The fund seeks capital appreciation in the long term by investing in companies 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 in companies that are economically tied to emerging market countries through investment in the securities that comprise the RAE Emerging Markets Portfolio.

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.

The fund may also invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements.

Also, the fund may invest in real estate investment trusts.

Additionally, the fund may invest, without limitation, in securities and instruments denominated in foreign currencies and 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 maximum total return by investing in companies in 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 takes long exposure to a portfolio of stocks (RAE US Large Model Portfolio) and short exposure to the S&P 500 Index (S&P 500), and complementing this equity market neutral exposure with absolute return bond alpha strategy (AR Bond Alpha Strategy).

The RAE US Large Model Portfolio 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 estimated 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 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.

The AR Bond Alpha Strategy invests in a diversified portfolio of fixed income instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

With respect to the AR Bond Alpha Strategy, the fund may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

The fund may also invest up to 10% of its net assets in preferred securities.

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 US Fund, the PIMCO RAE International Fund, and the PIMCO RAE Emerging Markets Fund known as the Underlying Funds and also, securities that are eligible investments for the Underlying Funds.

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

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 estimated 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 countries (one of which may be the U.S.).

Additionally, the fund may invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements.

The fund may also invest in real estate investment trusts.

In addition, the fund may also enter into reverse repurchase agreements and lend portfolio securities.

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 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 seeks exposure to a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries through investment in the securities that comprise the RAE International Portfolio. 

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.

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 total return by investing in mid-and large-size companies 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 in companies that are economically tied to emerging market countries and complementing this with absolute return bond alpha strategy (AR Bond Alpha Strategy).

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.

The AR Bond Alpha Strategy invests in a diversified portfolio of fixed income instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

With respect to the AR Bond Alpha Strategy, the fund may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

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 seeks to exceed the total return of the Index.

The fund may invest up to 20% of its net assets in high yield securities, and 10% of its net assets in preferred securities.

The fund seeks to exceed total return performance of the benchmark index before fees and expenses by investing in mid-and large-size companies in the United States.

The sub-adviser’s investment strategy combines equity exposure in the RAE US Large Model Portfolio and complementing this equity exposure with absolute return bond alpha strategy or AR Bond Alpha Strategy. The stocks are selected from a broad universe of companies which satisfy certain liquidity and capacity requirements.

The sub-adviser uses the RAE methodology which is a rules-based model to select stocks that indicate higher expected returns on the basis of value, momentum and quality characteristics.

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

The AR Bond Alpha Strategy invests in a diversified portfolio of Fixed Income Instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

The AR Bond Alpha Strategy seeks to maintain an overall portfolio duration which normally varies from (negative) 3 years to positive 8 years based on PIMCO’s market forecasts among other factors.

In addition to duration, the AR Bond Alpha Strategy has flexibility with respect to overall sector exposures, non-U.S. exposures and credit quality.

The fund invests in a diversified portfolio of U.S. stocks that seek to outperform the benchmark index.

The fund may invest up to 20% of its net assets in high yield securities, and may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

The fund seeks total return by investing in companies 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 seeks exposure to a portfolio of stocks economically tied to foreign (non-U.S.) countries (RAE International Large Model Portfolio) and complementing this with absolute return bond alpha strategy (AR Bond Alpha Strategy).

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.

The AR Bond Alpha Strategy invests in a diversified portfolio of fixed income instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

With respect to the AR Bond Alpha Strategy, the fund may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

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.

The fund may invest up to 20% of its net assets in high yield securities.

Additionally, the fund may invest, without limitation, in securities denominated in foreign (non-U.S.) currencies and in U.S. dollar denominated securities of foreign (non-U.S.) issuers.

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

Also, the fund may also invest up to 10% of its net assets in preferred securities.

The fund seeks total return by investing in small-size companies in 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 in U.S. small companies and complementing this with absolute return bond alpha strategy (AR Bond Alpha Strategy).

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.

The AR Bond Alpha Strategy invests in a diversified portfolio of fixed income instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

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 seeks to exceed the total return of the Index.

The fund may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

Additionally, the fund may invest up to 20% of its net assets in high yield securities, and 10% of its net assets in preferred securities.

The fund seeks capital appreciation in the long term by investing in mid-and large-size companies in the United States.

The sub-adviser’s investment strategy starts with a list of companies in the benchmark index RAE US Portfolio. The stocks are selected from a broad universe of companies which satisfy certain liquidity and capacity requirements.

The sub-adviser uses the RAE methodology 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 fund invests in a diversified portfolio of U.S. stocks that seek to outperform the benchmark index.

The sub-adviser applies the RAE methodology and the fundamental weights of U.S. companies are sorted in descending order where the top cumulative 86% weights are eligible as large and mid-sized companies.

The RAE methodology’s systematic portfolio rebalancing reflects a value orientation and the fund seeks to select undervalued stocks and to capitalize on market inefficiencies by systematically buying low and selling high.

The fund seeks capital appreciation in the long term by investing in small-size companies in 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 in stocks of small U.S. companies through investment in the securities that comprise the RAE US Small Portfolio.

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.

The fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities.

Also, the fund may invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements.

Additionally, the fund may also invest in real estate investment trusts.

The fund seeks maximum real return by investing in companies in the United States.

The investment process looks to invest in real estate-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed income instruments.

Fixed Income Instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

The fund may invest in real estate-linked derivative instruments, including swap agreements, options, futures, options on futures and structured notes.

Next, the research team gains exposure in the real estate market by investing in REIT total return swap agreements.

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

The fund may invest up to 10% of its net assets in high yield securities.

Additionally, the fund may invest up to 30% of its net assets in securities of foreign issuers, and may invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries.

The fund may also invest directly in real estate investment trusts and in common and preferred securities as well as convertible securities of issuers in real estate-related industries.

The fund seeks to exceed total return performance of the benchmark index before fees and expenses by investing in companies in the United States.

The fund combines exposure to the S&P 500 Index with a complementary bond alpha strategy in an effort to provide greater returns than the equity market index with a similar level of risk.

The investment adviser uses a combination of S&P 500 Index derivatives, as well as a portfolio of fixed income instruments. Fixed Income Instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

The adviser utilizes an absolute return approach to manage the fixed income instruments sleeve. The absolute return approach seeks positive investment returns regardless of market environment and does not apply to the equity index replicating component of the fund.

The adviser actively manages the fixed income instruments with a view toward enhancing the fund’s total return, subject to an overall portfolio duration which normally varies from (negative) 3 years to positive 8 years based on PIMCO’s market forecasts.

The fund uses S&P 500 Index derivatives to attempt to equal or exceed the daily performance of the S&P 500 index. However, S&P 500 Index derivatives may be purchased with a small fraction of the assets so that the remainder of the assets may be invested in fixed income instruments.

The fund may invest all of its assets in a basket of S&P 500 Index stocks when S&P 500 Index derivatives appear to be overvalued relative to the S&P 500 Index.

The fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.

The fund may invest up to 25% of its total assets in securities and instruments that are economically tied to emerging market countries.

The fund seeks to exceed total return performance of the benchmark index before fees and expenses by investing in companies in the United States.

The fund combines exposure to the S&P 500 Index with an enhanced cash alpha strategy in an effort to provide greater returns than the S&P 500 index with a similar level of risk.

The investment adviser uses a combination of S&P 500 Index derivatives, as well as a portfolio of fixed income instruments. Fixed Income Instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

The fund uses S&P 500 Index derivatives to attempt to equal or exceed the daily performance of the S&P 500 index. However, S&P 500 Index derivatives may be purchased with a small fraction of the assets so that the remainder of the assets may be invested in fixed income instruments.

The adviser actively manages the fixed income instruments with a view toward enhancing the fund’s total return, subject to an overall portfolio duration which is normally not expected to exceed one year.

The fund may invest all of its assets in a basket of S&P 500 Index stocks when S&P 500 Index derivatives appear to be overvalued relative to the S&P 500 Index.

The fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities

The fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries.

The fund seeks total return by investing in companies outside the United States.

The 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.

As part of its investment strategy, the fund looks to invest in non-U.S. equity derivatives, as well as fixed income instruments.

Next, the research team seeks to outperform the benchmark index by investing in equity-linked instruments, such as futures.

The team utilizes an absolute return approach to seek positive investment returns regardless of market environment.

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.

With respect to the fixed income investments, the fund may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

The fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.

The fund may invest up to 20% of its total assets in high yield securities, and may also invest up to 10% of its net assets in preferred securities.

The fund seeks total return by investing in companies outside the United States.

The 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.

As part of its investment strategy, the fund looks to invest in non-U.S. equity derivatives, as well as fixed income instruments.

Next, the research team seeks to outperform the benchmark index by investing in equity-linked instruments, such as futures.

The team utilizes an absolute return approach to seek positive investment returns regardless of market environment.

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.

With respect to the fixed income investments, the fund may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

The fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.

The fund may invest up to 20% of its total assets in high yield securities, and may also invest up to 10% of its net assets in preferred securities.
 

The fund seeks total return by investing in small-size companies in the United States.

The 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.

As part of its investment strategy, the fund looks to invest in the benchmark index derivatives, as well as fixed income instruments.

Fixed income instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

Next, the research team utilizes an absolute return approach to seek positive investment returns regardless of market environment.

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.

With respect to the fixed income investments, the fund may invest up to 25% of its net assets in securities and instruments that are economically tied to emerging market countries.

The fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.

The fund may invest up to 20% of its net assets in high yield securities, and may also invest up to 10% of its net assets in preferred securities.

The fund seeks positive, risk-adjusted returns by investing in companies in the United States.

The 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 utilizes a quantitative trading strategy that seeks to capture the persistence of price trends (up and/or down) observed in global financial markets and commodities.

Within the strategy’s allocations, contracts are positioned either long or short based on various characteristics related to their prices.

The team invests in derivative instruments, including futures, options on futures, options and swap agreements.

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.

The fund may invest without limitation in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers

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

The fund seeks exposure to the commodity futures markets primarily through investments in swap agreements and futures, and through investments in the PIMCO Cayman Commodity Fund VIII, Ltd., a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands (the Subsidiary)

The Subsidiary may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments.

In addition, the fund may invest its assets in particular sectors of the commodities futures market.

Also, the fund may invest in high yield securities rated below investment grade.