Strategy. The Fund operates under a fund of funds structure. The Fund, under normal circumstances, invests substantially all of its assets in exchange-traded funds (the Underlying ETFs) or financial instruments that provide exposure to such Underlying ETFs. The Underlying ETFs, in turn, invest in fixed income securities (bonds). The Funds Underlying ETF strategy is sub-advised by BlackRock Investment Management, LLC. Under normal circumstances, approximately 100% of the Funds Underlying ETF assets will be invested primarily in fixed income securities (bonds). The Fund generally may invest in Underlying ETFs that invest primarily in fixed income securities (referred to as fixed income funds). Fixed-income funds may include funds that invest in, among other things, domestic bonds, U.S. government securities, mortgage-backed securities (including to-be-announced … Show more… The Fund operates under a fund of funds structure. The Fund, under normal circumstances, invests substantially all of its assets in exchange-traded funds (the Underlying ETFs) or financial instruments that provide exposure to such Underlying ETFs. The Underlying ETFs, in turn, invest in fixed income securities (bonds). The Funds Underlying ETF strategy is sub-advised by BlackRock Investment Management, LLC. Under normal circumstances, approximately 100% of the Funds Underlying ETF assets will be invested primarily in fixed income securities (bonds). The Fund generally may invest in Underlying ETFs that invest primarily in fixed income securities (referred to as fixed income funds). Fixed-income funds may include funds that invest in, among other things, domestic bonds, U.S. government securities, mortgage-backed securities (including to-be-announced transactions), high yield (junk) bonds, and cash or money market instruments. The Fund currently expects to allocate at least 85% of its assets to investments within the U.S. The Funds fixed income allocation may be further diversified by sector (including government, corporate, agency, mortgage-backed securities, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or junk bonds), geographic location, or other factors. The percentage allocation to the various types of fixed income securities are determined at the discretion of the portfolio managers and can be changed to reflect the current market environment. The Fund may, when consistent with its investment objective, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). Reverse repurchase agreements may constitute borrowing. The Fund may use derivatives as a substitute for taking a position in an Underlying ETF and such derivative exposure shall be included in the Funds fixed income asset allocation as determined by the Sub-Adviser. The Fund may also use derivatives as part of a strategy designed to reduce exposure to other risks and to enhance returns, in which case their use would involve leveraging risk. Show less