The Fund invests in securities to provide dynamic exposure to developed and emerging markets countries. Under normal circumstances, the Fund will invest at least 80 percent of its net assets, plus the amount of any borrowings for investment purposes, in securities of issuers economically tied to countries other than the United States and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. The Fund considers an issuer to be economically tied to a country if (1) the issuer is expectations regarding each countrys future prospects. The Fund will dynamically adjust its allocations to different countries nominally on a monthly basis, but may trade at a higher or lower frequency depending on the market environment, liquidity needs, and the discretion of Fund management. The Fund relies on proprietary quantitative models as well as fundamental views that BFA believes may not be captured by the quantitative models.