Fund Description

The fund employs a strategy of investing in common stocks of companies generally within the capitalization range of the underlying index and using derivatives, and the advisor attempts to consistently apply leverage to increase the fund's exposure to 200% of the underlying index. Derivatives primarily include equity index swaps and swaps on ETFs, futures (including currency futures), and options, and may be traded OTC; it may also use ADRs. The fund expects to rebalance daily and also maintains 200% exposure to the Japanese yen, generally without hedging. Under normal circumstances it invests at least 80% of net assets plus borrowings in index securities and benchmark-linked instruments, and may hold U.S. government securities, cash equivalents, and repurchase agreements; it is non-diversified and may invest in affiliated short-term fixed-income investment companies.