Strategy. The Fund is an actively managed fund of funds and seeks to achieve its objective by investing primarily in other registered investment companies, including other actively managed exchange-traded funds (ETFs) and index-based ETFs (collectively, Underlying Investments), that provide exposure to a broad range of asset classes. The Underlying Investments may invest in equity securities of U.S. or foreign companies, debt obligations of U.S. or foreign companies or governments, or other assets. The Fund may also invest directly in such U.S. equity securities. The Fund allocates its assets across asset classes, industries, and geographic regions, subject to certain diversification and liquidity considerations. The Underlying Investments may provide exposure to foreign countries, including emerging markets. The Fund may also write (sell) call … Show more… The Fund is an actively managed fund of funds and seeks to achieve its objective by investing primarily in other registered investment companies, including other actively managed exchange-traded funds (ETFs) and index-based ETFs (collectively, Underlying Investments), that provide exposure to a broad range of asset classes. The Underlying Investments may invest in equity securities of U.S. or foreign companies, debt obligations of U.S. or foreign companies or governments, or other assets. The Fund may also invest directly in such U.S. equity securities. The Fund allocates its assets across asset classes, industries, and geographic regions, subject to certain diversification and liquidity considerations. The Underlying Investments may provide exposure to foreign countries, including emerging markets. The Fund may also write (sell) call options on securities held by the Fund (also known as covered call options) with the aim of generating investment income. The Fund is expected to typically invest approximately 30% to 80% of its total assets in equity securities (of any market capitalization), either through Underlying Investments that principally invest in U.S. or foreign equity securities, or directly in U.S. equity securities . Such Underlying Investments may invest principally in specific sectors of the economy, such as healthcare, financials, real estate, and energy, or in broader swaths of domestic, foreign, or global equity markets. Underlying Investments used for real estate exposure may invest some or all of their assets in real estate investment trusts (REITs), and Underlying Investments used for energy exposure may invest some or all of their assets in master limited partnerships (MLPs). The Fund is expected to typically invest approximately 20% to 70% of its total assets in Underlying Investments that principally invest in debt obligations. Such Underlying Investments may invest in U.S. government debt, sovereign debt, U.S. and foreign corporate debt, high-yield debt (also known as junk bonds), mortgage debt, and structured debt, such as asset-backed securities. Such Underlying Investments may hold debt denominated in U.S. dollars or foreign currencies. The Fund has no limitation on the range of maturities or credit quality of the debt in which Underlying Investments may invest. The Fund is expected to typically write (sell) covered call options on approximately 1 to 10% of its total assets. A covered call option is a strategy whereby the Fund writes (sells) call options on a security that the Fund already owns principally for the purpose of generating income for the Fund in the form of a premium paid to the Fund by the buyer of the call option. Blueprint Investment Partners LLC, the Funds investment sub-adviser (Blueprint or the Sub-Adviser), uses both top-down and bottom-up analyses in determining whether to purchase or sell a particular Underlying Investment or individual security. When determining whether to write (sell) a call option, Blueprint will consider duration and strike price. Blueprint will only write (sell) a call option that does not exceed 31 calendar days in duration and that has a strike price that is 105% of either the prior day closing price of the underlying security or the securitys 50-day moving average price. The Sub-Advisers quantitative trend-based analysis focuses on identifying the investment styles, sectors, geographic regions and asset classes with the greatest potential for positive absolute returns and the highest returns relative to other styles, sectors, regions, and asset classes. Additionally, the Sub-Advisers analysis seeks to identify markets, asset classes, and strategies that are likely to encounter headwinds ( i.e. , negative economic factors) and negative returns over the next three to twelve months. The factors incorporated into the Sub-Advisers quantitative analysis include the price series and trend of each holding, credit spread levels ( i.e. , differences in yields among bonds of similar maturities but varying credit qualities), market volatility, the shape of the yield curve, energy prices, market correlations, and currency exchange rates amongst others. The Sub-Advisers bottom-up fundamental analysis employs a rigorous research process designed to identify those asset classes with attractive absolute values and values relative to other asset classes. The valuation metrics and factors included in such analysis for equity-based Underlying Investments and individual securities include volatility, correlation, expected return, and dividend yields. For debt-based Underlying Investments and individual securities, the metrics used in such analysis include yield, credit spreads, duration, credit quality, and geographic location of issuers. The Sub-Adviser selects specific Underlying Investments based on an evaluation of their market exposure, liquidity, cost, and historic tracking error relative to their underlying index or benchmark. The Sub-Adviser may adjust the Funds allocation to Underlying Investments as often as daily to take advantage of return opportunities or to avoid perceived downside market risks. The size of the Funds allocation to a particular Underlying Investment or a specific industry, sector, or region will generally reflect whether the Sub-Adviser considers the investment opportunity to be a shorter-term tactical investment (a medium conviction idea) or a longer-term cyclical opportunity (a high conviction idea). Underlying Investments do not include ETFs or ETPs that employ high levels of leverage, derivatives, or illiquid investments or that seek to return the inverse of an underlying index or benchmark. The Fund will typically invest no more than 5% of its total assets in any single Underlying Investment or individual security. The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower. Show less