Shareholder Report
Apr. 30, 2026
USD ($)
Holding
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| SIMPLE Class | $67 | 1.27% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 11.38% | 25.15% | 10.75% | 13.24% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.64% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 14.38% | |
| U.S. Equity Yield Composite Index4 | 7.37% | 13.57% | 7.64% | 9.42% | |
| Morningstar Large Value Category Average5 | 11.40% | 26.16% | 10.13% | 14.07% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
| 5. |
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,162,774,162 |
| Total number of portfolio holdings | 108 |
| Portfolio turnover rate | 11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
Top Industries
| Banks | 8.8% |
| Semiconductors & Semiconductor Equipment | 6.7% |
| Electric Utilities | 6.5% |
| Pharmaceuticals | 6.0% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Technology Hardware, Storage & Peripherals | 4.4% |
| Insurance | 4.2% |
| Chemicals | 3.3% |
| Electrical Equipment | 3.1% |
| Diversified Telecommunication Services | 2.9% |
| Other | 49.5% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $69 | 1.33% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 11/16/2009 | 5.80% | 18.81% | 9.69% | 9.75% |
| Investor Class Shares - Excluding sales charges | 11.37% | 25.06% | 10.83% | 10.37% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| U.S. Equity Yield Composite Index4 | 7.37% | 13.57% | 7.64% | 9.53% | |
| Morningstar Large Value Category Average5 | 11.40% | 26.16% | 10.13% | 11.26% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
| 5. |
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,162,774,162 |
| Total number of portfolio holdings | 108 |
| Portfolio turnover rate | 11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
Top Industries
| Banks | 8.8% |
| Semiconductors & Semiconductor Equipment | 6.7% |
| Electric Utilities | 6.5% |
| Pharmaceuticals | 6.0% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Technology Hardware, Storage & Peripherals | 4.4% |
| Insurance | 4.2% |
| Chemicals | 3.3% |
| Electrical Equipment | 3.1% |
| Diversified Telecommunication Services | 2.9% |
| Other | 49.5% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $38 | 0.73% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 5/8/2017 | 11.71% | 25.83% | 11.49% | 10.79% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.29% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 10.62% | |
| U.S. Equity Yield Composite Index4 | 7.37% | 13.57% | 7.64% | 9.03% | |
| Morningstar Large Value Category Average5 | 11.40% | 26.16% | 10.13% | 10.42% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
| 5. |
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,162,774,162 |
| Total number of portfolio holdings | 108 |
| Portfolio turnover rate | 11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
Top Industries
| Banks | 8.8% |
| Semiconductors & Semiconductor Equipment | 6.7% |
| Electric Utilities | 6.5% |
| Pharmaceuticals | 6.0% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Technology Hardware, Storage & Peripherals | 4.4% |
| Insurance | 4.2% |
| Chemicals | 3.3% |
| Electrical Equipment | 3.1% |
| Diversified Telecommunication Services | 2.9% |
| Other | 49.5% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $38 | 0.73% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 12/3/2008 | 11.71% | 25.84% | 11.49% | 10.97% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| U.S. Equity Yield Composite Index4 | 7.37% | 13.57% | 7.64% | 9.53% | |
| Morningstar Large Value Category Average5 | 11.40% | 26.16% | 10.13% | 11.26% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
| 5. |
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,162,774,162 |
| Total number of portfolio holdings | 108 |
| Portfolio turnover rate | 11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
Top Industries
| Banks | 8.8% |
| Semiconductors & Semiconductor Equipment | 6.7% |
| Electric Utilities | 6.5% |
| Pharmaceuticals | 6.0% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Technology Hardware, Storage & Peripherals | 4.4% |
| Insurance | 4.2% |
| Chemicals | 3.3% |
| Electrical Equipment | 3.1% |
| Diversified Telecommunication Services | 2.9% |
| Other | 49.5% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $109 | 2.08% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 11/16/2009 | 9.94% | 23.14% | 10.01% | 9.55% |
| Class C Shares - Excluding sales charges | 10.94% | 24.14% | 10.01% | 9.55% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| U.S. Equity Yield Composite Index4 | 7.37% | 13.57% | 7.64% | 9.53% | |
| Morningstar Large Value Category Average5 | 11.40% | 26.16% | 10.13% | 11.26% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
| 5. |
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,162,774,162 |
| Total number of portfolio holdings | 108 |
| Portfolio turnover rate | 11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
Top Industries
| Banks | 8.8% |
| Semiconductors & Semiconductor Equipment | 6.7% |
| Electric Utilities | 6.5% |
| Pharmaceuticals | 6.0% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Technology Hardware, Storage & Peripherals | 4.4% |
| Insurance | 4.2% |
| Chemicals | 3.3% |
| Electrical Equipment | 3.1% |
| Diversified Telecommunication Services | 2.9% |
| Other | 49.5% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $55 | 1.04% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 2/3/2009 | 5.38% | 18.49% | 9.89% | 10.01% |
| Class A Shares - Excluding sales charges | 11.51% | 25.39% | 11.14% | 10.64% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| U.S. Equity Yield Composite Index4 | 7.37% | 13.57% | 7.64% | 9.53% | |
| Morningstar Large Value Category Average5 | 11.40% | 26.16% | 10.13% | 11.26% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
| 5. |
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,162,774,162 |
| Total number of portfolio holdings | 108 |
| Portfolio turnover rate | 11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
Top Industries
| Banks | 8.8% |
| Semiconductors & Semiconductor Equipment | 6.7% |
| Electric Utilities | 6.5% |
| Pharmaceuticals | 6.0% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Technology Hardware, Storage & Peripherals | 4.4% |
| Insurance | 4.2% |
| Chemicals | 3.3% |
| Electrical Equipment | 3.1% |
| Diversified Telecommunication Services | 2.9% |
| Other | 49.5% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.3% |
| JPMorgan Chase & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
| Cisco Systems, Inc. | 1.9% |
| Walmart, Inc. | 1.7% |
| Dell Technologies, Inc., Class C | 1.7% |
| AbbVie, Inc. | 1.7% |
| Chevron Corp. | 1.7% |
| American Electric Power Co., Inc. | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $58 | 1.09% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 8/2/2006 | 8.99% | 25.59% | 10.93% | 8.84% |
| Class A Shares - Excluding sales charges | 15.33% | 32.90% | 12.20% | 9.45% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.65% | |
| Global Equity Yield Composite Index3 | 8.39% | 13.12% | 7.58% | 8.10% | |
| Morningstar Global Large Stock Value Category Average4 | 12.55% | 29.05% | 10.62% | 10.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints). |
| 4. |
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. |
Key Fund Statistics
| Fund's net assets | $933,561,243 |
| Total number of portfolio holdings | 116 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 10.7% |
| Technology Hardware, Storage & Peripherals | 7.7% |
| Pharmaceuticals | 7.4% |
| Banks | 6.5% |
| Insurance | 5.7% |
| Electric Utilities | 5.3% |
| Oil, Gas & Consumable Fuels | 5.0% |
| Diversified Telecommunication Services | 4.3% |
| Chemicals | 2.6% |
| Communications Equipment | 2.4% |
| Other | 42.4% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $98 | 1.84% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 11/16/2009 | 13.90% | 30.93% | 11.35% | 8.65% |
| Class C Shares - Excluding sales charges | 14.90% | 31.93% | 11.35% | 8.65% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.65% | |
| Global Equity Yield Composite Index3 | 8.39% | 13.12% | 7.58% | 8.10% | |
| Morningstar Global Large Stock Value Category Average4 | 12.55% | 29.05% | 10.62% | 10.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints). |
| 4. |
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. |
Key Fund Statistics
| Fund's net assets | $933,561,243 |
| Total number of portfolio holdings | 116 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 10.7% |
| Technology Hardware, Storage & Peripherals | 7.7% |
| Pharmaceuticals | 7.4% |
| Banks | 6.5% |
| Insurance | 5.7% |
| Electric Utilities | 5.3% |
| Oil, Gas & Consumable Fuels | 5.0% |
| Diversified Telecommunication Services | 4.3% |
| Chemicals | 2.6% |
| Communications Equipment | 2.4% |
| Other | 42.4% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $45 | 0.84% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 12/27/2005 | 15.48% | 33.22% | 12.47% | 9.73% |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.65% | |
| Global Equity Yield Composite Index3 | 8.39% | 13.12% | 7.58% | 8.10% | |
| Morningstar Global Large Stock Value Category Average4 | 12.55% | 29.05% | 10.62% | 10.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints). |
| 4. |
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. |
Key Fund Statistics
| Fund's net assets | $933,561,243 |
| Total number of portfolio holdings | 116 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 10.7% |
| Technology Hardware, Storage & Peripherals | 7.7% |
| Pharmaceuticals | 7.4% |
| Banks | 6.5% |
| Insurance | 5.7% |
| Electric Utilities | 5.3% |
| Oil, Gas & Consumable Fuels | 5.0% |
| Diversified Telecommunication Services | 4.3% |
| Chemicals | 2.6% |
| Communications Equipment | 2.4% |
| Other | 42.4% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class R6 | $40 | 0.74% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class R6 Shares | 6/17/2013 | 15.54% | 33.37% | 12.58% | 9.72% |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.65% | |
| Global Equity Yield Composite Index3 | 8.39% | 13.12% | 7.58% | 8.10% | |
| Morningstar Global Large Stock Value Category Average4 | 12.55% | 29.05% | 10.62% | 10.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints). |
| 4. |
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. |
Key Fund Statistics
| Fund's net assets | $933,561,243 |
| Total number of portfolio holdings | 116 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 10.7% |
| Technology Hardware, Storage & Peripherals | 7.7% |
| Pharmaceuticals | 7.4% |
| Banks | 6.5% |
| Insurance | 5.7% |
| Electric Utilities | 5.3% |
| Oil, Gas & Consumable Fuels | 5.0% |
| Diversified Telecommunication Services | 4.3% |
| Chemicals | 2.6% |
| Communications Equipment | 2.4% |
| Other | 42.4% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $61 | 1.13% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 11/16/2009 | 9.54% | 26.16% | 10.98% | 8.80% |
| Investor Class Shares - Excluding sales charges | 15.30% | 32.80% | 12.12% | 9.42% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.65% | |
| Global Equity Yield Composite Index3 | 8.39% | 13.12% | 7.58% | 8.10% | |
| Morningstar Global Large Stock Value Category Average4 | 12.55% | 29.05% | 10.62% | 10.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints). |
| 4. |
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. |
Key Fund Statistics
| Fund's net assets | $933,561,243 |
| Total number of portfolio holdings | 116 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 10.7% |
| Technology Hardware, Storage & Peripherals | 7.7% |
| Pharmaceuticals | 7.4% |
| Banks | 6.5% |
| Insurance | 5.7% |
| Electric Utilities | 5.3% |
| Oil, Gas & Consumable Fuels | 5.0% |
| Diversified Telecommunication Services | 4.3% |
| Chemicals | 2.6% |
| Communications Equipment | 2.4% |
| Other | 42.4% |
Top Ten Holdings and/or Issuers*
| Broadcom, Inc. | 2.4% |
| Cisco Systems, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.4% |
| Dell Technologies, Inc., Class C | 2.3% |
| Hewlett Packard Enterprise Co. | 2.2% |
| Analog Devices, Inc. | 2.1% |
| Texas Instruments, Inc. | 2.0% |
| Microsoft Corp. | 1.8% |
| Microchip Technology, Inc. | 1.8% |
| AbbVie, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Investor Class | $44 | 0.88% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 3/31/2010 | (0.71)% | 4.19% | 0.22% | 2.69% |
| Investor Class Shares - Excluding sales charges | 1.84% | 6.86% | 1.04% | 3.16% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg High Yield Municipal Bond Index3 | 2.24% | 5.63% | 1.88% | 4.22% | |
| High Yield Municipal Bond Composite Index4 | 1.86% | 5.92% | 1.50% | 3.42% | |
| Morningstar High Yield Muni Category Average5 | 1.73% | 5.92% | 0.78% | 2.57% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. |
| 4. |
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively. |
| 5. |
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $9,546,893,926 |
| Total number of portfolio holdings | 1,385 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
Top States
| Puerto Rico | 12.1% |
| New York | 11.0% |
| Illinois | 9.1% |
| California | 5.9% |
| Texas | 4.7% |
| Ohio | 4.3% |
| Wisconsin | 4.0% |
| Pennsylvania | 3.8% |
| Florida | 3.5% |
| Alabama | 3.5% |
| Other | 38.1% |
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $28 | 0.56% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 11/1/2019 | 2.08% | 7.30% | 1.38% | 2.47% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.64% | |
| Bloomberg High Yield Municipal Bond Index3 | 2.24% | 5.63% | 1.88% | 2.86% | |
| High Yield Municipal Bond Composite Index4 | 1.86% | 5.92% | 1.50% | 2.39% | |
| Morningstar High Yield Muni Category Average5 | 1.73% | 5.92% | 0.78% | 1.47% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. |
| 4. |
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively. |
| 5. |
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $9,546,893,926 |
| Total number of portfolio holdings | 1,385 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
Top States
| Puerto Rico | 12.1% |
| New York | 11.0% |
| Illinois | 9.1% |
| California | 5.9% |
| Texas | 4.7% |
| Ohio | 4.3% |
| Wisconsin | 4.0% |
| Pennsylvania | 3.8% |
| Florida | 3.5% |
| Alabama | 3.5% |
| Other | 38.1% |
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $31 | 0.61% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 3/31/2010 | 2.06% | 7.14% | 1.31% | 3.43% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg High Yield Municipal Bond Index3 | 2.24% | 5.63% | 1.88% | 4.22% | |
| High Yield Municipal Bond Composite Index4 | 1.86% | 5.92% | 1.50% | 3.42% | |
| Morningstar High Yield Muni Category Average5 | 1.73% | 5.92% | 0.78% | 2.57% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. |
| 4. |
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively. |
| 5. |
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $9,546,893,926 |
| Total number of portfolio holdings | 1,385 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
Top States
| Puerto Rico | 12.1% |
| New York | 11.0% |
| Illinois | 9.1% |
| California | 5.9% |
| Texas | 4.7% |
| Ohio | 4.3% |
| Wisconsin | 4.0% |
| Pennsylvania | 3.8% |
| Florida | 3.5% |
| Alabama | 3.5% |
| Other | 38.1% |
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C | $82 | 1.63% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 3/31/2010 | 0.55% | 5.08% | 0.30% | 2.39% |
| Class C Shares - Excluding sales charges | 1.55% | 6.08% | 0.30% | 2.39% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg High Yield Municipal Bond Index3 | 2.24% | 5.63% | 1.88% | 4.22% | |
| High Yield Municipal Bond Composite Index4 | 1.86% | 5.92% | 1.50% | 3.42% | |
| Morningstar High Yield Muni Category Average5 | 1.73% | 5.92% | 0.78% | 2.57% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. |
| 4. |
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively. |
| 5. |
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $9,546,893,926 |
| Total number of portfolio holdings | 1,385 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
Top States
| Puerto Rico | 12.1% |
| New York | 11.0% |
| Illinois | 9.1% |
| California | 5.9% |
| Texas | 4.7% |
| Ohio | 4.3% |
| Wisconsin | 4.0% |
| Pennsylvania | 3.8% |
| Florida | 3.5% |
| Alabama | 3.5% |
| Other | 38.1% |
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $43 | 0.86% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 3/31/2010 | (1.13)% | 3.67% | 0.13% | 2.70% |
| Class A Shares - Excluding sales charges | 1.93% | 6.88% | 1.05% | 3.18% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg High Yield Municipal Bond Index3 | 2.24% | 5.63% | 1.88% | 4.22% | |
| High Yield Municipal Bond Composite Index4 | 1.86% | 5.92% | 1.50% | 3.42% | |
| Morningstar High Yield Muni Category Average5 | 1.73% | 5.92% | 0.78% | 2.57% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. |
| 4. |
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively. |
| 5. |
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $9,546,893,926 |
| Total number of portfolio holdings | 1,385 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
Top States
| Puerto Rico | 12.1% |
| New York | 11.0% |
| Illinois | 9.1% |
| California | 5.9% |
| Texas | 4.7% |
| Ohio | 4.3% |
| Wisconsin | 4.0% |
| Pennsylvania | 3.8% |
| Florida | 3.5% |
| Alabama | 3.5% |
| Other | 38.1% |
Top Ten Holdings and/or Issuers*
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71 | 3.9% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.5% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 3.1% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.9% |
| Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50 | 2.4% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.1% |
| Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43 | 1.8% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $62 | 1.17% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 9/1/2006 | 7.47% | 20.60% | 5.39% | 6.75% |
| Class A Shares - Excluding sales charges | 13.73% | 27.61% | 6.59% | 7.36% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Morningstar Foreign Large Blend Category Average3 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $292,576,551 |
| Total number of portfolio holdings | 37 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
Top Countries
| United Kingdom | 20.4% |
| Japan | 19.4% |
| France | 16.0% |
| Germany | 11.0% |
| United States | 8.4% |
| Netherlands | 6.6% |
| Sweden | 5.2% |
| Taiwan | 4.2% |
| Republic of Korea | 3.5% |
| Finland | 3.4% |
| Other | 1.9% |
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $119 | 2.24% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 9/1/2006 | 12.14% | 25.24% | 5.47% | 6.25% |
| Class C Shares - Excluding sales charges | 13.14% | 26.24% | 5.47% | 6.25% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Morningstar Foreign Large Blend Category Average3 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $292,576,551 |
| Total number of portfolio holdings | 37 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
Top Countries
| United Kingdom | 20.4% |
| Japan | 19.4% |
| France | 16.0% |
| Germany | 11.0% |
| United States | 8.4% |
| Netherlands | 6.6% |
| Sweden | 5.2% |
| Taiwan | 4.2% |
| Republic of Korea | 3.5% |
| Finland | 3.4% |
| Other | 1.9% |
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $49 | 0.92% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 12/31/1997 | 13.89% | 27.92% | 6.88% | 7.64% |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Morningstar Foreign Large Blend Category Average3 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $292,576,551 |
| Total number of portfolio holdings | 37 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
Top Countries
| United Kingdom | 20.4% |
| Japan | 19.4% |
| France | 16.0% |
| Germany | 11.0% |
| United States | 8.4% |
| Netherlands | 6.6% |
| Sweden | 5.2% |
| Taiwan | 4.2% |
| Republic of Korea | 3.5% |
| Finland | 3.4% |
| Other | 1.9% |
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $79 | 1.49% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 4/29/2008 | 7.87% | 20.84% | 5.19% | 6.48% |
| Investor Class Shares - Excluding sales charges | 13.54% | 27.20% | 6.27% | 7.08% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Morningstar Foreign Large Blend Category Average3 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $292,576,551 |
| Total number of portfolio holdings | 37 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
Top Countries
| United Kingdom | 20.4% |
| Japan | 19.4% |
| France | 16.0% |
| Germany | 11.0% |
| United States | 8.4% |
| Netherlands | 6.6% |
| Sweden | 5.2% |
| Taiwan | 4.2% |
| Republic of Korea | 3.5% |
| Finland | 3.4% |
| Other | 1.9% |
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| SIMPLE Class | $77 | 1.46% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 13.59% | 27.24% | 6.19% | 8.17% |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 11.35% | |
| Morningstar Foreign Large Blend Category Average3 | 10.67% | 26.63% | 8.20% | 10.67% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $292,576,551 |
| Total number of portfolio holdings | 37 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
Top Countries
| United Kingdom | 20.4% |
| Japan | 19.4% |
| France | 16.0% |
| Germany | 11.0% |
| United States | 8.4% |
| Netherlands | 6.6% |
| Sweden | 5.2% |
| Taiwan | 4.2% |
| Republic of Korea | 3.5% |
| Finland | 3.4% |
| Other | 1.9% |
Top Ten Holdings and/or Issuers*
| Keyence Corp. | 4.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.2% |
| RELX plc | 4.1% |
| Linde plc | 4.0% |
| ING Groep NV | 3.9% |
| TotalEnergies SE | 3.7% |
| Samsung Electronics Co. Ltd., GDR | 3.5% |
| Vonovia SE | 3.5% |
| Deutsche Post AG | 3.4% |
| AstraZeneca plc | 3.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| SIMPLE Class | $37 | 0.72% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 5.63% | 30.06% | 12.21% | 14.30% |
| S&P 500®Index2 | 6.03% | 31.05% | 13.14% | 15.27% | |
| Morningstar Large Blend Category Average3 | 5.78% | 27.72% | 11.20% | 13.39% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
| 3. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,053,879,311 |
| Total number of portfolio holdings | 509 |
| Portfolio turnover rate | 0.0%1 |
| 1. |
Less than 0.5%. |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 16.3% |
| Interactive Media & Services | 8.5% |
| Software | 7.8% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 4.2% |
| Banks | 3.3% |
| Financial Services | 3.3% |
| Oil, Gas & Consumable Fuels | 3.1% |
| Capital Markets | 3.1% |
| Pharmaceuticals | 3.0% |
| Other | 40.1% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $36 | 0.70% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 4.59% | 28.81% | 12.12% | 14.13% |
| Investor Class Shares - Excluding sales charges | 5.64% | 30.12% | 12.35% | 14.47% | |
| S&P 500®Index2 | 6.03% | 31.05% | 13.14% | 15.26% | |
| Morningstar Large Blend Category Average3 | 5.78% | 27.72% | 11.20% | 13.77% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
| 3. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,053,879,311 |
| Total number of portfolio holdings | 509 |
| Portfolio turnover rate | 0.0%1 |
| 1. |
Less than 0.5%. |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 16.3% |
| Interactive Media & Services | 8.5% |
| Software | 7.8% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 4.2% |
| Banks | 3.3% |
| Financial Services | 3.3% |
| Oil, Gas & Consumable Fuels | 3.1% |
| Capital Markets | 3.1% |
| Pharmaceuticals | 3.0% |
| Other | 40.1% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $13 | 0.25% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 1/2/1991 | 5.87% | 30.68% | 12.84% | 14.95% |
| S&P 500®Index2 | 6.03% | 31.05% | 13.14% | 15.26% | |
| Morningstar Large Blend Category Average3 | 5.78% | 27.72% | 11.20% | 13.77% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
| 3. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,053,879,311 |
| Total number of portfolio holdings | 509 |
| Portfolio turnover rate | 0.0%1 |
| 1. |
Less than 0.5%. |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 16.3% |
| Interactive Media & Services | 8.5% |
| Software | 7.8% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 4.2% |
| Banks | 3.3% |
| Financial Services | 3.3% |
| Oil, Gas & Consumable Fuels | 3.1% |
| Capital Markets | 3.1% |
| Pharmaceuticals | 3.0% |
| Other | 40.1% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $26 | 0.50% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 1/2/2004 | 4.17% | 28.41% | 12.22% | 14.32% |
| Class A Shares - Excluding sales charges | 5.75% | 30.37% | 12.56% | 14.67% | |
| S&P 500®Index2 | 6.03% | 31.05% | 13.14% | 15.26% | |
| Morningstar Large Blend Category Average3 | 5.78% | 27.72% | 11.20% | 13.77% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
| 3. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,053,879,311 |
| Total number of portfolio holdings | 509 |
| Portfolio turnover rate | 0.0%1 |
| 1. |
Less than 0.5%. |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 16.3% |
| Interactive Media & Services | 8.5% |
| Software | 7.8% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 4.2% |
| Banks | 3.3% |
| Financial Services | 3.3% |
| Oil, Gas & Consumable Fuels | 3.1% |
| Capital Markets | 3.1% |
| Pharmaceuticals | 3.0% |
| Other | 40.1% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 7.7% |
| Alphabet, Inc. | 6.4% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 4.8% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |
| JPMorgan Chase & Co. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $48 | 0.97% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 5/3/2004 | (1.80)% | 2.24% | 4.48% | 4.20% |
| Class A Shares - Excluding sales charges | 1.23% | 5.40% | 5.12% | 4.52% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar LSTA US Leveraged Loan Index3 | 1.73% | 6.22% | 6.09% | 5.53% | |
| Morningstar Bank Loan Category Average4 | 1.62% | 6.00% | 5.17% | 4.54% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
| 4. |
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,310,827,768 |
| Total number of portfolio holdings | 466 |
| Portfolio turnover rate | 12% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
Top Industries
| Finance | 7.5% |
| Services: Business | 6.8% |
| Software | 5.5% |
| Chemicals, Plastics & Rubber | 5.1% |
| Insurance | 4.8% |
| Electronics | 4.4% |
| High Tech Industries | 4.2% |
| Aerospace & Defense | 3.3% |
| Healthcare & Pharmaceuticals | 3.2% |
| Automobile | 2.9% |
| Other | 52.3% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C | $93 | 1.87% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 5/3/2004 | (0.20)% | 3.47% | 4.18% | 3.67% |
| Class C Shares - Excluding sales charges | 0.78% | 4.45% | 4.18% | 3.67% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar LSTA US Leveraged Loan Index3 | 1.73% | 6.22% | 6.09% | 5.53% | |
| Morningstar Bank Loan Category Average4 | 1.62% | 6.00% | 5.17% | 4.54% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
| 4. |
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,310,827,768 |
| Total number of portfolio holdings | 466 |
| Portfolio turnover rate | 12% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
Top Industries
| Finance | 7.5% |
| Services: Business | 6.8% |
| Software | 5.5% |
| Chemicals, Plastics & Rubber | 5.1% |
| Insurance | 4.8% |
| Electronics | 4.4% |
| High Tech Industries | 4.2% |
| Aerospace & Defense | 3.3% |
| Healthcare & Pharmaceuticals | 3.2% |
| Automobile | 2.9% |
| Other | 52.3% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $36 | 0.72% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 5/3/2004 | 1.36% | 5.66% | 5.38% | 4.78% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar LSTA US Leveraged Loan Index3 | 1.73% | 6.22% | 6.09% | 5.53% | |
| Morningstar Bank Loan Category Average4 | 1.62% | 6.00% | 5.17% | 4.54% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
| 4. |
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,310,827,768 |
| Total number of portfolio holdings | 466 |
| Portfolio turnover rate | 12% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
Top Industries
| Finance | 7.5% |
| Services: Business | 6.8% |
| Software | 5.5% |
| Chemicals, Plastics & Rubber | 5.1% |
| Insurance | 4.8% |
| Electronics | 4.4% |
| High Tech Industries | 4.2% |
| Aerospace & Defense | 3.3% |
| Healthcare & Pharmaceuticals | 3.2% |
| Automobile | 2.9% |
| Other | 52.3% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $32 | 0.64% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 2/28/2019 | 1.40% | 5.74% | 5.45% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.81% | |
| Morningstar LSTA US Leveraged Loan Index3 | 1.73% | 6.22% | 6.09% | 5.61% | |
| Morningstar Bank Loan Category Average4 | 1.62% | 6.00% | 5.17% | 4.43% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
| 4. |
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,310,827,768 |
| Total number of portfolio holdings | 466 |
| Portfolio turnover rate | 12% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
Top Industries
| Finance | 7.5% |
| Services: Business | 6.8% |
| Software | 5.5% |
| Chemicals, Plastics & Rubber | 5.1% |
| Insurance | 4.8% |
| Electronics | 4.4% |
| High Tech Industries | 4.2% |
| Aerospace & Defense | 3.3% |
| Healthcare & Pharmaceuticals | 3.2% |
| Automobile | 2.9% |
| Other | 52.3% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Investor Class | $56 | 1.12% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | (1.37)% | 2.61% | 4.46% | 4.13% |
| Investor Class Shares - Excluding sales charges | 1.16% | 5.24% | 4.99% | 4.45% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar LSTA US Leveraged Loan Index3 | 1.73% | 6.22% | 6.09% | 5.53% | |
| Morningstar Bank Loan Category Average4 | 1.62% | 6.00% | 5.17% | 4.54% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
| 4. |
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,310,827,768 |
| Total number of portfolio holdings | 466 |
| Portfolio turnover rate | 12% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
Top Industries
| Finance | 7.5% |
| Services: Business | 6.8% |
| Software | 5.5% |
| Chemicals, Plastics & Rubber | 5.1% |
| Insurance | 4.8% |
| Electronics | 4.4% |
| High Tech Industries | 4.2% |
| Aerospace & Defense | 3.3% |
| Healthcare & Pharmaceuticals | 3.2% |
| Automobile | 2.9% |
| Other | 52.3% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| SIMPLE Class | $60 | 1.19% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 1.12% | 5.15% | 4.80% | 5.13% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | (0.20)% | |
| Morningstar LSTA US Leveraged Loan Index3 | 1.73% | 6.22% | 6.09% | 6.60% | |
| Morningstar Bank Loan Category Average4 | 1.62% | 6.00% | 5.17% | 5.49% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
| 4. |
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,310,827,768 |
| Total number of portfolio holdings | 466 |
| Portfolio turnover rate | 12% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
Top Industries
| Finance | 7.5% |
| Services: Business | 6.8% |
| Software | 5.5% |
| Chemicals, Plastics & Rubber | 5.1% |
| Insurance | 4.8% |
| Electronics | 4.4% |
| High Tech Industries | 4.2% |
| Aerospace & Defense | 3.3% |
| Healthcare & Pharmaceuticals | 3.2% |
| Automobile | 2.9% |
| Other | 52.3% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34 | 0.8% |
| Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33 | 0.8% |
| AthenaHealth Group, Inc., 6.402%, due 2/15/29 | 0.7% |
| Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32 | 0.7% |
| Allied Universal Holdco LLC, 6.902%, due 8/20/32 | 0.7% |
| Genesys Cloud Services, Inc., 6.152%, due 1/30/32 | 0.7% |
| Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32 | 0.7% |
| Indy US Holdco LLC, 5.902%, due 10/31/30 | 0.7% |
| Hologic, Inc., 5.924%, due 4/7/33 | 0.7% |
| Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31 | 0.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| SIMPLE Class | $31 | 0.60% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 4.24% | 13.51% | 3.67% | 4.71% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | (0.20)% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.27% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 11.35% | |
| Conservative Allocation Composite Index5 | 3.25% | 13.83% | 4.99% | 5.60% | |
| Morningstar Global Moderately Conservative Allocation Category Average6 | 5.10% | 15.55% | 4.32% | 5.67% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively. |
| 6. |
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $363,963,776 |
| Total number of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 37.7% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.9% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Investor Class | $28 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 1.62% | 10.63% | 3.28% | 4.70% |
| Investor Class Shares - Excluding sales charges | 4.23% | 13.47% | 3.81% | 5.30% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Conservative Allocation Composite Index5 | 3.25% | 13.83% | 4.99% | 6.56% | |
| Morningstar Global Moderately Conservative Allocation Category Average6 | 5.10% | 15.55% | 4.32% | 5.65% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively. |
| 6. |
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $363,963,776 |
| Total number of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 37.7% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.9% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $7 | 0.13% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 4/4/2005 | 4.51% | 14.04% | 4.26% | 5.75% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Conservative Allocation Composite Index5 | 3.25% | 13.83% | 4.99% | 6.56% | |
| Morningstar Global Moderately Conservative Allocation Category Average6 | 5.10% | 15.55% | 4.32% | 5.65% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively. |
| 6. |
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $363,963,776 |
| Total number of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 37.7% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.9% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Class C | $66 | 1.30% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 4/4/2005 | 2.87% | 11.71% | 3.04% | 4.52% |
| Class C Shares - Excluding sales charges | 3.87% | 12.71% | 3.04% | 4.52% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Conservative Allocation Composite Index5 | 3.25% | 13.83% | 4.99% | 6.56% | |
| Morningstar Global Moderately Conservative Allocation Category Average6 | 5.10% | 15.55% | 4.32% | 5.65% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively. |
| 6. |
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $363,963,776 |
| Total number of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 37.7% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.9% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $19 | 0.38% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 4/4/2005 | 1.24% | 10.36% | 3.37% | 4.89% |
| Class A Shares - Excluding sales charges | 4.37% | 13.77% | 4.01% | 5.48% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Conservative Allocation Composite Index5 | 3.25% | 13.83% | 4.99% | 6.56% | |
| Morningstar Global Moderately Conservative Allocation Category Average6 | 5.10% | 15.55% | 4.32% | 5.65% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively. |
| 6. |
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $363,963,776 |
| Total number of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 37.7% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.9% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $18 | 0.34% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 4/4/2005 | 2.40% | 14.18% | 4.70% | 6.62% |
| Class A Shares - Excluding sales charges | 5.57% | 17.71% | 5.33% | 7.23% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Moderate Allocation Composite Index6 | 4.56% | 18.93% | 7.39% | 8.98% | |
| Morningstar Global Moderate Allocation Category Average7 | 8.00% | 21.73% | 6.49% | 7.40% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
| 7. |
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $803,896,013 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 58.0% |
| Fixed Income Funds | 32.0% |
| Short-Term Investment | 9.5% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Class C | $66 | 1.30% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 4/4/2005 | 4.19% | 15.66% | 4.34% | 6.23% |
| Class C Shares - Excluding sales charges | 5.19% | 16.66% | 4.34% | 6.23% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Moderate Allocation Composite Index6 | 4.56% | 18.93% | 7.39% | 8.98% | |
| Morningstar Global Moderate Allocation Category Average7 | 8.00% | 21.73% | 6.49% | 7.40% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
| 7. |
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $803,896,013 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 58.0% |
| Fixed Income Funds | 32.0% |
| Short-Term Investment | 9.5% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $5 | 0.09% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 4/4/2005 | 5.77% | 18.06% | 5.61% | 7.50% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Moderate Allocation Composite Index6 | 4.56% | 18.93% | 7.39% | 8.98% | |
| Morningstar Global Moderate Allocation Category Average7 | 8.00% | 21.73% | 6.49% | 7.40% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
| 7. |
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $803,896,013 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 58.0% |
| Fixed Income Funds | 32.0% |
| Short-Term Investment | 9.5% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Investor Class | $28 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 2.86% | 14.50% | 4.60% | 6.42% |
| Investor Class Shares - Excluding sales charges | 5.50% | 17.44% | 5.13% | 7.02% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Moderate Allocation Composite Index6 | 4.56% | 18.93% | 7.39% | 8.98% | |
| Morningstar Global Moderate Allocation Category Average7 | 8.00% | 21.73% | 6.49% | 7.40% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
| 7. |
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $803,896,013 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 58.0% |
| Fixed Income Funds | 32.0% |
| Short-Term Investment | 9.5% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| SIMPLE Class | $30 | 0.58% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 5.44% | 17.39% | 4.98% | 6.68% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.64% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.27% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 11.35% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | (0.20)% | |
| Moderate Allocation Composite Index6 | 4.56% | 18.93% | 7.39% | 8.52% | |
| Morningstar Global Moderate Allocation Category Average7 | 8.00% | 21.73% | 6.49% | 8.44% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
| 7. |
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $803,896,013 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 58.0% |
| Fixed Income Funds | 32.0% |
| Short-Term Investment | 9.5% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| SIMPLE Class | $30 | 0.58% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 7.16% | 21.71% | 6.25% | 8.68% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.64% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.27% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 11.35% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | (0.20)% | |
| Growth Allocation Composite Index6 | 5.84% | 24.17% | 9.78% | 11.44% | |
| Morningstar Global Moderately Aggressive Allocation Category Average7 | 8.88% | 26.19% | 7.89% | 10.71% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
| 7. |
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $882,344,939 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 77.2% |
| Fixed Income Funds | 12.7% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Investor Class | $28 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 4.52% | 18.70% | 5.85% | 7.83% |
| Investor Class Shares - Excluding sales charges | 7.20% | 21.75% | 6.39% | 8.44% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Growth Allocation Composite Index6 | 5.84% | 24.17% | 9.78% | 11.36% | |
| Morningstar Global Moderately Aggressive Allocation Category Average7 | 8.88% | 26.19% | 7.89% | 9.31% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
| 7. |
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $882,344,939 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 77.2% |
| Fixed Income Funds | 12.7% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $5 | 0.10% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 4/4/2005 | 7.43% | 22.31% | 6.87% | 8.92% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Growth Allocation Composite Index6 | 5.84% | 24.17% | 9.78% | 11.36% | |
| Morningstar Global Moderately Aggressive Allocation Category Average7 | 8.88% | 26.19% | 7.89% | 9.31% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
| 7. |
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $882,344,939 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 77.2% |
| Fixed Income Funds | 12.7% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Class C | $67 | 1.30% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 4/4/2005 | 5.85% | 19.89% | 5.60% | 7.63% |
| Class C Shares - Excluding sales charges | 6.85% | 20.89% | 5.60% | 7.63% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Growth Allocation Composite Index6 | 5.84% | 24.17% | 9.78% | 11.36% | |
| Morningstar Global Moderately Aggressive Allocation Category Average7 | 8.88% | 26.19% | 7.89% | 9.31% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
| 7. |
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $882,344,939 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 77.2% |
| Fixed Income Funds | 12.7% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $18 | 0.35% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 4/4/2005 | 4.08% | 18.32% | 5.96% | 8.04% |
| Class A Shares - Excluding sales charges | 7.30% | 21.98% | 6.61% | 8.65% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Bloomberg U.S. Aggregate Bond Index5 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Growth Allocation Composite Index6 | 5.84% | 24.17% | 9.78% | 11.36% | |
| Morningstar Global Moderately Aggressive Allocation Category Average7 | 8.88% | 26.19% | 7.89% | 9.31% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 6. |
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
| 7. |
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $882,344,939 |
| Total number of portfolio holdings | 35 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 77.2% |
| Fixed Income Funds | 12.7% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.5% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $19 | 0.37% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 4/4/2005 | 5.16% | 22.00% | 6.63% | 9.25% |
| Class A Shares - Excluding sales charges | 8.41% | 25.77% | 7.28% | 9.87% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Equity Allocation Composite Index5 | 7.09% | 29.56% | 12.15% | 13.71% | |
| Morningstar Global Aggressive Allocation Category Average6 | 8.44% | 27.23% | 8.12% | 10.67% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively. |
| 6. |
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $495,185,732 |
| Total number of portfolio holdings | 28 |
| Portfolio turnover rate | 23% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 96.3% |
| Short-Term Investment | 3.1% |
| Other Assets, Less Liabilities | 0.6% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Class C | $67 | 1.30% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 4/4/2005 | 6.93% | 23.63% | 6.30% | 8.88% |
| Class C Shares - Excluding sales charges | 7.93% | 24.63% | 6.30% | 8.88% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Equity Allocation Composite Index5 | 7.09% | 29.56% | 12.15% | 13.71% | |
| Morningstar Global Aggressive Allocation Category Average6 | 8.44% | 27.23% | 8.12% | 10.67% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively. |
| 6. |
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $495,185,732 |
| Total number of portfolio holdings | 28 |
| Portfolio turnover rate | 23% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 96.3% |
| Short-Term Investment | 3.1% |
| Other Assets, Less Liabilities | 0.6% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $6 | 0.11% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 4/4/2005 | 8.56% | 26.11% | 7.55% | 10.15% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Equity Allocation Composite Index5 | 7.09% | 29.56% | 12.15% | 13.71% | |
| Morningstar Global Aggressive Allocation Category Average6 | 8.44% | 27.23% | 8.12% | 10.67% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively. |
| 6. |
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $495,185,732 |
| Total number of portfolio holdings | 28 |
| Portfolio turnover rate | 23% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 96.3% |
| Short-Term Investment | 3.1% |
| Other Assets, Less Liabilities | 0.6% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2,3 |
| Investor Class | $29 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
| 3. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 5.57% | 22.44% | 6.55% | 9.07% |
| Investor Class Shares - Excluding sales charges | 8.28% | 25.58% | 7.09% | 9.69% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.26% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 8.85% | |
| Equity Allocation Composite Index5 | 7.09% | 29.56% | 12.15% | 13.71% | |
| Morningstar Global Aggressive Allocation Category Average6 | 8.44% | 27.23% | 8.12% | 10.67% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively. |
| 6. |
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $495,185,732 |
| Total number of portfolio holdings | 28 |
| Portfolio turnover rate | 23% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 96.3% |
| Short-Term Investment | 3.1% |
| Other Assets, Less Liabilities | 0.6% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| SIMPLE Class | $31 | 0.59% |
| 1. | Annualized. |
| 2. | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 8.29% | 25.50% | 6.93% | 10.13% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.64% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 15.27% | |
| MSCI EAFE® Index (Net)4 | 9.98% | 24.60% | 8.83% | 11.35% | |
| Equity Allocation Composite Index5 | 7.09% | 29.56% | 12.15% | 14.38% | |
| Morningstar Global Aggressive Allocation Category Average6 | 8.44% | 27.23% | 8.12% | 11.48% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America. |
| 5. |
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively. |
| 6. |
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $495,185,732 |
| Total number of portfolio holdings | 28 |
| Portfolio turnover rate | 23% |
Asset Diversification
(as a Percentage of Net Asset Value)
(as a Percentage of Net Asset Value)
| Equity Funds | 96.3% |
| Short-Term Investment | 3.1% |
| Other Assets, Less Liabilities | 0.6% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| SIMPLE Class | $49 | 0.99% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 0.96% | 3.05% | 1.45% | 1.38% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | (0.20)% | |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index3 | 1.34% | 3.42% | 2.07% | 1.87% | |
| Morningstar Short-Term Bond Category Average4 | 1.43% | 4.29% | 2.37% | 2.26% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years. |
| 4. |
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $81,807,739 |
| Total number of portfolio holdings | 106 |
| Portfolio turnover rate | 210% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 42.9% |
| Corporate Bonds | 33.4% |
| Mortgage-Backed Securities | 13.4% |
| Asset-Backed Securities | 6.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $46 | 0.92% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 0.48% | 2.59% | 1.49% | 1.55% |
| Investor Class Shares - Excluding sales charges | 0.99% | 3.10% | 1.59% | 1.86% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index3 | 1.34% | 3.42% | 2.07% | 2.03% | |
| Morningstar Short-Term Bond Category Average4 | 1.43% | 4.29% | 2.37% | 2.43% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years. |
| 4. |
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $81,807,739 |
| Total number of portfolio holdings | 106 |
| Portfolio turnover rate | 210% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 42.9% |
| Corporate Bonds | 33.4% |
| Mortgage-Backed Securities | 13.4% |
| Asset-Backed Securities | 6.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $20 | 0.40% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 1/2/1991 | 1.26% | 3.56% | 2.11% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index3 | 1.34% | 3.42% | 2.07% | 2.03% | |
| Morningstar Short-Term Bond Category Average4 | 1.43% | 4.29% | 2.37% | 2.43% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years. |
| 4. |
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $81,807,739 |
| Total number of portfolio holdings | 106 |
| Portfolio turnover rate | 210% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 42.9% |
| Corporate Bonds | 33.4% |
| Mortgage-Backed Securities | 13.4% |
| Asset-Backed Securities | 6.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $38 | 0.77% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 1/2/2004 | (0.04)% | 2.16% | 1.56% | 1.76% |
| Class A Shares - Excluding sales charges | 0.96% | 3.19% | 1.76% | 2.07% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index3 | 1.34% | 3.42% | 2.07% | 2.03% | |
| Morningstar Short-Term Bond Category Average4 | 1.43% | 4.29% | 2.37% | 2.43% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
| 3. |
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years. |
| 4. |
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $81,807,739 |
| Total number of portfolio holdings | 106 |
| Portfolio turnover rate | 210% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 42.9% |
| Corporate Bonds | 33.4% |
| Mortgage-Backed Securities | 13.4% |
| Asset-Backed Securities | 6.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29 | 41.7% |
| GNMA, 0.70%-5.50%, due 5/16/50-6/16/63 | 2.7% |
| BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44 | 2.6% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.6% |
| UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31 | 1.6% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.5% |
| Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30 | 1.2% |
| Meta Platforms, Inc., 4.20%, due 11/15/30 | 1.2% |
| Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27 | 1.2% |
| JPMorgan Chase & Co., 4.255%, due 10/22/31 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $36 | 0.73% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 1/2/2004 | (3.84)% | (0.34)% | (0.20)% | 1.79% |
| Class A Shares - Excluding sales charges | 0.69% | 4.36% | 0.73% | 2.26% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar Intermediate Core-Plus Bond Category Average3 | 0.69% | 4.74% | 0.60% | 2.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $608,737,362 |
| Total number of portfolio holdings | 573 |
| Portfolio turnover rate | 97% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 33.4% |
| Corporate Bonds | 28.9% |
| Mortgage-Backed Securities | 22.7% |
| Asset-Backed Securities | 9.6% |
| Short-Term Investments | 3.0% |
| Loan Assignments | 2.1% |
| Foreign Government Bonds | 1.8% |
| Common Stocks | 0.0%‡ |
| Other Assets, Less Liabilities | (1.5)% |
| ‡ Less than one-tenth of a percent. |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $88 | 1.76% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 1/2/2004 | (0.71)% | 2.27% | (0.29)% | 1.31% |
| Class C Shares - Excluding sales charges | 0.28% | 3.27% | (0.29)% | 1.31% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar Intermediate Core-Plus Bond Category Average3 | 0.69% | 4.74% | 0.60% | 2.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $608,737,362 |
| Total number of portfolio holdings | 573 |
| Portfolio turnover rate | 97% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 33.4% |
| Corporate Bonds | 28.9% |
| Mortgage-Backed Securities | 22.7% |
| Asset-Backed Securities | 9.6% |
| Short-Term Investments | 3.0% |
| Loan Assignments | 2.1% |
| Foreign Government Bonds | 1.8% |
| Common Stocks | 0.0%‡ |
| Other Assets, Less Liabilities | (1.5)% |
| ‡ Less than one-tenth of a percent. |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $18 | 0.35% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 1/2/1991 | 0.98% | 4.76% | 1.08% | 2.60% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar Intermediate Core-Plus Bond Category Average3 | 0.69% | 4.74% | 0.60% | 2.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $608,737,362 |
| Total number of portfolio holdings | 573 |
| Portfolio turnover rate | 97% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 33.4% |
| Corporate Bonds | 28.9% |
| Mortgage-Backed Securities | 22.7% |
| Asset-Backed Securities | 9.6% |
| Short-Term Investments | 3.0% |
| Loan Assignments | 2.1% |
| Foreign Government Bonds | 1.8% |
| Common Stocks | 0.0%‡ |
| Other Assets, Less Liabilities | (1.5)% |
| ‡ Less than one-tenth of a percent. |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class R6 | $18 | 0.35% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class R6 Shares | 12/29/2014 | 0.99% | 4.77% | 1.09% | 2.63% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar Intermediate Core-Plus Bond Category Average3 | 0.69% | 4.74% | 0.60% | 2.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $608,737,362 |
| Total number of portfolio holdings | 573 |
| Portfolio turnover rate | 97% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 33.4% |
| Corporate Bonds | 28.9% |
| Mortgage-Backed Securities | 22.7% |
| Asset-Backed Securities | 9.6% |
| Short-Term Investments | 3.0% |
| Loan Assignments | 2.1% |
| Foreign Government Bonds | 1.8% |
| Common Stocks | 0.0%‡ |
| Other Assets, Less Liabilities | (1.5)% |
| ‡ Less than one-tenth of a percent. |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $50 | 1.01% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | (3.38)% | (0.01)% | (0.35)% | 1.59% |
| Investor Class Shares - Excluding sales charges | 0.65% | 4.15% | 0.47% | 2.06% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| Morningstar Intermediate Core-Plus Bond Category Average3 | 0.69% | 4.74% | 0.60% | 2.23% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $608,737,362 |
| Total number of portfolio holdings | 573 |
| Portfolio turnover rate | 97% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 33.4% |
| Corporate Bonds | 28.9% |
| Mortgage-Backed Securities | 22.7% |
| Asset-Backed Securities | 9.6% |
| Short-Term Investments | 3.0% |
| Loan Assignments | 2.1% |
| Foreign Government Bonds | 1.8% |
| Common Stocks | 0.0%‡ |
| Other Assets, Less Liabilities | (1.5)% |
| ‡ Less than one-tenth of a percent. |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| SIMPLE Class | $45 | 0.90% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| SIMPLE Class Shares | 8/31/2020 | 0.71% | 4.16% | 0.44% | 0.29% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | (0.20)% | |
| Morningstar Intermediate Core-Plus Bond Category Average3 | 0.69% | 4.74% | 0.60% | 0.46% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $608,737,362 |
| Total number of portfolio holdings | 573 |
| Portfolio turnover rate | 97% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
Portfolio Composition
| U.S. Government & Federal Agencies | 33.4% |
| Corporate Bonds | 28.9% |
| Mortgage-Backed Securities | 22.7% |
| Asset-Backed Securities | 9.6% |
| Short-Term Investments | 3.0% |
| Loan Assignments | 2.1% |
| Foreign Government Bonds | 1.8% |
| Common Stocks | 0.0%‡ |
| Other Assets, Less Liabilities | (1.5)% |
| ‡ Less than one-tenth of a percent. |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 13.5% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56 | 11.6% |
| UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54 | 4.9% |
| GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66 | 3.7% |
| UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55 | 2.3% |
| Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45 | 1.5% |
| FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50 | 1.5% |
| FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55 | 1.5% |
| FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46 | 0.9% |
| FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55 | 0.9% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $49 | 0.99% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective May 22, 2018, the Fund changed among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 0.46% | 3.32% | 1.03% | 0.94% |
| Investor Class Shares - Excluding sales charges | 0.97% | 3.84% | 1.13% | 1.04% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg 3-Year Municipal Bond Index3 | 1.24% | 4.12% | 1.34% | 1.61% | |
| Morningstar Muni National Short Category Average4 | 1.23% | 3.90% | 1.64% | 1.56% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years. |
| 4. |
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,345,913,453 |
| Total number of portfolio holdings | 415 |
| Portfolio turnover rate | 32% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
Portfolio Composition
| Municipal Bonds | 94.6% |
| Corporate Bonds | 1.4% |
| Closed-End Fund | 0.9% |
| Short-Term Investment | 0.7% |
| Other Assets, Less Liabilities | 2.4% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $20 | 0.39% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class R6 Shares | 5/2/2022 | 1.27% | 4.48% | 3.14% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 3.27% | |
| Bloomberg 3-Year Municipal Bond Index3 | 1.24% | 4.12% | 2.86% | |
| Morningstar Muni National Short Category Average4 | 1.23% | 3.90% | 2.94% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years. |
| 4. |
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,345,913,453 |
| Total number of portfolio holdings | 415 |
| Portfolio turnover rate | 32% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
Portfolio Composition
| Municipal Bonds | 94.6% |
| Corporate Bonds | 1.4% |
| Closed-End Fund | 0.9% |
| Short-Term Investment | 0.7% |
| Other Assets, Less Liabilities | 2.4% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $20 | 0.40% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective May 22, 2018, the Fund changed among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 1/2/1991 | 1.26% | 4.36% | 1.73% | 1.68% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg 3-Year Municipal Bond Index3 | 1.24% | 4.12% | 1.34% | 1.61% | |
| Morningstar Muni National Short Category Average4 | 1.23% | 3.90% | 1.64% | 1.56% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years. |
| 4. |
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,345,913,453 |
| Total number of portfolio holdings | 415 |
| Portfolio turnover rate | 32% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
Portfolio Composition
| Municipal Bonds | 94.6% |
| Corporate Bonds | 1.4% |
| Closed-End Fund | 0.9% |
| Short-Term Investment | 0.7% |
| Other Assets, Less Liabilities | 2.4% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A2 | $33 | 0.67% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A2 Shares - Including sales charges | 9/30/2020 | (0.90)% | 2.09% | 1.04% | 1.09% |
| Class A2 Shares - Excluding sales charges | 1.13% | 4.18% | 1.45% | 1.46% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.22% | |
| Bloomberg 3-Year Municipal Bond Index3 | 1.24% | 4.12% | 1.34% | 1.33% | |
| Morningstar Muni National Short Category Average4 | 1.23% | 3.90% | 1.64% | 1.61% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years. |
| 4. |
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,345,913,453 |
| Total number of portfolio holdings | 415 |
| Portfolio turnover rate | 32% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
Portfolio Composition
| Municipal Bonds | 94.6% |
| Corporate Bonds | 1.4% |
| Closed-End Fund | 0.9% |
| Short-Term Investment | 0.7% |
| Other Assets, Less Liabilities | 2.4% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $33 | 0.67% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective May 22, 2018, the Fund changed among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 1/2/2004 | 0.12% | 3.03% | 1.25% | 1.30% |
| Class A Shares - Excluding sales charges | 1.13% | 4.07% | 1.45% | 1.40% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg 3-Year Municipal Bond Index3 | 1.24% | 4.12% | 1.34% | 1.61% | |
| Morningstar Muni National Short Category Average4 | 1.23% | 3.90% | 1.64% | 1.56% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years. |
| 4. |
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,345,913,453 |
| Total number of portfolio holdings | 415 |
| Portfolio turnover rate | 32% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
Portfolio Composition
| Municipal Bonds | 94.6% |
| Corporate Bonds | 1.4% |
| Closed-End Fund | 0.9% |
| Short-Term Investment | 0.7% |
| Other Assets, Less Liabilities | 2.4% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53 | 2.8% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55 | 2.7% |
| Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36 | 2.6% |
| City of New York, 4.82%-5.00%, due 2/1/29-8/1/31 | 2.5% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55 | 2.4% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.9% |
| San Antonio Water System, Series A, 3.40%, due 5/1/54 | 1.8% |
| Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33 | 1.8% |
| Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44 | 1.6% |
| New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30 | 1.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $60 | 1.13% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 9/28/2007 | 6.64% | 29.83% | 8.11% | 6.20% |
| Class A Shares - Excluding sales charges | 12.85% | 37.38% | 9.34% | 6.80% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| MSCI ACWI® ex USA Index (Net)3 | 12.11% | 32.20% | 8.38% | 9.10% | |
| Morningstar Foreign Large Blend Category Average4 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. |
| 4. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $279,735,424 |
| Total number of portfolio holdings | 223 |
| Portfolio turnover rate | 58% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
Top Countries
| Japan | 13.6% |
| United Kingdom | 11.9% |
| France | 9.4% |
| Taiwan | 7.7% |
| United States | 6.8% |
| Republic of Korea | 6.8% |
| China | 5.9% |
| Netherlands | 4.1% |
| Germany | 3.7% |
| Australia | 3.4% |
| Other | 26.7% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $119 | 2.25% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 9/28/2007 | 11.33% | 35.00% | 8.13% | 5.72% |
| Class C Shares - Excluding sales charges | 12.33% | 36.00% | 8.13% | 5.72% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| MSCI ACWI® ex USA Index (Net)3 | 12.11% | 32.20% | 8.38% | 9.10% | |
| Morningstar Foreign Large Blend Category Average4 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. |
| 4. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $279,735,424 |
| Total number of portfolio holdings | 223 |
| Portfolio turnover rate | 58% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
Top Countries
| Japan | 13.6% |
| United Kingdom | 11.9% |
| France | 9.4% |
| Taiwan | 7.7% |
| United States | 6.8% |
| Republic of Korea | 6.8% |
| China | 5.9% |
| Netherlands | 4.1% |
| Germany | 3.7% |
| Australia | 3.4% |
| Other | 26.7% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $46 | 0.86% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 9/28/2007 | 13.00% | 37.83% | 9.64% | 7.08% |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| MSCI ACWI® ex USA Index (Net)3 | 12.11% | 32.20% | 8.38% | 9.10% | |
| Morningstar Foreign Large Blend Category Average4 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. |
| 4. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $279,735,424 |
| Total number of portfolio holdings | 223 |
| Portfolio turnover rate | 58% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
Top Countries
| Japan | 13.6% |
| United Kingdom | 11.9% |
| France | 9.4% |
| Taiwan | 7.7% |
| United States | 6.8% |
| Republic of Korea | 6.8% |
| China | 5.9% |
| Netherlands | 4.1% |
| Germany | 3.7% |
| Australia | 3.4% |
| Other | 26.7% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $79 | 1.50% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 7.02% | 30.02% | 7.83% | 5.91% |
| Investor Class Shares - Excluding sales charges | 12.66% | 36.87% | 8.95% | 6.51% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 8.85% | |
| MSCI ACWI® ex USA Index (Net)3 | 12.11% | 32.20% | 8.38% | 9.10% | |
| Morningstar Foreign Large Blend Category Average4 | 10.67% | 26.63% | 8.20% | 8.78% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. |
| 4. |
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $279,735,424 |
| Total number of portfolio holdings | 223 |
| Portfolio turnover rate | 58% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
Top Countries
| Japan | 13.6% |
| United Kingdom | 11.9% |
| France | 9.4% |
| Taiwan | 7.7% |
| United States | 6.8% |
| Republic of Korea | 6.8% |
| China | 5.9% |
| Netherlands | 4.1% |
| Germany | 3.7% |
| Australia | 3.4% |
| Other | 26.7% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Samsung Electronics Co. Ltd. | 2.5% |
| ASML Holding NV | 2.3% |
| Tencent Holdings Ltd. | 2.2% |
| SK hynix, Inc. | 1.9% |
| Shell plc | 1.9% |
| TotalEnergies SE | 1.7% |
| British American Tobacco plc | 1.4% |
| AstraZeneca plc | 1.2% |
| KBC Group NV | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $68 | 1.32% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 4.93% | 12.06% | 4.97% | 6.14% |
| Investor Class Shares - Excluding sales charges | 7.62% | 14.93% | 5.50% | 6.74% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| Bloomberg U.S. Intermediate Government/Credit Bond Index4 | 0.95% | 3.67% | 1.27% | 2.03% | |
| Balanced Composite Index5 | 8.79% | 18.51% | 6.81% | 7.75% | |
| Morningstar Moderate Allocation Category Average6 | 5.24% | 18.84% | 6.62% | 8.55% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
| 5. |
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively. |
| 6. |
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $448,301,201 |
| Total number of portfolio holdings | 193 |
| Portfolio turnover rate | 89% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
Portfolio Composition
| Common Stocks | 62.2% |
| U.S. Government & Federal Agencies | 16.8% |
| Exchange-Traded Funds | 8.7% |
| Corporate Bonds | 8.5% |
| Mortgage-Backed Securities | 1.6% |
| Short-Term Investments | 0.9% |
| Asset-Backed Securities | 0.9% |
| Other Assets, Less Liabilities | 0.4% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $37 | 0.72% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 12/15/2017 | 7.94% | 15.58% | 6.12% | 6.89% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 13.78% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 10.25% | |
| Bloomberg U.S. Intermediate Government/Credit Bond Index4 | 0.95% | 3.67% | 1.27% | 2.24% | |
| Balanced Composite Index5 | 8.79% | 18.51% | 6.81% | 7.31% | |
| Morningstar Moderate Allocation Category Average6 | 5.24% | 18.84% | 6.62% | 7.54% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
| 5. |
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively. |
| 6. |
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $448,301,201 |
| Total number of portfolio holdings | 193 |
| Portfolio turnover rate | 89% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
Portfolio Composition
| Common Stocks | 62.2% |
| U.S. Government & Federal Agencies | 16.8% |
| Exchange-Traded Funds | 8.7% |
| Corporate Bonds | 8.5% |
| Mortgage-Backed Securities | 1.6% |
| Short-Term Investments | 0.9% |
| Asset-Backed Securities | 0.9% |
| Other Assets, Less Liabilities | 0.4% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $42 | 0.81% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 5/1/1989 | 7.91% | 15.50% | 6.04% | 7.25% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| Bloomberg U.S. Intermediate Government/Credit Bond Index4 | 0.95% | 3.67% | 1.27% | 2.03% | |
| Balanced Composite Index5 | 8.79% | 18.51% | 6.81% | 7.75% | |
| Morningstar Moderate Allocation Category Average6 | 5.24% | 18.84% | 6.62% | 8.55% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
| 5. |
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively. |
| 6. |
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $448,301,201 |
| Total number of portfolio holdings | 193 |
| Portfolio turnover rate | 89% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
Portfolio Composition
| Common Stocks | 62.2% |
| U.S. Government & Federal Agencies | 16.8% |
| Exchange-Traded Funds | 8.7% |
| Corporate Bonds | 8.5% |
| Mortgage-Backed Securities | 1.6% |
| Short-Term Investments | 0.9% |
| Asset-Backed Securities | 0.9% |
| Other Assets, Less Liabilities | 0.4% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $106 | 2.06% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 12/30/2002 | 6.22% | 13.06% | 4.71% | 5.94% |
| Class C Shares - Excluding sales charges | 7.22% | 14.06% | 4.71% | 5.94% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| Bloomberg U.S. Intermediate Government/Credit Bond Index4 | 0.95% | 3.67% | 1.27% | 2.03% | |
| Balanced Composite Index5 | 8.79% | 18.51% | 6.81% | 7.75% | |
| Morningstar Moderate Allocation Category Average6 | 5.24% | 18.84% | 6.62% | 8.55% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
| 5. |
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively. |
| 6. |
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $448,301,201 |
| Total number of portfolio holdings | 193 |
| Portfolio turnover rate | 89% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
Portfolio Composition
| Common Stocks | 62.2% |
| U.S. Government & Federal Agencies | 16.8% |
| Exchange-Traded Funds | 8.7% |
| Corporate Bonds | 8.5% |
| Mortgage-Backed Securities | 1.6% |
| Short-Term Investments | 0.9% |
| Asset-Backed Securities | 0.9% |
| Other Assets, Less Liabilities | 0.4% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $54 | 1.05% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 1/2/2004 | 4.51% | 11.75% | 5.13% | 6.38% |
| Class A Shares - Excluding sales charges | 7.74% | 15.21% | 5.77% | 6.98% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Value Index3 | 14.13% | 29.25% | 10.29% | 11.22% | |
| Bloomberg U.S. Intermediate Government/Credit Bond Index4 | 0.95% | 3.67% | 1.27% | 2.03% | |
| Balanced Composite Index5 | 8.79% | 18.51% | 6.81% | 7.75% | |
| Morningstar Moderate Allocation Category Average6 | 5.24% | 18.84% | 6.62% | 8.55% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
| 4. |
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
| 5. |
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively. |
| 6. |
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $448,301,201 |
| Total number of portfolio holdings | 193 |
| Portfolio turnover rate | 89% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
Portfolio Composition
| Common Stocks | 62.2% |
| U.S. Government & Federal Agencies | 16.8% |
| Exchange-Traded Funds | 8.7% |
| Corporate Bonds | 8.5% |
| Mortgage-Backed Securities | 1.6% |
| Short-Term Investments | 0.9% |
| Asset-Backed Securities | 0.9% |
| Other Assets, Less Liabilities | 0.4% |
Top Ten Holdings and/or Issuers*
| U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36 | 16.8% |
| iShares Intermediate Government/Credit Bond ETF | 3.8% |
| Alphabet, Inc., Class C | 3.4% |
| Vanguard Intermediate-Term Treasury ETF | 2.9% |
| JPMorgan Chase & Co. | 2.3% |
| Vanguard Russell 1000 Value ETF | 2.1% |
| Johnson & Johnson | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Cisco Systems, Inc. | 1.4% |
| UnitedHealth Group, Inc. | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $66 | 1.20% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 1/2/2004 | 16.74% | 40.18% | 5.14% | 7.64% |
| Class A Shares - Excluding sales charges | 23.53% | 48.34% | 6.33% | 8.25% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 2000®Index3 | 13.63% | 44.41% | 5.75% | 10.98% | |
| Morningstar Small Blend Category Average4 | 14.42% | 35.62% | 6.59% | 10.60% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. |
| 4. |
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $323,578,302 |
| Total number of portfolio holdings | 140 |
| Portfolio turnover rate | 43% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 8.8% |
| Banks | 7.8% |
| Electronic Equipment, Instruments & Components | 6.7% |
| Metals & Mining | 5.7% |
| Semiconductors & Semiconductor Equipment | 5.2% |
| Energy Equipment & Services | 4.2% |
| Construction & Engineering | 4.0% |
| Financial Services | 3.9% |
| Specialty Retail | 3.8% |
| Trading Companies & Distributors | 3.8% |
| Other | 46.1% |
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $123 | 2.23% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 12/30/2002 | 21.91% | 45.81% | 5.26% | 7.15% |
| Class C Shares - Excluding sales charges | 22.91% | 46.81% | 5.26% | 7.15% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 2000®Index3 | 13.63% | 44.41% | 5.75% | 10.98% | |
| Morningstar Small Blend Category Average4 | 14.42% | 35.62% | 6.59% | 10.60% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. |
| 4. |
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $323,578,302 |
| Total number of portfolio holdings | 140 |
| Portfolio turnover rate | 43% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 8.8% |
| Banks | 7.8% |
| Electronic Equipment, Instruments & Components | 6.7% |
| Metals & Mining | 5.7% |
| Semiconductors & Semiconductor Equipment | 5.2% |
| Energy Equipment & Services | 4.2% |
| Construction & Engineering | 4.0% |
| Financial Services | 3.9% |
| Specialty Retail | 3.8% |
| Trading Companies & Distributors | 3.8% |
| Other | 46.1% |
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $53 | 0.95% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 1/12/1987 | 23.66% | 48.69% | 6.60% | 8.52% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 2000®Index3 | 13.63% | 44.41% | 5.75% | 10.98% | |
| Morningstar Small Blend Category Average4 | 14.42% | 35.62% | 6.59% | 10.60% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. |
| 4. |
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $323,578,302 |
| Total number of portfolio holdings | 140 |
| Portfolio turnover rate | 43% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 8.8% |
| Banks | 7.8% |
| Electronic Equipment, Instruments & Components | 6.7% |
| Metals & Mining | 5.7% |
| Semiconductors & Semiconductor Equipment | 5.2% |
| Energy Equipment & Services | 4.2% |
| Construction & Engineering | 4.0% |
| Financial Services | 3.9% |
| Specialty Retail | 3.8% |
| Trading Companies & Distributors | 3.8% |
| Other | 46.1% |
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $82 | 1.48% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2008 | 17.18% | 40.55% | 4.96% | 7.34% |
| Investor Class Shares - Excluding sales charges | 23.35% | 47.95% | 6.04% | 7.95% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 2000®Index3 | 13.63% | 44.41% | 5.75% | 10.98% | |
| Morningstar Small Blend Category Average4 | 14.42% | 35.62% | 6.59% | 10.60% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. |
| 4. |
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $323,578,302 |
| Total number of portfolio holdings | 140 |
| Portfolio turnover rate | 43% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 8.8% |
| Banks | 7.8% |
| Electronic Equipment, Instruments & Components | 6.7% |
| Metals & Mining | 5.7% |
| Semiconductors & Semiconductor Equipment | 5.2% |
| Energy Equipment & Services | 4.2% |
| Construction & Engineering | 4.0% |
| Financial Services | 3.9% |
| Specialty Retail | 3.8% |
| Trading Companies & Distributors | 3.8% |
| Other | 46.1% |
Top Ten Holdings and/or Issuers*
| Vishay Intertechnology, Inc. | 3.8% |
| Tower Semiconductor Ltd. | 3.1% |
| TTM Technologies, Inc. | 2.9% |
| Lundin Mining Corp. | 2.9% |
| Kaiser Aluminum Corp. | 2.8% |
| Centuri Holdings, Inc. | 2.3% |
| Xometry, Inc., Class A | 2.2% |
| Hexcel Corp. | 2.1% |
| Power Integrations, Inc. | 2.1% |
| Laureate Education, Inc. | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Investor Class | $39 | 0.78% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 5/14/2012 | (0.77)% | 3.96% | (0.21)% | 1.70% |
| Investor Class Shares - Excluding sales charges | 1.77% | 6.62% | 0.61% | 2.17% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg New York Municipal Bond Index3 | 1.38% | 6.20% | 0.90% | 2.07% | |
| Morningstar Muni New York Long Category Average4 | 1.48% | 5.87% | 0.46% | 1.91% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,568,196,950 |
| Total number of portfolio holdings | 452 |
| Portfolio turnover rate | 3% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 43.7% |
| Transportation | 13.4% |
| Education | 13.2% |
| Hospital | 9.8% |
| Water & Sewer | 5.8% |
| General Obligation | 5.6% |
| Utilities | 2.6% |
| General | 0.9% |
| Housing | 0.2% |
| Certificate of Participation/Lease | 0.1% |
| Other | 4.7% |
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $24 | 0.48% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 11/1/2019 | 2.03% | 7.06% | 0.91% | 1.79% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.64% | |
| Bloomberg New York Municipal Bond Index3 | 1.38% | 6.20% | 0.90% | 1.57% | |
| Morningstar Muni New York Long Category Average4 | 1.48% | 5.87% | 0.46% | 1.19% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,568,196,950 |
| Total number of portfolio holdings | 452 |
| Portfolio turnover rate | 3% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 43.7% |
| Transportation | 13.4% |
| Education | 13.2% |
| Hospital | 9.8% |
| Water & Sewer | 5.8% |
| General Obligation | 5.6% |
| Utilities | 2.6% |
| General | 0.9% |
| Housing | 0.2% |
| Certificate of Participation/Lease | 0.1% |
| Other | 4.7% |
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $25 | 0.50% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 5/14/2012 | 1.91% | 6.92% | 0.89% | 2.44% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg New York Municipal Bond Index3 | 1.38% | 6.20% | 0.90% | 2.07% | |
| Morningstar Muni New York Long Category Average4 | 1.48% | 5.87% | 0.46% | 1.91% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,568,196,950 |
| Total number of portfolio holdings | 452 |
| Portfolio turnover rate | 3% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 43.7% |
| Transportation | 13.4% |
| Education | 13.2% |
| Hospital | 9.8% |
| Water & Sewer | 5.8% |
| General Obligation | 5.6% |
| Utilities | 2.6% |
| General | 0.9% |
| Housing | 0.2% |
| Certificate of Participation/Lease | 0.1% |
| Other | 4.7% |
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C2 | $59 | 1.18% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class C2 Shares - Including sales charges | 8/31/2020 | 0.68% | 5.31% | 0.23% | 0.83% |
| Class C2 Shares - Excluding sales charges | 1.68% | 6.31% | 0.23% | 0.83% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.21% | |
| Bloomberg New York Municipal Bond Index3 | 1.38% | 6.20% | 0.90% | 1.32% | |
| Morningstar Muni New York Long Category Average4 | 1.48% | 5.87% | 0.46% | 1.00% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,568,196,950 |
| Total number of portfolio holdings | 452 |
| Portfolio turnover rate | 3% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 43.7% |
| Transportation | 13.4% |
| Education | 13.2% |
| Hospital | 9.8% |
| Water & Sewer | 5.8% |
| General Obligation | 5.6% |
| Utilities | 2.6% |
| General | 0.9% |
| Housing | 0.2% |
| Certificate of Participation/Lease | 0.1% |
| Other | 4.7% |
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C | $52 | 1.03% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 5/14/2012 | 0.65% | 5.47% | 0.36% | 1.91% |
| Class C Shares - Excluding sales charges | 1.64% | 6.47% | 0.36% | 1.91% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg New York Municipal Bond Index3 | 1.38% | 6.20% | 0.90% | 2.07% | |
| Morningstar Muni New York Long Category Average4 | 1.48% | 5.87% | 0.46% | 1.91% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,568,196,950 |
| Total number of portfolio holdings | 452 |
| Portfolio turnover rate | 3% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 43.7% |
| Transportation | 13.4% |
| Education | 13.2% |
| Hospital | 9.8% |
| Water & Sewer | 5.8% |
| General Obligation | 5.6% |
| Utilities | 2.6% |
| General | 0.9% |
| Housing | 0.2% |
| Certificate of Participation/Lease | 0.1% |
| Other | 4.7% |
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $38 | 0.75% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 5/14/2012 | (1.27)% | 3.57% | (0.29)% | 1.72% |
| Class A Shares - Excluding sales charges | 1.79% | 6.77% | 0.64% | 2.19% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg New York Municipal Bond Index3 | 1.38% | 6.20% | 0.90% | 2.07% | |
| Morningstar Muni New York Long Category Average4 | 1.48% | 5.87% | 0.46% | 1.91% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,568,196,950 |
| Total number of portfolio holdings | 452 |
| Portfolio turnover rate | 3% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 43.7% |
| Transportation | 13.4% |
| Education | 13.2% |
| Hospital | 9.8% |
| Water & Sewer | 5.8% |
| General Obligation | 5.6% |
| Utilities | 2.6% |
| General | 0.9% |
| Housing | 0.2% |
| Certificate of Participation/Lease | 0.1% |
| Other | 4.7% |
Top Ten Holdings and/or Issuers*
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55 | 8.7% |
| Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59 | 7.7% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60 | 5.8% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53 | 4.2% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52 | 3.8% |
| Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63 | 3.3% |
| Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55 | 3.2% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54 | 2.8% |
| New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55 | 2.7% |
| New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59 | 2.6% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $51 | 1.02% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 12/17/2012 | (0.92)% | 3.29% | 3.84% | 4.46% |
| Class A Shares - Excluding sales charges | 2.15% | 6.48% | 4.47% | 4.78% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index3 | 2.58% | 8.08% | 4.79% | 5.41% | |
| Morningstar High Yield Bond Category Average4 | 2.30% | 8.50% | 4.03% | 5.16% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. |
| 4. |
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,929,531,688 |
| Total number of portfolio holdings | 455 |
| Portfolio turnover rate | 18% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
Portfolio Composition
| Corporate Bonds | 82.0% |
| Loan Assignments | 12.9% |
| Convertible Bonds | 0.4% |
| Common Stocks | 0.4% |
| Preferred Stock | 0.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C | $89 | 1.78% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 12/17/2012 | 0.88% | 4.67% | 3.65% | 3.93% |
| Class C Shares - Excluding sales charges | 1.87% | 5.67% | 3.65% | 3.93% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index3 | 2.58% | 8.08% | 4.79% | 5.41% | |
| Morningstar High Yield Bond Category Average4 | 2.30% | 8.50% | 4.03% | 5.16% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. |
| 4. |
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,929,531,688 |
| Total number of portfolio holdings | 455 |
| Portfolio turnover rate | 18% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
Portfolio Composition
| Corporate Bonds | 82.0% |
| Loan Assignments | 12.9% |
| Convertible Bonds | 0.4% |
| Common Stocks | 0.4% |
| Preferred Stock | 0.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $39 | 0.78% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 12/17/2012 | 2.38% | 6.74% | 4.74% | 5.04% |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index3 | 2.58% | 8.08% | 4.79% | 5.41% | |
| Morningstar High Yield Bond Category Average4 | 2.30% | 8.50% | 4.03% | 5.16% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. |
| 4. |
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,929,531,688 |
| Total number of portfolio holdings | 455 |
| Portfolio turnover rate | 18% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
Portfolio Composition
| Corporate Bonds | 82.0% |
| Loan Assignments | 12.9% |
| Convertible Bonds | 0.4% |
| Common Stocks | 0.4% |
| Preferred Stock | 0.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Investor Class | $52 | 1.03% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 12/17/2012 | (0.31)% | 3.79% | 3.90% | 4.40% |
| Investor Class Shares - Excluding sales charges | 2.25% | 6.45% | 4.43% | 4.72% | |
| Bloomberg U.S. Aggregate Bond Index2 | 0.54% | 4.06% | 0.18% | 1.67% | |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index3 | 2.58% | 8.08% | 4.79% | 5.41% | |
| Morningstar High Yield Bond Category Average4 | 2.30% | 8.50% | 4.03% | 5.16% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| 3. |
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. |
| 4. |
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,929,531,688 |
| Total number of portfolio holdings | 455 |
| Portfolio turnover rate | 18% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
Portfolio Composition
| Corporate Bonds | 82.0% |
| Loan Assignments | 12.9% |
| Convertible Bonds | 0.4% |
| Common Stocks | 0.4% |
| Preferred Stock | 0.2% |
| Other Assets, Less Liabilities | 4.1% |
Top Ten Holdings and/or Issuers*
| TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31 | 2.2% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.7% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30 | 1.6% |
| Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31 | 1.4% |
| Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32 | 1.3% |
| CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31 | 1.3% |
| Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31 | 1.2% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28 | 1.1% |
| Great Outdoors Group LLC, 6.902%, due 1/23/32 | 1.1% |
| Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32 | 1.0% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $64 | 1.31% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 1/18/2013 | (6.92)% | 18.24% | 6.44% | 12.45% |
| Investor Class Shares - Excluding sales charges | (2.02)% | 24.46% | 7.54% | 13.09% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Growth Index3 | (1.49)% | 30.63% | 13.82% | 18.26% | |
| Morningstar Large Growth Category Average4 | 0.52% | 29.03% | 10.16% | 15.87% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,034,505,990 |
| Total number of portfolio holdings | 54 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 25.1% |
| Interactive Media & Services | 11.3% |
| Software | 11.2% |
| Broadline Retail | 6.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.3% |
| Financial Services | 4.0% |
| Capital Markets | 4.0% |
| Health Care Equipment & Supplies | 3.7% |
| Entertainment | 3.6% |
| Other | 21.8% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $35 | 0.71% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 4/26/2021 | (1.74)% | 25.20% | 8.18% | 7.91% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 11.79% | |
| Russell 1000® Growth Index3 | (1.49)% | 30.63% | 13.82% | 13.55% | |
| Morningstar Large Growth Category Average4 | 0.52% | 29.03% | 10.16% | 9.67% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,034,505,990 |
| Total number of portfolio holdings | 54 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 25.1% |
| Interactive Media & Services | 11.3% |
| Software | 11.2% |
| Broadline Retail | 6.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.3% |
| Financial Services | 4.0% |
| Capital Markets | 4.0% |
| Health Care Equipment & Supplies | 3.7% |
| Entertainment | 3.6% |
| Other | 21.8% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $37 | 0.76% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 11/2/2009 | (1.76)% | 25.16% | 8.15% | 13.70% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Growth Index3 | (1.49)% | 30.63% | 13.82% | 18.26% | |
| Morningstar Large Growth Category Average4 | 0.52% | 29.03% | 10.16% | 15.87% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,034,505,990 |
| Total number of portfolio holdings | 54 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 25.1% |
| Interactive Media & Services | 11.3% |
| Software | 11.2% |
| Broadline Retail | 6.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.3% |
| Financial Services | 4.0% |
| Capital Markets | 4.0% |
| Health Care Equipment & Supplies | 3.7% |
| Entertainment | 3.6% |
| Other | 21.8% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $101 | 2.06% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 1/18/2013 | (3.33)% | 22.53% | 6.73% | 12.24% |
| Class C Shares - Excluding sales charges | (2.39)% | 23.53% | 6.73% | 12.24% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Growth Index3 | (1.49)% | 30.63% | 13.82% | 18.26% | |
| Morningstar Large Growth Category Average4 | 0.52% | 29.03% | 10.16% | 15.87% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,034,505,990 |
| Total number of portfolio holdings | 54 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 25.1% |
| Interactive Media & Services | 11.3% |
| Software | 11.2% |
| Broadline Retail | 6.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.3% |
| Financial Services | 4.0% |
| Capital Markets | 4.0% |
| Health Care Equipment & Supplies | 3.7% |
| Entertainment | 3.6% |
| Other | 21.8% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $50 | 1.01% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 8/7/2006 | (7.29)% | 17.95% | 6.63% | 12.76% |
| Class A Shares - Excluding sales charges | (1.89)% | 24.81% | 7.84% | 13.40% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 1000® Growth Index3 | (1.49)% | 30.63% | 13.82% | 18.26% | |
| Morningstar Large Growth Category Average4 | 0.52% | 29.03% | 10.16% | 15.87% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,034,505,990 |
| Total number of portfolio holdings | 54 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Semiconductors & Semiconductor Equipment | 25.1% |
| Interactive Media & Services | 11.3% |
| Software | 11.2% |
| Broadline Retail | 6.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.3% |
| Financial Services | 4.0% |
| Capital Markets | 4.0% |
| Health Care Equipment & Supplies | 3.7% |
| Entertainment | 3.6% |
| Other | 21.8% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 12.1% |
| Alphabet, Inc., Class C | 8.9% |
| Broadcom, Inc. | 6.6% |
| Microsoft Corp. | 6.6% |
| Amazon.com, Inc. | 6.2% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.3% |
| Mastercard, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.4% |
| Netflix, Inc. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $38 | 0.75% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class A Shares - Including sales charges | 2/28/2013 | (1.51)% | 2.66% | (0.48)% | 1.65% |
| Class A Shares - Excluding sales charges | 1.54% | 5.83% | 0.44% | 2.12% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg California Municipal Bond Index3 | 0.96% | 6.37% | 0.86% | 2.11% | |
| Morningstar Muni California Long Category Average4 | 1.30% | 5.81% | 0.45% | 1.89% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,311,331,570 |
| Total number of portfolio holdings | 382 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 31.3% |
| General Obligation | 25.0% |
| Transportation | 12.6% |
| Water & Sewer | 7.5% |
| Education | 6.6% |
| Utilities | 5.3% |
| Hospital | 4.1% |
| General | 2.9% |
| Housing | 1.1% |
| Certificate of Participation/Lease | 0.5% |
| Other | 3.1% |
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $52 | 1.03% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 2/28/2013 | 0.39% | 4.53% | 0.14% | 1.83% |
| Class C Shares - Excluding sales charges | 1.39% | 5.53% | 0.14% | 1.83% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg California Municipal Bond Index3 | 0.96% | 6.37% | 0.86% | 2.11% | |
| Morningstar Muni California Long Category Average4 | 1.30% | 5.81% | 0.45% | 1.89% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,311,331,570 |
| Total number of portfolio holdings | 382 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 31.3% |
| General Obligation | 25.0% |
| Transportation | 12.6% |
| Water & Sewer | 7.5% |
| Education | 6.6% |
| Utilities | 5.3% |
| Hospital | 4.1% |
| General | 2.9% |
| Housing | 1.1% |
| Certificate of Participation/Lease | 0.5% |
| Other | 3.1% |
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C2 | $59 | 1.18% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class C2 Shares - Including sales charges | 8/31/2020 | 0.32% | 4.37% | (0.01)% | 0.55% |
| Class C2 Shares - Excluding sales charges | 1.32% | 5.37% | (0.01)% | 0.55% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.21% | |
| Bloomberg California Municipal Bond Index3 | 0.96% | 6.37% | 0.86% | 1.07% | |
| Morningstar Muni California Long Category Average4 | 1.30% | 5.81% | 0.45% | 0.91% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,311,331,570 |
| Total number of portfolio holdings | 382 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 31.3% |
| General Obligation | 25.0% |
| Transportation | 12.6% |
| Water & Sewer | 7.5% |
| Education | 6.6% |
| Utilities | 5.3% |
| Hospital | 4.1% |
| General | 2.9% |
| Housing | 1.1% |
| Certificate of Participation/Lease | 0.5% |
| Other | 3.1% |
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $25 | 0.50% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 2/28/2013 | 1.66% | 6.10% | 0.67% | 2.37% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg California Municipal Bond Index3 | 0.96% | 6.37% | 0.86% | 2.11% | |
| Morningstar Muni California Long Category Average4 | 1.30% | 5.81% | 0.45% | 1.89% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,311,331,570 |
| Total number of portfolio holdings | 382 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 31.3% |
| General Obligation | 25.0% |
| Transportation | 12.6% |
| Water & Sewer | 7.5% |
| Education | 6.6% |
| Utilities | 5.3% |
| Hospital | 4.1% |
| General | 2.9% |
| Housing | 1.1% |
| Certificate of Participation/Lease | 0.5% |
| Other | 3.1% |
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $24 | 0.48% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 11/1/2019 | 1.67% | 6.11% | 0.71% | 1.58% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.64% | |
| Bloomberg California Municipal Bond Index3 | 0.96% | 6.37% | 0.86% | 1.54% | |
| Morningstar Muni California Long Category Average4 | 1.30% | 5.81% | 0.45% | 1.17% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,311,331,570 |
| Total number of portfolio holdings | 382 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 31.3% |
| General Obligation | 25.0% |
| Transportation | 12.6% |
| Water & Sewer | 7.5% |
| Education | 6.6% |
| Utilities | 5.3% |
| Hospital | 4.1% |
| General | 2.9% |
| Housing | 1.1% |
| Certificate of Participation/Lease | 0.5% |
| Other | 3.1% |
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $39 | 0.78% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Investor Class Shares - Including sales charges | 2/28/2013 | (1.02)% | 3.15% | (0.41)% | 1.62% |
| Investor Class Shares - Excluding sales charges | 1.52% | 5.79% | 0.41% | 2.09% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg California Municipal Bond Index3 | 0.96% | 6.37% | 0.86% | 2.11% | |
| Morningstar Muni California Long Category Average4 | 1.30% | 5.81% | 0.45% | 1.89% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more. |
| 4. |
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $1,311,331,570 |
| Total number of portfolio holdings | 382 |
| Portfolio turnover rate | 34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 31.3% |
| General Obligation | 25.0% |
| Transportation | 12.6% |
| Water & Sewer | 7.5% |
| Education | 6.6% |
| Utilities | 5.3% |
| Hospital | 4.1% |
| General | 2.9% |
| Housing | 1.1% |
| Certificate of Participation/Lease | 0.5% |
| Other | 3.1% |
Top Ten Holdings and/or Issuers*
| California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56 | 11.5% |
| California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57 | 6.5% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 4.3% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55 | 4.0% |
| University of California, 2.50%-5.50%, due 5/15/37-5/15/50 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58 | 2.3% |
| Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44 | 2.2% |
| Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53 | 2.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $71 | 1.40% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Investor Class Shares - Including sales charges | 6/30/2016 | (0.07)% | 13.66% | 7.82% | 12.43% |
| Investor Class Shares - Excluding sales charges | 5.19% | 19.64% | 8.94% | 13.08% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.95% | |
| Morningstar Global Large Stock Growth Category Average3 | 1.26% | 20.81% | 5.91% | 11.47% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $133,961,866 |
| Total number of portfolio holdings | 107 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
Top Countries
| United States | 69.5% |
| United Kingdom | 4.8% |
| Japan | 4.1% |
| Taiwan | 3.5% |
| Spain | 2.2% |
| Thailand | 2.1% |
| Netherlands | 2.0% |
| France | 1.9% |
| Mexico | 1.8% |
| Switzerland | 1.4% |
| Other | 6.7% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $46 | 0.90% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class I Shares | 6/30/2016 | 5.50% | 20.28% | 9.51% | 13.63% |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.95% | |
| Morningstar Global Large Stock Growth Category Average3 | 1.26% | 20.81% | 5.91% | 11.47% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $133,961,866 |
| Total number of portfolio holdings | 107 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
Top Countries
| United States | 69.5% |
| United Kingdom | 4.8% |
| Japan | 4.1% |
| Taiwan | 3.5% |
| Spain | 2.2% |
| Thailand | 2.1% |
| Netherlands | 2.0% |
| France | 1.9% |
| Mexico | 1.8% |
| Switzerland | 1.4% |
| Other | 6.7% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $109 | 2.15% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class C Shares - Including sales charges | 6/30/2016 | 3.86% | 17.74% | 8.13% | 12.26% |
| Class C Shares - Excluding sales charges | 4.83% | 18.74% | 8.13% | 12.26% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.95% | |
| Morningstar Global Large Stock Growth Category Average3 | 1.26% | 20.81% | 5.91% | 11.47% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $133,961,866 |
| Total number of portfolio holdings | 107 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
Top Countries
| United States | 69.5% |
| United Kingdom | 4.8% |
| Japan | 4.1% |
| Taiwan | 3.5% |
| Spain | 2.2% |
| Thailand | 2.1% |
| Netherlands | 2.0% |
| France | 1.9% |
| Mexico | 1.8% |
| Switzerland | 1.4% |
| Other | 6.7% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $59 | 1.15% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A Shares - Including sales charges | 6/30/2016 | (0.46)% | 13.36% | 8.00% | 12.71% |
| Class A Shares - Excluding sales charges | 5.33% | 19.96% | 9.23% | 13.36% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.95% | |
| Morningstar Global Large Stock Growth Category Average3 | 1.26% | 20.81% | 5.91% | 11.47% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $133,961,866 |
| Total number of portfolio holdings | 107 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
Top Countries
| United States | 69.5% |
| United Kingdom | 4.8% |
| Japan | 4.1% |
| Taiwan | 3.5% |
| Spain | 2.2% |
| Thailand | 2.1% |
| Netherlands | 2.0% |
| France | 1.9% |
| Mexico | 1.8% |
| Switzerland | 1.4% |
| Other | 6.7% |
Top Ten Holdings and/or Issuers*
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 2.3% |
| EMCOR Group, Inc. | 2.1% |
| Fabrinet | 2.1% |
| Alphabet, Inc., Class A | 2.0% |
| Broadcom, Inc. | 1.9% |
| Hoya Corp. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| AbbVie, Inc. | 1.6% |
| West Pharmaceutical Services, Inc. | 1.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $80 | 1.44% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A Shares - Including sales charges | 11/15/2017 | 15.79% | 54.16% | 4.05% | 6.34% |
| Class A Shares - Excluding sales charges | 22.52% | 63.13% | 5.24% | 7.05% | |
| MSCI Emerging Markets Index (Net)2 | 15.13% | 46.68% | 6.05% | 6.91% | |
| Morningstar Diversified Emerging Markets Category Average3 | 16.82% | 46.60% | 5.95% | 6.68% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
| 3. |
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $130,120,383 |
| Total number of portfolio holdings | 120 |
| Portfolio turnover rate | 74% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
Top Countries
| Taiwan | 25.1% |
| China | 22.9% |
| Republic of Korea | 20.3% |
| India | 9.9% |
| Brazil | 5.5% |
| Turkey | 2.6% |
| Argentina | 2.2% |
| Saudi Arabia | 1.3% |
| Peru | 1.3% |
| South Africa | 1.0% |
| Other | 7.9% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $121 | 2.20% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class C Shares - Including sales charges | 11/15/2017 | 20.94% | 60.79% | 4.31% | 6.13% |
| Class C Shares - Excluding sales charges | 21.94% | 61.79% | 4.31% | 6.13% | |
| MSCI Emerging Markets Index (Net)2 | 15.13% | 46.68% | 6.05% | 6.91% | |
| Morningstar Diversified Emerging Markets Category Average3 | 16.82% | 46.60% | 5.95% | 6.68% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
| 3. |
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $130,120,383 |
| Total number of portfolio holdings | 120 |
| Portfolio turnover rate | 74% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
Top Countries
| Taiwan | 25.1% |
| China | 22.9% |
| Republic of Korea | 20.3% |
| India | 9.9% |
| Brazil | 5.5% |
| Turkey | 2.6% |
| Argentina | 2.2% |
| Saudi Arabia | 1.3% |
| Peru | 1.3% |
| South Africa | 1.0% |
| Other | 7.9% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $56 | 1.01% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class I Shares | 11/15/2017 | 22.74% | 63.85% | 5.61% | 7.43% |
| MSCI Emerging Markets Index (Net)2 | 15.13% | 46.68% | 6.05% | 6.91% | |
| Morningstar Diversified Emerging Markets Category Average3 | 16.82% | 46.60% | 5.95% | 6.68% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
| 3. |
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $130,120,383 |
| Total number of portfolio holdings | 120 |
| Portfolio turnover rate | 74% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
Top Countries
| Taiwan | 25.1% |
| China | 22.9% |
| Republic of Korea | 20.3% |
| India | 9.9% |
| Brazil | 5.5% |
| Turkey | 2.6% |
| Argentina | 2.2% |
| Saudi Arabia | 1.3% |
| Peru | 1.3% |
| South Africa | 1.0% |
| Other | 7.9% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class R6 | $56 | 1.01% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 11/15/2017 | 22.67% | 63.71% | 5.59% | 7.43% |
| MSCI Emerging Markets Index (Net)2 | 15.13% | 46.68% | 6.05% | 6.91% | |
| Morningstar Diversified Emerging Markets Category Average3 | 16.82% | 46.60% | 5.95% | 6.68% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
| 3. |
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $130,120,383 |
| Total number of portfolio holdings | 120 |
| Portfolio turnover rate | 74% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
Top Countries
| Taiwan | 25.1% |
| China | 22.9% |
| Republic of Korea | 20.3% |
| India | 9.9% |
| Brazil | 5.5% |
| Turkey | 2.6% |
| Argentina | 2.2% |
| Saudi Arabia | 1.3% |
| Peru | 1.3% |
| South Africa | 1.0% |
| Other | 7.9% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $80 | 1.45% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Investor Class Shares - Including sales charges | 11/15/2017 | 16.34% | 54.85% | 4.01% | 6.20% |
| Investor Class Shares - Excluding sales charges | 22.46% | 63.00% | 5.09% | 6.91% | |
| MSCI Emerging Markets Index (Net)2 | 15.13% | 46.68% | 6.05% | 6.91% | |
| Morningstar Diversified Emerging Markets Category Average3 | 16.82% | 46.60% | 5.95% | 6.68% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
| 3. |
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $130,120,383 |
| Total number of portfolio holdings | 120 |
| Portfolio turnover rate | 74% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
Top Countries
| Taiwan | 25.1% |
| China | 22.9% |
| Republic of Korea | 20.3% |
| India | 9.9% |
| Brazil | 5.5% |
| Turkey | 2.6% |
| Argentina | 2.2% |
| Saudi Arabia | 1.3% |
| Peru | 1.3% |
| South Africa | 1.0% |
| Other | 7.9% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Samsung Electronics Co. Ltd., 0.000-1.880% | 7.4% |
| SK hynix, Inc. | 4.7% |
| Tencent Holdings Ltd. | 3.2% |
| Alibaba Group Holding Ltd. | 2.3% |
| Delta Electronics, Inc. | 1.9% |
| China Construction Bank Corp., Class H | 1.8% |
| MediaTek, Inc. | 1.4% |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 1.3% |
| Al Rajhi Bank | 1.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $7 | 0.14% |
| 1. | Annualized. |
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class I Shares | 7/2/2018 | 1.79% | 3.93% | 3.33% | 2.56% |
| Average Lipper U.S. Government Money Market Fund2 | 1.60% | 3.53% | 3.04% | 2.28% |
| 1. |
Not annualized. |
| 2. |
The Average Lipper U.S. Government Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the U.S. government money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. |
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
| Fund's net assets | $1,001,179,928 |
| Total number of portfolio holdings | 16 |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Portfolio Composition
| U.S. Treasury Debt | 100.3% |
| Other Assets, Less Liabilities | (0.3)% |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $36 | 0.72% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A Shares - Including sales charges | 6/28/2019 | (1.48)% | 3.16% | 0.50% | 1.56% |
| Class A Shares - Excluding sales charges | 1.57% | 6.35% | 1.43% | 2.25% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.82% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 1.90% | |
| Morningstar Muni National Intermediate Category Average4 | 1.33% | 5.84% | 0.98% | 1.72% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,648,517,542 |
| Total number of portfolio holdings | 1,353 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
Top States
| Texas | 8.7% |
| California | 6.8% |
| Illinois | 6.5% |
| Alabama | 6.4% |
| New York | 5.3% |
| Georgia | 4.7% |
| Florida | 4.6% |
| Kentucky | 4.2% |
| Puerto Rico | 3.4% |
| Colorado | 3.2% |
| Other | 46.2% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C | $51 | 1.01% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class C Shares - Including sales charges | 6/28/2019 | 0.33% | 4.94% | 1.04% | 1.84% |
| Class C Shares - Excluding sales charges | 1.33% | 5.94% | 1.04% | 1.84% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.82% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 1.90% | |
| Morningstar Muni National Intermediate Category Average4 | 1.33% | 5.84% | 0.98% | 1.72% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,648,517,542 |
| Total number of portfolio holdings | 1,353 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
Top States
| Texas | 8.7% |
| California | 6.8% |
| Illinois | 6.5% |
| Alabama | 6.4% |
| New York | 5.3% |
| Georgia | 4.7% |
| Florida | 4.6% |
| Kentucky | 4.2% |
| Puerto Rico | 3.4% |
| Colorado | 3.2% |
| Other | 46.2% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C2 | $58 | 1.16% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class C2 Shares - Including sales charges | 12/13/2022 | 0.36% | 4.89% | 3.38% |
| Class C2 Shares - Excluding sales charges | 1.36% | 5.89% | 3.38% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 3.49% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 3.34% | |
| Morningstar Muni National Intermediate Category Average4 | 1.33% | 5.84% | 3.51% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,648,517,542 |
| Total number of portfolio holdings | 1,353 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
Top States
| Texas | 8.7% |
| California | 6.8% |
| Illinois | 6.5% |
| Alabama | 6.4% |
| New York | 5.3% |
| Georgia | 4.7% |
| Florida | 4.6% |
| Kentucky | 4.2% |
| Puerto Rico | 3.4% |
| Colorado | 3.2% |
| Other | 46.2% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $24 | 0.47% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class I Shares | 6/28/2019 | 1.59% | 6.52% | 1.67% | 2.47% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.82% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 1.90% | |
| Morningstar Muni National Intermediate Category Average4 | 1.33% | 5.84% | 0.98% | 1.72% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,648,517,542 |
| Total number of portfolio holdings | 1,353 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
Top States
| Texas | 8.7% |
| California | 6.8% |
| Illinois | 6.5% |
| Alabama | 6.4% |
| New York | 5.3% |
| Georgia | 4.7% |
| Florida | 4.6% |
| Kentucky | 4.2% |
| Puerto Rico | 3.4% |
| Colorado | 3.2% |
| Other | 46.2% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $22 | 0.44% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 6/28/2019 | 1.72% | 6.56% | 1.70% | 2.50% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.82% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 1.90% | |
| Morningstar Muni National Intermediate Category Average4 | 1.33% | 5.84% | 0.98% | 1.72% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,648,517,542 |
| Total number of portfolio holdings | 1,353 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
Top States
| Texas | 8.7% |
| California | 6.8% |
| Illinois | 6.5% |
| Alabama | 6.4% |
| New York | 5.3% |
| Georgia | 4.7% |
| Florida | 4.6% |
| Kentucky | 4.2% |
| Puerto Rico | 3.4% |
| Colorado | 3.2% |
| Other | 46.2% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the period since inception?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class Z | $31 | 0.62% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class Z Shares | 7/19/2024 | 1.62% | 6.46% | 3.67% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 3.32% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 3.65% | |
| Morningstar Muni National Intermediate Category Average4 | 1.33% | 5.84% | 3.37% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,648,517,542 |
| Total number of portfolio holdings | 1,353 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
Top States
| Texas | 8.7% |
| California | 6.8% |
| Illinois | 6.5% |
| Alabama | 6.4% |
| New York | 5.3% |
| Georgia | 4.7% |
| Florida | 4.6% |
| Kentucky | 4.2% |
| Puerto Rico | 3.4% |
| Colorado | 3.2% |
| Other | 46.2% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Investor Class | $38 | 0.76% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Investor Class Shares - Including sales charges | 6/28/2019 | (0.98)% | 3.65% | 0.52% | 1.43% |
| Investor Class Shares - Excluding sales charges | 1.56% | 6.31% | 1.34% | 2.11% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 1.82% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 1.90% | |
| Morningstar Muni National Intermediate Category Average4 | 1.33% | 5.84% | 0.98% | 1.72% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $2,648,517,542 |
| Total number of portfolio holdings | 1,353 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
Top States
| Texas | 8.7% |
| California | 6.8% |
| Illinois | 6.5% |
| Alabama | 6.4% |
| New York | 5.3% |
| Georgia | 4.7% |
| Florida | 4.6% |
| Kentucky | 4.2% |
| Puerto Rico | 3.4% |
| Colorado | 3.2% |
| Other | 46.2% |
Top Ten Holdings and/or Issuers*
| Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55 | 3.0% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46 | 2.1% |
| New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64 | 2.1% |
| Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48 | 2.0% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.0% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56 | 1.3% |
| Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55 | 1.3% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.2% |
| California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56 | 1.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $41 | 0.82% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class R6 Shares | 7/24/2023 | 1.69% | 18.05% | 6.31% |
| Russell 3000®Index2 | 6.11% | 31.01% | 19.16% | |
| Russell 2500TM Growth Index3 | 6.54% | 35.11% | 12.98% | |
| Morningstar Mid Cap Growth Category Average4 | 1.83% | 20.57% | 12.74% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $232,313,208 |
| Total number of portfolio holdings | 75 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 15.7% |
| Software | 12.0% |
| Semiconductors & Semiconductor Equipment | 8.2% |
| Aerospace & Defense | 6.8% |
| Construction & Engineering | 5.9% |
| Machinery | 5.4% |
| Specialty Retail | 5.0% |
| Banks | 4.2% |
| Capital Markets | 4.2% |
| Building Products | 4.2% |
| Other | 28.4% |
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $43 | 0.85% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to July 21, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund. The historical performance presented prior to February 12, 2018 reflects the performance of APEXcm Small/Mid-Cap Growth Fund, a former series of The Ultimus Managers Trust (the "Prior Predecessor Fund"). The returns of the Prior Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Predecessor Fund or the Fund. The returns prior to February 12, 2018 are based on the previous performance and actual fees and expenses of the Prior Predecessor Fund's sole class of shares (i.e., the Prior Predecessor Fund's Institutional Class shares, which commenced operations on June 29, 2012). The Predecessor Fund's Investor Class shares commenced operations on February 12, 2018.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 6/29/2012 | 1.69% | 18.07% | 2.50% | 11.21% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.75% | |
| Russell 2500TM Growth Index3 | 6.54% | 35.11% | 3.52% | 11.69% | |
| Morningstar Mid Cap Growth Category Average4 | 1.83% | 20.57% | 3.16% | 11.45% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $232,313,208 |
| Total number of portfolio holdings | 75 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 15.7% |
| Software | 12.0% |
| Semiconductors & Semiconductor Equipment | 8.2% |
| Aerospace & Defense | 6.8% |
| Construction & Engineering | 5.9% |
| Machinery | 5.4% |
| Specialty Retail | 5.0% |
| Banks | 4.2% |
| Capital Markets | 4.2% |
| Building Products | 4.2% |
| Other | 28.4% |
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $102 | 2.05% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class C Shares - Including sales charges | 7/24/2023 | 0.07% | 15.64% | 5.05% |
| Class C Shares - Excluding sales charges | 1.06% | 16.64% | 5.05% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 19.16% | |
| Russell 2500TM Growth Index3 | 6.54% | 35.11% | 12.98% | |
| Morningstar Mid Cap Growth Category Average4 | 1.83% | 20.57% | 12.74% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $232,313,208 |
| Total number of portfolio holdings | 75 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 15.7% |
| Software | 12.0% |
| Semiconductors & Semiconductor Equipment | 8.2% |
| Aerospace & Defense | 6.8% |
| Construction & Engineering | 5.9% |
| Machinery | 5.4% |
| Specialty Retail | 5.0% |
| Banks | 4.2% |
| Capital Markets | 4.2% |
| Building Products | 4.2% |
| Other | 28.4% |
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $58 | 1.15% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to July 21, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A Shares - Including sales charges | 2/12/2018 | (4.07)% | 11.21% | 2.21% | 9.35% |
| Class A Shares - Excluding sales charges | 1.51% | 17.68% | 2.21% | 9.35% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 14.17% | |
| Russell 2500TM Growth Index3 | 6.54% | 35.11% | 3.52% | 10.05% | |
| Morningstar Mid Cap Growth Category Average4 | 1.83% | 20.57% | 3.16% | 10.35% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. |
| 4. |
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $232,313,208 |
| Total number of portfolio holdings | 75 |
| Portfolio turnover rate | 9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
Top Industries
| Biotechnology | 15.7% |
| Software | 12.0% |
| Semiconductors & Semiconductor Equipment | 8.2% |
| Aerospace & Defense | 6.8% |
| Construction & Engineering | 5.9% |
| Machinery | 5.4% |
| Specialty Retail | 5.0% |
| Banks | 4.2% |
| Capital Markets | 4.2% |
| Building Products | 4.2% |
| Other | 28.4% |
Top Ten Holdings and/or Issuers*
| Argenx SE, ADR | 3.5% |
| BWX Technologies, Inc. | 3.5% |
| Curtiss-Wright Corp. | 3.3% |
| Comfort Systems USA, Inc. | 3.1% |
| Lattice Semiconductor Corp. | 2.8% |
| EMCOR Group, Inc. | 2.8% |
| Entegris, Inc. | 2.8% |
| Insmed, Inc. | 2.6% |
| JFrog Ltd. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $56 | 1.10% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A Shares - Including sales charges | 4/28/2017 | (1.21)% | 15.92% | 8.16% | 12.18% |
| Class A Shares - Excluding sales charges | 4.54% | 22.67% | 8.16% | 12.18% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.42% | |
| 3 | 1.26% | 20.81% | 5.91% | 10.82% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $43,097,274 |
| Total number of portfolio holdings | 30 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
Top Countries
| United States | 70.6% |
| Taiwan | 10.7% |
| Netherlands | 5.2% |
| Switzerland | 4.5% |
| Japan | 3.8% |
| France | 2.3% |
| Spain | 1.4% |
| United Kingdom | 1.4% |
| Other | 0.1% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $101 | 2.00% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class C Shares - Including sales charges | 8/28/2023 | 3.13% | 20.56% | 12.45% |
| Class C Shares - Excluding sales charges | 4.10% | 21.56% | 12.45% | |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 20.82% | |
| 3 | 1.26% | 20.81% | 16.29% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $43,097,274 |
| Total number of portfolio holdings | 30 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
Top Countries
| United States | 70.6% |
| Taiwan | 10.7% |
| Netherlands | 5.2% |
| Switzerland | 4.5% |
| Japan | 3.8% |
| France | 2.3% |
| Spain | 1.4% |
| United Kingdom | 1.4% |
| Other | 0.1% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $43 | 0.85% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class I Shares | 4/28/2017 | 4.67% | 22.94% | 8.44% | 12.47% |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 11.29% | 12.42% | |
| 3 | 1.26% | 20.81% | 5.91% | 10.82% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $43,097,274 |
| Total number of portfolio holdings | 30 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
Top Countries
| United States | 70.6% |
| Taiwan | 10.7% |
| Netherlands | 5.2% |
| Switzerland | 4.5% |
| Japan | 3.8% |
| France | 2.3% |
| Spain | 1.4% |
| United Kingdom | 1.4% |
| Other | 0.1% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class P | $43 | 0.85% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class P Shares | 8/28/2023 | 4.68% | 22.99% | 13.77% |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 20.82% | |
| 3 | 1.26% | 20.81% | 16.29% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $43,097,274 |
| Total number of portfolio holdings | 30 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
Top Countries
| United States | 70.6% |
| Taiwan | 10.7% |
| Netherlands | 5.2% |
| Switzerland | 4.5% |
| Japan | 3.8% |
| France | 2.3% |
| Spain | 1.4% |
| United Kingdom | 1.4% |
| Other | 0.1% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class R6 | $43 | 0.84% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class R6 Shares | 8/28/2023 | 4.70% | 23.04% | 13.76% |
| MSCI World Index (Net)2 | 6.83% | 29.16% | 20.82% | |
| 3 | 1.26% | 20.81% | 16.29% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| 3. |
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $43,097,274 |
| Total number of portfolio holdings | 30 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
Top Countries
| United States | 70.6% |
| Taiwan | 10.7% |
| Netherlands | 5.2% |
| Switzerland | 4.5% |
| Japan | 3.8% |
| France | 2.3% |
| Spain | 1.4% |
| United Kingdom | 1.4% |
| Other | 0.1% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.7% |
| Microsoft Corp. | 5.6% |
| ASML Holding NV | 5.2% |
| AutoZone, Inc. | 4.8% |
| CME Group, Inc. | 4.8% |
| Moody's Corp. | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Keyence Corp. | 3.8% |
| InterContinental Hotels Group plc | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Investor Class | $73 | 1.47% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Investor Class Shares - Including sales charges | 8/28/2023 | (4.02)% | 1.19% | 5.99% |
| Investor Class Shares - Excluding sales charges | 1.03% | 6.52% | 8.03% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 18.72% | |
| Morningstar Foreign Large Growth Category Average3 | 4.01% | 17.19% | 13.80% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $500,293,823 |
| Total number of portfolio holdings | 38 |
| Portfolio turnover rate | 5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
Top Countries
| United States | 22.1% |
| France | 15.9% |
| United Kingdom | 14.5% |
| Taiwan | 10.9% |
| Switzerland | 9.4% |
| Netherlands | 7.3% |
| Spain | 5.7% |
| Japan | 5.7% |
| Germany | 4.4% |
| Canada | 3.7% |
| Other | 0.4% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class R6 | $40 | 0.80% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class R6 Shares | 9/29/2017 | 1.34% | 7.21% | 4.94% | 8.18% |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 7.92% | |
| Morningstar Foreign Large Growth Category Average3 | 4.01% | 17.19% | 3.62% | 6.48% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $500,293,823 |
| Total number of portfolio holdings | 38 |
| Portfolio turnover rate | 5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
Top Countries
| United States | 22.1% |
| France | 15.9% |
| United Kingdom | 14.5% |
| Taiwan | 10.9% |
| Switzerland | 9.4% |
| Netherlands | 7.3% |
| Spain | 5.7% |
| Japan | 5.7% |
| Germany | 4.4% |
| Canada | 3.7% |
| Other | 0.4% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class P | $40 | 0.80% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class P Shares | 8/28/2023 | 1.34% | 7.24% | 8.74% |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 18.72% | |
| Morningstar Foreign Large Blend Category Average3 | 4.01% | 17.19% | 13.80% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $500,293,823 |
| Total number of portfolio holdings | 38 |
| Portfolio turnover rate | 5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
Top Countries
| United States | 22.1% |
| France | 15.9% |
| United Kingdom | 14.5% |
| Taiwan | 10.9% |
| Switzerland | 9.4% |
| Netherlands | 7.3% |
| Spain | 5.7% |
| Japan | 5.7% |
| Germany | 4.4% |
| Canada | 3.7% |
| Other | 0.4% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $43 | 0.85% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class I Shares | 9/29/2017 | 1.30% | 7.19% | 4.82% | 8.02% |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 7.92% | |
| Morningstar Foreign Large Growth Category Average3 | 4.01% | 17.19% | 3.62% | 6.48% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $500,293,823 |
| Total number of portfolio holdings | 38 |
| Portfolio turnover rate | 5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
Top Countries
| United States | 22.1% |
| France | 15.9% |
| United Kingdom | 14.5% |
| Taiwan | 10.9% |
| Switzerland | 9.4% |
| Netherlands | 7.3% |
| Spain | 5.7% |
| Japan | 5.7% |
| Germany | 4.4% |
| Canada | 3.7% |
| Other | 0.4% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $111 | 2.22% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class C Shares - Including sales charges | 8/28/2023 | (0.35)% | 4.68% | 7.21% |
| Class C Shares - Excluding sales charges | 0.65% | 5.68% | 7.21% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 18.72% | |
| Morningstar Foreign Large Growth Category Average3 | 4.01% | 17.19% | 13.80% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $500,293,823 |
| Total number of portfolio holdings | 38 |
| Portfolio turnover rate | 5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
Top Countries
| United States | 22.1% |
| France | 15.9% |
| United Kingdom | 14.5% |
| Taiwan | 10.9% |
| Switzerland | 9.4% |
| Netherlands | 7.3% |
| Spain | 5.7% |
| Japan | 5.7% |
| Germany | 4.4% |
| Canada | 3.7% |
| Other | 0.4% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $57 | 1.14% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A Shares - Including sales charges | 9/29/2017 | (4.37)% | 0.98% | 4.55% | 7.77% |
| Class A Shares - Excluding sales charges | 1.19% | 6.86% | 4.55% | 7.77% | |
| MSCI EAFE® Index (Net)2 | 9.98% | 24.60% | 8.83% | 7.92% | |
| Morningstar Foreign Large Growth Category Average3 | 4.01% | 17.19% | 3.62% | 6.48% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
| 3. |
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $500,293,823 |
| Total number of portfolio holdings | 38 |
| Portfolio turnover rate | 5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
Top Countries
| United States | 22.1% |
| France | 15.9% |
| United Kingdom | 14.5% |
| Taiwan | 10.9% |
| Switzerland | 9.4% |
| Netherlands | 7.3% |
| Spain | 5.7% |
| Japan | 5.7% |
| Germany | 4.4% |
| Canada | 3.7% |
| Other | 0.4% |
Top Ten Holdings and/or Issuers*
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 10.9% |
| ASML Holding NV | 7.3% |
| London Stock Exchange Group plc | 6.5% |
| InterContinental Hotels Group plc | 5.7% |
| Keyence Corp. | 5.7% |
| Cie Financiere Richemont SA (Registered) | 4.3% |
| Nestle SA (Registered) | 4.1% |
| Air Liquide SA | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.4% |
| EssilorLuxottica SA | 3.1% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class A | $49 | 0.98% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class A Shares - Including sales charges | 9/30/2019 | (2.42)% | 8.97% | 8.60% | 13.30% |
| Class A Shares - Excluding sales charges | 3.26% | 15.32% | 8.60% | 13.30% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 15.55% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 16.14% | |
| Morningstar Large Blend Category Average4 | 5.78% | 27.72% | 11.20% | 13.66% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $422,668,313 |
| Total number of portfolio holdings | 26 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
Top Industries
| Capital Markets | 15.9% |
| Specialty Retail | 12.5% |
| Interactive Media & Services | 11.4% |
| Semiconductors & Semiconductor Equipment | 8.0% |
| Software | 7.4% |
| Chemicals | 7.0% |
| Broadline Retail | 6.2% |
| Financial Services | 5.5% |
| Machinery | 3.9% |
| Hotels, Restaurants & Leisure | 3.5% |
| Other | 18.7% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class C | $93 | 1.84% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class C Shares - Including sales charges | 8/28/2023 | 1.82% | 13.33% | 9.98% |
| Class C Shares - Excluding sales charges | 2.82% | 14.33% | 9.98% | |
| Russell 3000®Index2 | 6.11% | 31.01% | 21.31% | |
| S&P 500®Index3 | 6.03% | 31.05% | 21.76% | |
| Morningstar Large Blend Category Average4 | 5.78% | 27.72% | 18.93% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $422,668,313 |
| Total number of portfolio holdings | 26 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
Top Industries
| Capital Markets | 15.9% |
| Specialty Retail | 12.5% |
| Interactive Media & Services | 11.4% |
| Semiconductors & Semiconductor Equipment | 8.0% |
| Software | 7.4% |
| Chemicals | 7.0% |
| Broadline Retail | 6.2% |
| Financial Services | 5.5% |
| Machinery | 3.9% |
| Hotels, Restaurants & Leisure | 3.5% |
| Other | 18.7% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class I | $37 | 0.73% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Since Inception |
| Class I Shares | 9/30/2019 | 3.41% | 15.60% | 8.85% | 13.57% |
| Russell 3000®Index2 | 6.11% | 31.01% | 11.91% | 15.55% | |
| S&P 500®Index3 | 6.03% | 31.05% | 13.14% | 16.14% | |
| Morningstar Large Blend Category Average4 | 5.78% | 27.72% | 11.20% | 13.66% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $422,668,313 |
| Total number of portfolio holdings | 26 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
Top Industries
| Capital Markets | 15.9% |
| Specialty Retail | 12.5% |
| Interactive Media & Services | 11.4% |
| Semiconductors & Semiconductor Equipment | 8.0% |
| Software | 7.4% |
| Chemicals | 7.0% |
| Broadline Retail | 6.2% |
| Financial Services | 5.5% |
| Machinery | 3.9% |
| Hotels, Restaurants & Leisure | 3.5% |
| Other | 18.7% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class P | $31 | 0.61% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class P Shares | 8/28/2023 | 3.44% | 15.75% | 11.31% |
| Russell 3000®Index2 | 6.11% | 31.01% | 21.31% | |
| S&P 500®Index3 | 6.03% | 31.05% | 21.76% | |
| Morningstar Large Blend Category Average4 | 5.78% | 27.72% | 18.93% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $422,668,313 |
| Total number of portfolio holdings | 26 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
Top Industries
| Capital Markets | 15.9% |
| Specialty Retail | 12.5% |
| Interactive Media & Services | 11.4% |
| Semiconductors & Semiconductor Equipment | 8.0% |
| Software | 7.4% |
| Chemicals | 7.0% |
| Broadline Retail | 6.2% |
| Financial Services | 5.5% |
| Machinery | 3.9% |
| Hotels, Restaurants & Leisure | 3.5% |
| Other | 18.7% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class R6 | $31 | 0.61% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class R6 Shares | 8/28/2023 | 3.44% | 15.75% | 11.31% |
| Russell 3000®Index2 | 6.11% | 31.01% | 21.31% | |
| S&P 500®Index3 | 6.03% | 31.05% | 21.76% | |
| Morningstar Large Blend Category Average4 | 5.78% | 27.72% | 18.93% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 3. |
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
| 4. |
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $422,668,313 |
| Total number of portfolio holdings | 26 |
| Portfolio turnover rate | 7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
Top Industries
| Capital Markets | 15.9% |
| Specialty Retail | 12.5% |
| Interactive Media & Services | 11.4% |
| Semiconductors & Semiconductor Equipment | 8.0% |
| Software | 7.4% |
| Chemicals | 7.0% |
| Broadline Retail | 6.2% |
| Financial Services | 5.5% |
| Machinery | 3.9% |
| Hotels, Restaurants & Leisure | 3.5% |
| Other | 18.7% |
Top Ten Holdings and/or Issuers*
| Alphabet, Inc., Class A | 11.4% |
| Microsoft Corp. | 7.4% |
| Moody's Corp. | 6.9% |
| Amazon.com, Inc. | 6.2% |
| AutoZone, Inc. | 6.0% |
| Mastercard, Inc., Class A | 5.5% |
| Analog Devices, Inc. | 4.9% |
| CME Group, Inc. | 4.4% |
| Linde plc | 3.8% |
| Hilton Worldwide Holdings, Inc. | 3.5% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class Z | $37 | 0.74% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class Z Shares - Including sales charges | 3/13/1986 | (1.38)% | 3.03% | 0.08% | 1.30% |
| Class Z Shares - Excluding sales charges | 1.67% | 6.22% | 0.69% | 1.61% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $132,227,162 |
| Total number of portfolio holdings | 100 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 48.9% |
| General Obligation | 24.8% |
| Hospital | 9.7% |
| Education | 5.6% |
| Water & Sewer | 3.2% |
| Utility | 2.4% |
| General | 2.1% |
| Transportation | 0.1% |
| Short-Term Investment | 1.8% |
| Other | 1.4% |
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $28 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 4/1/1996 | 1.76% | 6.39% | 0.83% | 1.76% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $132,227,162 |
| Total number of portfolio holdings | 100 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 48.9% |
| General Obligation | 24.8% |
| Hospital | 9.7% |
| Education | 5.6% |
| Water & Sewer | 3.2% |
| Utility | 2.4% |
| General | 2.1% |
| Transportation | 0.1% |
| Short-Term Investment | 1.8% |
| Other | 1.4% |
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $55 | 1.10% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 4/1/1996 | 0.49% | 4.94% | 0.02% | 0.84% |
| Class C Shares - Excluding sales charges | 1.49% | 5.94% | 0.02% | 0.84% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $132,227,162 |
| Total number of portfolio holdings | 100 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 48.9% |
| General Obligation | 24.8% |
| Hospital | 9.7% |
| Education | 5.6% |
| Water & Sewer | 3.2% |
| Utility | 2.4% |
| General | 2.1% |
| Transportation | 0.1% |
| Short-Term Investment | 1.8% |
| Other | 1.4% |
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $40 | 0.80% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class A Shares - Including sales charges | 7/22/2024 | (1.32)% | 3.05% | 1.79% |
| Class A Shares - Excluding sales charges | 1.74% | 6.24% | 3.55% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 3.32% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 3.65% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 3.07% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $132,227,162 |
| Total number of portfolio holdings | 100 |
| Portfolio turnover rate | 19% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 48.9% |
| General Obligation | 24.8% |
| Hospital | 9.7% |
| Education | 5.6% |
| Water & Sewer | 3.2% |
| Utility | 2.4% |
| General | 2.1% |
| Transportation | 0.1% |
| Short-Term Investment | 1.8% |
| Other | 1.4% |
Top Ten Holdings and/or Issuers*
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 10.7% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45 | 6.4% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59 | 5.2% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56 | 4.4% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.1% |
| Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42 | 3.7% |
| Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52 | 3.2% |
| City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42 | 3.2% |
| City of Glendale, 5.00%, due 7/1/38-7/1/41 | 3.1% |
| Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40 | 2.4% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $40 | 0.80% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class A Shares - Including sales charges | 7/22/2024 | (1.45)% | 2.80% | 1.31% |
| Class A Shares - Excluding sales charges | 1.60% | 5.98% | 3.05% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 3.32% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 3.65% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 3.07% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $108,471,479 |
| Total number of portfolio holdings | 105 |
| Portfolio turnover rate | 23% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 39.4% |
| General Obligation | 22.4% |
| Certificate of Participation/Lease | 10.8% |
| Transportation | 8.7% |
| Hospital | 6.6% |
| Education | 6.4% |
| Water & Sewer | 1.8% |
| Short-Term Investment | 2.2% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $55 | 1.10% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 4/30/1996 | 0.46% | 4.69% | (0.17)% | 0.38% |
| Class C Shares - Excluding sales charges | 1.46% | 5.69% | (0.17)% | 0.38% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $108,471,479 |
| Total number of portfolio holdings | 105 |
| Portfolio turnover rate | 23% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 39.4% |
| General Obligation | 22.4% |
| Certificate of Participation/Lease | 10.8% |
| Transportation | 8.7% |
| Hospital | 6.6% |
| Education | 6.4% |
| Water & Sewer | 1.8% |
| Short-Term Investment | 2.2% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $28 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 4/30/1996 | 1.73% | 6.24% | 0.69% | 1.31% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $108,471,479 |
| Total number of portfolio holdings | 105 |
| Portfolio turnover rate | 23% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 39.4% |
| General Obligation | 22.4% |
| Certificate of Participation/Lease | 10.8% |
| Transportation | 8.7% |
| Hospital | 6.6% |
| Education | 6.4% |
| Water & Sewer | 1.8% |
| Short-Term Investment | 2.2% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class Z | $34 | 0.68% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class Z Shares - Including sales charges | 5/21/1987 | (1.38)% | 2.95% | 0.00% | 0.94% |
| Class Z Shares - Excluding sales charges | 1.67% | 6.13% | 0.61% | 1.24% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $108,471,479 |
| Total number of portfolio holdings | 105 |
| Portfolio turnover rate | 23% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 39.4% |
| General Obligation | 22.4% |
| Certificate of Participation/Lease | 10.8% |
| Transportation | 8.7% |
| Hospital | 6.6% |
| Education | 6.4% |
| Water & Sewer | 1.8% |
| Short-Term Investment | 2.2% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60 | 7.7% |
| Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55 | 5.5% |
| City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40 | 4.8% |
| Public Authority for Colorado Energy, 6.50%, due 11/15/38 | 3.3% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 3.1% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.7% |
| City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45 | 2.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51 | 2.4% |
| Midcities Metropolitan District No. 2, 5.00%, due 12/1/31 | 2.4% |
| Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35 | 2.3% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class Z | $36 | 0.71% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class Z Shares - Including sales charges | 6/1/1986 | (1.60)% | 2.72% | (0.20)% | 0.88% |
| Class Z Shares - Excluding sales charges | 1.44% | 5.89% | 0.41% | 1.18% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $270,354,882 |
| Total number of portfolio holdings | 155 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
Top Industries
| General Obligation | 45.9% |
| Other Revenue | 27.6% |
| Hospital | 10.4% |
| Transportation | 6.6% |
| Water & Sewer | 5.4% |
| General | 1.5% |
| Education | 0.4% |
| Short-Term Investment | 0.5% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $28 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 4/5/1996 | 1.62% | 6.17% | 0.58% | 1.35% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $270,354,882 |
| Total number of portfolio holdings | 155 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
Top Industries
| General Obligation | 45.9% |
| Other Revenue | 27.6% |
| Hospital | 10.4% |
| Transportation | 6.6% |
| Water & Sewer | 5.4% |
| General | 1.5% |
| Education | 0.4% |
| Short-Term Investment | 0.5% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $55 | 1.10% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 4/5/1996 | 0.35% | 4.59% | (0.26)% | 0.42% |
| Class C Shares - Excluding sales charges | 1.35% | 5.59% | (0.26)% | 0.42% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $270,354,882 |
| Total number of portfolio holdings | 155 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
Top Industries
| General Obligation | 45.9% |
| Other Revenue | 27.6% |
| Hospital | 10.4% |
| Transportation | 6.6% |
| Water & Sewer | 5.4% |
| General | 1.5% |
| Education | 0.4% |
| Short-Term Investment | 0.5% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $40 | 0.80% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class A Shares - Including sales charges | 7/22/2024 | (1.55)% | 2.72% | 1.13% |
| Class A Shares - Excluding sales charges | 1.50% | 5.89% | 2.88% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 3.32% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 3.65% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 3.07% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $270,354,882 |
| Total number of portfolio holdings | 155 |
| Portfolio turnover rate | 8% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
Top Industries
| General Obligation | 45.9% |
| Other Revenue | 27.6% |
| Hospital | 10.4% |
| Transportation | 6.6% |
| Water & Sewer | 5.4% |
| General | 1.5% |
| Education | 0.4% |
| Short-Term Investment | 0.5% |
| Other | 1.7% |
Top Ten Holdings and/or Issuers*
| State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59 | 10.2% |
| Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44 | 4.7% |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44 | 4.2% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44 | 4.1% |
| Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46 | 3.5% |
| Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46 | 3.5% |
| City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47 | 3.5% |
| Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42 | 2.8% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 2.7% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42 | 2.7% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class A | $40 | 0.80% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Since Inception |
| Class A Shares - Including sales charges | 7/22/2024 | (1.05)% | 3.55% | 2.05% |
| Class A Shares - Excluding sales charges | 2.01% | 6.76% | 3.81% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 3.32% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 3.65% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 3.07% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $200,101,595 |
| Total number of portfolio holdings | 161 |
| Portfolio turnover rate | 15% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 42.1% |
| Education | 13.3% |
| Transportation | 11.7% |
| General | 7.2% |
| General Obligation | 6.9% |
| Utilities | 4.7% |
| Water & Sewer | 4.7% |
| Hospital | 4.6% |
| Housing | 3.3% |
| Short-Term Investment | 1.2% |
| Other | 0.3% |
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class C | $55 | 1.10% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class C Shares - Including sales charges | 5/21/1996 | 0.75% | 5.33% | 0.06% | 0.89% |
| Class C Shares - Excluding sales charges | 1.75% | 6.33% | 0.06% | 0.89% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $200,101,595 |
| Total number of portfolio holdings | 161 |
| Portfolio turnover rate | 15% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 42.1% |
| Education | 13.3% |
| Transportation | 11.7% |
| General | 7.2% |
| General Obligation | 6.9% |
| Utilities | 4.7% |
| Water & Sewer | 4.7% |
| Hospital | 4.6% |
| Housing | 3.3% |
| Short-Term Investment | 1.2% |
| Other | 0.3% |
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1,2 |
| Class I | $28 | 0.55% |
| 1. | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 2. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class I Shares | 5/21/1996 | 2.13% | 7.00% | 0.93% | 1.82% |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $200,101,595 |
| Total number of portfolio holdings | 161 |
| Portfolio turnover rate | 15% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 42.1% |
| Education | 13.3% |
| Transportation | 11.7% |
| General | 7.2% |
| General Obligation | 6.9% |
| Utilities | 4.7% |
| Water & Sewer | 4.7% |
| Hospital | 4.6% |
| Housing | 3.3% |
| Short-Term Investment | 1.2% |
| Other | 0.3% |
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment1 |
| Class Z | $40 | 0.80% |
| 1. | Annualized. |
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
| Average Annual Total Returns for the Period Ended April 30, 2026 | Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
| Class Z Shares - Including sales charges | 7/24/1992 | (1.15)% | 3.45% | 0.08% | 1.30% |
| Class Z Shares - Excluding sales charges | 1.91% | 6.65% | 0.69% | 1.60% | |
| Bloomberg Municipal Bond Index2 | 1.29% | 6.34% | 0.90% | 2.20% | |
| Bloomberg Municipal Bond Index 1-15 Yr Blend3 | 1.07% | 5.98% | 1.21% | 2.12% | |
| Morningstar Muni Single State Intermediate Category Average4 | 1.45% | 5.96% | 0.56% | 1.50% |
| 1. |
Not annualized. |
| 2. |
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| 3. |
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
| 4. |
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Key Fund Statistics
| Fund's net assets | $200,101,595 |
| Total number of portfolio holdings | 161 |
| Portfolio turnover rate | 15% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
Top Industries
| Other Revenue | 42.1% |
| Education | 13.3% |
| Transportation | 11.7% |
| General | 7.2% |
| General Obligation | 6.9% |
| Utilities | 4.7% |
| Water & Sewer | 4.7% |
| Hospital | 4.6% |
| Housing | 3.3% |
| Short-Term Investment | 1.2% |
| Other | 0.3% |
Top Ten Holdings and/or Issuers*
| Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46 | 11.4% |
| Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55 | 7.9% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 5.4% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.9% |
| Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45 | 3.9% |
| City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46 | 3.5% |
| Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53 | 3.3% |
| City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43 | 2.3% |
| Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50 | 2.2% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.0% |
| * Excluding short-term investments |
| [1] | Annualized. |
| [2] | Annualized. |
| [3] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [4] | Annualized. |
| [5] | Annualized. |
| [6] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [7] | Annualized. |
| [8] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [9] | Annualized. |
| [10] | Annualized. |
| [11] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [12] | Annualized. |
| [13] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [14] | Annualized. |
| [15] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [16] | Annualized. |
| [17] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [18] | Annualized. |
| [19] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [20] | Annualized. |
| [21] | Annualized. |
| [22] | Annualized. |
| [23] | Annualized. |
| [24] | Annualized. |
| [25] | Annualized. |
| [26] | Annualized. |
| [27] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [28] | Annualized. |
| [29] | Annualized. |
| [30] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [31] | Annualized. |
| [32] | Annualized. |
| [33] | Less than 0.5%. |
| [34] | Annualized. |
| [35] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [36] | Less than 0.5%. |
| [37] | Annualized. |
| [38] | Less than 0.5%. |
| [39] | Annualized. |
| [40] | Less than 0.5%. |
| [41] | Annualized. |
| [42] | Annualized. |
| [43] | Annualized. |
| [44] | Annualized. |
| [45] | Annualized. |
| [46] | Annualized. |
| [47] | Annualized. |
| [48] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [49] | Annualized. |
| [50] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [51] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [52] | Annualized. |
| [53] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [54] | Annualized. |
| [55] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [56] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [57] | Annualized. |
| [58] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [59] | Annualized. |
| [60] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [61] | Annualized. |
| [62] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [63] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [64] | Annualized. |
| [65] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [66] | Annualized. |
| [67] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [68] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [69] | Annualized. |
| [70] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [71] | Annualized. |
| [72] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [73] | Annualized. |
| [74] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [75] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [76] | Annualized. |
| [77] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [78] | Annualized. |
| [79] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [80] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [81] | Annualized. |
| [82] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [83] | Annualized. |
| [84] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [85] | Annualized. |
| [86] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [87] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [88] | Annualized. |
| [89] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [90] | Annualized. |
| [91] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [92] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [93] | Annualized. |
| [94] | Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested. |
| [95] | Annualized. |
| [96] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [97] | Annualized. |
| [98] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [99] | Annualized. |
| [100] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [101] | Annualized. |
| [102] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [103] | Annualized. |
| [104] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [105] | Annualized. |
| [106] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [107] | Annualized. |
| [108] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [109] | Annualized. |
| [110] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [111] | Annualized. |
| [112] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [113] | Annualized. |
| [114] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [115] | Annualized. |
| [116] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [117] | Annualized. |
| [118] | Annualized. |
| [119] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [120] | Annualized. |
| [121] | Annualized. |
| [122] | Annualized. |
| [123] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [124] | Annualized. |
| [125] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [126] | Annualized. |
| [127] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [128] | Annualized. |
| [129] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [130] | Annualized. |
| [131] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [132] | Annualized. |
| [133] | Annualized. |
| [134] | Annualized. |
| [135] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [136] | Annualized. |
| [137] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [138] | Annualized. |
| [139] | Annualized. |
| [140] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [141] | Annualized. |
| [142] | Annualized. |
| [143] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [144] | Annualized. |
| [145] | Annualized. |
| [146] | Annualized. |
| [147] | Annualized. |
| [148] | Annualized. |
| [149] | Annualized. |
| [150] | Annualized. |
| [151] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [152] | Annualized. |
| [153] | Annualized. |
| [154] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [155] | Annualized. |
| [156] | Annualized. |
| [157] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [158] | Annualized. |
| [159] | Annualized. |
| [160] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [161] | Annualized. |
| [162] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [163] | Annualized. |
| [164] | Annualized. |
| [165] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [166] | Annualized. |
| [167] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [168] | Annualized. |
| [169] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [170] | Annualized. |
| [171] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [172] | Annualized. |
| [173] | Annualized. |
| [174] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [175] | Annualized. |
| [176] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [177] | Annualized. |
| [178] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [179] | Annualized. |
| [180] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [181] | Annualized. |
| [182] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [183] | Annualized. |
| [184] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [185] | Annualized. |
| [186] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [187] | Annualized. |
| [188] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [189] | Annualized. |
| [190] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [191] | Annualized. |
| [192] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [193] | Annualized. |
| [194] | Annualized. |
| [195] | Annualized. |
| [196] | Annualized. |
| [197] | Annualized. |
| [198] | Annualized. |
| [199] | Annualized. |
| [200] | Annualized. |
| [201] | Annualized. |
| [202] | Annualized. |
| [203] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [204] | Annualized. |
| [205] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [206] | Annualized. |
| [207] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [208] | Annualized. |
| [209] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [210] | Annualized. |
| [211] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [212] | Annualized. |
| [213] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [214] | Annualized. |
| [215] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [216] | Annualized. |
| [217] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [218] | Annualized. |
| [219] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [220] | Annualized. |
| [221] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [222] | Annualized. |
| [223] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [224] | Annualized. |
| [225] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [226] | Annualized. |
| [227] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [228] | Annualized. |
| [229] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [230] | Annualized. |
| [231] | Annualized. |
| [232] | Annualized. |
| [233] | Annualized. |
| [234] | Annualized. |
| [235] | Annualized. |
| [236] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [237] | Annualized. |
| [238] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [239] | Annualized. |
| [240] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [241] | Annualized. |
| [242] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [243] | Annualized. |
| [244] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [245] | Annualized. |
| [246] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [247] | Annualized. |
| [248] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [249] | Annualized. |
| [250] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [251] | Annualized. |
| [252] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [253] | Annualized. |
| [254] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [255] | Annualized. |
| [256] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [257] | Annualized. |
| [258] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [259] | Annualized. |
| [260] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [261] | Annualized. |
| [262] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [263] | Annualized. |
| [264] | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| [265] | Annualized. |