Strategy. The Fund generally will invest at least 80% of its total assets in the components that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the Index Provider or MSCI) compiles, maintains and calculates the Underlying Index, which is composed of the constituents of the MSCI U.S. Government Bond Index (the Parent Index), an index composed of fixed coupon bonds issued by the U.S. Treasury. The universe for selection for the Underlying Index is defined by constituents of the Parent Index. Bonds eligible for inclusion in both the Parent Index and Underlying Index are required to have (i) a minimal notional amount outstanding of $2 billion and (ii) a maturity greater than or equal … Show more… The Fund generally will invest at least 80% of its total assets in the components that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the Index Provider or MSCI) compiles, maintains and calculates the Underlying Index, which is composed of the constituents of the MSCI U.S. Government Bond Index (the Parent Index), an index composed of fixed coupon bonds issued by the U.S. Treasury. The universe for selection for the Underlying Index is defined by constituents of the Parent Index. Bonds eligible for inclusion in both the Parent Index and Underlying Index are required to have (i) a minimal notional amount outstanding of $2 billion and (ii) a maturity greater than or equal to 1 year (new additions must have a maturity greater than or equal to 1 1/2 years). The Underlying Index utilizes a rules-based strategy to dynamically shift the weighting of the constituents within the Parent Index based on their maturities, depending on the economic regime currently in place, as determined by gross domestic product (GDP) growth and inflation expectations. The three possible economic regimes are risk on, neutral and risk off. To determine which securities within the Parent Index are eligible for inclusion in the Underlying Index in a given economic regime, the Index Provider shifts allocation of weights across three buckets based on a bond's time to maturity: (i) less than 5 years, (ii) 10 years or more, and (iii) the entire government bond curve. In risk on regimes, allocation is restricted to the maturity bucket of 10 years or more; in neutral regimes, allocation mirrors the Parent Index and is allocated across the entire curve; in risk off regimes, allocation is restricted to the maturity bucket under 5 years. The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a sampling methodology to seek to achieve its investment objective. In managing the Fund, the Adviser selects component securities that are expected to have, in the aggregate, investment characteristics, risk factors and liquidity measures that are similar to, and therefore are representative of the Underlying Index. As of December 31, 2025, the Underlying Index was comprised of 151 constituents. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. The U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose. Show less