BUCK

BUCK is actively managed to provide stable income. It is not a money market fund and does not seek to maintain an unchanging NAV. The fund primarily invests in income-producing US Treasury securities, including related ETFs. The portfolio of US Treasurys is maintained to have an average weighted maturity of just over a year. Securities are selected to maximize portfolio yield and shorten duration. To generate additional income, BUCK employs an option spread writing strategy on index-based domestic equity and fixed income ETFs. A call or a put spread is utilized, depending on the outlook on a reference ETF's price. The adviser writes short-dated, out-of-the-money calls (or puts) with less than a month to maturity while also purchasing further out-of-the-money calls (or puts). The fund expects options to be held to expiration but may adjust positions following a big price swing in the reference ETF. The option writing strategy pursued is a form of leveraged investing that attempts to collect income based on the value of time erosion.