The fund seeks to earn income through an actively-managed portfolio of semi-annual pay fixed rate bonds issued by the US Treasury, denominated in USD. Such bonds are those with terms to maturity greater than 10 years to achieve an overall target duration of 15 years. From time to time, holdings may also include US Treasury bonds with 7-10 years maturities if deemed beneficial for the overall portfolio. The fund adviser utilizes an optimized approach that considers issue size and liquidity to determine investment opportunities. The portfolio is rebalanced on a quarterly basis to its target duration range.