Corporate Bonds may be Paying too Little Spread to Offset Fourth-quarter Selloff Risks

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Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

As of 9/30/19, no securities mentioned within the segment were held by our Funds.

Basis Point (bps): One hundredth of one percent and is used to denote the percentage change in a financial instrument.

ISM Manufacturing Index: An index that is based on surveys of more than 300 manufacturing firms by the Institute for Supply Management (ISM).

Spread: The difference in yield between LIBOR and a debt security with the same maturity but of lesser quality.

It is not possible to invest directly in an index.