Fund Description

The fund seeks total return that matches or incrementally exceeds the Bloomberg U.S. Long Treasury Bond Index by normally investing at least 80% of its net assets (plus any borrowings for investment purposes) in securities held in the Index and at least 80% in U.S. Treasury securities backed by the full faith and credit of the U.S. government; qualifying derivatives may count toward this policy. It may invest in bills, notes, bonds (including STRIPS) and TIPS, and may also hold other government-backed securities such as GNMA and certain agency-guaranteed corporate debt. The adviser relies on quantitative models and evaluates traits and securities within the Index to select a set of holdings intended to maintain overall characteristics similar to the Index and to support modest outperformance, and may make small tactical positions in inflation, duration, and yield-curve exposure, and may use derivatives such as interest rate futures, U.S. Treasury futures, and options on those instruments for exposure or hedging, to manage duration, and U.S. Treasury futures may be used to manage cash flows into and out of the fund.