As of June 30, 2020. Totals may not add up due to rounding. "Top Holdings" refers to the largest positions in the portfolio. Portfolio composition will change due to ongoing management of the funds. References to individual securities or sectors are for informational purposes only and should not be construed as recommendations by the Funds, Advisor or Distributor.
* Calculations exclude equity holdings.
**Effective Maturity is a measure of maturity that takes into consideration that an action such as a call or refunding could cause a bond to be repaid before it matures.
**Effective Duration is the duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.
Past performance is not indicative of future performance. Bloomberg Barclays Aggregate Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg Barclays Aggregate 1-3 Year Index provides a measure of the performance of the US investment grade bonds market, which includes investment grade US Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have a remaining maturity of 1 to 3 years. In addition, the securities must be denominated in US dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points benchmark is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non seasonably adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time. These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent. The performance of the Fund and of the Indices are computed on a total return basis which includes reinvestment of all distributions. It is not possible to invest in an index.
The Barclays Capital Family of Indices ratings rules use the median if more than two ratings are available. Lower of the two is used if only two ratings are available.
For definitions of ratings please see http://www.standardandpoors.com/ratings/definitions-and-faqs/en/us. The lowest credit quality rating available from the three major rating agencies is used when calculating the weighted-average credit quality of the portfolio. Other sources may report different average credit quality information because they may not necessarily use the lowest quality rating for a given security and they may use a different formula to calculate the average rating. For example, Morningstar's Fixed-Income Survey Guidelines use the Barclays Capital Global Family of Indices ratings rules. These rules use the lowest rating for bonds with only two ratings and the middle rating is used for bonds with more than two ratings. In addition, the calculation of the average for the portfolio may place different weightings on securities rated differently.