span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"The Fund invests, under normal circumstances, at least 80% of its assets in equity securities of non-U.S. companies. The Fund’s 80% policy is a non-fundamental investment policy that can be changed upon 60 days’ prior written notice to shareholders. Equity securities include common stocks, preferred stocks, depositary receipts such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), Real Estate Investment Trusts (“REITs”), and interests in other investment companies, including other exchange-traded funds that invest in equity securities. The Fund may invest in securities of companies /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"domiciled in both developed and emerging markets. /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"The Fund’s sub-adviser, Los Angeles Capital Management LLC (“Los Angeles Capital”), employs a quantitative investment process for security selection and risk management. Los Angeles Capital’s Dynamic Alpha Stock Selection Model/spanspan style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;"®/spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;" (the Model) is a proprietary /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"quantitative model used to build equity portfolios that adapt to market conditions. The Model considers a range of valuation, earnings and management characteristics to identify current drivers of return. Los Angeles Capital believes that investor attitudes towards key investment risks change over the course of a market cycle and are a key determinant in explaining security returns. Utilizing these characteristics, Los /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"Angeles Capital seeks to construct a risk-controlled, forward-looking portfolio designed to adapt to changing market conditions. /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"By including fundamental data inputs for a universe of global equity securities and, through the use of statistical tools, the Model estimates expected returns based on each security’s risk characteristics and the expected return to each characteristic in the current market /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"environment. Return forecasts are developed through a three-step process./spanspan style="color:#000000;font-family:Times New Roman;font-size:8pt;position:relative;top:-1pt;"●/spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"First, the research process measures each security’s exposure to different risk factors through an analysis of financial statements, earnings forecasts, and statistical properties of historic stock returns./spanspan style="color:#000000;font-family:Times New Roman;font-size:8pt;position:relative;top:-1pt;"●/spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"Second, the Model determines the “risk premium” or price of each risk factor through a rigorous attribution and statistical analysis of the returns related to each of the risk factors over the recent past./spanspan style="color:#000000;font-family:Times New Roman;font-size:8pt;position:relative;top:-1pt;"●/spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"Third, return forecasts are developed by combining each company’s exposure with the “risk premium” associated with each risk factor. Risk factors taken into account can change over time./spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"Security weights are assigned through an integrated optimization process that is model driven, which identifies the portfolio with the /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"highest expected return for an acceptable level of risk. The Fund’s portfolio is rebalanced periodically using the quantitative Model. /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"Los Angeles Capital seeks to generate incremental investment returns above the Fund’s benchmark, while attempting to control investment risk relative to the benchmark. While Los Angeles Capital does not set price targets or valuation constraints, it will sell a security if it no longer has the desired risk characteristics, or if there are concerns about a particular company’s merits. As economic conditions change and /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"investor risk preferences evolve, Los Angeles Capital’s forecasts will change accordingly. /spanspan style="color:#000000;font-family:Times New Roman;font-size:10pt;"The Fund will typically hold 100-140 securities, although depending on market conditions the number of holdings could go below 100./span