Fund Objective

The Government Long Bond 1.2x Strategy Fund seeks to provide investment results that correspond to a benchmark for U.S. Government securities. The Fund’s current benchmark is 120% of the price movement of the Long Treasury Bond. The Long Treasury Bond is the U.S.Treasury bond with the longest maturity, which is currently 30 years. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond.

If the Fund meets its objective, the value of the Fund’s shares should increase on a daily basis by 120% of any price increase by the Long Treasury Bond. In contrast, when the price of the Long Treasury Bond declines, the value of the Fund’s shares should decline on a daily basis by 120% of any price decline of the Long Treasury Bond (e.g., if the Long Treasury Bond goes down by 5%, the value of the Fund’s shares should go down by 6% on that day).

Investment Strategy

The Fund invests principally in U.S. Government securities and in leveraged instruments, such as certain futures and options contracts. Some of the Fund’s U.S. Government securities, or cash equivalents, will be used to collateralize these futures and options. Futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in its benchmark. In addition, the Fund may enter into transactions involving zero coupon U.S.Treasury bonds.

Under normal circumstances, the Government Long Bond 1.2x Strategy Fund will invest substantially all (at least 80%) of its net assets in financial instruments with economic characteristics that should perform similarly to fixed income securities issued by the U.S. Government. This is a non-fundamental policy that can be changed by the Government Long Bond 1.2x Strategy Fund upon 60 days’ prior notice to shareholders.