Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80 percent of its net assets (including investment borrowings) in common stocks and depositary receipts of developed market companies listed and traded on non-U.S. exchanges that Horizon Investments, LLC (Horizon or the Sub-Advisor) believes exhibit low future expected volatility. The term developed market companies means those companies as whose securities are traded principally on a stock exchange in a developed market country, with a primary business office in a developed market country, or that have at least 50 percent of their assets in or derive at least 50% of their revenues or profits from, a developed market country. The Sub-Advisor considers Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States to be developed market countries. However, this list may change in response to market and geopolitical events. Under normal market conditions, the Fund will invest in at least three countries and at least 40 percent of its net assets in countries other than the United States.