GOVT

GOVT provides broad, vanilla exposure to U.S. Treasurys, making the fund an excellent gauge of the overall U.S. Treasury market. While the smaller basket's exposure has detectable biases in the various maturity distributions, GOVT's overall average maturity, duration, and yield all align well with our benchmark. These features provide market-like exposure to this space. On July 1, 2016, GOVT began tracking the ICE U.S. Treasury Core Bond Index. The change does not have a material impact on exposure or performance relative to the Barclays U.S. Treasury Bond Index it tracked previously.