Strategy. The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds ( ETFs) (collectively, the Underlying Funds). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired or who are in need of making withdrawals from their portfolio soon. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the Target Allocation) among the Underlying Funds is: 35% in equity securities and 65% in debt instruments. Although this is … Show more… The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds ( ETFs) (collectively, the Underlying Funds). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired or who are in need of making withdrawals from their portfolio soon. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the Target Allocation) among the Underlying Funds is: 35% in equity securities and 65% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown. The allocation of the Funds assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the Sub-Adviser) currently expects to invest, under normal circumstances, at least 10% of the Funds assets, and as much as 85%, in Underlying Funds affiliated with the Investment Adviser. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Funds investment adviser considers environmental, social, and governance ( ESG) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Advisers evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Advisers decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy. The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Funds NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not limited to: real estate, commodities, and floating rate loans. Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts ( REITs); and natural resource/commodity-related securities. Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as high-yield securities, high-yield bonds , or junk bonds ); floating rate loans; and U.S. Treasury Inflation Protected Securities. The Fund may invest in exchange-traded notes. The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position in the underlying asset, to seek to minimize risk, and to assist in managing cash. The Target Allocation may be changed at any time by the Sub-Adviser. Show less