Bolt Forces - What does axial load represent?

Hi all,

First post here so please be gental

I am looking at bolt loads with the "list pin/bolt/bearing forces" option in simulation. The bolts are showing both axial and bending forces.

I looked on the Swx website and it only states that the loads are at the bolt head which makes sense.

My questions is, are the axial forces evaluated at the neutral axis of the bolt? Or are they the maximum axial forces that the bolts are experiencing which would be a combination of the axial and bending loads.

Thanks in advance,

Dave