Fund Description

The fund invests in U.S. government securities and derivative instruments, primarily futures, interest rate swaps and options on securities and futures. It expects primarily to purchase swaps and seeks to use derivatives to increase exposure to securities in, or highly correlated to, its benchmark. The advisor attempts to maintain 120% benchmark exposure through consistent leverage and expects to rebalance daily. Derivatives use and leveraged exposure are expected to be significant, including OTC trading. Under normal circumstances, it invests at least 80% of net assets plus borrowings in U.S. government fixed income and related derivatives, and may hold cash equivalents, use repurchase agreements, and invest in other short-term fixed-income investment companies for liquidity or cost-effective exposure, which can add exposure to junk bonds, agency securities, CLOs, other asset-backed securities, and other short-term fixed income.