Strategy. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a diversified group of Underlying ETFs. An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. The Underlying ETFs are affiliated with The Vanguard Group, Inc. The asset allocation of the Fund is determined through the use of a proprietary asset allocation model developed and managed … Show more… Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a diversified group of Underlying ETFs. An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. The Underlying ETFs are affiliated with The Vanguard Group, Inc. The asset allocation of the Fund is determined through the use of a proprietary asset allocation model developed and managed by the Adviser in conjunction with third-party service providers. The asset allocation models provide initial guidance to specific asset allocations among various asset classes and sub-asset classes. Final allocations are determined by the Adviser through the use of both internal and external resources. Mellon Investments Corporation (Mellon), the Funds sub-adviser (Sub-Adviser), is responsible for managing the investment of portfolio assets solely according to the instructions (including the specific Underlying ETFs and the corresponding weights of such Underlying ETFs) provided by the Adviser. The Sub-Adviser executes transactions in the Underlying ETFs, as required, to closely replicate the allocation instructions received from the Adviser. The Funds allocations are rebalanced periodically, generally monthly, based on the allocation instructions provided by the Adviser. There are no geographic limitations to the Underlying ETFs investments, and the Underlying ETFs may invest in securities of companies located in developed or emerging markets. Generally, emerging markets include nations transitioning from less developed (often pre-industrial) economies with low per-capita incomes to modern industrial economies with higher standards of living. During the month, when cash inflows and outflows occur, the Sub-Adviser makes new purchases and sales based on the Funds current existing market weights. Under normal market conditions, the Adviser allocates approximately 30% to 50% (with a target allocation of 40%) of the Funds assets to Underlying ETFs that invest primarily in equity securities and 50% to 70% (with a target allocation of 60%) of the Funds assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives. The Adviser may also allocate the Funds assets to securities and derivative contracts to meet the Funds allocation targets. The Fund may also invest in a range of securities and derivative contracts, including indexes, swap agreements, futures, currency forwards, and U.S. Treasury securities, and cash equivalents including, without limitation, commercial paper, repurchase agreements, and time deposits, as instructed by the Adviser. The Sub-Adviser may invest in ETFs in excess of the Investment Company Act of 1940, as amended (the 1940 Act) limits on investment in other investment companies as instructed by the Adviser. The Fund may invest, directly or indirectly, in illiquid or thinly traded securities. The Fund may invest, indirectly through ETFs, in bank loans. The Fund may lend securities to increase its income. Show less