Strategy. J.P. Morgan Investment Management Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Funds assets. The Fund is a fund of funds that invests in underlying J.P. Morgan Funds (the Underlying Funds), and generally is intended for investors who are retired or about to retire. The Fund is designed to provide exposure to a variety of asset classes through investments in Underlying Funds, with an emphasis on fixed income Underlying Funds over equity Underlying Funds and other funds. The Fund normally invests approximately 55% of its assets in fixed income, 40% of its assets in equity, and 5% of its assets in money market funds, cash and cash equivalents. However, the … Show more… J.P. Morgan Investment Management Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Funds assets. The Fund is a fund of funds that invests in underlying J.P. Morgan Funds (the Underlying Funds), and generally is intended for investors who are retired or about to retire. The Fund is designed to provide exposure to a variety of asset classes through investments in Underlying Funds, with an emphasis on fixed income Underlying Funds over equity Underlying Funds and other funds. The Fund normally invests approximately 55% of its assets in fixed income, 40% of its assets in equity, and 5% of its assets in money market funds, cash and cash equivalents. However, the Funds strategic target allocations among various asset and sub-asset classes may include: Fixed Income (sub-asset classes: U.S. fixed income, inflation-indexed, high yield, convertible, and emerging markets debt); Equity (sub-asset classes: U.S. large cap equity, U.S. small/mid cap equity, real estate investment trusts (REITs), international equity, and emerging markets equity); Money Market/Cash and Cash Equivalents; Commodities. The Funds allocations may differ over time due to changes to strategic target allocations and/or due to tactical allocation changes by the Sub-Adviser. In establishing the Funds strategic target allocations, the Sub-Adviser focuses on asset classes and Underlying Funds that the Sub-Adviser believes will outperform the S&P Target Date Retirement Income Index (the Funds benchmark) and peer group over the long term. The Sub-Adviser will use tactical allocation changes to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds and direct investments, including derivatives. The Sub-Adviser will review the Funds strategic target allocations at least annually (generally, in the first quarter of each calendar year), and may adjust the targets in its discretion, consistent with the Funds investment strategy. These changes might include modifying the existing strategic target allocations among the asset and sub-asset classes or, among other things, adding or removing asset and sub-asset classes or maintaining long-term strategic target allocations for longer or shorter periods of time. Additionally, as a result of short to intermediate term tactical allocations, the Fund may deviate from the strategic target allocations at any given time by up to +/- 15% for fixed income, +/- 15% for equity, and +/- 15% for money market/cash and cash equivalents. The Sub-Adviser will review its tactical decisions on a periodic basis and may make modifications in its discretion. As a result of the Sub-Advisers ability to make these modifications, the Funds actual allocations may differ. Updated information concerning the Funds strategic target allocations and actual allocations to Underlying Funds and investments is available in the Funds shareholder reports. In addition to investing in Underlying Funds, the Fund may invest directly in securities and other financial instruments, including derivatives. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives such as futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in Underlying Funds. The full list of underlying funds used by the Fund is included in the Funds annual and semi-annual reports and quarterly holdings disclosures. Show less