Strategy. This Fund is a fund of funds that seeks to achieve its investment goal by investing in a combination of Underlying Funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index. The allocation of the Funds assets between Underlying Funds sub-advised by an affiliate of the investment adviser and unaffiliated ETFs will vary over time, although the sub-adviser currently expects to invest, under normal circumstances, between 40% and 90% of the Funds assets in Underlying Funds sub-advised by an affiliate of the investment adviser. Under normal market conditions, the Funds exposures to the two broad asset classes of debt … Show more… This Fund is a fund of funds that seeks to achieve its investment goal by investing in a combination of Underlying Funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index. The allocation of the Funds assets between Underlying Funds sub-advised by an affiliate of the investment adviser and unaffiliated ETFs will vary over time, although the sub-adviser currently expects to invest, under normal circumstances, between 40% and 90% of the Funds assets in Underlying Funds sub-advised by an affiliate of the investment adviser. Under normal market conditions, the Funds exposures to the two broad asset classes of debt and equity are expected to be within the following ranges: BROAD ASSET CLASS ALLOCATIONS Debt Equity 15-30% 70-85% The sub-adviser manages the investment program for the Fund through a multi-step process that includes: (1) Asset Allocation/Portfolio Construction The sub-adviser manages the Fund using an approximate 10-year investment horizon. An asset class model (the Model) for the Fund is developed that seeks to meet the Funds investment goal over this period using both equity and debt asset classes. The equity asset class includes narrower asset classes such as domestic small-capitalization, mid-capitalization and large-capitalization, growth and value strategies, and international and emerging market equities. The debt asset class also includes narrower asset classes such as investment grade bonds, high yield/high risk bonds, bank loans, international debt and emerging market debt. The sub-adviser then determines the amount of the Funds assets to invest in each Underlying Fund in order to obtain the asset class exposures designated by the Model for the Fund. The sub-adviser may adjust the broad asset class allocations to any point within the above ranges, and/or adjust the narrower asset class allocations, or the allocations to the Underlying Funds, at any time as it deems necessary based on the sub-advisers views of market conditions, its outlook for various asset classes or other factors that it determines are relevant in seeking to achieve the Funds investment goal (dynamic positioning). For example, the sub-adviser may engage in dynamic positioning for the Fund by adjusting the Model to reflect a shorter-term view of the markets or a particular asset class, to seek to capture upside opportunities or mitigate risk from market events, or for cash management purposes. The sub-adviser would then make the appropriate adjustments to its Underlying Fund allocations to reflect the updated asset class allocations in the Model. This dynamic positioning would be implemented consistent with the Funds risk/return profile and investment goal. (2) Investment Risk Management The sub-adviser monitors and analyzes the investment risks of the Fund, evaluates their impact on the Funds risk/return objectives and considers adjustments to the Funds allocations as a result. Investments of the Underlying Funds that invest primarily in debt instruments include investment grade debt securities, including U.S. Government securities, corporate bonds, mortgage-related securities, and other asset-backed securities; foreign debt securities, including emerging market debt; debt instruments of varying duration; convertible securities; high yield/high risk bonds; and floating rate loans. lnvestments of the Underlying Funds that invest primarily in equity instruments include growth and value stocks; large-, mid- and small- capitalization companies; sector-specific stocks; preferred stock; warrants and rights; and domestic and foreign stocks, including emerging market stocks. Underlying Funds that operate as passively managed index funds may invest directly in the component securities of the benchmark index or may seek to replicate the performance of the benchmark index through index sampling. The Fund is expected to be as fully invested as practical, although it may maintain liquidity reserves to meet redemption requests. The Fund may lend its portfolio securities to generate additional income. The Fund may invest a significant portion of its assets in any single Underlying Fund. The sub-adviser has sole discretion in selecting the Underlying Funds for investment and may adjust the Funds allocations to the Underlying Funds, and add or remove Underlying Funds, as it deems appropriate to meet the Funds investment goal. For additional information about the Fund and its Underlying Fund investments, please see the Additional Information About Principal Investment Strategies and Principal Risks section in the Prospectus. Show less