As of September 30, 2023. Totals may not add up due to rounding. "Top Holdings" refers to the largest positions in the portfolio. The ‘Top Holdings’ percentage weights are the market value of each holding divided by the total net assets of the Fund. Portfolio composition will change due to ongoing management of the Fund. References to individual securities or sectors are for informational purposes only and should not be construed as recommendations by the Fund, the Advisor or the 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.
The Bloomberg Family of Indices ratings rules use the median if more than two ratings are available from all NRSROs (Nationally Recognized Statistical Rating Organizations). Lower of the two is used if only two ratings are available from all NRSROs.
The ratings agencies that provide ratings are Standard and Poor’s, Moody’s, and Fitch. Credit ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Bonds with credit ratings of CCC or below have high default risk.