Fund Description

The fund invests in common stocks of companies generally within the capitalization range of its underlying index and uses derivatives primarily equity index swaps and swaps on ETFs, plus futures and options on securities, futures, and stock indices. The advisor attempts to consistently apply leverage to increase the fund's exposure to 150% of the underlying index and expects to rebalance the fund's holdings daily to maintain such exposure. Certain of the fund's derivatives investments may be traded in the over-the-counter (OTC) market. Investments in derivatives have the economic effect of creating financial leverage, which will magnify the fund's exposure to increases or decreases in prices and result in increased volatility, and may result in greater losses. Under normal circumstances it invests at least 80% of net assets plus borrowings in index securities and benchmark-correlated instruments, may hold U.S. government securities or cash equivalents, use repurchase agreements, is non-diversified, and may invest substantially in affiliated short-term fixed-income investment companies for liquidity management.