Strategy. The Fund limits its investments and strategy so as to qualify for investment by state and nationally chartered banks, federal savings institutions, and federal credit unions under current applicable federal regulations. The Fund invests 100% of its assets in liquid, high-quality fixed and variable rate U.S. Government bonds, cash and cash equivalents. Under current federal banking regulations, these U.S. Government bonds would receive a risk weighting of 0% to 20% for the purpose of calculating risk-based capital requirements. The Fund intends that a bank?s investment in the Fund would receive a 20% risk weighting for the purpose of this calculation. The Fund defines U.S. Government bonds as (i) United States Treasury bills, notes, and bonds, (ii) obligations of Government Sponsored … Show more… The Fund limits its investments and strategy so as to qualify for investment by state and nationally chartered banks, federal savings institutions, and federal credit unions under current applicable federal regulations. The Fund invests 100% of its assets in liquid, high-quality fixed and variable rate U.S. Government bonds, cash and cash equivalents. Under current federal banking regulations, these U.S. Government bonds would receive a risk weighting of 0% to 20% for the purpose of calculating risk-based capital requirements. The Fund intends that a bank?s investment in the Fund would receive a 20% risk weighting for the purpose of this calculation. The Fund defines U.S. Government bonds as (i) United States Treasury bills, notes, and bonds, (ii) obligations of Government Sponsored Entities (?GSEs?) such as the Government National Mortgage Association (?GNMA?), the Federal Home Loan Mortgage Corporation (?FHLMC?), the Federal National Mortgage Association (?FNMA?), and the Federal Home Loan Bank System (?FHLB?) and (iii) mortgage-backed securities (?MBS?) and collateralized mortgage obligations (?CMOs?) that are issued by and backed by mortgage collateral guaranteed by one or more of the aforementioned GSEs. The Fund seeks to maintain limited credit risk by restricting its investments to those rated Aaa by Moody?s Investors Service (?Moody?s?) or AAA by Standard and Poor?s Rating Group (?S&P?). In no event will the Fund purchase ?whole loans,? ?whole loan CMOs,? or non-GSE guaranteed corporate bonds or instruments. The Fund seeks to maintain limited interest rate risk by typically maintaining average portfolio-level average effective duration within 12 months less than, or 6 months greater than, the Fund?s benchmark. Since inception, the benchmark index has maintained an effective duration of 1.42 and 2.98, and the Fund has stayed within a range of 1.27 to 2.82 years, Duration is a measure of sensitivity of a security?s (or fund?s) price to changes in interest rates. However, individual securities are purchased without restriction as to maturity or duration. The benchmark is comprised of a 50/50 combination of the Barclays Capital Short Treasury Index (which is composed of United States Treasury securities with a remaining maturity of 1 to 12 months) and the Barclays Capital MBS Index (which is composed of adjustable and fixed-rate MBS issued by GNMA, FNMA and FHLMC). The Fund?s adviser delegates day-to-day execution of the Fund?s strategy to a subadviser. The adviser retains the ability to override the subadviser?s allocation of assets and its selection of specific securities if it believes an investment or allocation is not consistent with the Fund?s investment guidelines. The adviser is responsible for ongoing performance evaluation and monitoring of the subadviser. The subadviser buys securities to meet the Fund?s income goal and sells securities to adjust duration or to purchase other securities that the subadviser believes may perform better. The sub-adviser may engage in frequent trading of securities in managing the Fund?s portfolio. Show less