Off-The-Run Treasuries 

Those sold in the secondary market rather than "on-the-run" Treasury Securities, which are those most recently issued by the Government.

Remarks: Bond funds including mutual funds (open-end and closed-end, actively managed and indexed), exchange-traded funds and unit investment trusts offer a convenient and affordable way to invest in a diversified portfolio of bonds, but a bond fund investment can differ from a bond investment in ways that are important to understand.