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ActivePassive Large Cap Value Fund

Ticker Share Class A: APLVX
CUSIP Share Class A: 007989346
Inception Date: December 31, 2007

Fund Profile
Active Investment Strategy Summary

Investment Objective & Strategy

The ActivePassive Large Cap Value Fund seeks long term capital appreciation. It invests at least 80% of its net assets in equity securities of large capitalization U.S. companies (those with market capitalizations between $835 million and $518 billion) 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 30% and 60% of the Fund’s net assets to the subadvisor for active management and between 40% and 70% 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

CS McKee, LP Founded was in 1931. The Pittsburgh-based firm of professional managers has more than $8 billion under management in equity, fixed income, and balanced portfolios. CS McKee is 100% employee owned. View Investment Strategy Summary

Passive Component

The Vanguard Value ETF (VTV) is designed to track the performance of the MSCI® US Prime Market Value Index, a broadly diversified index of value stocks of predominantly large U.S. companies. The fund attempts to replicate the target index by investing substantially all of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the 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 REIT securities involve risks such as declines in the value of real estate and increased suceptibility to adverse economic or regulatory developments. 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. 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 MSCI US Prime Market Value Index represents the value companies of the MSCI US Prime Market 750 Index. The MSCI US Prime Market 750 Index represents the universe of predominantly large capitalization companies in the US equity market. The MSCI US Prime Market Value Index is a subset of the MSCI US Prime Market 750 Index.

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.