Shareholder Report
Dec. 31, 2025
USD ($)
Holding
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Y | $50 | 0.49% |
How did the Fund perform last year ?
-
For the 12-month period ended December 31, 2025, the Fund’s Class Y shares returned 4.69%.
-
In comparison, the Bloomberg Global Aggregate Index (Hedged) (the “Index”) returned 4.86% for the same period.
What affected the Fund’s performance?
-
Global fixed income markets performed well, supported by tighter spreads and high running yields. Performance of risk-free rates was mixed, with most major yield curves steepening.
-
The Fund’s relative performance benefited primarily from active positioning for a steeper U.S. yield curve. Relative value in the inflation space and security selection were secondary drivers of performance.
-
Underweight exposure to credit beta detracted from relative returns, particularly in the second and third quarters. Japanese yield curve flatteners and active foreign-exchange positioning were secondary detractors.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from January 1 , 2015 through December 31, 2025
Initial Investment of $1,000,000
Initial Investment of $1,000,000
The above graph compares a hypothetical $1,000,000 investment in the Fund’s Class Y shares to a hypothetical investment of $1,000,000 made in the Bloomberg Global Aggregate Index (Hedged) on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class Y | 4.69% | 1.17% | 2.81% | |||
| Bloomberg Global Aggregate Index (Hedged) | 4.86% | 0.34% | 2.39% |
KEY FUND STATISTICS (AS OF 12/31/25 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $4,494 | 454 | $14,010,450 | 85.94% |
Portfolio Holdings (as of 12/31/25 )
Country Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $55 | 0.54% |
How did the Fund perform last year ?
-
For the 12-month period ended December 31, 2025, the Fund’s Class I shares returned 4.63%.
-
In comparison, the Bloomberg Global Aggregate Index (Hedged) (the “Index”) returned 4.86% for the same period.
What affected the Fund’s performance?
-
Global fixed income markets performed well, supported by tighter spreads and high running yields. Performance of risk-free rates was mixed, with most major yield curves steepening.
-
The Fund’s relative performance benefited primarily from active positioning for a steeper U.S. yield curve. Relative value in the inflation space and security selection were secondary drivers of performance.
-
Underweight exposure to credit beta detracted from relative returns, particularly in the second and third quarters. Japanese yield curve flatteners and active foreign-exchange positioning were secondary detractors.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from January 1 , 2015 through December 31, 2025
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class I shares to a hypothetical investment of $10,000 made in the Bloomberg Global Aggregate Index (Hedged) on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class I | 4.63% | 1.10% | 2.75% | |||
| Bloomberg Global Aggregate Index (Hedged) | 4.86% | 0.34% | 2.39% |
KEY FUND STATISTICS (AS OF 12/31/25 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $4,494 | 454 | $14,010,450 | 85.94% |
Portfolio Holdings (as of 12/31/25 )
Country Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $158 | 1.55% |
How did the Fund perform last year ?
-
For the 12-month period ended December 31, 2025, the Fund’s Class C shares returned 3.54%.
-
In comparison, the Bloomberg Global Aggregate Index (Hedged) (the “Index”) returned 4.86% for the same period.
What affected the Fund’s performance?
-
Global fixed income markets performed well, supported by tighter spreads and high running yields. Performance of risk-free rates was mixed, with most major yield curves steepening.
-
The Fund’s relative performance benefited primarily from active positioning for a steeper U.S. yield curve. Relative value in the inflation space and security selection were secondary drivers of performance.
-
Underweight exposure to credit beta detracted from relative returns, particularly in the second and third quarters. Japanese yield curve flatteners and active foreign-exchange positioning were secondary detractors.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from January 1 , 2015 through December 31, 2025
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class C shares to a hypothetical investment of $10,000 made in the Bloomberg Global Aggregate Index (Hedged) on 12/31/2015. The performance shown takes into account the maximum deferred sales charge on Class C shares and applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25 )
| Class C Shares | 1YR | 5YR | 10YR | |||
| with Maximum Deferred Sales Charge - 1.00% | 2.54% |
*
|
0.05% | 1.68% | ||
| without Deferred Sales Charge | 3.54% | 0.05% | 1.68% | |||
| Bloomberg Global Aggregate Index (Hedged) | 4.86% | 0.34% | 2.39% |
|
*
|
The maximum contingent deferred sales charge for Class C shares is 1.00% for shares redeemed within one year of the date purchased.
|
KEY FUND STATISTICS (AS OF 12/31/25 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $4,494 | 454 | $14,010,450 | 85.94% |
Portfolio Holdings (as of 12/31/25 )
Country Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $88 | 0.86% |
How did the Fund perform last year ?
-
For the 12-month period ended December 31, 2025, the Fund’s Class A shares returned 4.31%.
-
In comparison, the Bloomberg Global Aggregate Index (Hedged) (the “Index”) returned 4.86% for the same period.
What affected the Fund’s performance?
-
Global fixed income markets performed well, supported by tighter spreads and high running yields. Performance of risk-free rates was mixed, with most major yield curves steepening.
-
The Fund’s relative performance benefited primarily from active positioning for a steeper U.S. yield curve. Relative value in the inflation space and security selection were secondary drivers of performance.
-
Underweight exposure to credit beta detracted from relative returns, particularly in the second and third quarters. Japanese yield curve flatteners and active foreign-exchange positioning were secondary detractors.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from January 1 , 2015 through December 31, 2025
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class A shares to a hypothetical investment of $10,000 made in the Bloomberg Global Aggregate Index (Hedged) on 12/31/2015. The performance shown takes into account the maximum initial sales charge on Class A shares and applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25 )
| Class A Shares | 1YR | 5YR | 10YR | |||
| with Maximum Sales Charge - 4.50% | -0.40% | -0.14% | 1.97% | |||
| without Sales Charge | 4.31% | 0.79% | 2.44% | |||
| Bloomberg Global Aggregate Index (Hedged) | 4.86% | 0.34% | 2.39% |
KEY FUND STATISTICS (AS OF 12/31/25 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $4,494 | 454 | $14,010,450 | 85.94% |
Portfolio Holdings (as of 12/31/25 )
Country Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.