The Payden/Wilshire Longevity Funds utilize an investable universe that includes a diverse assortment of asset classes, including both actively managed mutual funds and an array of ETFs spanning US, non-US, and regional asset classes. Each quarter, we review the slate of asset classes with the fund’s sub-adviser in order to make a determination as to whether additional exposures would enhance risk-adjusted expected performance. Reviews are conducted formally on a quarterly basis. However, unexpected and dramatic market events could cause a review to be conducted. An asset allocation shift could be discussed at that time.