Strategy. VP Avantis Global Equity Allocation Fund is a fund of funds, meaning that it seeks to achieve its objective by investing in Avantis exchange-traded funds (ETFs) (collectively, the underlying funds). The underlying funds generally represent a broadly diversified basket of equity securities that seek to overweight securities that the portfolio managers expect, based on factors such as company size, profitability and value attributes, to have higher returns or better risk characteristics than the funds benchmark, the MSCI All Country World IMI Index, which is a passive, global market-cap weighted index. The following table indicates the funds target weight and range for allocation among the funds major asset classes and shows the underlying funds that comprise each asset class. This information … Show more… VP Avantis Global Equity Allocation Fund is a fund of funds, meaning that it seeks to achieve its objective by investing in Avantis exchange-traded funds (ETFs) (collectively, the underlying funds). The underlying funds generally represent a broadly diversified basket of equity securities that seek to overweight securities that the portfolio managers expect, based on factors such as company size, profitability and value attributes, to have higher returns or better risk characteristics than the funds benchmark, the MSCI All Country World IMI Index, which is a passive, global market-cap weighted index. The following table indicates the funds target weight and range for allocation among the funds major asset classes and shows the underlying funds that comprise each asset class. This information is as of the date of this prospectus. Target Weight Target Range U.S. Equity 57% 50% to 75% Avantis U.S. Equity ETF Avantis U.S. Large Cap Equity ETF Avantis U.S. Large Cap Value ETF Avantis U.S. Mid Cap Equity ETF Avantis U.S. Mid Cap Value ETF Avantis U.S. Small Cap Equity ETF Avantis U.S. Small Cap Value ETF Non-U.S. Developed Markets 27% 20% to 50% Avantis International Equity ETF Avantis International Large Cap Value ETF Avantis International Small Cap Equity ETF Avantis International Small Cap Value ETF Emerging Markets 8% 0% to 25% Avantis Emerging Markets Equity ETF Avantis Emerging Markets Small Cap Equity ETF Avantis Emerging Markets Value ETF Sector Equity 8% 0% to 15% Avantis Inflation Focused Equity ETF Avantis Real Estate ETF Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The managers will allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The U.S. vs. non-U.S. allocations across geographies will be predicated on each regions relative market capitalization within the total global equity market, with a home bias toward the U.S. (as reflected in the target ranges). Under normal market conditions, the fund (via the underlying funds) will invest at least 30% of its assets in securities of issuers located outside the United States and will allocate its assets among at least three different countries (one of which may be the United States). The portfolio managers will review the funds allocations at least weekly to determine whether rebalancing is appropriate and will rebalance the fund as necessary to keep the allocations within the target ranges. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may reallocate within the target range when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets. We reserve the right to modify the target ranges and underlying funds from time to time should circumstances warrant a change. Show less