Investment objective & strategy
As of Jan. 28, 2026 · prospectusObjective. The Funds investment objective is to provide a rate of return that exceeds the rate of inflation over a business cycle by investing in U.S. Treasury securities with an emphasis on both income and capital appreciation.
Strategy. In pursuit of the Funds investment objective, Hoisington Investment Management Company (HIMCo), the Funds Sub-Advisor, will: Typically invest at least 90% of the Funds total assets in U.S. Treasury securities and in repurchase agreements collateralized by such securities. Adjust the average maturity and effective duration of the Funds portfolio based on HIMCos assessment of multi-year trends in national and international economic conditions. Invest in long-term U.S. Treasury bonds, including U.S. Treasury Strips (zero coupon Treasury securities), when HIMCo determines that economic conditions suggest lower inflation and the multi-year trend is toward decreasing interest rates. Invest in U.S. Treasury bills or notes, Treasury Inflation-Protected Securities (TIPS), and Floating Rate Notes (FRNs) (maturities less than five years) when HIMCo determines that economic … In pursuit of the Funds investment objective, Hoisington Investment Management Company (HIMCo), the Funds Sub-Advisor, will: Typically invest at least 90% of the Funds total assets in U.S. Treasury securities and in repurchase agreements collateralized by such securities. Adjust the average maturity and effective duration of the Funds portfolio based on HIMCos assessment of multi-year trends in national and international economic conditions. Invest in long-term U.S. Treasury bonds, including U.S. Treasury Strips (zero coupon Treasury securities), when HIMCo determines that economic conditions suggest lower inflation and the multi-year trend is toward decreasing interest rates. Invest in U.S. Treasury bills or notes, Treasury Inflation-Protected Securities (TIPS), and Floating Rate Notes (FRNs) (maturities less than five years) when HIMCo determines that economic conditions suggest rising inflation and the multi- year trend is toward increasing interest rates. Over the course of a business cycle, under normal market conditions: The effective duration of the Funds holdings is expected to vary from less than a year to a maximum of 25 years. The Funds holdings will range in maturity from less than a year to a maximum of the longest maturity Treasury bonds available. As of September 30, 2025 , the effective duration of the Funds holdings was 20.88 years, and the average maturity of the Funds holdings was 24.02 years. When the Fund is invested in securities with longer weighted average maturities it will be more sensitive to changes in market interest rates and its share price may be subject to greater volatility. The Funds portfolio turnover rate will vary substantially from year to year. During some periods, turnover will be well below 50%. At other times, turnover could exceed 200% annually. At these times, increased portfolio turnover may result in higher transaction costs and may also result in taxable capital gains. Portfolio adjustments may require the sale of securities prior to their maturity date. The goal of these transactions will be to increase income and/or change the duration of the overall portfolio.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $59.64M | 52.72% |
| US TREASURY N/B | — | $25.79M | 22.80% |
| US TREASURY N/B | — | $25.50M | 22.54% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| HUSSMAN STRATEGIC TOTAL RETURN FUND · HSTRX | 24% | 0.77% |
| The Diplomat Fund · EMWIX | 23% | 1.02% |
| NVIT J.P. Morgan Inflation Managed Fund | 14% | 0.50% |
Advisers
| Firm | Role |
|---|---|
| Wasatch Advisors LP | Adviser |
| Hoisington Investment Management Co. | Sub-adviser |
Footnotes
- Expense ratio as of January 28, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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