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 equity securities (stocks) and/or fixed income securities (bonds). The Funds Underlying ETF strategy is sub-advised by BlackRock Investment Management, LLC (the Sub-Adviser). Under normal circumstances, approximately 70% of the Funds Underlying ETF assets invests primarily in equity securities (stocks) and approximately 30% of the Funds Underlying ETF assets invests primarily in fixed income securities (bonds). The Fund generally may invest in three different kinds of Underlying ETFs: those that invest primarily in equity securities or certain other … 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 equity securities (stocks) and/or fixed income securities (bonds). The Funds Underlying ETF strategy is sub-advised by BlackRock Investment Management, LLC (the Sub-Adviser). Under normal circumstances, approximately 70% of the Funds Underlying ETF assets invests primarily in equity securities (stocks) and approximately 30% of the Funds Underlying ETF assets invests primarily in fixed income securities (bonds). The Fund generally may invest in three different kinds of Underlying ETFs: those that invest primarily in equity securities or certain other instruments described below (referred to as equity funds), those that invest primarily in fixed income securities (referred to as fixed income funds), and those that invest in a mix of securities and other instruments in which equity funds and fixed income funds invest (referred to as multi-asset funds). Equity funds may include funds that invest in, among other things, domestic and international equities, real estate-related securities or instruments and commodity-related securities or instruments. Fixed income funds may include funds that invest in, among other things, domestic and non-U.S. bonds, U.S. government securities, mortgage-backed securities, high yield (or junk) bonds, and cash or money market instruments. Multi-asset funds may include funds that invest in any of the securities or instruments in which equity funds or fixed income funds may invest. The Fund currently expects to allocate up to 50% of the Funds assets to investments outside the U.S. The Funds investments outside the U.S. may include emerging markets. Variations in the target asset allocation between equity and fixed income securities, through investments in Underlying ETFs, are permitted within a certain range. Therefore, based on a target equity/fixed income allocation of 70%/30%, the Fund may have an equity/fixed income allocation that ranges from 60%/40% to 75%/25%. Although variations beyond these ranges are generally not permitted, the Sub-Adviser may determine in light of market conditions or other factors that a greater variation is warranted to protect the Fund or achieve its investment goal. The Funds equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), globally (including domestic and international (including emerging market) funds), or other factors. 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 equity and 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, including foreign currency forward contracts (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 equity or 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