Click here to view the prospectus.

Click here for breakpoints and sales charges.

ActivePassive International Equity Fund

Ticker Share Class A: APIEX
CUSIP Share Class A: 007989312
Inception Date: December 31, 2007

Fund Profile
Active Investment Strategy Summary

Investment Objective & Strategy

The ActivePassive International Equity Fund seeks long term capital appreciation. It invests at least 80% of its net assets directly in equity securities of non-U.S. companies and through other investment companies, such as mutual funds or exchange traded funds (ETFs), which invest primarily in those types of equity securities.

Current Optimal Ratio*

*The Advisor allocates between 40% and 70% of the Fund's net assets to the subadvisor for active management and between 30% and 60% of the Fund’s net assets for passive management. Within these guidelines, the portfolio managers establish the fund's Current Optimal Ratio (COR). The COR is based on the advisor's proprietary and ongoing analysis for each investment category and may change over time.

Featured Investments

Active Component

Invesco Aim is one of America's leading investment management firms. Invesco Aim offers a diversified suite of investment solutions including mutual funds, exchange-traded funds, retirement products, separately managed accounts for high-net-worth and institutional investors, annuities, cash management, college savings plans and offshore products. A subsidiary of Invesco Ltd., which is among the world's largest independent investment managers, Invesco Aim leverages the global expertise of Invesco investment professionals worldwide. View Investment Strategy Summary

Passive Component

Spartan International Index Fund (FSIIX) seeks to provide investment results that correspond to the total return of foreign stock markets. It normally invests at least 80% of assets in common stocks included in the MSCI EAFE Index.

Disclosures

Mutual fund investing involves risk. Principal loss is possible. The fund is non-diversified, meaning that it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore the fund is more exposed to individual stock volatility than a diversified fund. Investments in smaller companies involve additional risks such as limited liquidity and greater volatility. Investments in foreign securities involve greater volatility and political, economic and currency risks and difference in accounting methods. These risks can be significantly greater for investments in emerging markets. The fund will bear its share of the fees and expenses of the underlying funds. Shareholders will pay higher expenses than would be the case if making direct investments in the underlying ETFs. Because the fund invests in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.

References to other funds should not be interpreted as an offer of these securities.
The Morgan Stanley EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance of 21 developed markets outside North America.

The fund charges a maximum 5.75% sales load. The sales load is waived for investors purchasing shares through the Advisor's wrap program. Speak with your Investment Advisor for more details.