The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests substantially all of its assets in Institutional Class shares of the PIMCO RAE International Fund and the PIMCO RAE Emerging Markets Fund known as the Underlying Funds.

Then each of the Underlying Funds obtains exposure through investment in the securities that comprise the RAE Portfolio.

Also, each Underlying Fund seeks to remain invested in the securities that comprise its respective RAE Portfolio even when the value of such RAE Portfolio is declining.

The stocks are selected from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Then the team employs the RAE methodology for portfolio construction which is a rules-based model to select stocks that indicate higher expected returns on the basis of value, quality and momentum characteristics.

Next, the model weights selected stocks by evaluating a company’s sales, cash flow, dividends and book value.

The RAE methodology’s systematic portfolio rebalancing reflects a value orientation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund’s portfolio, either directly or indirectly (through funds), will be economically tied to at least three non-U.S. countries.

The fund may also invest in real estate investment trusts.

Additionally, the fund may invest, without limitation, in securities and instruments denominated in foreign currencies and may also invest, without limitation, in securities of foreign issuers.

The fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests substantially all of its assets in Institutional Class shares of the PIMCO RAE International Fund and the PIMCO RAE Emerging Markets Fund known as the Underlying Funds.

Then each of the Underlying Funds obtains exposure through investment in the securities More