Notes
to Performance Summary (Unaudited)
The
performance chart of a Fund’s total return at net asset value (“NAV”), the total
return based on market price and its benchmark index is provided for comparative
purposes only and represents the periods noted. A Fund’s per share NAV is the
value of one share of a Fund and is calculated by dividing the value of total
assets less total liabilities by the number of shares outstanding. The NAV
return is based on the NAV of a Fund and the market return is based on the
market price per share of a Fund. The market price used to calculate the market
return is determined by using the midpoint between the highest bid and the
lowest offer on the exchange on which the shares of a Fund are listed for
trading, as of the time that a Fund’s NAV is calculated. NAV and market returns
assume that dividends and capital gain distributions have been reinvested in a
Fund at NAV. Market returns do not include brokerage commissions that may be
payable on secondary market transactions. If brokerage commissions were included
market returns would be lower.
An
index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, a Fund’s performance is
negatively impacted by these deductions. Index returns reflect all items of
income, gain and loss and the reinvestment of dividends and other income.
The
Bloomberg 1-10 Year U.S. Government Inflation-Linked Bond Index is designed to
measure the performance of the inflation protected public obligations of the
U.S. Treasury commonly known as “TIPS” that have a remaining maturity greater
than or equal to 1 year and less than 10 years. TIPS are securities issued by
the U.S. Treasury that are designed to provide inflation protection to
investors.
The
Bloomberg 1-3 Month U.S. Treasury Bill Index is designed to measure the
performance of public obligations of the U.S. Treasury that have a remaining
maturity of greater than or equal to 1 month and less than 3 months. The index
includes all publicly issued zero coupon U.S. Treasury Bills that have a
remaining maturity of less than 3 months and at least 1 month, are rated
investment-grade, and have $300 million or more of outstanding face value.
The
Bloomberg 3-12 Month U.S. Treasury Bill Index is designed to measure the
performance of public obligations of the U.S. Treasury that have a remaining
maturity of greater than or equal to 3 months and less than 12 months. The index
includes all publicly issued U.S. Treasury Bills that have a remaining maturity
of less than 12 months and at least 3 months, and are rated investment-grade. In
addition, the securities must be denominated in U.S. dollars and must have a
fixed rate.
The
Bloomberg Emerging USD Bond Core Index is designed to measure the performance of
fixed-rate U.S. dollar-denominated debt issued by sovereign and quasi-sovereign
(government owned and government guaranteed) emerging market issuers.
The
Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index consists of debt
instruments that pay a variable coupon rate, a majority of which are based on
the 3-month LIBOR, with a fixed spread. The index may include U.S. registered,
dollar denominated bonds of non-U.S. corporations, governments and supranational
entities. Excluded from the Index are fixed rate bullet bonds, fixed-rate
puttable and fixed-rate callable bonds, fixed rate and fixed to floating capital
securities, bonds with equity-linked features (e.g. warrants and convertibles),
inflation linked bonds and securitized bonds.
The
Bloomberg Municipal Yield Index is market value-weighted and designed to measure
the performance of U.S. dollar-denominated high-yield municipal bonds issued by
U.S. states, the District of Columbia, U.S. territories and local governments or
agencies.
The
Bloomberg Municipal Managed Money 1-25 Years Index is designed to track the U.S.
fully tax-exempt bond market, including state and local general obligation
bonds, revenue bonds, pre-refunded bonds, and insured bonds. The index is
comprised of tax-exempt municipal securities issued by states, cities, counties,
districts and their respective agencies. A general obligation bond is secured by
the full faith and credit of its issuer.
The
Bloomberg Managed Money Municipal Short Term Index is a rules-based,
market-value weighted index comprised of publicly traded municipal bonds that
cover the U.S. dollar denominated short term tax exempt bond market, including
state and local general obligation bonds, revenue bonds, insured bonds, and
pre-refunded bonds.
The
Bloomberg U.S. Convertible Liquid Bond Index is designed to represent the market
of U.S. convertible securities, such as convertible bonds and convertible
preferred stock. Convertible bonds are bonds that can be exchanged, at the
option of the holder, for a specific number of shares of the issuer's equity
securities. Convertible preferred stock is preferred stock that includes an
option for the holder to convert to common stock. The index components are a
subset of issues in the Bloomberg Convertible Composite Index.
The
Bloomberg High Yield Very Liquid Index is designed to measure the performance of
publicly issued U.S. dollar denominated high yield corporate bonds with
above-average liquidity. High yield securities are generally rated below
investment grade and are commonly referred to as "junk bonds."
The
Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index is designed to
measure the performance of short-term publicly issued U.S. dollar-denominated
high yield corporate bonds. High yield securities are generally rated below
investment-grade and are commonly referred to as “junk” bonds.
The
MarketAxess U.S. Investment Grade 400 Corporate Bond Index is designed to
measure the performance of 400 U.S. dollar denominated investment grade
corporate bonds with higher-than-average liquidity relative to the broader U.S.
corporate bond market.
