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10-Year Treasury Index: A one-security index comprising the most recently issued 10-year U.S. Treasury note or bond. 

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

Core PCE Price Index: An index that is defined as personal consumption expenditures (PCE) prices excluding food and energy prices. The core PCE price index measures the prices paid by consumers for goods and services without the volatility caused by movements in food and energy prices to reveal underlying inflation trends. 

Duration: Measures a portfolio’s sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements. 

S&P 500 Total Return Index: An American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ.

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.

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 6/30/19, no securities mentioned within the segment were held by our Funds.

References to other mutual funds should not be interpreted as an offer of these securities.