Fund Description

The fund seeks to perform opposite the underlying index and generally will not own its securities. It pursues inverse exposure through short sales of index constituents and significant use of derivatives, primarily equity index swaps and swaps on ETFs, futures, and options on securities, futures, and stock indices; certain derivatives investments may be traded in the over-the-counter (OTC) market, with positions expected to be rebalanced daily. Under normal circumstances, it invests at least 80% of net assets plus borrowings in instruments expected to perform opposite the index. It may hold U.S. government securities, cash equivalents, and repurchase agreements, is non-diversified, and may invest a portion of its assets, and at times a substantial portion, in other short-term fixed-income investment companies advised by the advisor or an affiliate; investments in these investment companies will significantly increase exposure to high yield/high risk debt (junk bonds), U.S. government and agency securities, CLOs and other asset-backed securities (including mortgage-backed securities), and other short-term fixed income securities, and changes in the value of these investments may cause the fund to deviate from its investment objective.