7-Day Average |
The 7-day period ending the last business day of the month indicated. The yield quotation stated above more closely reflects the current earnings of the Fund than the total return quotation. |

Distribution Yield |
A measure of the cash flow paid by an income paying vehicle. |

30 Day SEC Yield (Also know as Standardized Yield) |
An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30 day period by the current maximum offering price, the net asset value. |

7-Day Liquidity |
The percent of the portfolio that matures in 7 days |

90-day Liquidity |
The percent of the portfolio that matures in 90 days |

Agency Floating Rate |
US Government Agency Debt with floating rate coupons |

Commercial Paper |
Credit Obligations issued as Commercial Paper |

Corporate Fixed Rate |
Corporate Debt issued with a fixed rate coupon |

Repurchase Agreement |
Agreement by which securities are sold and agreed upon to repurchase at a future date |

Gov. Related |
US Government Debt Obligations |

IG |
Investment Grade Rated Corporate or Bank Debt Obligations |

ABS |
Asset Backed Securities |

Credit Spread |
A yield difference, typically in relation to a comparable US Treasury security, that reflects the issuer’s credit quality. Credit spread also refers to the difference between the value of two securities with similar interest rates and maturities when one is sold at a higher price than the other is purchased. |

Duration |
The effect that each 1% change in interest rates has on a bond's market value. Duration takes into account a bond's interest payments in measuring bond price volatility and is stated in years. As an example, a 5-year duration means that a bond will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. |

Duration Risk |
Bond duration measurements help quantify and measure exposure to interest rate risks. Bond portfolio managers increase average duration when they expect rates to decline, to get the most benefit, and decrease average duration when they expect rates to rise, to minimize the negative impact. The most commonly used measure of interest rate risk is duration. |

Final Maturity Date |
The date on which the principal must be paid to investors, which is later than the expected maturity date. Also called legal maturity date. |

Floating Rate Bond |
A bond whose interest rate is adjusted periodically according to a predetermined formula; it is usually linked to an interest rate index such as LIBOR or SOFR. |

Income Return |
Income return is that portion of a fund’s total returns that was derived from income distributions, such as coupon payments. Income return can be higher than price return for bond funds during less volatile market condition. Adding the income return and the price return together will produce the fund’s total return. |

Investment Grade Bond |
Bonds rated Baa (by Moody’s) or BBB (by S&P and Fitch) or above, whose higher credit ratings indicate a lower risk of default. These bonds tend to issue at lower yields than less creditworthy bonds. |

Non-Investment Grade |
Bonds not considered suitable for preservation of invested capital; ordinarily, those rated Baa3 or below by Moody’s Investors Service, or BBB- or below by Standard & Poor’s Corporation. Bonds that are non-investment grade are also called high-yield bonds. |

Nominal Yield |
The Nominal Yield is the internal rate of return of the security based on the given market price. It is the single discount rate that equates a security price (inclusive of accrued interest) with its projected cash flows. For callable bonds, the yield represents the "yield to worst". For a mortgage product, it represents the yield given base prepayments for a given yield curve environment. |

Option-Adjusted Spread (OAS) |
The average spread over the AAA spot curve, based on potential paths that can be realized in the future for interest rates. The potential paths of the cash flows are adjusted to reflect the options (puts/calls) embedded in the bond. |

Price Return |
The price return is the rate of return on an investment portfolio, where the return measure takes into account only the capital appreciation of the portfolio, while the income generated by the assets in the portfolio, in the form of interest and dividends, is ignored. |

Spread Duration |
The Spread Duration measures the sensitivity of a security's price to a 100-basis point movement in its Option Adjusted Spread (OAS) relative to the portfolio’s discount curve. To calculate Spread Duration shift the OAS up and down 5 bps and reprice the security accordingly. Similar to duration, positive spread duration means that as spreads tighten prices increase, and vice versa. The formula for spread duration is also the same as duration, where we take the shifted full prices and use those to calculate spread duration. |

Total Return |
Total return take into account the income generated from the securities invested in the portfolio and the price return achieved from the changes in the securities market pricing. |

WAL |
The Weighted Average Life, or WAL, of a security denotes the weighted average time to receipt of principal. |

Yield Curve |
A line tracing relative yields on a type of bond over a spectrum of maturities ranging from three months to 30 years. |

Yield to Maturity |
The yield on a bond calculated by dividing the value of all the interest payments that will be paid until the maturity date, plus interest on interest, by the principal amount received at the maturity date, taking in to consideration whatever gain or loss is realized from the bond at the maturity date. Example: You pay $900 for a five year bond at a face value of $1000. The bond pays an annual coupon of ten percent. Here the yield to maturity is 12.8 percent. This reflects the coupon payments and the difference between the price and the face value of the bond. |