(.50 | ) | 3.02 | .38 | .69 | 1.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 12.67 | $ | 14.91 | $ | 12.48 | $ | 12.54 | $ | 12.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(4.49 | )% | 24.80 | % | 3.11 | % | 5.93 | % | 10.10 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 118,590 | $ | 111,374 | $ | 83,866 | $ | 89,337 | $ | 92,102 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)(f)‡
|
1.83 | % | 1.86 | % | 1.91 | % | 1.91 | % | 1.88 | % | ||||||||||
Expenses, before waivers/reimbursements(e)(f)‡
|
1.86 | % | 1.88 | % | 1.94 | % | 1.94 | % | 1.94 | % | ||||||||||
Net investment loss(b)
|
(.78 | )% | (.90 | )% | (.28 | )% | (.00 | )%(g) | (.30 | )% | ||||||||||
Portfolio turnover rate (excluding securities sold short)
|
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio turnover rate (including securities sold short)
|
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 13.82 | $ | 11.68 | $ | 11.85 | $ | 12.30 | $ | 11.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.20 | ) | (.21 | ) | (.12 | ) | (.09 | ) | (.13 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.35 | ) | 2.94 | .39 | .65 | 1.21 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(.55 | ) | 2.73 | .27 | .56 | 1.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 11.53 | $ | 13.82 | $ | 11.68 | $ | 11.85 | $ | 12.30 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(5.18 | )% | 23.91 | % | 2.25 | % | 5.11 | % | 9.34 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 44,732 | $ | 59,740 | $ | 64,205 | $ | 86,097 | $ | 98,333 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)(f)‡
|
2.58 | % | 2.61 | % | 2.66 | % | 2.66 | % | 2.63 | % | ||||||||||
Expenses, before waivers/reimbursements(e)(f)‡
|
2.61 | % | 2.63 | % | 2.69 | % | 2.69 | % | 2.69 | % | ||||||||||
Net investment loss(b)
|
(1.54 | )% | (1.65 | )% | (1.01 | )% | (.76 | )% | (1.05 | )% | ||||||||||
Portfolio turnover rate (excluding securities sold short)
|
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio turnover rate (including securities sold short)
|
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 15.29 | $ | 12.74 | $ | 12.78 | $ | 13.06 | $ | 12.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.08 | ) | (.09 | ) | (.00 | )(c) | .03 | (.01 | ) | |||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.41 | ) | 3.23 | .42 | .70 | 1.28 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(.49 | ) | 3.14 | .42 | .73 | 1.27 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.02 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(1.74 | ) | (.59 | ) | (.46 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 13.06 | $ | 15.29 | $ | 12.74 | $ | 12.78 | $ | 13.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(4.24 | )% | 25.17 | % | 3.27 | % | 6.24 | % | 10.39 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,506,544 | $ | 1,202,820 | $ | 876,972 | $ | 902,381 | $ | 762,575 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)(f)‡
|
1.58 | % | 1.61 | % | 1.66 | % | 1.66 | % | 1.64 | % | ||||||||||
Expenses, before waivers/reimbursements(e)(f)‡
|
1.61 | % | 1.63 | % | 1.69 | % | 1.69 | % | 1.69 | % | ||||||||||
Net investment income (loss)(b)
|
(.53 | )% | (.65 | )% | (.03 | )% | .24 | % | (.04 | )% | ||||||||||
Portfolio turnover rate (excluding securities sold short)
|
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio turnover rate (including securities sold short)
|
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 14.53 | $ | 12.20 | $ | 12.30 | $ | 12.67 | $ | 12.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.15 | ) | (.16 | ) | (.06 | ) | (.03 | ) | (.07 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.37 | ) | 3.08 | .40 | .67 | 1.24 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(.52 | ) | 2.92 | .34 | .64 | 1.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 12.27 | $ | 14.53 | $ | 12.20 | $ | 12.30 | $ | 12.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(4.76 | )% | 24.55 | % | 2.75 | % | 5.69 | % | 9.80 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 295 | $ | 293 | $ | 213 | $ | 283 | $ | 455 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)(f)‡
|
2.13 | % | 2.13 | % | 2.16 | % | 2.16 | % | 2.15 | % | ||||||||||
Expenses, before waivers/reimbursements(e)(f)‡
|
2.19 | % | 2.18 | % | 2.20 | % | 2.34 | % | 2.38 | % | ||||||||||
Net investment loss(b)
|
(1.08 | )% | (1.17 | )% | (.51 | )% | (.28 | )% | (.55 | )% | ||||||||||
Portfolio turnover rate (excluding securities sold short)
|
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio turnover rate (including securities sold short)
|
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 14.92 | $ | 12.48 | $ | 12.54 | $ | 12.86 | $ | 12.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.08 | ) | (.12 | ) | (.04 | ) | (.00 | )(c) | (.04 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.39 | ) | 3.15 | .42 | .69 | 1.26 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(.47 | ) | 3.03 | .38 | .69 | 1.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment transactions
|
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 12.71 | $ | 14.92 | $ | 12.48 | $ | 12.54 | $ | 12.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(4.20 | )% | 24.80 | % | 3.11 | % | 5.93 | % | 10.10 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 13 | $ | 15 | $ | 12 | $ | 13 | $ | 13 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)(f)‡
|
1.59 | % | 1.83 | % | 1.92 | % | 1.92 | % | 1.90 | % | ||||||||||
Expenses, before waivers/reimbursements(e)(f)‡
|
1.83 | % | 1.85 | % | 1.96 | % | 2.05 | % | 2.05 | % | ||||||||||
Net investment loss(b)
|
(.54 | )% | (.86 | )% | (.31 | )% | (.02 | )% | (.32 | )% | ||||||||||
Portfolio turnover rate (excluding securities sold short)
|
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio turnover rate (including securities sold short)
|
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 15.33 | $ | 12.78 | $ | 12.81 | $ | 13.09 | $ | 12.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.07 | ) | (.09 | ) | .00 | (c) | .04 | .00 | (c) | |||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(.41 | ) | 3.23 | .44 | .69 | 1.28 | ||||||||||||||
Contributions from Affiliates
|
.00 | (c) | .00 | (c) | .00 | (c) | – 0 – | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(.48 | ) | 3.14 | .44 | .73 | 1.28 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.03 | ) | – 0 – | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(1.74 | ) | (.59 | ) | (.44 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(1.74 | ) | (.59 | ) | (.47 | ) | (1.01 | ) | (.64 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 13.11 | $ | 15.33 | $ | 12.78 | $ | 12.81 | $ | 13.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)*
|
(4.22 | )% | 25.17 | % | 3.37 | % | 6.22 | % | 10.46 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 34,177 | $ | 38,385 | $ | 16,674 | $ | 18,422 | $ | 13,299 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)(f)‡
|
1.55 | % | 1.60 | % | 1.62 | % | 1.61 | % | 1.58 | % | ||||||||||
Expenses, before waivers/reimbursements(e)(f)‡
|
1.57 | % | 1.62 | % | 1.66 | % | 1.65 | % | 1.64 | % | ||||||||||
Net investment income (loss)(b)
|
(.50 | )% | (.64 | )% | .01 | % | .31 | % | .01 | % | ||||||||||
Portfolio turnover rate (excluding securities sold short)
|
242 | % | 181 | % | 191 | % | 253 | % | 291 | % | ||||||||||
Portfolio turnover rate (including securities sold short)
|
243 | % | 181 | % | 207 | % | 266 | % | 346 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.03 | % | .02 | % | .04 | % | .04 | % | .07 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Amount is less than $.005.
|
(d) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(e) |
The expense ratios presented below exclude non-operating expenses:
|
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Class A
|
||||||||||||||||||||
Net of waivers/reimbursements
|
1.83% | 1.85% | 1.86% | 1.85% | 1.83% | |||||||||||||||
Before waivers/reimbursements
|
1.85% | 1.88% | 1.89% | 1.89% | 1.88% | |||||||||||||||
Class C
|
||||||||||||||||||||
Net of waivers/reimbursements
|
2.57% | 2.60% | 2.60% | 2.60% | 2.58% | |||||||||||||||
Before waivers/reimbursements
|
2.60% | 2.63% | 2.64% | 2.64% | 2.64% | |||||||||||||||
Advisor Class
|
||||||||||||||||||||
Net of waivers/reimbursements
|
1.58% | 1.60% | 1.61% | 1.61% | 1.58% | |||||||||||||||
Before waivers/reimbursements
|
1.61% | 1.63% | 1.64% | 1.64% | 1.64% | |||||||||||||||
Class R
|
||||||||||||||||||||
Net of waivers/reimbursements
|
2.12% | 2.13% | 2.11% | 2.12% | 2.09% | |||||||||||||||
Before waivers/reimbursements
|
2.18% | 2.18% | 2.15% | 2.29% | 2.33% | |||||||||||||||
Class K
|
||||||||||||||||||||
Net of waivers/reimbursements
|
1.59% | 1.83% | 1.87% | 1.86% | 1.84% | |||||||||||||||
Before waivers/reimbursements
|
1.82% | 1.85% | 1.91% | 2.00% | 2.00% | |||||||||||||||
Class I
|
||||||||||||||||||||
Net of waivers/reimbursements
|
1.54% | 1.60% | 1.57% | 1.55% | 1.53% | |||||||||||||||
Before waivers/reimbursements
|
1.57% | 1.62% | 1.61% | 1.59% | 1.59% |
(f) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended June 30, 2022, June 30, 2021, June 30, 2020, June 30, 2019 and June 30, 2018, such waiver amounted to .03%, .03%, .04%, .03% and .06%, respectively.
|
(g) |
Less than 0.005%.
|
* |
Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended June 30, 2020 by .03%.
|
CLASS A | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 179.88 | $ | 142.42 | $ | 118.20 | $ | 120.08 | $ | 107.51 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.18 | ) | (.92 | ) | (.46 | ) | (.03 | ) | .07 | |||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(22.69 | ) | 49.90 | 28.37 | 6.33 | 11.63 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .87 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(22.87 | ) | 48.98 | 27.91 | 6.30 | 12.57 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.97 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (8.18 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 139.32 | $ | 179.88 | $ | 142.42 | $ | 118.20 | $ | 120.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.79 | )% | 35.76 | % | 24.22 | % | 6.48 | % | 11.69 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 739,832 | $ | 925,129 | $ | 699,723 | $ | 609,083 | $ | 627,185 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.02 | % | 1.18 | % | 1.25 | % | 1.26 | % | 1.29 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.02 | % | 1.18 | % | 1.26 | % | 1.26 | % | 1.30 | % | ||||||||||
Net investment income (loss)(b)
|
(.11 | )% | (.57 | )% | (.38 | )% | (.03 | )% | .06 | % | ||||||||||
Portfolio turnover rate
|
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 139.98 | $ | 113.84 | $ | 95.89 | $ | 99.07 | $ | 89.37 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(1.03 | ) | (1.65 | ) | (1.10 | ) | (.73 | ) | (.66 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(16.77 | ) | 39.31 | 22.74 | 5.04 | 9.64 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .72 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(17.80 | ) | 37.66 | 21.64 | 4.31 | 9.70 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.28 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.49 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 104.49 | $ | 139.98 | $ | 113.84 | $ | 95.89 | $ | 99.07 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(15.43 | )% | 34.73 | % | 23.29 | % | 5.67 | % | 10.85 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 28,646 | $ | 30,293 | $ | 17,436 | $ | 18,846 | $ | 24,636 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.77 | % | 1.93 | % | 2.01 | % | 2.01 | % | 2.04 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.77 | % | 1.93 | % | 2.01 | % | 2.02 | % | 2.05 | % | ||||||||||
Net investment loss(b)
|
(.85 | )% | (1.29 | )% | (1.14 | )% | (.80 | )% | (.69 | )% | ||||||||||
Portfolio turnover rate
|
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 193.31 | $ | 152.16 | $ | 125.72 | $ | 127.20 | $ | 113.60 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.25 | (.49 | ) | (.18 | ) | .29 | .53 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(24.72 | ) | 53.40 | 30.31 | 6.73 | 12.15 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(24.47 | ) | 52.91 | 30.13 | 7.02 | 13.60 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | (.24 | ) | – 0 – | (1.29 | ) | – 0 – | |||||||||||||
Distributions from net realized gain on investment transactions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(17.69 | ) | (11.76 | ) | (3.69 | ) | (8.50 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 151.15 | $ | 193.31 | $ | 152.16 | $ | 125.72 | $ | 127.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.57 | )% | 36.11 | % | 24.53 | % | 6.75 | % | 11.97 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,137,575 | $ | 1,360,500 | $ | 592,942 | $ | 384,638 | $ | 314,797 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.77 | % | .93 | % | 1.00 | % | 1.01 | % | 1.03 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.77 | % | .93 | % | 1.01 | % | 1.01 | % | 1.04 | % | ||||||||||
Net investment income (loss)(b)
|
.15 | % | (.28 | )% | (.14 | )% | .24 | % | .43 | % | ||||||||||
Portfolio turnover rate
|
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 175.89 | $ | 140.03 | $ | 116.68 | $ | 118.43 | $ | 106.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.63 | ) | (1.56 | ) | (.88 | ) | (.38 | ) | (.27 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(22.23 | ) | 48.94 | 27.92 | 6.27 | 11.49 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .86 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(22.86 | ) | 47.38 | 27.04 | 5.89 | 12.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.43 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.64 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 135.34 | $ | 175.89 | $ | 140.03 | $ | 116.68 | $ | 118.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(15.14 | )% | 35.19 | % | 23.76 | % | 6.13 | % | 11.36 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 4,620 | $ | 3,363 | $ | 3,306 | $ | 3,313 | $ | 3,365 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.44 | % | 1.58 | % | 1.61 | % | 1.59 | % | 1.58 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
1.44 | % | 1.59 | % | 1.61 | % | 1.60 | % | 1.60 | % | ||||||||||
Net investment loss(b)
|
(.42 | )% | (.98 | )% | (.74 | )% | (.34 | )% | (.23 | )% | ||||||||||
Portfolio turnover rate
|
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 184.10 | $ | 145.66 | $ | 120.86 | $ | 122.65 | $ | 109.83 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.37 | ) | (1.11 | ) | (.53 | ) | (.02 | ) | (.20 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(23.28 | ) | 51.07 | 29.02 | 6.45 | 12.13 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .89 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(23.65 | ) | 49.96 | 28.49 | 6.43 | 12.82 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (1.01 | ) | – 0 – | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (8.22 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 142.76 | $ | 184.10 | $ | 145.66 | $ | 120.86 | $ | 122.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.88 | )% | 35.63 | % | 24.15 | % | 6.45 | % | 11.67 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 3,676 | $ | 5,387 | $ | 4,466 | $ | 3,867 | $ | 2,803 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
1.13 | % | 1.28 | % | 1.30 | % | 1.28 | % | 1.29 | % | ||||||||||
Expenses, before waivers/ reimbursements(d)‡
|
1.13 | % | 1.28 | % | 1.31 | % | 1.29 | % | 1.31 | % | ||||||||||
Net investment loss(b)
|
(.22 | )% | (.67 | )% | (.43 | )% | (.02 | )% | (.17 | )% | ||||||||||
Portfolio turnover rate
|
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 194.04 | $ | 152.73 | $ | 126.13 | $ | 127.62 | $ | 113.85 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.33 | (.54 | ) | (.13 | ) | .54 | .67 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(24.86 | ) | 53.66 | 30.42 | 6.61 | 12.18 | ||||||||||||||
Capital contributions
|
– 0 – | – 0 – | – 0 – | – 0 – | .92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(24.53 | ) | 53.12 | 30.29 | 7.15 | 13.77 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | (.29 | ) | – 0 – | (1.43 | ) | – 0 – | |||||||||||||
Distributions from net realized gain on investment transactions
|
(17.69 | ) | (11.52 | ) | (3.69 | ) | (7.21 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(17.69 | ) | (11.81 | ) | (3.69 | ) | (8.64 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 151.82 | $ | 194.04 | $ | 152.73 | $ | 126.13 | $ | 127.62 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)*
|
(14.54 | )% | 36.12 | % | 24.57 | % | 6.85 | % | 12.09 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 46,118 | $ | 38,716 | $ | 15,441 | $ | 9,208 | $ | 2,279 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)‡
|
.75 | % | .92 | % | .97 | % | .93 | % | .93 | % | ||||||||||
Expenses, before waivers/reimbursements(d)‡
|
.75 | % | .92 | % | .97 | % | .93 | % | .95 | % | ||||||||||
Net investment income (loss)(b)
|
.19 | % | (.31 | )% | (.10 | )% | .45 | % | .54 | % | ||||||||||
Portfolio turnover rate
|
30 | % | 35 | % | 37 | % | 42 | % | 23 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS Z | ||||||||
Year Ended July 31, 2022 |
2021(e) to
|
|||||||
Net asset value, beginning of period
|
$ | 179.89 | $ | 178.52 | ||||
|
|
|
|
|||||
Income From Investment Operations | ||||||||
Net investment income (loss)(a)(b)
|
.55 | (.02 | ) | |||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(22.97 | ) | 1.39 | |||||
|
|
|
|
|||||
Net increase (decrease) in net asset value from operations
|
(22.42 | ) | 1.37 | |||||
|
|
|
|
|||||
Distributions from net realized gain on investment transactions
|
(17.69 | ) | – 0 – | |||||
|
|
|
|
|||||
Net asset value, end of period
|
$ | 139.78 | $ | 179.89 | ||||
|
|
|
|
|||||
Total Return | ||||||||
Total investment return based on net asset value(c)
|
(14.52 | )% | .77 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted)
|
$ | 50,975 | $ | 10 | ||||
Ratio to average net assets of:
|
||||||||
Expenses, net of waivers/reimbursements‡
|
.71 | % | .73 | %^ | ||||
Expenses, before waivers/reimbursements‡
|
.71 | % | .73 | %^ | ||||
Net investment income (loss)(b)
|
.36 | % | (.73 | )%^ | ||||
Portfolio turnover rate
|
30 | % | 35 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated
underlying portfolios |
.00 | % | .00 | %^ |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(d) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended July 31, 2020 and July 31, 2018, such waiver amounted to .01% and .01%, respectively.
|
(e) |
Commencement of distributions.
|
* |
Includes the impact of proceeds recorded and credited to the Fund resulting from regulatory settlement, which enhanced the Fund’s performance for the year ended July 31, 2018 by .77%.
|
^ |
Annualized.
|
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 23.53 | $ | 17.76 | $ | 16.45 | $ | 18.61 | $ | 17.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.09 | (.03 | ) | (.05 | ) | .02 | .09 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(5.79 | ) | 6.18 | 1.56 | (.14 | ) | .75 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.70 | ) | 6.15 | 1.51 | (.12 | ) | .84 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 16.46 | $ | 23.53 | $ | 17.76 | $ | 16.45 | $ | 18.61 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(25.82 | )% | 34.79 | % | 9.19 | % | 1.03 | % | 4.73 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 148,069 | $ | 215,976 | $ | 164,508 | $ | 175,100 | $ | 205,869 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
1.03 | % | 1.19 | % | 1.33 | % | 1.44 | % | 1.39 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
1.03 | % | 1.19 | % | 1.34 | % | 1.45 | % | 1.40 | % | ||||||||||
Net investment income (loss)(b)
|
.40 | % | (.14 | )% | (.31 | )% | .14 | % | .46 | % | ||||||||||
Portfolio turnover rate
|
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 19.86 | $ | 15.15 | $ | 14.17 | $ | 16.47 | $ | 15.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment loss(a)(b)
|
(.07 | ) | (.17 | ) | (.16 | ) | (.11 | ) | (.08 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(4.79 | ) | 5.26 | 1.34 | (.15 | ) | .71 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(4.86 | ) | 5.09 | 1.18 | (.26 | ) | .63 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 13.63 | $ | 19.86 | $ | 15.15 | $ | 14.17 | $ | 16.47 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(26.39 | )% | 33.77 | % | 8.34 | % | .26 | %* | 3.98 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 1,115 | $ | 1,793 | $ | 2,643 | $ | 4,736 | $ | 8,621 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
1.79 | % | 1.94 | % | 2.09 | % | 2.19 | % | 2.14 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
1.79 | % | 1.95 | % | 2.09 | % | 2.20 | % | 2.16 | % | ||||||||||
Net investment loss(b)
|
(.38 | )% | (.93 | )% | (1.10 | )% | (.74 | )% | (.46 | )% | ||||||||||
Portfolio turnover rate
|
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 24.28 | $ | 18.27 | $ | 16.87 | $ | 18.99 | $ | 18.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.16 | .05 | .01 | .11 | .14 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(6.01 | ) | 6.34 | 1.59 | (.19 | ) | .77 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.85 | ) | 6.39 | 1.60 | (.08 | ) | .91 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 17.06 | $ | 24.28 | $ | 18.27 | $ | 16.87 | $ | 18.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(25.64 | )% | 35.13 | % | 9.50 | % | 1.23 | %* | 5.03 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 534,213 | $ | 567,611 | $ | 223,606 | $ | 89,254 | $ | 44,697 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
.78 | % | .94 | % | 1.07 | % | 1.19 | % | 1.14 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
.79 | % | .94 | % | 1.08 | % | 1.20 | % | 1.15 | % | ||||||||||
Net investment income(b)
|
.74 | % | .24 | % | .04 | % | .68 | % | .73 | % | ||||||||||
Portfolio turnover rate
|
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 22.82 | $ | 17.30 | $ | 16.09 | $ | 18.31 | $ | 17.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.01 | ) | (.13 | ) | (.11 | ) | (.03 | ) | .01 | |||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(5.59 | ) | 6.03 | 1.52 | (.15 | ) | .77 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.60 | ) | 5.90 | 1.41 | (.18 | ) | .78 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 15.85 | $ | 22.82 | $ | 17.30 | $ | 16.09 | $ | 18.31 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(26.20 | )% | 34.26 | % | 8.77 | % | .69 | %* | 4.45 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 3,414 | $ | 5,137 | $ | 4,976 | $ | 7,067 | $ | 9,234 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
1.49 | % | 1.62 | % | 1.69 | % | 1.75 | % | 1.70 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
1.49 | % | 1.63 | % | 1.70 | % | 1.76 | % | 1.72 | % | ||||||||||
Net investment income (loss)(b)
|
(.06 | )% | (.61 | )% | (.68 | )% | (.18 | )% | .08 | % | ||||||||||
Portfolio turnover rate
|
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 23.36 | $ | 17.65 | $ | 16.36 | $ | 18.52 | $ | 17.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.04 | (.07 | ) | (.06 | ) | .02 | .12 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(5.73 | ) | 6.16 | 1.55 | (.14 | ) | .72 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.69 | ) | 6.09 | 1.49 | (.12 | ) | .84 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 16.30 | $ | 23.36 | $ | 17.65 | $ | 16.36 | $ | 18.52 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(25.97 | )% | 34.66 | % | 9.12 | % | 1.03 | % | 4.75 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 3,458 | $ | 8,520 | $ | 7,609 | $ | 6,376 | $ | 7,391 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
1.18 | % | 1.31 | % | 1.38 | % | 1.44 | % | 1.40 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
1.18 | % | 1.32 | % | 1.39 | % | 1.45 | % | 1.42 | % | ||||||||||
Net investment income (loss)(b)
|
.19 | % | (.31 | )% | (.36 | )% | .13 | % | .61 | % | ||||||||||
Portfolio turnover rate
|
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 24.17 | $ | 18.19 | $ | 16.80 | $ | 18.90 | $ | 17.97 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
.12 | (.01 | ) | (.01 | ) | .08 | .18 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(5.96 | ) | 6.37 | 1.60 | (.14 | ) | .75 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.84 | ) | 6.36 | 1.59 | (.06 | ) | .93 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Distributions | ||||||||||||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(1.37 | ) | (.38 | ) | (.20 | ) | (2.04 | ) | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 16.96 | $ | 24.17 | $ | 18.19 | $ | 16.80 | $ | 18.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(25.71 | )% | 35.12 | % | 9.48 | % | 1.35 | %* | 5.17 | %* | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 565 | $ | 986 | $ | 1,090 | $ | 1,713 | $ | 1,981 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
.84 | % | .98 | % | 1.05 | % | 1.09 | % | 1.03 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
.84 | % | .99 | % | 1.06 | % | 1.10 | % | 1.05 | % | ||||||||||
Net investment income (loss)(b)
|
.55 | % | (.03 | )% | (.03 | )% | .49 | % | .91 | % | ||||||||||
Portfolio turnover rate
|
28 | % | 33 | % | 37 | % | 45 | % | 36 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .01 | % | .01 | % | .01 | % | .01 | % |
CLASS Z | ||||
2021(e) to
|
||||
Net asset value, beginning of period
|
$ | 23.66 | ||
|
|
|||
Income From Investment Operations | ||||
Net investment income(a)(b)
|
.30 | |||
Net realized and unrealized loss on investment and foreign currency transactions
|
(6.09 | ) | ||
|
|
|||
Net decrease in net asset value from operations
|
(5.79 | ) | ||
|
|
|||
Less: Distributions | ||||
Distributions from net realized gain on investment and foreign currency transactions
|
(1.37 | ) | ||
|
|
|||
Net asset value, end of period
|
$ | 16.50 | ||
|
|
|||
Total Return | ||||
Total investment return based on net asset value(c)
|
(26.06 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted)
|
$ | 12,747 | ||
Ratio to average net assets of:
|
||||
Expenses, net of waivers/reimbursements(d)†
|
.77 | %(f) | ||
Expenses, before waivers/reimbursements(d)†
|
.78 | %(f) | ||
Net investment income(b)
|
1.71 | %(f) | ||
Portfolio turnover rate
|
28 | % | ||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated
underlying portfolios |
.00 | %(f) |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charge or contingent deferred sales charge is not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return for a period of less than one year is not annualized.
|
(d) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund fees and expenses (i.e. operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended June 30, 2021, June 30, 2020, June 30, 2019 and June 30, 2018 such waiver amounted to 0.01%, 0.01%, 0.01% and 0.01%, respectively.
|
(e) |
Commencement of distribution.
|
(f) |
Annualized.
|
* |
The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.
|
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 17.63 | $ | 12.83 | $ | 13.31 | $ | 12.42 | $ | 11.72 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.10 | .12 | .12 | .17 | .16 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(3.42 | ) | 4.77 | (.16 | ) | 1.02 | 1.09 | |||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.32 | ) | 4.89 | (.04 | ) | 1.19 | 1.25 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.14 | ) | (.09 | ) | (.13 | ) | (.12 | ) | (.13 | ) | ||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(.65 | ) | – 0 – | (.31 | ) | (.18 | ) | (.42 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.79 | ) | (.09 | ) | (.44 | ) | (.30 | ) | (.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 13.52 | $ | 17.63 | $ | 12.83 | $ | 13.31 | $ | 12.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(19.74 | )% | 38.20 | % | (.48 | )% | 9.95 | % | 10.72 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 19,471 | $ | 23,362 | $ | 17,101 | $ | 15,851 | $ | 12,925 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements
|
1.03 | % | 1.05 | % | 1.08 | % | 1.13 | % | 1.15 | % | ||||||||||
Expenses, before waivers/reimbursements
|
1.04 | % | 1.06 | % | 1.08 | % | 1.13 | % | 1.15 | % | ||||||||||
Net investment income(b)
|
.62 | % | .79 | % | .89 | % | 1.33 | % | 1.31 | % | ||||||||||
Portfolio turnover rate
|
50 | % | 46 | % | 52 | % | 47 | % | 45 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 17.29 | $ | 12.61 | $ | 13.10 | $ | 12.29 | $ | 11.63 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.03 | ) | .00 | (c) | .02 | .09 | .06 | |||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(3.34 | ) | 4.68 | (.15 | ) | .99 | 1.08 | |||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.37 | ) | 4.68 | (.13 | ) | 1.08 | 1.14 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.01 | ) | – 0 – | (.05 | ) | (.09 | ) | (.06 | ) | |||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(.65 | ) | – 0 – | (.31 | ) | (.18 | ) | (.42 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.66 | ) | – 0 – | (.36 | ) | (.27 | ) | (.48 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 13.26 | $ | 17.29 | $ | 12.61 | $ | 13.10 | $ | 12.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(20.29 | )% | 37.11 | % | (1.17 | )% | 9.12 | % | 9.87 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 759 | $ | 1,040 | $ | 905 | $ | 553 | $ | 150 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements
|
1.79 | % | 1.81 | % | 1.84 | % | 1.90 | % | 1.90 | % | ||||||||||
Expenses, before waivers/reimbursements
|
1.79 | % | 1.81 | % | 1.84 | % | 1.90 | % | 1.92 | % | ||||||||||
Net investment income (loss)(b)
|
(.15 | )% | .03 | % | .15 | % | .69 | % | .49 | % | ||||||||||
Portfolio turnover rate
|
50 | % | 46 | % | 52 | % | 47 | % | 45 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 17.69 | $ | 12.87 | $ | 13.35 | $ | 12.46 | $ | 11.75 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.14 | .17 | .15 | .20 | .18 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(3.43 | ) | 4.77 | (.15 | ) | 1.02 | 1.10 | |||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(3.29 | ) | 4.94 | .00 | (c) | 1.22 | 1.28 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.18 | ) | (.12 | ) | (.17 | ) | (.15 | ) | (.15 | ) | ||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
(.65 | ) | – 0 – | (.31 | ) | (.18 | ) | (.42 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.83 | ) | (.12 | ) | (.48 | ) | (.33 | ) | (.57 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 13.57 | $ | 17.69 | $ | 12.87 | $ | 13.35 | $ | 12.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)
|
(19.54 | )% | 38.54 | % | (.25 | )% | 10.21 | % | 11.02 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 2,349,994 | $ | 2,478,209 | $ | 1,215,240 | $ | 789,168 | $ | 465,263 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements
|
.79 | % | .81 | % | .84 | % | .90 | % | .90 | % | ||||||||||
Expenses, before waivers/reimbursements
|
.79 | % | .81 | % | .84 | % | .90 | % | .90 | % | ||||||||||
Net investment income(b)
|
.86 | % | 1.08 | % | 1.17 | % | 1.61 | % | 1.42 | % | ||||||||||
Portfolio turnover rate
|
50 | % | 46 | % | 52 | % | 47 | % | 45 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Amount is less than $0.005.
|
(d) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charge or contingent deferred sales charge is not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return for a period of less than one year is not annualized.
|
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 13.36 | $ | 11.05 | $ | 11.70 | $ | 12.04 | $ | 11.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.21 | .17 | .25 | .27 | .20 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(2.18 | ) | 2.33 | (.74 | ) | (.33 | ) | .93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.97 | ) | 2.50 | (.49 | ) | (.06 | ) | 1.13 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.03 | ) | (.19 | ) | (.16 | ) | (.16 | ) | (.07 | ) | ||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
– 0 – | – 0 – | – 0 – | (.12 | ) | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.03 | ) | (.19 | ) | (.16 | ) | (.28 | ) | (.13 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 11.36 | $ | 13.36 | $ | 11.05 | $ | 11.70 | $ | 12.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(14.79 | )% | 22.81 | % | (4.33 | )% | (.28 | )% | 10.25 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 6,062 | $ | 11,136 | $ | 9,439 | $ | 1,344 | $ | 460 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
.99 | % | 1.04 | % | 1.19 | % | 1.20 | % | 1.19 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
.99 | % | 1.04 | % | 1.27 | % | 1.51 | % | 1.93 | % | ||||||||||
Net investment income(b)
|
1.55 | % | 1.39 | % | 2.31 | % | 2.38 | % | 1.71 | % | ||||||||||
Portfolio turnover rate
|
35 | % | 35 | % | 39 | % | 51 | % | 53 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 13.20 | $ | 10.91 | $ | 11.60 | $ | 11.95 | $ | 11.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.14 | .09 | .06 | .18 | .10 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(2.18 | ) | 2.29 | (.63 | ) | (.32 | ) | .93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(2.04 | ) | 2.38 | (.57 | ) | (.14 | ) | 1.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | (.09 | ) | (.12 | ) | (.09 | ) | (.03 | ) | |||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
– 0 – | – 0 – | – 0 – | (.12 | ) | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
– 0 – | (.09 | ) | (.12 | ) | (.21 | ) | (.09 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 11.16 | $ | 13.20 | $ | 10.91 | $ | 11.60 | $ | 11.95 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(15.45 | )% | 21.89 | % | (5.01 | )% | (1.00 | )% | 9.34 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 246 | $ | 292 | $ | 190 | $ | 218 | $ | 118 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
1.75 | % | 1.79 | % | 1.95 | % | 1.95 | % | 1.94 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
1.76 | % | 1.81 | % | 2.00 | % | 2.28 | % | 2.68 | % | ||||||||||
Net investment income(b)
|
1.06 | % | .73 | % | .55 | % | 1.56 | % | .88 | % | ||||||||||
Portfolio turnover rate
|
35 | % | 35 | % | 39 | % | 51 | % | 53 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 13.46 | $ | 11.10 | $ | 11.74 | $ | 12.06 | $ | 11.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.26 | .21 | .20 | .32 | .25 | |||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(2.22 | ) | 2.35 | (.67 | ) | (.34 | ) | .90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(1.96 | ) | 2.56 | (.47 | ) | (.02 | ) | 1.15 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
(.07 | ) | (.20 | ) | (.17 | ) | (.18 | ) | (.09 | ) | ||||||||||
Distributions from net realized gain on investment and foreign currency transactions
|
– 0 – | – 0 – | – 0 – | (.12 | ) | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.07 | ) | (.20 | ) | (.17 | ) | (.30 | ) | (.15 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 11.43 | $ | 13.46 | $ | 11.10 | $ | 11.74 | $ | 12.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(c)
|
(14.66 | )% | 23.26 | % | (4.14 | )% | .06 | % | 10.45 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 584,252 | $ | 656,592 | $ | 436,143 | $ | 201,875 | $ | 76,473 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
.74 | % | .78 | % | .95 | % | .95 | % | .94 | % | ||||||||||
Expenses, before waivers/reimbursements(d)†
|
.75 | % | .79 | % | .99 | % | 1.26 | % | 1.65 | % | ||||||||||
Net investment income(b)
|
1.96 | % | 1.70 | % | 1.74 | % | 2.80 | % | 2.12 | % | ||||||||||
Portfolio turnover rate
|
35 | % | 35 | % | 39 | % | 51 | % | 53 | % | ||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS Z | ||||||||||||
Year Ended June 30, | November 20, 2019(e) to June 30, |
|||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period
|
$ | 13.45 | $ | 11.10 | $ | 12.09 | ||||||
|
|
|
|
|
|
|||||||
Income From Investment Operations | ||||||||||||
Net investment income(a)(b)
|
.26 | .16 | .12 | |||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
(2.21 | ) | 2.39 | (.94 | ) | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from operations
|
(1.95 | ) | 2.55 | (.82 | ) | |||||||
|
|
|
|
|
|
|||||||
Less: Dividends and Distributions | ||||||||||||
Dividends from net investment income
|
(.07 | ) | (.20 | ) | (.17 | ) | ||||||
|
|
|
|
|
|
|||||||
Net asset value, end of period
|
$ | 11.43 | $ | 13.45 | $ | 11.10 | ||||||
|
|
|
|
|
|
|||||||
Total Return | ||||||||||||
Total investment return based on net asset value(c)
|
(14.60 | )% | 23.17 | % | (6.91 | )% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 13 | $ | 12 | $ | 9 | ||||||
Ratio to average net assets of:
|
||||||||||||
Expenses, net of waivers/reimbursements(d)†
|
.74 | % | .79 | % | .93 | %(f) | ||||||
Expenses, before waivers/reimbursements(d)†
|
.74 | % | .80 | % | .97 | %(f) | ||||||
Net investment income(b)
|
1.93 | % | 1.35 | % | 1.76 | %(f) | ||||||
Portfolio turnover rate
|
35 | % | 35 | % | 39 | % | ||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated
underlying portfolios |
.00 | % | .00 | % | .00 | %(f) |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charge or contingent deferred sales charge is not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return for a period of less than one year is not annualized.
|
(d) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund fees and expenses (i.e. operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the year ended June 30, 2018, such waiver amounted to 0.01%.
|
(e) |
Commencement of distribution.
|
(f) |
Annualized.
|
CLASS A | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 15.33 | $ | 11.66 | $ | 11.02 | $ | 11.54 | $ | 10.50 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.01 | ) | .02 | .01 | .02 | .08 | ||||||||||||||
Net realized and unrealized gain (loss) on investment transactions and foreign currency
|
(5.34 | ) | 3.86 | .74 | .15 | 1.32 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.35 | ) | 3.88 | .75 | .17 | 1.40 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | (.00 | )(c) | (.08 | ) | |||||||||||||
Distributions from net realized gain on investment transactions
|
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.36 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 9.71 | $ | 15.33 | $ | 11.66 | $ | 11.02 | $ | 11.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)(e)
|
(35.49 | )% | 33.53 | % | 6.75 | % | 2.72 | % | 13.43 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 6,741 | $ | 10,284 | $ | 1,729 | $ | 498 | $ | 286 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡
|
1.12 | % | 1.15 | % | 1.22 | % | 1.29 | % | 1.29 | % | ||||||||||
Expenses, before waivers/reimbursements(f)‡
|
1.12 | % | 1.17 | % | 1.47 | % | 1.85 | % | 2.08 | % | ||||||||||
Net investment income (loss)(b)
|
(.05 | )% | .14 | % | .12 | % | .23 | % | .67 | % | ||||||||||
Portfolio turnover rate
|
24 | % | 25 | % | 30 | % | 34 | % | 34 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 14.77 | $ | 11.32 | $ | 10.78 | $ | 11.38 | $ | 10.39 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (loss)(a)(b)
|
(.12 | ) | (.09 | ) | (.08 | ) | (.02 | ) | .00 | (c) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions and foreign currency
|
(5.11 | ) | 3.75 | .73 | .11 | 1.30 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.23 | ) | 3.66 | .65 | .09 | 1.30 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | – 0 – | – 0 – | (.03 | ) | ||||||||||||||
Distributions from net realized gain on investment transactions
|
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.31 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 9.27 | $ | 14.77 | $ | 11.32 | $ | 10.78 | $ | 11.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)(e)
|
(36.03 | )% | 32.59 | % | 5.97 | % | 2.00 | % | 12.57 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 909 | $ | 1,909 | $ | 426 | $ | 291 | $ | 172 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡
|
1.87 | % | 1.90 | % | 1.99 | % | 2.04 | % | 2.04 | % | ||||||||||
Expenses, before waivers/reimbursements(f)‡
|
1.87 | % | 1.93 | % | 2.27 | % | 2.59 | % | 2.89 | % | ||||||||||
Net investment income (loss)(b)
|
(.89 | )% | (.66 | )% | (.79 | )% | (.17 | )% | .02 | % | ||||||||||
Portfolio turnover rate
|
24 | % | 25 | % | 30 | % | 34 | % | 34 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period
|
$ | 15.46 | $ | 11.73 | $ | 11.06 | $ | 11.57 | $ | 10.51 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income(a)(b)
|
.03 | .05 | .04 | .06 | .06 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions and foreign currency
|
(5.41 | ) | 3.89 | .75 | .13 | 1.37 | ||||||||||||||
Contributions from Affiliates
|
– 0 – | – 0 – | .00 | (c) | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from operations
|
(5.38 | ) | 3.94 | .79 | .19 | 1.43 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income
|
– 0 – | – 0 – | (.01 | ) | (.01 | ) | (.09 | ) | ||||||||||||
Distributions from net realized gain on investment transactions
|
(.27 | ) | (.21 | ) | (.11 | ) | (.69 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total dividends and distributions
|
(.27 | ) | (.21 | ) | (.12 | ) | (.70 | ) | (.37 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period
|
$ | 9.81 | $ | 15.46 | $ | 11.73 | $ | 11.06 | $ | 11.57 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value(d)(e)
|
(35.38 | )% | 33.84 | % | 7.11 | % | 3.01 | % | 13.61 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 367,324 | $ | 480,418 | $ | 160,265 | $ | 67,054 | $ | 45,424 | ||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡
|
.87 | % | .90 | % | .98 | % | 1.04 | % | 1.04 | % | ||||||||||
Expenses, before waivers/reimbursements(f)‡
|
.87 | % | .93 | % | 1.23 | % | 1.59 | % | 1.80 | % | ||||||||||
Net investment income(b)
|
.24 | % | .32 | % | .37 | % | .54 | % | .53 | % | ||||||||||
Portfolio turnover rate
|
24 | % | 25 | % | 30 | % | 34 | % | 34 | % | ||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios
|
.00 | % | .00 | % | .01 | % | .01 | % | .01 | % |
(a) |
Based on average shares outstanding.
|
(b) |
Net of expenses waived/reimbursed by the Adviser.
|
(c) |
Amount is less than $.005.
|
(d) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.
|
(e) |
Includes the impact of reimbursements from the Adviser which enhanced the Fund’s performance for the year ended June 30, 2020 by .01%.
|
(f) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended June 30, 2020, June 30, 2019 and June 30, 2018, such waiver amounted to .01%, .01% and .01%, respectively.
|
CLASS A | ||||
2022(a) to
2022(b)
|
||||
Net asset value, beginning of period
|
$ | 19.39 | ||
|
|
|||
Income From Investment Operations | ||||
Net investment income(c)(d)
|
.01 | |||
Net realized and unrealized loss on investments
|
(3.47 | ) | ||
|
|
|||
Net decrease in net asset value from operations
|
(3.46 | ) | ||
|
|
|||
Net asset value, end of period
|
$ | 15.93 | ||
|
|
|||
Total Return | ||||
Total investment return based on net asset value(e)
|
(17.84 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted)
|
$ | 25 | ||
Ratio to average net assets of:
|
||||
Expenses, net of waivers/reimbursements†
|
.90 | %(f) | ||
Expenses, before waivers/reimbursements†
|
1.42 | %(f) | ||
Net investment income(d)
|
.13 | %(f) | ||
Portfolio turnover rate
|
17 | % | ||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated
underlying portfolios |
.01 | %(f) |
CLASS C | ||||
2022(a) to
2022(b)
|
||||
Net asset value, beginning of period
|
$ | 17.38 | ||
|
|
|||
Income From Investment Operations | ||||
Net investment loss(c)(d)
|
(.01 | ) | ||
Net realized and unrealized loss on investments
|
(1.45 | ) | ||
|
|
|||
Net decrease in net asset value from operations
|
(1.46 | ) | ||
|
|
|||
Net asset value, end of period
|
$ | 15.92 | ||
|
|
|||
Total Return | ||||
Total investment return based on net asset value(e)
|
(8.40 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted)
|
$ | 54 | ||
Ratio to average net assets of:
|
||||
Expenses, net of waivers/reimbursements†(g)
|
1.64 | %(f) | ||
Expenses, before waivers/reimbursements†(g)
|
3.44 | %(f) | ||
Net investment loss(d)
|
(.43 | )%(f) | ||
Portfolio turnover rate
|
17 | % | ||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated
underlying portfolios |
.01 | %(f) |
ADVISOR CLASS | ||||||||||||||||||||||||
January 1, 2022 to June 30, 2022(b) |
Year Ended December 31, | June 28, 2017(h) to December 31, 2017 |
||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net asset value, beginning of period
|
$ | 21.71 | $ | 18.83 | $ | 13.94 | $ | 10.59 | $ | 11.11 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)(c)(d)
|
.01 | .11 | (.06 | ) | .09 | .08 | .04 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(5.77 | ) | 4.83 | 5.26 | 3.34 | (.54 | ) | 1.09 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net asset value from operations
|
(5.76 | ) | 4.94 | 5.20 | 3.43 | (.46 | ) | 1.13 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income
|
– 0 – | (.13 | ) | (.00 | )(i) | (.08 | ) | (.06 | ) | (.02 | ) | |||||||||||||
Distributions from net realized gain on investments
|
– 0 – | (1.93 | ) | (.31 | ) | – 0 – | (.00 | )(i) | – 0 – | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total dividends and distributions
|
– 0 – | (2.06 | ) | (.31 | ) | (.08 | ) | (.06 | ) | (.02 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period
|
$ | 15.95 | $ | 21.71 | $ | 18.83 | $ | 13.94 | $ | 10.59 | $ | 11.11 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e)
|
(26.56 | )% | 26.26 | % | 37.34 | % | 32.41 | % | (4.15 | )% | 11.32 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted)
|
$ | 109,204 | $ | 191,746 | $ | 181,969 | $ | 100,714 | $ | 65,208 | $ | 1,111 | ||||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements†(g)
|
.65 | %(f) | .12 | % | 1.09 | % | .43 | % | .42 | %(j) | .33 | %(f) | ||||||||||||
Expenses, before waivers/reimbursements†(g)
|
1.00 | %(f) | .36 | % | 1.32 | % | .84 | % | 1.05 | %(j) | 37.77 | %(f) | ||||||||||||
Net investment income (loss)(d)
|
.14 | %(f) | .54 | % | (.38 | )% | .69 | % | .73 | % | .66 | %(f) | ||||||||||||
Portfolio turnover rate
|
17 | % | 37 | % | 51 | % | 41 | % | 31 | % | 22 | % | ||||||||||||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios
|
.01 | %(f) | .00 | % | .01 | % | .01 | % | .01 | % | .01 | %(f) |
CLASS Z | ||||
2022(a) to
2022(b)
|
||||
Net asset value, beginning of period
|
$ | 19.39 | ||
|
|
|||
Income From Investment Operations | ||||
Net investment income(c)(d)
|
.03 | |||
Net realized and unrealized loss on investments
|
(3.47 | ) | ||
|
|
|||
Net decrease in net asset value from operations
|
(3.44 | ) | ||
|
|
|||
Net asset value, end of period
|
$ | 15.95 | ||
|
|
|||
Total Return | ||||
Total investment return based on net asset value(e)
|
(17.74 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted)
|
$ | 8 | ||
Ratio to average net assets of:
|
||||
Expenses, net of waivers/reimbursements†
|
.65 | %(f) | ||
Expenses, before waivers/reimbursements†
|
1.02 | %(f) | ||
Net investment income(d)
|
.36 | %(f) | ||
Portfolio turnover rate
|
17 | % | ||
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated
underlying portfolios |
.00 | %(f) |
(a) |
Commencement of distribution.
|
(b) |
The Fund changed its fiscal year end from December 31 to June 30.
|
(c) |
Based on average shares outstanding.
|
(d) |
Net of expenses waived/reimbursed by the Adviser.
|
(e) |
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return for a period of less than one year is not annualized.
|
(f) |
Annualized.
|
(g) |
In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund fees and expenses (i.e. operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, for the period ended June 30, 2022, the years ended December 31, 2020, December 31, 2019, December 31, 2018, and the period ended December 31, 2017, such waiver amounted to 0.01% (annualized), 0.01%, 0.01%, 0.01% and 0.01% (annualized), respectively.
|
(h) |
Commencement of operations.
|
(i) |
Amount is less than $0.005.
|
(j) |
The advisory fee reflected in the Fund’s expense ratio may be higher or lower than the Base Fee plus Performance Adjustment due to the different time periods over which the fee is calculated (i.e., the financial reporting period vs. the Performance Period).
|
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 537.60 | $ | 9,941.15 | |||||||||||||||
2
|
9,941.15 | 497.06 | 10,438.21 | 116.91 | 10,321.30 | ||||||||||||||||||||
3
|
10,321.30 | 516.07 | 10,837.37 | 121.38 | 10,715.99 | ||||||||||||||||||||
4
|
10,715.99 | 535.80 | 11,251.79 | 126.02 | 11,125.77 | ||||||||||||||||||||
5
|
11,125.77 | 556.29 | 11,682.06 | 130.84 | 11,551.22 | ||||||||||||||||||||
6
|
11,551.22 | 577.56 | 12,128.78 | 135.84 | 11,992.94 | ||||||||||||||||||||
7
|
11,992.94 | 599.65 | 12,592.59 | 141.04 | 12,451.55 | ||||||||||||||||||||
8
|
12,451.55 | 622.58 | 13,074.13 | 146.43 | 12,927.70 | ||||||||||||||||||||
9
|
12,927.70 | 646.39 | 13,574.09 | 152.03 | 13,422.06 | ||||||||||||||||||||
10
|
13,422.06 | 671.10 | 14,093.16 | 157.84 | 13,935.32 | ||||||||||||||||||||
Cumulative
|
$ | 5,701.25 | $ | 1,765.93 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses*
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 508.45 | $ | 9,970.30 | |||||||||||||||
2
|
9,970.30 | 498.52 | 10,468.82 | 86.89 | 10,381.93 | ||||||||||||||||||||
3
|
10,381.93 | 519.10 | 10,901.03 | 90.48 | 10,810.55 | ||||||||||||||||||||
4
|
10,810.55 | 540.53 | 11,351.08 | 94.21 | 11,256.87 | ||||||||||||||||||||
5
|
11,256.87 | 562.84 | 11,819.71 | 98.10 | 11,721.61 | ||||||||||||||||||||
6
|
11,721.61 | 586.08 | 12,307.69 | 102.15 | 12,205.54 | ||||||||||||||||||||
7
|
12,205.54 | 610.28 | 12,815.82 | 106.37 | 12,709.45 | ||||||||||||||||||||
8
|
12,709.45 | 635.47 | 13,344.92 | 110.76 | 13,234.16 | ||||||||||||||||||||
9
|
13,234.16 | 661.71 | 13,895.87 | 115.34 | 13,780.53 | ||||||||||||||||||||
10
|
13,780.53 | 689.03 | 14,469.56 | 120.10 | 14,349.46 | ||||||||||||||||||||
Cumulative
|
$ | 5,782.31 | $ | 1,432.85 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 525.54 | $ | 9,953.21 | |||||||||||||||
2
|
9,953.21 | 497.66 | 10,450.87 | 104.51 | 10,346.36 | ||||||||||||||||||||
3
|
10,346.36 | 517.32 | 10,863.68 | 108.64 | 10,755.04 | ||||||||||||||||||||
4
|
10,755.04 | 537.75 | 11,292.79 | 112.93 | 11,179.86 | ||||||||||||||||||||
5
|
11,179.86 | 558.99 | 11,738.85 | 117.39 | 11,621.46 | ||||||||||||||||||||
6
|
11,621.46 | 581.07 | 12,202.53 | 122.03 | 12,080.50 | ||||||||||||||||||||
7
|
12,080.50 | 604.03 | 12,684.53 | 126.85 | 12,557.68 | ||||||||||||||||||||
8
|
12,557.68 | 627.88 | 13,185.56 | 131.86 | 13,053.70 | ||||||||||||||||||||
9
|
13,053.70 | 652.69 | 13,706.39 | 137.06 | 13,569.33 | ||||||||||||||||||||
10
|
13,569.33 | 678.47 | 14,247.80 | 142.48 | 14,105.32 | ||||||||||||||||||||
Cumulative
|
$ | 5,734.61 | $ | 1,629.29 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses*
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 516.49 | $ | 9,962.26 | |||||||||||||||
2
|
9,962.26 | 498.11 | 10,460.37 | 95.19 | 10,365.18 | ||||||||||||||||||||
3
|
10,365.18 | 518.26 | 10,883.44 | 99.04 | 10,784.40 | ||||||||||||||||||||
4
|
10,784.40 | 539.22 | 11,323.62 | 103.04 | 11,220.58 | ||||||||||||||||||||
5
|
11,220.58 | 561.03 | 11,781.61 | 107.21 | 11,674.40 | ||||||||||||||||||||
6
|
11,674.40 | 583.72 | 12,258.12 | 111.55 | 12,146.57 | ||||||||||||||||||||
7
|
12,146.57 | 607.33 | 12,753.90 | 116.06 | 12,637.84 | ||||||||||||||||||||
8
|
12,637.84 | 631.89 | 13,269.73 | 120.75 | 13,148.98 | ||||||||||||||||||||
9
|
13,148.98 | 657.45 | 13,806.43 | 125.64 | 13,680.79 | ||||||||||||||||||||
10
|
13,680.79 | 684.04 | 14,364.83 | 130.72 | 14,234.11 | ||||||||||||||||||||
Cumulative
|
$ | 5,759.80 | $ | 1,525.69 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 536.60 | $ | 9,942.15 | |||||||||||||||
2
|
9,942.15 | 497.11 | 10,439.26 | 115.88 | 10,323.38 | ||||||||||||||||||||
3
|
10,323.38 | 516.17 | 10,839.55 | 120.32 | 10,719.23 | ||||||||||||||||||||
4
|
10,719.23 | 535.96 | 11,255.19 | 124.93 | 11,130.26 | ||||||||||||||||||||
5
|
11,130.26 | 556.51 | 11,686.77 | 129.72 | 11,557.05 | ||||||||||||||||||||
6
|
11,557.05 | 577.85 | 12,134.90 | 134.70 | 12,000.20 | ||||||||||||||||||||
7
|
12,000.20 | 600.01 | 12,600.21 | 139.86 | 12,460.35 | ||||||||||||||||||||
8
|
12,460.35 | 623.02 | 13,083.37 | 145.23 | 12,938.14 | ||||||||||||||||||||
9
|
12,938.14 | 646.91 | 13,585.05 | 150.79 | 13,434.26 | ||||||||||||||||||||
10
|
13,434.26 | 671.71 | 14,105.97 | 156.58 | 13,949.39 | ||||||||||||||||||||
Cumulative
|
$ | 5,704.00 | $ | 1,754.61 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses*
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 572.79 | $ | 9,905.96 | |||||||||||||||
2
|
9,905.96 | 495.30 | 10,401.26 | 152.90 | 10,248.36 | ||||||||||||||||||||
3
|
10,248.36 | 512.42 | 10,760.78 | 158.18 | 10,602.60 | ||||||||||||||||||||
4
|
10,602.60 | 530.13 | 11,132.73 | 163.65 | 10,969.08 | ||||||||||||||||||||
5
|
10,969.08 | 548.45 | 11,517.53 | 169.31 | 11,348.22 | ||||||||||||||||||||
6
|
11,348.22 | 567.41 | 11,915.63 | 175.16 | 11,740.47 | ||||||||||||||||||||
7
|
11,740.47 | 587.02 | 12,327.49 | 181.21 | 12,146.28 | ||||||||||||||||||||
8
|
12,146.28 | 607.31 | 12,753.59 | 187.48 | 12,566.11 | ||||||||||||||||||||
9
|
12,566.11 | 628.31 | 13,194.42 | 193.96 | 13,000.46 | ||||||||||||||||||||
10
|
13,000.46 | 650.02 | 13,650.48 | 200.66 | 13,449.82 | ||||||||||||||||||||
Cumulative
|
$ | 5,605.12 | $ | 2,155.30 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses*
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 612.00 | $ | 9,866.75 | |||||||||||||||
2
|
9,866.75 | 493.34 | 10,360.09 | 195.81 | 10,164.28 | ||||||||||||||||||||
3
|
10,164.28 | 508.21 | 10,672.49 | 201.71 | 10,470.78 | ||||||||||||||||||||
4
|
10,470.78 | 523.54 | 10,994.32 | 207.79 | 10,786.53 | ||||||||||||||||||||
5
|
10,786.53 | 539.33 | 11,325.86 | 214.06 | 11,111.80 | ||||||||||||||||||||
6
|
11,111.80 | 555.59 | 11,667.39 | 220.51 | 11,446.88 | ||||||||||||||||||||
7
|
11,446.88 | 572.34 | 12,019.22 | 227.16 | 11,792.06 | ||||||||||||||||||||
8
|
11,792.06 | 589.60 | 12,381.66 | 234.01 | 12,147.65 | ||||||||||||||||||||
9
|
12,147.65 | 607.38 | 12,755.03 | 241.07 | 12,513.96 | ||||||||||||||||||||
10
|
12,513.96 | 625.70 | 13,139.66 | 248.34 | 12,891.32 | ||||||||||||||||||||
Cumulative
|
$ | 5,493.78 | $ | 2,602.46 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 527.55 | $ | 9,951.20 | |||||||||||||||
2
|
9,951.20 | 497.56 | 10,448.76 | 106.58 | 10,342.18 | ||||||||||||||||||||
3
|
10,342.18 | 517.11 | 10,859.29 | 110.76 | 10,748.53 | ||||||||||||||||||||
4
|
10,748.53 | 537.43 | 11,285.96 | 115.12 | 11,170.84 | ||||||||||||||||||||
5
|
11,170.84 | 558.54 | 11,729.38 | 119.64 | 11,609.74 | ||||||||||||||||||||
6
|
11,609.74 | 580.49 | 12,190.23 | 124.34 | 12,065.89 | ||||||||||||||||||||
7
|
12,065.89 | 603.29 | 12,669.18 | 129.23 | 12,539.95 | ||||||||||||||||||||
8
|
12,539.95 | 627.00 | 13,166.95 | 134.30 | 13,032.65 | ||||||||||||||||||||
9
|
13,032.65 | 651.63 | 13,684.28 | 139.58 | 13,544.70 | ||||||||||||||||||||
10
|
13,544.70 | 677.24 | 14,221.94 | 145.06 | 14,076.88 | ||||||||||||||||||||
Cumulative
|
$ | 5,729.04 | $ | 1,652.16 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 528.55 | $ | 9,950.20 | |||||||||||||||
2
|
9,950.20 | 497.51 | 10,447.71 | 107.61 | 10,340.10 | ||||||||||||||||||||
3
|
10,340.10 | 517.01 | 10,857.11 | 111.83 | 10,745.28 | ||||||||||||||||||||
4
|
10,745.28 | 537.26 | 11,282.54 | 116.21 | 11,166.33 | ||||||||||||||||||||
5
|
11,166.33 | 558.32 | 11,724.65 | 120.76 | 11,603.89 | ||||||||||||||||||||
6
|
11,603.89 | 580.19 | 12,184.08 | 125.50 | 12,058.58 | ||||||||||||||||||||
7
|
12,058.58 | 602.93 | 12,661.51 | 130.41 | 12,531.10 | ||||||||||||||||||||
8
|
12,531.10 | 626.56 | 13,157.66 | 135.52 | 13,022.14 | ||||||||||||||||||||
9
|
13,022.14 | 651.11 | 13,673.25 | 140.83 | 13,532.42 | ||||||||||||||||||||
10
|
13,532.42 | 676.62 | 14,209.04 | 146.35 | 14,062.69 | ||||||||||||||||||||
Cumulative
|
$ | 5,726.26 | $ | 1,663.57 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses*
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 528.55 | $ | 9,950.20 | |||||||||||||||
2
|
9,950.20 | 497.51 | 10,447.71 | 108.66 | 10,339.05 | ||||||||||||||||||||
3
|
10,339.05 | 516.95 | 10,856.00 | 112.90 | 10,743.10 | ||||||||||||||||||||
4
|
10,743.10 | 537.16 | 11,280.26 | 117.31 | 11,162.95 | ||||||||||||||||||||
5
|
11,162.95 | 558.15 | 11,721.10 | 121.90 | 11,599.20 | ||||||||||||||||||||
6
|
11,599.20 | 579.96 | 12,179.16 | 126.66 | 12,052.50 | ||||||||||||||||||||
7
|
12,052.50 | 602.63 | 12,655.13 | 131.61 | 12,523.52 | ||||||||||||||||||||
8
|
12,523.52 | 626.18 | 13,149.70 | 136.76 | 13,012.94 | ||||||||||||||||||||
9
|
13,012.94 | 650.65 | 13,663.59 | 142.10 | 13,521.49 | ||||||||||||||||||||
10
|
13,521.49 | 676.07 | 14,197.56 | 147.65 | 14,049.91 | ||||||||||||||||||||
Cumulative
|
$ | 5,724.01 | $ | 1,674.10 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses*
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 524.53 | $ | 9,954.22 | |||||||||||||||
2
|
9,954.22 | 497.71 | 10,451.93 | 103.47 | 10,348.46 | ||||||||||||||||||||
3
|
10,348.46 | 517.42 | 10,865.88 | 107.57 | 10,758.31 | ||||||||||||||||||||
4
|
10,758.31 | 537.92 | 11,296.23 | 111.83 | 11,184.40 | ||||||||||||||||||||
5
|
11,184.40 | 559.22 | 11,743.62 | 116.26 | 11,627.36 | ||||||||||||||||||||
6
|
11,627.36 | 581.37 | 12,208.73 | 120.87 | 12,087.86 | ||||||||||||||||||||
7
|
12,087.86 | 604.39 | 12,692.25 | 125.65 | 12,566.60 | ||||||||||||||||||||
8
|
12,566.60 | 628.33 | 13,194.93 | 130.63 | 13,064.30 | ||||||||||||||||||||
9
|
13,064.30 | 653.22 | 13,717.52 | 135.80 | 13,581.72 | ||||||||||||||||||||
10
|
13,581.72 | 679.09 | 14,260.81 | 141.18 | 14,119.63 | ||||||||||||||||||||
Cumulative
|
$ | 5,737.42 | $ | 1,617.79 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 537.60 | $ | 9,941.15 | |||||||||||||||
2
|
9,941.15 | 497.06 | 10,438.21 | 116.91 | 10,321.30 | ||||||||||||||||||||
3
|
10,321.30 | 516.07 | 10,837.37 | 121.38 | 10,715.99 | ||||||||||||||||||||
4
|
10,715.99 | 535.80 | 11,251.79 | 126.02 | 11,125.77 | ||||||||||||||||||||
5
|
11,125.77 | 556.29 | 11,682.06 | 130.84 | 11,551.22 | ||||||||||||||||||||
6
|
11,551.22 | 577.56 | 12,128.78 | 135.84 | 11,992.94 | ||||||||||||||||||||
7
|
11,992.94 | 599.65 | 12,592.59 | 141.04 | 12,451.55 | ||||||||||||||||||||
8
|
12,451.55 | 622.58 | 13,074.13 | 146.43 | 12,927.70 | ||||||||||||||||||||
9
|
12,927.70 | 646.39 | 13,574.09 | 152.03 | 13,422.06 | ||||||||||||||||||||
10
|
13,422.06 | 671.10 | 14,093.16 | 157.84 | 13,935.32 | ||||||||||||||||||||
Cumulative
|
$ | 5,701.25 | $ | 1,765.93 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings
|
Investment
After
Returns
|
Hypothetical
Expenses*
|
Hypothetical
Ending
Investment
|
||||||||||||||||||||
1
|
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 516.49 | $ | 9,962.26 | |||||||||||||||
2
|
9,962.26 | 498.11 | 10,460.37 | 149.58 | 10,310.79 | ||||||||||||||||||||
3
|
10,310.79 | 515.54 | 10,826.33 | 154.82 | 10,671.51 | ||||||||||||||||||||
4
|
10,671.51 | 533.58 | 11,205.09 | 160.23 | 11,044.86 | ||||||||||||||||||||
5
|
11,044.86 | 552.24 | 11,597.10 | 165.84 | 11,431.26 | ||||||||||||||||||||
6
|
11,431.26 | 571.56 | 12,002.82 | 171.64 | 11,831.18 | ||||||||||||||||||||
7
|
11,831.18 | 591.56 | 12,422.74 | 177.65 | 12,245.09 | ||||||||||||||||||||
8
|
12,245.09 | 612.25 | 12,857.34 | 183.86 | 12,673.48 | ||||||||||||||||||||
9
|
12,673.48 | 633.67 | 13,307.15 | 190.29 | 13,116.86 | ||||||||||||||||||||
10
|
13,116.86 | 655.84 | 13,772.70 | 196.95 | 13,575.75 | ||||||||||||||||||||
Cumulative
|
$ | 5,643.10 | $ | 2,067.35 |
* |
Expenses are net of any fee waiver or expense waiver in the first year. Thereafter, the expense ratio reflects the Fund’s operating expenses as reflected under “Fees and Expenses of the Fund” before waiver in the Summary Information at the beginning of this Prospectus.
|
• |
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
|
• |
Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)
|
• |
Shares purchased through a Merrill Lynch affiliated investment advisory program
|
• |
Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
|
• |
Shares purchased by third-party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform
|
• |
Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)
|
• |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
|
• |
Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
|
• |
Employees and registered representatives of Merrill Lynch or its affiliates and their family members
|
• |
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus
|
• |
Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement
|
• |
Death or disability of the shareholder
|
• |
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
• |
Return of excess contributions from an IRA Account
|
• |
Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code
|
• |
Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch
|
• |
Shares acquired through a right of reinstatement
|
• |
Shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to transfer to a fee-based account or platforms
|
• |
Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
|
• |
Breakpoints as described in the Prospectus
|
• |
Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the Fund’s Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
|
• |
Letters of Intent (“LOI”) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)
|
• |
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
|
• |
Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
|
• |
Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
|
• |
Shares purchased through a Morgan Stanley self-directed brokerage account
|
• |
Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
|
• |
Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge
|
• |
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs
|
• |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family)
|
• |
Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply
|
• |
Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members
|
• |
Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant
|
• |
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement)
|
• |
Shares purchased in an investment advisory program
|
• |
Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions
|
• |
Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James
|
• |
Shares purchased from the proceeds of redemptions within the same fund family, provided that (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)
|
• |
A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James
|
• |
Death or disability of the shareholder
|
• |
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
• |
Return of excess contributions from an IRA Account
|
• |
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Fund’s Prospectus
|
• |
Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James
|
• |
Shares acquired through a right of reinstatement
|
• |
Breakpoints as described in the Prospectus
|
• |
Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of Rights of Accumulation only if the shareholder notifies his or her financial advisor about such assets
|
• |
Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of Letters of Intent only if the shareholder notifies his or her financial advisor about such assets
|
• |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
|
• |
Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney
|
• |
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement)
|
• |
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
|
• |
Shares acquired through a right of reinstatement
|
• |
Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures
|
• |
Shares sold upon the death or disability of the shareholder
|
• |
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
• |
Shares purchased in connection with a return of excess contributions from an IRA account
|
• |
Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the required age based on applicable rules
|
• |
Shares sold to pay Janney fees but only if the transaction is initiated by Janney
|
• |
Shares acquired through a right of reinstatement
|
• |
Shares exchanged into the same share class of a different fund
|
• |
Breakpoints as described in the Fund’s Prospectus
|
• |
Rights of Accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
|
• |
Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of Letters of Intent only if the shareholder notifies his or her financial advisor about such assets
|
* |
Also, referred to as an “initial sales charge”
|
• |
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
|
• |
Shares purchased by or through a 529 Plan
|
• |
Shares purchased through an OPCO affiliated investment advisory program
|
• |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
|
• |
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)
|
• |
A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO
|
• |
Employees and registered representatives of OPCO or its affiliates and their family members
|
• |
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus
|
• |
Death or disability of the shareholder
|
• |
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
• |
Return of excess contributions from an IRA Account
|
• |
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus
|
• |
Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
|
• |
Shares acquired through a right of reinstatement
|
• |
Breakpoints as described in the Prospectus
|
• |
Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
|
• |
Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.
|
• |
The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of AB Mutual Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.
|
• |
The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
|
• |
ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).
|
• |
Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI
is not met.
|
• |
If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.
|
• |
Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.
|
• |
Shares purchased in an Edward Jones fee-based program.
|
• |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
|
• |
Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from the liquidations in a non-retirement account.
|
• |
Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Prospectus.
|
• |
Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.
|
• |
The death or disability of the shareholder.
|
• |
Systematic withdrawals with up to 10% per year of the account value.
|
• |
Return of excess contributions from an Individual Retirement Account (IRA).
|
• |
Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.
|
• |
Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.
|
• |
Shares exchanged in an Edwards Jones fee-based program.
|
• |
Shares acquired through NAV reinstatement.
|
• |
Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.
|
• |
Initial purchase minimum: $250
|
• |
Subsequent purchases minimum: none
|
• |
Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:
|
• |
A fee-based account held on an Edward Jones platform
|
• |
A 529 account held on an Edward Jones platform
|
• |
An account with an active systematic investment plan or LOI
|
• |
At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund
|
• |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund
|
• |
Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird
|
• |
Shares purchased from the proceeds of redemptions from another AB Mutual Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)
|
• |
A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird
|
• |
Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs
|
• |
Shares sold due to death or disability of the shareholder
|
• |
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
• |
Shares bought due to returns of excess contributions from an IRA account
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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
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Shares sold to pay Baird fees but only if the transaction is initiated by Baird
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Shares acquired through a right of reinstatement
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Breakpoints as described in the Prospectus
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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
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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
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Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel’s policies and procedures
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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
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ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS
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STATEMENT OF ADDITIONAL INFORMATION (SAI)
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By Mail: |
c/o AllianceBernstein Investor Services, Inc.
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By Phone: | For Information: (800) 221-5672 For Literature: (800) 227-4618 |
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On the Internet: | www.abfunds.com |
Fund | Commission File No. | ||||
AB Growth Fund
|
811-05088 | ||||
AB Large Cap Growth Fund
|
811-06730 | ||||
AB Concentrated Growth Fund
|
811-01716 | ||||
AB Discovery Growth Fund
|
811-00204 | ||||
AB Small Cap Growth Portfolio
|
811-01716 | ||||
AB Select US Equity Portfolio
|
811-01716 | ||||
AB Select US Long/Short Portfolio
|
811-01716 | ||||
AB Sustainable Global Thematic Fund
|
811-03131 | ||||
AB Sustainable International Thematic Fund
|
811-08426 | ||||
AB Global Core Equity Portfolio
|
811-01716 | ||||
AB International Strategic Core Portfolio
|
811-01716 | ||||
AB Concentrated International Growth Portfolio
|
811-01716 | ||||
AB Sustainable US Thematic Portfolio
|
811-01716 |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/29/22 AB Cap Fund, Inc. N-CSR 7/31/22 4:1.2M Donnelley … Solutions/FA 9/29/22 AB Discovery Growth Fund, Inc. N-CSR 7/31/22 4:1.2M Donnelley … Solutions/FA 9/29/22 AB Large Cap Growth Fund Inc. N-CSR 7/31/22 4:1.2M Donnelley … Solutions/FA 9/29/22 AB Portfolios N-CSR 7/31/22 4:1.1M Donnelley … Solutions/FA 9/29/22 AB Sustainable Global Themat… Inc N-CSR 7/31/22 4:1.3M Donnelley … Solutions/FA 9/02/22 AB Cap Fund, Inc. N-CSR 6/30/22 4:7.8M Donnelley … Solutions/FA 9/02/22 AB Sustainable Int’l Themati… Inc N-CSR 6/30/22 4:1.5M Donnelley … Solutions/FA |