GDT

The Fund is actively managed using a model-based approach. The Fund seeks to achieve its investment objective by investing, either directly or through a wholly-owned subsidiary, in a portfolio composed of (i) inflation-protected U.S. Treasury Bonds ("TIPS"), other debt securities issued by the U.S. Treasury, including bills, notes, bonds, and floating rate public obligations of the U.S. Treasury ("Floating Rate Notes"), and derivatives that provide exposure to such investments, such as inflation swaps, and (ii) U.S.-listed gold futures contracts. The Fund uses U.S.-listed gold futures contracts and other derivatives, such as swaps, to enhance the capital efficiency of the Fund. The Fund invests in inflation-protected public obligations of the U.S. Treasury, commonly known as "TIPS" with a focus on bonds maturing in less than five years. The Fund will invest in long-only gold futures contracts. Contract selection is based on implied carry, which is the potential return (or loss) that an investor would earn by holding the reference asset (i.e., gold) until the futures contract expires. The Fund seeks to have approximately equal exposure to TIPS and gold.