The fund is a "fund of funds," which is a term used to describe mutual funds that pursue their investment objective by investing in other funds. It seeks to achieve its investment objective by investing substantially all of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, or PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds.

Nasdaq

PAUIX

The fund seeks to achieve its investment objective by investing more than 80% of the fund's assets, plus any amounts for borrowing, in shares of mutual funds and exchange-traded funds managed by Meeder Investment Management Company ("Meeder"), under normal circumstances ("Meeder underlying funds"). The Adviser invests in Meeder underlying funds that have a maximum exposure of 90% in domestic and foreign securities of any market capitalization and a minimum exposure of 10% to fixed income securities of domestic and foreign fixed income securities of any duration or credit quality including high yield bonds.

PFTEX

The fund selects investments from a broad spectrum of asset classes, including both traditional investments, such as equity and fixed income securities, and less traditional or alternative investments, such as commodity-oriented investments, real estate related investments, and currencies. It may invest up to 100% of its assets in non-U.S. securities, including securities of emerging market issuers.

PMYRX

The fund’s investment adviser seeks to achieve its investment objectives by seeking to track the FCF Risk Managed Sector Neutral Dividend Index that provides a formulaic methodology for allocating investment between securities of issuers who demonstrate higher free cash flow and dividend yield and short-term treasuries. The methodology of the index is designed to convey the benefits of high free cash flow and dividend yield, sector diversification and equal weighting.

PWDIX

Under normal circumstances, the adviser will invest in shares of other investment companies and similar products operating as exchange-traded funds ("ETFs"), open-end mutual funds, and closed-end funds in an attempt to invest in sectors and subsectors which have exhibited recent relative performance strength, as evaluated on a monthly basis according to the Adviser's proprietary rules-based analytical approach. The fund will rotate assets into, and out of, sectors and subsector positions on a periodic basis, and the fund's portfolio may therefore be traded frequently.

Other OTC

QAISX

Under normal circumstances, the fund will invest in shares of other investment companies and similar products that operate as broad-based index ETFs, open-end mutual funds, closed-end funds, and real estate investment trusts (collectively, "portfolio funds"). It will purchase portfolio funds when that portfolio fund's underlying index ("Segment") is anticipated to show strength, and divest when market weakness in that Segment is anticipated. Portfolio funds will generally consist of equity index funds.

QAITX

The Subadviser's asset allocation focuses primarily on the following categories: equities, debt, gold, commodities and Bitcoin. The Subadviser may invest directly in securities representing an asset class, or may invest in exchange-traded funds ("ETFs") and mutual funds that invest primarily in an asset class, or in futures or swaps linked to an asset class. The fund invests in ETFs and mutual funds that are not affiliated with the Adviser or Subadviser. It is non-diversified.

QEVOX

The investment seeks high appreciation on an annual basis consistent with a high tolerance for risk. The fund will typically invest primarily in equity (common and preferred stocks) or investment grade fixed income securities either directly through individual stocks and American Depositary Receipts (a security that trades in the U.S. financial markets representing a security of a non-U.S. company) ("ADRs") or indirectly through exchange-traded funds ("ETFs") and other investment companies. It invests in fixed-income securities without any restriction on maturity.

QMLFX

The investment seeks high appreciation on an annual basis consistent with a high tolerance for risk. The fund's investment adviser delegates execution of the fund's investment strategy to the Subadviser, Flexible Plan Investments, Ltd. The fund is aggressively managed by the Subadviser, which typically results in high portfolio turnover. The Subadviser seeks to achieve the fund's investment objective primarily by using the Subadviser's proprietary Self-Adjusting Trend Following Strategy.

QSTFX

The fund is a fund-of-funds and as such invests primarily in no-load and load-waived mutual funds, including ETFs ("underlying funds"). The underlying funds invest primarily in individual securities such as common stocks and corporate or government bonds. The Advisor actively manages the fund's portfolio using a proprietary investment strategy called Upgrading, which seeks to capture global market trends.

RELAX

The fund seeks to achieve its investment objective by investing, either directly or indirectly through mutual funds and exchange traded funds ("ETFs") (collectively, "underlying funds"), in foreign (including emerging markets) and domestic equity securities, fixed income securities and commodities. The equity securities in which the fund invests may be of any market capitalization and includes common stocks, preferred stocks, rights, warrants, depositary receipts and real estate investment trusts ("REITs").

RQEIX

The fund will seek to generate total return over time by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations of risk and return. It uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies. SIMC may also directly manage a portion of the fund's portfolio.

SAAAX

The fund's adviser delegates execution of its investment strategy to a sub-adviser. The sub-adviser seeks to fulfill the fund's investment objective by using proprietary signals to evaluate security market conditions. In favorable conditions, the sub-adviser focuses on equities and may employ leverage in especially favorable conditions. In unfavorable conditions, the sub-adviser emphasizes capital preservation by increasing its allocation to cash equivalents, fixed income securities, reducing leverage, and hedging.

SAPEX

The fund invests in any combination of equity and fixed-income securities based on market conditions and trends and the Subadviser's expectations and assessment of risks. It may invest directly in equity and fixed-income securities. The fund will primarily invest in such securities indirectly through vehicles that invest in or instruments that are a derivative of such securities, primarily including other investment companies, exchange-traded funds ("ETFs"), futures contracts, swap agreements, naked and covered options on such instruments and currencies.

SFHYX

The investment seeks total return with an emphasis on current income. Under normal circumstances, the fund will seek to generate total return with an emphasis on income by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations for income and, to a lesser extent, capital appreciation. The asset classes used and the fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures.

SIOAX

The fund is a "fund of funds". The Adviser seeks to achieve the fund's investment objectives by investing in (1) open-end investment companies (mutual funds), (2) exchange-traded funds ("ETFs"), and (3) closed-end investment companies using the Adviser's multi-asset diversification strategy. The Adviser constructs the fund's broadly-diversified investment portfolio by investing at various times in a wide range of underlying funds that invest in various security and investment categories.

SIRIX

The fund indirectly will bear its proportionate share of all management fees and other expenses of the underlying funds in which it invests. Therefore, the SMI Dynamic Allocation Fund will incur higher expenses than other mutual funds that invest directly in securities.

SMIDX

The fund invests its assets primarily in shares of any number of other no-load and load-waived mutual funds, which may include ETFs. Some of the underlying funds invest in the stocks of small, medium and large capitalization domestic or international companies while others invest in fixed-income securities of varying maturities and credit qualities, including government and corporate bonds, as well as high-yield securities or "junk bonds." It may commit up to 80% of its net assets at any given time to underlying funds that invest in high-yield or "junk bond" securities.

TEBRX

The fund invests in various mutual funds and ETFs focused on global equity indices, industry sectors, and factor styles, including inverse funds. The adviser engages in frequent trading with a high portfolio turnover rate.

TFAQX

The fund seeks to achieve its investment objective through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments ("Tactical Tilts") generated by the Goldman Sachs Investment Strategy Group ("Investment Strategy Group"). It may invest in derivatives for both hedging and non-hedging purposes.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
PAUIX	PIMCO All Asset All Authority Fund	Tactical Allocation	Oct 30, 2003	0.21%	-0.86%	1.20%	3.07%
PFTEX	PFG Meeder Tactical Strategy Fund	Tactical Allocation	Dec 10, 2017	2.05%	8.54%	—	2.06%
PMYRX	Pioneer Flexible Opportunities Fund	Tactical Allocation	May 2, 2010	0.90%	4.08%	4.21%	2.73%
PWDIX	Donoghue Forlines Dividend Fund	Tactical Allocation	Nov 6, 2013	1.56%	5.93%	2.87%	1.60%
QAISX	Q3 All-Weather Sector Rotation Fund	Tactical Allocation	Dec 29, 2019	1.94%	4.13%	—	9.83%
QAITX	Q3 All-Weather Tactical Fund	Tactical Allocation	Dec 29, 2019	1.36%	7.24%	—	0.00%
QEVOX	Quantified Evolution Plus Fund	Tactical Allocation	Sep 29, 2019	1.56%	8.23%	—	22.67%
QMLFX	Quantified Market Leaders Fund	Tactical Allocation	Aug 8, 2013	1.30%	3.52%	7.34%	1.92%
QSTFX	Quantified STF Fund	Tactical Allocation	Nov 12, 2015	1.55%	13.08%	—	0.91%
RELAX	FundX Conservative Upgrader Fund	Tactical Allocation	Jun 30, 2002	1.30%	—	—	—
RQEIX	RESQ Dynamic Allocation Fund	Tactical Allocation	Dec 19, 2013	1.80%	4.91%	0.65%	0.41%
SAAAX	SEI Institutional Managed Trust Multi-Asset Accumu...	Tactical Allocation	Apr 8, 2012	1.17%	2.29%	2.80%	1.95%
SAPEX	Spectrum Active Advantage Fund	Tactical Allocation	May 31, 2015	1.69%	-0.52%	—	1.42%
SFHYX	Hundredfold Select Alternative Fund	Tactical Allocation	Aug 31, 2004	2.45%	-1.41%	5.92%	4.69%
SIOAX	SEI Institutional Managed Trust Multi-Asset Income...	Tactical Allocation	Apr 8, 2012	0.80%	1.73%	3.78%	6.31%
SIRIX	Sierra Tactical All Asset Fund	Tactical Allocation	Dec 23, 2007	1.70%	3.17%	1.65%	2.84%
SMIDX	SMI Dynamic Allocation Fund	Tactical Allocation	Feb 27, 2013	1.19%	3.38%	1.80%	0.18%
TEBRX	Teberg Fund	Tactical Allocation	Mar 31, 2002	1.75%	15.95%	9.92%	0.00%
TFAQX	TFA Quantitative Fund	Tactical Allocation	May 17, 2020	1.98%	10.73%	—	0.03%
TTIFX	Goldman Sachs TacticalTiltOverlayFund	Tactical Allocation	Jul 30, 2014	0.68%	-0.56%	—	5.36%

The Best Tactical Allocation Mutual Funds

Risk vs. Return Scatterplot