0001144204-18-032219.txt : 20180601 0001144204-18-032219.hdr.sgml : 20180601 20180601111615 ACCESSION NUMBER: 0001144204-18-032219 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 19 FILED AS OF DATE: 20180601 DATE AS OF CHANGE: 20180601 EFFECTIVENESS DATE: 20180601 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PFM Multi-Manager Series Trust CENTRAL INDEX KEY: 0001696729 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-220096 FILM NUMBER: 18873935 BUSINESS ADDRESS: STREET 1: 213 MARKET STREET CITY: HARRISBURG STATE: PA ZIP: 17101 BUSINESS PHONE: 215-567-6100 MAIL ADDRESS: STREET 1: 213 MARKET STREET CITY: HARRISBURG STATE: PA ZIP: 17101 0001696729 S000059561 PFM Multi-Manager Domestic Equity Fund C000195097 Advisor Class C000195098 Institutional Class C000195099 R Class 0001696729 S000059562 PFM Multi-Manager Fixed-Income Fund C000195100 Advisor Class C000195101 Institutional Class C000195102 R Class 0001696729 S000059563 PFM Multi-Manager International Equity Fund C000195103 Advisor Class C000195104 Institutional Class C000195105 R Class 497 1 tv494246_497.htm 497

 

 

PFM Multi-Manager Series Trust

213 Market Street

Harrisburg, Pennsylvania 17101-2141

 

June 1, 2018

 

VIA EDGAR

 

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

 

Attention: Office of Filings, Information & Consumer Service

 

Re:PFM Multi-Manager Series Trust (the “Registrant”)
File Nos.: 333-220096 and 811-23282

 

Dear Sir or Madam:

 

Pursuant to Rule 497 under the Securities Act of 1933, as amended, please find the XBRL-coded version of prospectus disclosure for the Registrant. The attached XBRL-coded prospectus disclosure is based on the disclosure found in the Rule 497 filing for the Registrant filed on May 11, 2018 (Accession No. 0001144204-18-027663).

 

If you have any questions, please contact me at (617) 662-1742.

 

Very truly yours,

 

/s/ David James

David James

Secretary

 

 

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From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to over-weight or under-weight certain segments of the U.S. equity market and deviate from fully tracking the index in an attempt to outperform the Index.&#160;&#160;The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy. The Advisor may over-weight or under-weight certain segments of the market based on the Advisor&#39;s analysis on the economy, capital markets, valuation, and trends related to the foregoing. 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The Domestic Equity Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the Fund&#8217;s net asset value (&#8220;NAV&#8221;), yield, total return and ability to meet its investment objective.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Convertible Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Depositary Receipts Risk</font> </b> <font style="font-size:10.0pt;"> involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Domestic Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;&#160;&#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Derivative Investment Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the use of derivative investments will result in the Domestic Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Domestic Equity Fund&#8217;s portfolio, which may result in significant volatility and cause the Domestic Equity Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Domestic Equity Fund, potentially resulting in losses to Domestic Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the Domestic Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Domestic Equity Fund&#8217;s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Domestic Equity Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the Domestic Equity Fund&#8217;s ability to pursue other opportunities as they arise, or require the Domestic Equity Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Equity Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the value of the Domestic Equity Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in Initial Public Offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Foreign Currency Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Domestic Equity Fund&#8217;s investments and its returns. Because the Domestic Equity NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Domestic Equity Fund&#8217;s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the Domestic Equity Fund invests, causing an adverse impact on the Fund&#8217;s investments in the affected region.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Foreign Investments Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts (&#8220;GDRs&#8221;), and European Depositary Receipts (&#8220;EDRs&#8221;), may result in the Domestic Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Domestic Equity Fund&#8217;s investments to decline. In addition, when the Domestic Equity Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Indexing Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that because a portion of the Domestic Equity Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the Domestic Equity Fund&#8217;s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the Domestic Equity Fund&#8217;s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay Domestic Equity Fund shareholders who sell Fund shares. As such, the Domestic Equity Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the Domestic Equity Fund&#8217;s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The Domestic Equity Fund&#8217;s assets are also subject to management risk, further described below.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Investment Company Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that shareholders in the Domestic Equity Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Domestic Equity Fund&#8217;s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Domestic Equity Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF&#8217;s shares may trade above or below its net asset value; (2) an active trading market for the ETF&#8217;s shares may not develop or be maintained; (3) trading an ETF&#8217;s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests. &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;&#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> IPO Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Issuer-Specific Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security&#8217;s or instrument&#8217;s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the Domestic Equity Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Large-Capitalization Stock Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Liquidity Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the Domestic Equity Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Domestic Equity Fund would like and Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Domestic Equity Fund&#8217;s performance.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Management Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that a strategy used by the Domestic Equity Fund&#8217;s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Market Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the Domestic Equity Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Mid-Capitalization Stock Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Multi-Manager Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the sub-advisers&#8217; investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Domestic Equity Fund. The Domestic Equity Fund&#8217;s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Domestic Equity Fund&#8217;s assets to the sub-advisers. The Domestic Equity Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the Domestic Equity Fund&#8217;s multi-manager approach may result in the Domestic Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Domestic Equity Fund&#8217;s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Domestic Equity Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;&#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> New Fund Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the Domestic Equity Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the Domestic Equity Fund may determine to liquidate the Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Preferred Securities Risk</font> </b> <font style="font-size:10.0pt;"> includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Small-Capitalization Stock Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> you could lose all or part of your investment in the Domestic Equity Fund</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Performance</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Domestic Equity Fund is new and does not yet have a full calendar year of performance. After the Domestic Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678) will provide some indication of the risks of investing in the Domestic Equity Fund.</font> </p> </div> 0 0 0 0 0 0 0.0029 0.0029 0.0029 0 0 0 0.0017 0.0017 0.0017 0.0046 0.0046 0.0046 -0.0008 -0.0008 -0.0008 0.0038 0.0038 0.0038 39 39 39 139 139 139 <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> January 28, 2019</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Domestic Equity Fund is new and does not yet have a full calendar year of performance. After the Domestic Equity Fund has been in operation for a full calendar year, total return information will be presented.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Domestic Equity Fund is new and does not yet have a full calendar year of performance. After the Domestic Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678) will provide some indication of the risks of investing in the Domestic Equity Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> 1-883-736-6678</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> PFM Multi-Manager International Equity Fund</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Investment Objective</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The PFM Multi-Manager International Equity Fund (the &#8220;International Equity Fund&#8221;) seeks to provide long-term capital appreciation. Any income received is incidental to this objective.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Fees and Expenses</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The table below describes the fees and expenses that you may pay if you buy and hold shares of the International Equity Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Shareholder Fees</font> </b> <font style="font-size:10.0pt;"> (fees paid directly from your investment)</font> </p> </div> <div style="display:none">~ http://www.pfm.com/role/ScheduleShareholderFeesPFMMultiManagerInternationalEquityFund ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Annual Fund Operating Expenses</font> </b> <font style="font-size:10.0pt;"> (expenses that you pay each year as a percentage of the value of your investment)</font> </p> </div> <div style="display:none">~ http://www.pfm.com/role/ScheduleAnnualFundOperatingExpensesPFMMultiManagerInternationalEquityFund ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Example.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> This Example is intended to help you compare the costs of investing in the International Equity Fund with the cost of investing in other mutual funds.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> The Example assumes that you invest $10,000 in the International Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the International Equity Fund&#8217;s operating expenses remain the same, and reflect the contractual expense limitation agreement in place for the first year.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> </div> <div style="display:none">~ http://www.pfm.com/role/ScheduleExpenseExamplePFMMultiManagerInternationalEquityFundTransposed ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Portfolio Turnover</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The International Equity Fund pays transaction costs, such as commissions, when it buys and sells investments (or &#8220;turns over&#8221; its portfolio). 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Because the International Equity Fund is newly organized, portfolio turnover information is not available.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Principal Investment Strategies</font> </p> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">In seeking long-term capital appreciation, the International Equity Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities, and in derivatives and other instruments that have economic characteristics similar to such securities. Under normal circumstances, the International Equity Fund will provide exposure to investments that are economically tied to at least three different countries outside of the United States. The International Equity Fund considers various factors when determining whether a company is in a particular country or region/continent, including whether: (i) the issuer is organized under the laws of the country or a country within the geographic region; (ii) the issuer maintains its principal place of business in that country or region; (iii) the securities are traded principally in the country or region; or (iv) the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region, or has at least 50% of its assets in that country or region.</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">&#160;</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The International Equity Fund invests primarily in equity securities and depositary receipts of foreign issuers, and may invest up to 45% of its net assets in securities of issuers located in emerging markets countries. 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Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the International Equity Fund&#39;s assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the International Equity Fund&#39;s assets in a manner consistent with the International Equity Fund&#39;s investment objective, strategies and restrictions. The Adviser has overall responsibility for the International Equity Fund&#39;s investments, and for selecting and overseeing the International Equity Fund&#39;s sub-advisers. Not all of the sub-advisers listed for the International Equity Fund may be actively managing assets for the International Equity Fund at all times, particularly in the initial stages of the International Equity Fund. The Adviser also has discretion to manage directly all or a portion of the International Equity Fund. 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The international mid-small capitalization strategies invest in stocks of mid-capitalization and small-capitalization stocks located in both developed and emerging markets. Under normal circumstances, the International Equity Fund&#39;s mid-small strategies define a mid-small capitalization company as having a market capitalization within the smallest 30% of investable companies within each individual country represented in the MSCI ACWI ex-US Index at the time of acquisition. 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The index replication strategies involve investing in stocks in approximately the same proportion as they are represented in certain indices, e.g., the MSCI ACWI ex USA Index. The International Equity Fund&#39;s index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the International Equity Fund&#39;s index replication strategies may employ a sampling whereby the International Equity Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to over-weight or under-weight certain segments of the international equity market and deviate from fully tracking the index in an attempt to outperform the Index. The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy. The Advisor may over-weight or under-weight certain segments of the market based on the Advisor&#39;s analysis on the economy, capital markets, valuation, and trends related to the foregoing. The International Equity Fund expects to allocate between 30% and 75% of its assets to index replication strategies.</font></p><p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">&#160;</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Each of the total international all-capitalization, international developed markets, international emerging markets, and international mid-small capitalization strategies are constructed using either a fundamental bottom-up investment process, which includes consideration of a company&#39;s intrinsic or fair value, or quantitative strategies where the sub-adviser(s) rank stocks based on certain factors. These factors may include, but are not limited to, measures quantifying historical and forecasted valuations as compared to earnings, sales, and book value; quality measures such as cash on the balance sheet, earnings momentum, and debt to equity; and measures of market sentiment such as share price momentum or short interest.</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">&#160;</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser&#39;s investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser&#39;s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the International Equity Fund.</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">&#160;</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The International Equity Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The International Equity Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The International Equity Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">&#160;</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The International Equity Fund may seek to implement its investment strategy through investments in exchange-traded funds (&#8220;ETFs&#8221;) and other registered investment companies instead of direct investments. The International Equity Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.</font></p> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Principal Investment Risks</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> As with any investment, you could lose all or part of your investment in the International Equity Fund, and the International Equity Fund&#8217;s performance could trail that of other investments. The International Equity Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The International Equity Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the International Equity Fund&#8217;s net asset value (&#8220;NAV&#8221;), yield, total return and ability to meet its investment objective.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Convertible Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Depositary Receipts Risk</font> </b> <font style="font-size:10.0pt;"> involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The International Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;&#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Derivative Investment Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the use of derivative investments will result in the International Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the International Equity Fund&#8217;s portfolio, which may result in significant volatility and cause the International Equity Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the International Equity Fund, potentially resulting in losses to International Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the International Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the International Equity Fund&#8217;s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the International Equity Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the International Equity Fund&#8217;s ability to pursue other opportunities as they arise, or require the International Equity Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Emerging Markets Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Equity Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the value of the International Equity Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in Initial Public Offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Foreign Currency Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the International Equity Fund&#8217;s investments and its returns. Because the International Equity Fund&#8217;s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the International Equity Fund&#8217;s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the International Equity Fund invests, causing an adverse impact on the Fund&#8217;s investments in the affected region.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Foreign Investments Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts (&#8220;GDR&#8221;), and European Depositary Receipts (&#8220;EDRs&#8221;), may result in the International Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the International Equity Fund&#8217;s investments to decline. In addition, when the International Equity Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Geographic Focus Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the country or region in which the fund invests, and may be more volatile than the performance of a more geographically-diversified fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Indexing Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that because a portion of the International Equity Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the International Equity Fund&#8217;s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the International Equity Fund&#8217;s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay International Equity Fund shareholders who sell Fund shares. As such, the International Equity Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the International Equity Fund&#8217;s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The International Equity Fund&#8217;s assets are also subject to management risk, further described below.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Investment Company Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that shareholders in the International Equity Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the International Equity Fund&#8217;s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the International Equity Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF&#8217;s shares may trade above or below its net asset value; (2) an active trading market for the ETF&#8217;s shares may not develop or be maintained; (3) trading an ETF&#8217;s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> IPO Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Issuer-Specific Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security&#8217;s or instrument&#8217;s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the International Equity Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Large-Capitalization Stock Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Liquidity Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the International Equity Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the International Equity Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the International Equity Fund&#8217;s performance.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Management Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that a strategy used by the International Equity Fund&#8217;s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Market Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the International Equity Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Mid-Capitalization Stock Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Multi-Manager Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the sub-advisers&#8217; investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the International Equity Fund. The International Equity Fund&#8217;s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the International Equity Fund&#8217;s assets to the sub-advisers. The International Equity Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the International Equity Fund&#8217;s multi-manager approach may result in the International Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the International Equity Fund&#8217;s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the International Equity Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> New Fund Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the International Equity Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the International Equity Fund may determine to liquidate the International Equity Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Preferred Securities Risk</font> </b> <font style="font-size:10.0pt;"> includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Small-Capitalization Stock Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Valuation Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the sale price the International Equity Fund could receive for a portfolio security may differ from the Fund&#8217;s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the International Equity Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the International Equity Fund&#8217;s shares.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Performance</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The International Equity Fund is new and does not yet have a full calendar year of performance. After the International Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the International Equity Fund.</font> </p> </div> 0 0 0 0 0 0 0.005 0.005 0.005 0 0 0 0.0029 0.0029 0.0029 0.0079 0.0079 0.0079 -0.0016 -0.0016 -0.0016 0.0063 0.0063 0.0063 64 64 64 235 235 235 <div class="WordSection1"> <p style="margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> January 28, 2019</font> </p> </div> <div class="WordSection1"> <p style="margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> you could lose all or part of your investment in the International Equity Fund</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The International Equity Fund is new and does not yet have a full calendar year of performance. After the International Equity Fund has been in operation for a full calendar year, total return information will be presented.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The International Equity Fund is new and does not yet have a full calendar year of performance. After the International Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the International Equity Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> 1-883-736-6678</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-style: italic; font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> PFM Multi-Manager Fixed-Income Fund</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Investment Objective</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The PFM Multi-Manager Fixed-Income Fund (the &#8220;Fixed-Income Fund&#8221;) seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Fees and Expenses</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fixed-Income Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Shareholder Fees</font> </b> <font style="font-size:10.0pt;"> (fees paid directly from your investment)</font> </p> </div> <div style="display:none">~ http://www.pfm.com/role/ScheduleShareholderFeesPFMMultiManagerFixedIncomeFund ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Annual Fund Operating Expenses</font> </b> <font style="font-size:10.0pt;"> (expenses that you pay each year as a percentage of the value of your investment)</font> </p> </div> <div style="display:none">~ http://www.pfm.com/role/ScheduleAnnualFundOperatingExpensesPFMMultiManagerFixedIncomeFund ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Example.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> This Example is intended to help you compare the costs of investing in the Fixed-Income Fund with the cost of investing in other mutual funds.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Example assumes that you invest $10,000 in the Fixed-Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fixed-Income Fund&#8217;s operating expenses remain the same, and reflect the contractual expense limitation arrangement in place for the first year.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> </div> <div style="display:none">~ http://www.pfm.com/role/ScheduleExpenseExamplePFMMultiManagerFixedIncomeFundTransposed ~</div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Portfolio Turnover</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund pays transaction costs, such as commissions, when it buys and sells investments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fixed Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fixed-Income Fund&#8217;s performance. Because the Fixed-Income Fund is newly organized, portfolio turnover information is not available.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Principal Investment Strategies</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund will seek capital appreciation and current income in its attempt to maximize total return. In doing so, the Fixed-Income Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in bonds and other fixed-income securities, and in derivatives and other instruments that have economic characteristics similar to such securities. These may include:</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Obligations of state, local and foreign governments;</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Obligations of domestic and foreign banks, corporations and other institutions;</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Zero coupon bonds, debentures, preferred stock, convertible securities and loan participations;</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Mortgage- and other asset-backed securities, including collateralized loan obligations (&#8220;CLOs&#8221;);</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Stripped securities evidencing ownership of future interest or principal payments on debt obligations; and</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> Repurchase agreements relating to the above instruments.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund primarily invests in investment grade debt obligations (<i> i.e.</i> , obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (&#8220;NRSRO&#8221;) or of comparable quality as determined by the Fixed-Income Fund&#8217;s investment sub-advisers, but may invest up to 40% of its net assets in obligations that are rated below-investment grade (which may include, among other investments, securities commonly referred to as &#8220;junk bonds&#8221;). A security is considered investment grade if, at the time of purchase, it is rated BBB- or higher by Standard &amp; Poor's Financial Services LLC or Fitch Ratings, Baa3 or higher by Moody's Investors Service, or BBB (low) or higher by DBRS. A security is considered non-investment grade if it does not meet the criteria listed above.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed Income Fund may invest up to 25% of its net assets in securities of issuers located in emerging markets. The Fund may also invest in distressed securities.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund expects to maintain an average duration, under normal circumstances, of not more than eight years. Duration is a measure of price sensitivity of a fixed income investment or portfolio (expressed as % change in price) to a 1 percentage point (i.e., 100 basis points) change in interest rates, accounting for optionality in bonds such as prepayment risk and call/put features. A longer duration means an increased likelihood of interest rate sensitivity. For example, when the level of interest rates increases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will decrease by approximately 0.50%. Conversely, when the level of interest rates decreases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will increase by approximately 0.50%.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund will utilize a &#8220;multi-manager&#8221; approach whereby the Adviser allocates the Fixed-Income Fund&#8217;s assets to one or more unaffiliated sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the Fixed-Income Fund&#8217;s assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the Fixed-Income Fund&#8217;s assets in a manner consistent with the Fixed-Income Fund&#8217;s investment objective, strategies and restrictions. The Adviser has overall responsibility for the Fixed-Income Fund&#8217;s investments, and for selecting and overseeing the Fixed-Income Fund&#8217;s sub-advisers. Not all of the sub-advisers listed for the Fixed-Income Fund may be actively managing assets for the Fixed-Income Fund at all times, particularly in the initial stages of the Fixed-Income Fund. The Adviser also has discretion to manage directly all or a portion of the Fixed-Income Fund. The principal investment strategies that will be employed by the Fixed-Income Fund include the following:</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <table class="MsoNormalTable c6" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td width="24" valign="top" style="width:.25in;padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Core Fixed-Income</font> </b> <font style="font-size:10.0pt;">. The core fixed-income strategies invest in a broad range of investment-grade bonds and fixed-income securities, including U.S. government securities, corporate bonds, taxable municipal securities, and mortgage-backed or other asset-backed securities. The strategy may also invest in a limited amount of non-investment grade securities. The core fixed-income strategy seeks to invest primarily in securities the sub-adviser(s) considers undervalued. The core fixed-income strategies are constructed through using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate between 30% and 75% of its assets in core fixed-income strategies.</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Investment Grade Credit</font> </b> <font style="font-size:10.0pt;">. The investment grade credit strategies invest in U.S. and, to a limited extent, non-U.S. investment grade bonds and securities of U.S. and non-U.S. corporations and other institutions. The investment grade credit strategies are constructed using a bottom-up investment approach. The sub-adviser(s) may from time to time invest up to 5% of the assets allocated to the strategy in high yield securities. The investment grade credit strategies are constructed using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate up to 30% of its assets to investment grade credit strategies.</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> High Yield</font> </b> <font style="font-size:10.0pt;">. The high yield strategies invest in U.S. and non-U.S. fixed income instruments rated below investment grade. The high yield strategies are constructed using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate up to 30% of its&#160;&#160;assets to high yield strategies.</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Structured Fixed-Income</font> </b> <font style="font-size:10.0pt;">. The structured fixed-income strategies invest in high quality structured fixed-income securities, with a particular focus on asset-backed securities backed by assets other than real estate (also known as non-traditional asset-backed securities). The structured fixed-income strategy may also invest a limited amount in commercial mortgage-backed securities, agency-backed securities, and corporate and municipal debt instruments that are secured by tangible asset collateral or revenue streams. The structured fixed-income strategies are constructed using either a bottom-up investment approach or a quantitative framework to assess valuation and long-term return potential. The Fixed-Income Fund expects to allocate up to 30% of its assets to structured fixed-income strategies.</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <b> <font style="font-size:10.0pt;"> Convertible Bonds.</font> </b> <font style="font-size:10.0pt;"> The convertible bonds strategies invest in bonds and securities that can convert to equity securities. The rating of the convertible bonds may be investment-grade or can be rated below investment-grade. The convertible bonds strategies are constructed using a combination of fundamental and quantitative analysis to select convertible bonds that the sub-adviser(s) believe are trading at a discount to intrinsic value and risk of loss is limited. The Fixed-Income Fund expects to allocate up to 20% of its assets to convertible bonds strategies.</font> </p> </td> </tr> <tr> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> &#160;</p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;font-family:Symbol;"> &#183;</font> </p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Index Replication.</font> </b> <font style="font-size:10.0pt;"> The index replication strategies involve investing in bonds in approximately the same proportion as they are represented in certain indices, e.g., the Bloomberg Barclays US Aggregate Bond Index. The Fixed Income Fund&#8217;s index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the Fixed Income Fund&#8217;s index replication strategies may employ a sampling whereby the Fixed Income Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to overweight or under-weight certain segments of the fixed income market and deviate from fully tracking the index in an attempt to outperform the Index.&#160;&#160;The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy. &#160;The Advisor may over-weight or under-weight certain segments of the market based on the Advisor&#8217;s analysis on the economy, capital markets, valuation, and trends related to the foregoing. The Fixed Income Fund expects to allocate between 0% and 60% of its assets to index replication strategies.</font> </p> </td> </tr> </table> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;&#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser&#8217;s investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser&#8217;s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fixed-Income Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The Fixed-Income Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The Fixed-Income Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fixed-Income Fund may also purchase or sell securities on a forward commitment basis. Forward commitments also include &#8220;to be announced&#8221; (&#8220;TBA&#8221;) securities.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund may seek to implement its investment strategy through investments in exchange-traded funds (&#8220;ETFs&#8221;) and other registered investment companies instead of direct investments. The Fixed Income Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Certain of the Fixed-Income Fund&#8217;s sub-advisers may select investments in fixed-income securities issued by corporate entities or certain foreign governments using environmental, social, and governance (&#8220;ESG&#8221;) criteria (each an &#8220;ESG Strategy&#8221;). All such corporate or foreign government issuers must meet or exceed minimum ESG performance standards to be eligible for investment under an ESG Strategy.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> The Fixed-Income Fund&#8217;s investment sub-advisers may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Principal Investment Risks</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> As with any investment, you could lose all or part of your investment in the Fixed-Income Fund, and the Fixed-Income Fund&#8217;s performance could trail that of other investments. The Fixed-Income Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The Fixed-Income Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the Fixed-Income Fund&#8217;s net asset value (&#8220;NAV&#8221;), yield, total return and ability to meet its investment objective.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> CLO Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fixed-Income Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Convertible Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Credit (or Default) Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fixed-Income Fund&#8217;s investments and its returns. Changes in the credit rating of a debt security held by the Fixed-Income Fund could have a similar effect.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Counterparty Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. The Fixed-Income Fund will be subject to credit risks with respect to the counterparties of its derivative transactions. Many of the protections afforded to participants on organized exchanges, such as the performance guarantee of an exchange clearinghouse, are not available in connection with over-the-counter ("OTC") derivative transactions, such as foreign currency transactions. As a result, in instances when the Fixed-Income Fund enters into OTC derivative transactions, the Fixed-Income Fund will be subject to the risk that its direct counterparties will not perform their obligations under the transactions and that the Fund will sustain losses or be unable to realize gains.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Debt Extension Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fixed-Income Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fixed-Income Fund will suffer from the inability to invest in higher yielding securities.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Derivative Investment Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the use of derivative investments will result in the Fixed-Income Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Fixed-Income Fund&#8217;s portfolio, which may result in significant volatility and cause the Fixed-Income Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Fixed-Income Fund, potentially resulting in losses to Fixed-Income Fund shareholders. Derivatives may be less liquid than more traditional investments and the Fixed-Income Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Fixed-Income Fund&#8217;s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Fixed-Income Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the Fixed-Income Fund&#8217;s ability to pursue other opportunities as they arise, or require the Fixed-Income Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Defaulted/Distressed Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that a distressed securities may not produce income while they are outstanding and may require the Fixed-Income Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Downgrade Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that securities are subsequently downgraded should the sub-advisers and/or rating agencies believe the issuer&#8217;s business outlook or creditworthiness has deteriorated.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:11.0pt; font-family:Calibri,sans-serif;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> ESG Strategy Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that because the Fixed-Income Fund&#8217;s sub-advisers may use ESG criteria that exclude securities of certain issuers from the universe of potential investments for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Emerging Markets Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Fixed-Income Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the values of debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fixed-Income Fund&#8217;s fixed-income securities to decrease, a change in the Fixed-Income Fund&#8217;s income and yield, an adverse impact on the liquidity of the Fund&#8217;s fixed-income securities, and increased volatility of the fixed-income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fixed-Income Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Foreign Currency Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fixed-Income Fund&#8217;s investments and its returns. Because the Fixed-Income Fund&#8217;s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fixed-Income Fund&#8217;s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the Fixed-Income Fund invests, causing an adverse impact on the Fund&#8217;s investments in the affected region.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Foreign Investments Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fixed Income Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fixed-Income Fund&#8217;s investments to decline. In addition, when the Fixed Income Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Forward Commitment, When-Issued, and Delayed Delivery Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that such transactions subject the Fixed-Income Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the Fixed-Income Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on the Fixed-Income Fund because the Fixed-Income Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fixed-Income Fund&#8217;s overall investment exposure and, as a result, its volatility.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> High-Yield Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the Fixed-Income Fund&#8217;s non-investment grade fixed-income securities, sometimes known as &#8220;junk bonds,&#8221; will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund&#8217;s return and net asset value. High yield securities are considered highly speculative and are subject to the increased risk of an issuer&#8217;s inability to make principal and interest payments.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Illiquid Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that because illiquid securities may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund. Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions and/or investor perception.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Indexing Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that because a portion of the Fixed Income Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the International Equity Fund&#8217;s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the Fixed Income Fund&#8217;s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay Fixed Income Fund shareholders who sell Fund shares. As such, the Fixed Income Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the Fixed Income Fund&#8217;s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The Fixed Income Fund&#8217;s assets are also subject to management risk, further described below.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Interest Rate Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that during periods of rising interest rates, the Fixed-Income Fund&#8217;s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund&#8217;s yield (and the market value of its securities) will tend to be higher. If interest rates rise, the Fixed-Income Fund&#8217;s yield may not increase proportionately. The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and the Fixed-Income Fund&#8217;s investments. A low interest rate environment poses additional risks to the Fixed-Income Fund&#8217;s performance.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Investment Company Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that shareholders in the Fixed-Income Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fixed-Income Fund&#8217;s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Fixed-Income Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF&#8217;s shares may trade above or below its net asset value; (2) an active trading market for the ETF&#8217;s shares may not develop or be maintained; (3) trading an ETF&#8217;s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Issuer-Specific Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security&#8217;s or instrument&#8217;s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the Fixed-Income Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Liquidity Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the Fixed-Income Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fixed-Income Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Fixed-Income Fund&#8217;s performance.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Management Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that a strategy used by the Fixed-Income Fund&#8217;s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Market Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the Fixed Income Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Mortgage- and Asset-Backed Securities Risk</font> </b> <font style="font-size:10.0pt;"> includes various risks, including prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fixed-Income Fund reinvesting these early payments at lower interest rates, thereby reducing the Fixed-Income Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund&#8217;s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fixed-Income Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Multi-Manager Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the sub-advisers&#8217; investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Fixed-Income Fund. The Fixed-Income Fund&#8217;s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Fixed-Income Fund&#8217;s assets to the sub-advisers. The Fixed-Income Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the Fixed-Income Fund&#8217;s multi-manager approach may result in the Fixed-Income Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fixed-Income Fund&#8217;s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Fixed-Income Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Municipal Securities Risk</font> </b> <font style="font-size:10.0pt;"> generally depends on the financial and credit status of a municipal issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer&#8217;s regional economic conditions may affect the municipal security&#8217;s value, interest payments, repayment of principal and the Fund&#8217;s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security&#8217;s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> New Fund Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the Fixed-Income Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the Fund may determine to liquidate the Fixed-Income Fund.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Portfolio Turnover Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that high portfolio turnover may lead to increased Fixed-Income Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Preferred Securities Risk</font> </b> <font style="font-size:10.0pt;"> includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Prepayment (or Call) Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Sovereign Debt Risk</font> </b> <font style="font-size:10.0pt;"> refers to the risk that investments in sovereign debt securities (or foreign government debt securities) involves certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> TBA Transactions Risk</font> </b> <font style="font-size:10.0pt;"> is the risk of loss if the securities received are less favorable than what was anticipated by the Fixed-Income Fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> U.S. Government Securities Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored entities if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fixed-Income Fund may not be backed by the full faith and credit of the U.S. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Valuation Risk</font> </b> <font style="font-size:10.0pt;"> is the risk that the sale price the Fixed-Income Fund could receive for a portfolio security may differ from the Fixed-Income Fund&#8217;s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fixed-Income Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fixed-Income Fund&#8217;s shares.</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> &#160;</font> </p> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <b> <font style="font-size:10.0pt;"> Zero Coupon Risk</font> </b> <font style="font-size:10.0pt;"> reflects the risk that zero coupon securities are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;font-weight: bold; margin: 0in; margin-bottom: .0001pt;"> <font style="font-size:10.0pt;"> Performance</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Performance information will be available in the Prospectus after the Fixed-Income Fund has been in operation for one full calendar year. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the Fixed-Income Fund.</font> </p> </div> 0 0 0 0 0 0 0.004 0.004 0.004 0 0 0 0.0023 0.0023 0.0023 0.0063 0.0063 0.0063 -0.0008 -0.0008 -0.0008 0.0055 0.0055 0.0055 56 56 56 193 193 193 <div class="WordSection1"> <p style="margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> January 28, 2019</font> </p> </div> <div class="WordSection1"> <p style="margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times New Roman,serif;"> <font style="font-size:10.0pt;"> &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> you could lose all or part of your investment in the Fixed-Income Fund</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Performance information will be available in the Prospectus after the Fixed-Income Fund has been in operation for one full calendar year.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> Performance information will be available in the Prospectus after the Fixed-Income Fund has been in operation for one full calendar year. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the Fixed-Income Fund.</font> </p> </div> <div class="WordSection1"> <p style="margin-right:0in;margin-left:0in;font-size:10.0pt;font-family:Times New Roman,serif;margin:0in;margin-bottom:.0001pt;"> <font style="font-size:10.0pt;"> 1-883-736-6678</font> </p> </div> “Other Expenses” are based on estimated amounts for the current fiscal year. PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the Domestic Equity Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.38% of the Domestic Equity Fund’s average daily net assets, through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Domestic Equity Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the Domestic Equity Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less. “Other Expenses” are based on estimated amounts for the current fiscal year. PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the International Equity Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.63% of the International Equity Fund’s average daily net assets through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the International Equity Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the International Equity Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less. “Other Expenses” are based on estimated amounts for the current fiscal year. PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the Fixed-Income Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.55% of the Fixed-Income Fund’s average daily net assets through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fixed-Income Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the Fixed-Income Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less. 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PFM Multi-Manager Domestic Equity Fund (Prospectus Summary) | PFM Multi-Manager Domestic Equity Fund

PFM Multi-Manager Domestic Equity Fund

Investment Objective

The PFM Multi-Manager Domestic Equity Fund (the “Domestic Equity Fund”) seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Domestic Equity Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - - PFM Multi-Manager Domestic Equity Fund
Advisor Class
Institutional Class
R Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) none none none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - - PFM Multi-Manager Domestic Equity Fund
Advisor Class
Institutional Class
R Class
Management Fees 0.29% 0.29% 0.29%
Distribution and/or Service (12b-1) Fees none none none
Other Expenses [1] 0.17% 0.17% 0.17%
Total Annual Fund Operating Expenses 0.46% 0.46% 0.46%
Fee Waiver or Expense Reimbursement [2] 0.08% 0.08% 0.08%
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement 0.38% 0.38% 0.38%
[1] “Other Expenses” are based on estimated amounts for the current fiscal year.
[2] PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the Domestic Equity Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.38% of the Domestic Equity Fund’s average daily net assets, through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Domestic Equity Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the Domestic Equity Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less.

Example.

This Example is intended to help you compare the costs of investing in the Domestic Equity Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Domestic Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Domestic Equity Fund’s operating expenses remain the same, and reflect the contractual expense limitation arrangement in place for the first year.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - - PFM Multi-Manager Domestic Equity Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Advisor Class 39 139
Institutional Class 39 139
R Class 39 139

Portfolio Turnover

The Domestic Equity Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Domestic Equity Fund’s performance. Because the Domestic Equity Fund is newly organized, portfolio turnover information is not available.

Principal Investment Strategies

In seeking long-term capital appreciation, the Domestic Equity Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities of U.S. based companies, and in derivatives and other instruments that have economic characteristics similar to such securities. Companies are considered to be U.S. based if they are organized under the laws of the United States, have a principal office in the United States, or have their principal securities market in the United States.

 

The Domestic Equity Fund's investments in equity securities are expected to consist primarily of common stocks, including initial public offerings (“IPOs”) of U.S. based companies, but may also include preferred stocks and convertible securities of such companies. The Domestic Equity Fund may also invest in foreign equity securities and depositary receipts.

 

The Domestic Equity Fund may invest in issuers with market capitalizations in all ranges, including small-, medium- and large-capitalization companies.

 

The Domestic Equity Fund will utilize a “multi-manager” approach whereby the Adviser allocates the Domestic Equity Fund's assets to one or more sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the Domestic Equity Fund's assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the Domestic Equity Fund's assets in a manner consistent with the Domestic Equity Fund's investment objective, strategies and restrictions. The Adviser has overall responsibility for the Domestic Equity Fund's investments, and for selecting and overseeing the Domestic Equity Fund's sub-advisers. Not all of the sub-advisers listed for the Domestic Equity Fund may be actively managing assets for the Domestic Equity Fund at all times, particularly in the initial stages of the Domestic Equity Fund. The Adviser also has discretion to manage directly all or a portion of the Domestic Equity Fund. The principal investment strategies that will be employed by the Domestic Equity Fund include the following:

 

·        All-Capitalization. The all-capitalization strategies invest in common stocks of any capitalization size. The Domestic Equity Fund's all-capitalization strategies seek to invest in companies that are trading at a discount to fair value with the potential to generate above-average rates of returns over time. The Domestic Equity Fund expects to allocate up to 50% of its assets to all-capitalization strategies.

 

·        Large-Capitalization. The large-capitalization strategies invest in common stocks of large-capitalization companies that the sub-adviser(s) believe have strong-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's large-capitalization strategies define a large-capitalization company as having a market capitalization of greater than $15 billion or is a constituent of the Russell 1000 or S&P 500 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 40% of its assets to large-capitalization strategies.

 

·        Mid-Capitalization. The mid-capitalization strategies invest in common stocks of mid-capitalization companies that the sub-adviser(s) believe have strong-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's mid-capitalization strategies define a mid-capitalization company as having a market capitalization of greater than $5 billion but less than $15 billion or is a constituent of the Russell Mid Cap or S&P 400 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 30% of its assets to mid-capitalization strategies.

 

·        Small-Capitalization. The small-capitalization strategies invest in common stocks of small-capitalization companies that the sub-adviser(s) believe have strong-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's small-capitalization strategies define a small-capitalization company as having a market capitalization of less than $5 billion or is a constituent of the Russell 2000 or S&P 600 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 30% of its assets to small-capitalization strategies.

 

·        Index Replication. The index replication strategies involve investing in stocks in approximately the same proportion as they are represented in certain indices, e.g., the Russell 3000 Index. The Domestic Equity Fund's index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the Domestic Equity Fund's index replication strategies may employ a sampling whereby the Domestic Equity Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to over-weight or under-weight certain segments of the U.S. equity market and deviate from fully tracking the index in an attempt to outperform the Index.  The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy. The Advisor may over-weight or under-weight certain segments of the market based on the Advisor's analysis on the economy, capital markets, valuation, and trends related to the foregoing. The Domestic Equity Fund expects to allocate between 30% and 75% of its assets to index replication strategies.

 

Each of the all-capitalization, large-capitalization, mid-capitalization, and small-capitalization strategies are constructed using either a fundamental bottom-up investment process, which includes consideration of a company's intrinsic or fair value, or quantitative strategies where the sub-adviser(s) rank stocks based on certain factors. These factors may include, but are not limited to, measures quantifying historical and forecasted valuations as compared to earnings, sales, and book value; quality measures such as cash on the balance sheet, earnings momentum, and debt to equity; and measures of market sentiment such as share price momentum or short interest.

 

When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser's investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser's allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Domestic Equity Fund.

 

The Domestic Equity Fund can invest in derivative instruments, including futures contracts. The Domestic Equity Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets.

 

The Domestic Equity Fund may seek to implement its investment strategies through investments in exchange-traded funds (“ETFs”) and other registered investment companies instead of direct investments. The Domestic Equity Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.

Principal Investment Risks

As with any investment, you could lose all or part of your investment in the Domestic Equity Fund, and the Fund’s performance could lag that of other investments. The Domestic Equity Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The Domestic Equity Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the Fund’s net asset value (“NAV”), yield, total return and ability to meet its investment objective.

 

Convertible Securities Risk is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

 

Depositary Receipts Risk involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Domestic Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

   

Derivative Investment Risk is the risk that the use of derivative investments will result in the Domestic Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Domestic Equity Fund’s portfolio, which may result in significant volatility and cause the Domestic Equity Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Domestic Equity Fund, potentially resulting in losses to Domestic Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the Domestic Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Domestic Equity Fund’s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Domestic Equity Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the Domestic Equity Fund’s ability to pursue other opportunities as they arise, or require the Domestic Equity Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.

 

Equity Securities Risk is the risk that the value of the Domestic Equity Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in Initial Public Offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock.

 

Foreign Currency Risk is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Domestic Equity Fund’s investments and its returns. Because the Domestic Equity NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Domestic Equity Fund’s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the Domestic Equity Fund invests, causing an adverse impact on the Fund’s investments in the affected region.

 

Foreign Investments Risk is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts (“EDRs”), may result in the Domestic Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Domestic Equity Fund’s investments to decline. In addition, when the Domestic Equity Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.

 

Indexing Risk is the risk that because a portion of the Domestic Equity Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the Domestic Equity Fund’s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the Domestic Equity Fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay Domestic Equity Fund shareholders who sell Fund shares. As such, the Domestic Equity Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the Domestic Equity Fund’s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The Domestic Equity Fund’s assets are also subject to management risk, further described below.

 

Investment Company Risk is the risk that shareholders in the Domestic Equity Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Domestic Equity Fund’s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Domestic Equity Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.  

  

IPO Risk is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories.

 

Issuer-Specific Risk is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the Domestic Equity Fund.

 

Large-Capitalization Stock Risk is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.

 

Liquidity Risk is the risk that the Domestic Equity Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Domestic Equity Fund would like and Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Domestic Equity Fund’s performance.

 

Management Risk is the risk that a strategy used by the Domestic Equity Fund’s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.

 

Market Risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the Domestic Equity Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

 

Mid-Capitalization Stock Risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

 

Multi-Manager Risk is the risk that the sub-advisers’ investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Domestic Equity Fund. The Domestic Equity Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Domestic Equity Fund’s assets to the sub-advisers. The Domestic Equity Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the Domestic Equity Fund’s multi-manager approach may result in the Domestic Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Domestic Equity Fund’s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Domestic Equity Fund.

  

New Fund Risk is the risk that the Domestic Equity Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the Domestic Equity Fund may determine to liquidate the Fund.

 

Preferred Securities Risk includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

 

Small-Capitalization Stock Risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

Performance

The Domestic Equity Fund is new and does not yet have a full calendar year of performance. After the Domestic Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678) will provide some indication of the risks of investing in the Domestic Equity Fund.

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PFM Multi-Manager Domestic Equity Fund (Prospectus Summary) | PFM Multi-Manager Domestic Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

PFM Multi-Manager Domestic Equity Fund

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The PFM Multi-Manager Domestic Equity Fund (the “Domestic Equity Fund”) seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Domestic Equity Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

January 28, 2019

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Domestic Equity Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Domestic Equity Fund’s performance. Because the Domestic Equity Fund is newly organized, portfolio turnover information is not available.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” are based on estimated amounts for the current fiscal year.

Expense Example [Heading] rr_ExpenseExampleHeading

Example.

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the costs of investing in the Domestic Equity Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Domestic Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Domestic Equity Fund’s operating expenses remain the same, and reflect the contractual expense limitation arrangement in place for the first year.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

In seeking long-term capital appreciation, the Domestic Equity Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities of U.S. based companies, and in derivatives and other instruments that have economic characteristics similar to such securities. Companies are considered to be U.S. based if they are organized under the laws of the United States, have a principal office in the United States, or have their principal securities market in the United States.

 

The Domestic Equity Fund's investments in equity securities are expected to consist primarily of common stocks, including initial public offerings (“IPOs”) of U.S. based companies, but may also include preferred stocks and convertible securities of such companies. The Domestic Equity Fund may also invest in foreign equity securities and depositary receipts.

 

The Domestic Equity Fund may invest in issuers with market capitalizations in all ranges, including small-, medium- and large-capitalization companies.

 

The Domestic Equity Fund will utilize a “multi-manager” approach whereby the Adviser allocates the Domestic Equity Fund's assets to one or more sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the Domestic Equity Fund's assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the Domestic Equity Fund's assets in a manner consistent with the Domestic Equity Fund's investment objective, strategies and restrictions. The Adviser has overall responsibility for the Domestic Equity Fund's investments, and for selecting and overseeing the Domestic Equity Fund's sub-advisers. Not all of the sub-advisers listed for the Domestic Equity Fund may be actively managing assets for the Domestic Equity Fund at all times, particularly in the initial stages of the Domestic Equity Fund. The Adviser also has discretion to manage directly all or a portion of the Domestic Equity Fund. The principal investment strategies that will be employed by the Domestic Equity Fund include the following:

 

·        All-Capitalization. The all-capitalization strategies invest in common stocks of any capitalization size. The Domestic Equity Fund's all-capitalization strategies seek to invest in companies that are trading at a discount to fair value with the potential to generate above-average rates of returns over time. The Domestic Equity Fund expects to allocate up to 50% of its assets to all-capitalization strategies.

 

·        Large-Capitalization. The large-capitalization strategies invest in common stocks of large-capitalization companies that the sub-adviser(s) believe have strong-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's large-capitalization strategies define a large-capitalization company as having a market capitalization of greater than $15 billion or is a constituent of the Russell 1000 or S&P 500 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 40% of its assets to large-capitalization strategies.

 

·        Mid-Capitalization. The mid-capitalization strategies invest in common stocks of mid-capitalization companies that the sub-adviser(s) believe have strong-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's mid-capitalization strategies define a mid-capitalization company as having a market capitalization of greater than $5 billion but less than $15 billion or is a constituent of the Russell Mid Cap or S&P 400 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 30% of its assets to mid-capitalization strategies.

 

·        Small-Capitalization. The small-capitalization strategies invest in common stocks of small-capitalization companies that the sub-adviser(s) believe have strong-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's small-capitalization strategies define a small-capitalization company as having a market capitalization of less than $5 billion or is a constituent of the Russell 2000 or S&P 600 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 30% of its assets to small-capitalization strategies.

 

·        Index Replication. The index replication strategies involve investing in stocks in approximately the same proportion as they are represented in certain indices, e.g., the Russell 3000 Index. The Domestic Equity Fund's index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the Domestic Equity Fund's index replication strategies may employ a sampling whereby the Domestic Equity Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to over-weight or under-weight certain segments of the U.S. equity market and deviate from fully tracking the index in an attempt to outperform the Index.  The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy. The Advisor may over-weight or under-weight certain segments of the market based on the Advisor's analysis on the economy, capital markets, valuation, and trends related to the foregoing. The Domestic Equity Fund expects to allocate between 30% and 75% of its assets to index replication strategies.

 

Each of the all-capitalization, large-capitalization, mid-capitalization, and small-capitalization strategies are constructed using either a fundamental bottom-up investment process, which includes consideration of a company's intrinsic or fair value, or quantitative strategies where the sub-adviser(s) rank stocks based on certain factors. These factors may include, but are not limited to, measures quantifying historical and forecasted valuations as compared to earnings, sales, and book value; quality measures such as cash on the balance sheet, earnings momentum, and debt to equity; and measures of market sentiment such as share price momentum or short interest.

 

When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser's investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser's allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Domestic Equity Fund.

 

The Domestic Equity Fund can invest in derivative instruments, including futures contracts. The Domestic Equity Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets.

 

The Domestic Equity Fund may seek to implement its investment strategies through investments in exchange-traded funds (“ETFs”) and other registered investment companies instead of direct investments. The Domestic Equity Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any investment, you could lose all or part of your investment in the Domestic Equity Fund, and the Fund’s performance could lag that of other investments. The Domestic Equity Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The Domestic Equity Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the Fund’s net asset value (“NAV”), yield, total return and ability to meet its investment objective.

 

Convertible Securities Risk is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

 

Depositary Receipts Risk involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Domestic Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

   

Derivative Investment Risk is the risk that the use of derivative investments will result in the Domestic Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Domestic Equity Fund’s portfolio, which may result in significant volatility and cause the Domestic Equity Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Domestic Equity Fund, potentially resulting in losses to Domestic Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the Domestic Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Domestic Equity Fund’s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Domestic Equity Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the Domestic Equity Fund’s ability to pursue other opportunities as they arise, or require the Domestic Equity Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.

 

Equity Securities Risk is the risk that the value of the Domestic Equity Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in Initial Public Offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock.

 

Foreign Currency Risk is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Domestic Equity Fund’s investments and its returns. Because the Domestic Equity NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Domestic Equity Fund’s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the Domestic Equity Fund invests, causing an adverse impact on the Fund’s investments in the affected region.

 

Foreign Investments Risk is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts (“EDRs”), may result in the Domestic Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Domestic Equity Fund’s investments to decline. In addition, when the Domestic Equity Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.

 

Indexing Risk is the risk that because a portion of the Domestic Equity Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the Domestic Equity Fund’s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the Domestic Equity Fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay Domestic Equity Fund shareholders who sell Fund shares. As such, the Domestic Equity Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the Domestic Equity Fund’s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The Domestic Equity Fund’s assets are also subject to management risk, further described below.

 

Investment Company Risk is the risk that shareholders in the Domestic Equity Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Domestic Equity Fund’s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Domestic Equity Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.  

  

IPO Risk is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories.

 

Issuer-Specific Risk is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the Domestic Equity Fund.

 

Large-Capitalization Stock Risk is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.

 

Liquidity Risk is the risk that the Domestic Equity Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Domestic Equity Fund would like and Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Domestic Equity Fund’s performance.

 

Management Risk is the risk that a strategy used by the Domestic Equity Fund’s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.

 

Market Risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the Domestic Equity Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

 

Mid-Capitalization Stock Risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

 

Multi-Manager Risk is the risk that the sub-advisers’ investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Domestic Equity Fund. The Domestic Equity Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Domestic Equity Fund’s assets to the sub-advisers. The Domestic Equity Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the Domestic Equity Fund’s multi-manager approach may result in the Domestic Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Domestic Equity Fund’s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Domestic Equity Fund.

  

New Fund Risk is the risk that the Domestic Equity Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the Domestic Equity Fund may determine to liquidate the Fund.

 

Preferred Securities Risk includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

 

Small-Capitalization Stock Risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

Risk Lose Money [Text] rr_RiskLoseMoney

you could lose all or part of your investment in the Domestic Equity Fund

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The Domestic Equity Fund is new and does not yet have a full calendar year of performance. After the Domestic Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678) will provide some indication of the risks of investing in the Domestic Equity Fund.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

The Domestic Equity Fund is new and does not yet have a full calendar year of performance. After the Domestic Equity Fund has been in operation for a full calendar year, total return information will be presented.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

The Domestic Equity Fund is new and does not yet have a full calendar year of performance. After the Domestic Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678) will provide some indication of the risks of investing in the Domestic Equity Fund.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone

1-883-736-6678

PFM Multi-Manager Domestic Equity Fund (Prospectus Summary) | PFM Multi-Manager Domestic Equity Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.29%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.17% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.46%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.38%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 39
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 139
PFM Multi-Manager Domestic Equity Fund (Prospectus Summary) | PFM Multi-Manager Domestic Equity Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.29%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.17% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.46%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.38%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 39
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 139
PFM Multi-Manager Domestic Equity Fund (Prospectus Summary) | PFM Multi-Manager Domestic Equity Fund | R Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.29%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.17% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.46%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.38%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 39
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 139
[1] “Other Expenses” are based on estimated amounts for the current fiscal year.
[2] PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the Domestic Equity Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.38% of the Domestic Equity Fund’s average daily net assets, through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Domestic Equity Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the Domestic Equity Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less.
XML 11 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
PFM Multi-Manager International Equity Fund (Prospectus Summary) | PFM Multi-Manager International Equity Fund

PFM Multi-Manager International Equity Fund

Investment Objective

The PFM Multi-Manager International Equity Fund (the “International Equity Fund”) seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the International Equity Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - - PFM Multi-Manager International Equity Fund
Advisor Class
Institutional Class
R Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) none none none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - - PFM Multi-Manager International Equity Fund
Advisor Class
Institutional Class
R Class
Management Fees 0.50% 0.50% 0.50%
Distribution and/or Service (12b-1) Fees none none none
Other Expenses [1] 0.29% 0.29% 0.29%
Total Annual Fund Operating Expenses 0.79% 0.79% 0.79%
Fee Waiver or Expense Reimbursement [2] 0.16% 0.16% 0.16%
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement 0.63% 0.63% 0.63%
[1] “Other Expenses” are based on estimated amounts for the current fiscal year.
[2] PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the International Equity Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.63% of the International Equity Fund’s average daily net assets through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the International Equity Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the International Equity Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less.

Example.

This Example is intended to help you compare the costs of investing in the International Equity Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the International Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the International Equity Fund’s operating expenses remain the same, and reflect the contractual expense limitation agreement in place for the first year.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - - PFM Multi-Manager International Equity Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Advisor Class 64 235
Institutional Class 64 235
R Class 64 235

Portfolio Turnover

The International Equity Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the International Equity Fund’s performance. Because the International Equity Fund is newly organized, portfolio turnover information is not available.

Principal Investment Strategies

In seeking long-term capital appreciation, the International Equity Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities, and in derivatives and other instruments that have economic characteristics similar to such securities. Under normal circumstances, the International Equity Fund will provide exposure to investments that are economically tied to at least three different countries outside of the United States. The International Equity Fund considers various factors when determining whether a company is in a particular country or region/continent, including whether: (i) the issuer is organized under the laws of the country or a country within the geographic region; (ii) the issuer maintains its principal place of business in that country or region; (iii) the securities are traded principally in the country or region; or (iv) the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region, or has at least 50% of its assets in that country or region.

 

The International Equity Fund invests primarily in equity securities and depositary receipts of foreign issuers, and may invest up to 45% of its net assets in securities of issuers located in emerging markets countries. The Adviser defines developed markets countries and emerging markets countries based on the MSCI Market Classification Framework. The MSCI Market Classification Framework considers economic development, size, liquidity, and market accessibility in classifying developed markets countries and emerging markets countries.

 

The International Equity Fund expects to invest primarily in common stocks, but may also invest in preferred stocks and convertible securities. The International Equity Fund's investments in equity securities may also include securities in their initial public offerings (“IPOs”).

 

The International Equity Fund may invest in issuers with market capitalizations in all ranges, including small-, medium- and large-capitalization companies.

 

The International Equity Fund will utilize a “multi-manager” approach whereby the Adviser allocates the International Equity Fund's assets to one or more unaffiliated sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the International Equity Fund's assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the International Equity Fund's assets in a manner consistent with the International Equity Fund's investment objective, strategies and restrictions. The Adviser has overall responsibility for the International Equity Fund's investments, and for selecting and overseeing the International Equity Fund's sub-advisers. Not all of the sub-advisers listed for the International Equity Fund may be actively managing assets for the International Equity Fund at all times, particularly in the initial stages of the International Equity Fund. The Adviser also has discretion to manage directly all or a portion of the International Equity Fund. The principal investment strategies that will be employed by the International Equity Fund include the following:

 

·        Total International All-Capitalization. The total international all-capitalization strategies invest in companies of any capitalization size that the sub-adviser(s) believe are trading at discounts to the company's intrinsic value. The total international all-capitalization strategies may invest in issuers located in both developed and emerging markets The International Equity Fund expects to allocate up to 50% of its assets to total international all-capitalization strategies.

 

·        International Developed Markets. The international developed markets strategies invest in companies of any capitalization size located in non-U.S. developed economies. The sub-adviser(s) may from time to time allocate a portion of the assets allocated to them to stocks in emerging markets. The International Equity Fund expects to allocate up to 40% of its assets to international developed market strategies.

 

·        International Emerging Markets. The international emerging markets strategies invest in companies of any capitalization size located in emerging markets. The International Equity Fund expects to allocate up to 30% of its assets to international emerging markets strategies.

 

·        International Mid-Small Capitalization. The international mid-small capitalization strategies invest in stocks of mid-capitalization and small-capitalization stocks located in both developed and emerging markets. Under normal circumstances, the International Equity Fund's mid-small strategies define a mid-small capitalization company as having a market capitalization within the smallest 30% of investable companies within each individual country represented in the MSCI ACWI ex-US Index at the time of acquisition. The International Equity Fund expects to allocate up to 30% of its assets to total international mid-small capitalization strategies.

 

·        Index Replication. The index replication strategies involve investing in stocks in approximately the same proportion as they are represented in certain indices, e.g., the MSCI ACWI ex USA Index. The International Equity Fund's index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the International Equity Fund's index replication strategies may employ a sampling whereby the International Equity Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to over-weight or under-weight certain segments of the international equity market and deviate from fully tracking the index in an attempt to outperform the Index. The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy. The Advisor may over-weight or under-weight certain segments of the market based on the Advisor's analysis on the economy, capital markets, valuation, and trends related to the foregoing. The International Equity Fund expects to allocate between 30% and 75% of its assets to index replication strategies.

 

Each of the total international all-capitalization, international developed markets, international emerging markets, and international mid-small capitalization strategies are constructed using either a fundamental bottom-up investment process, which includes consideration of a company's intrinsic or fair value, or quantitative strategies where the sub-adviser(s) rank stocks based on certain factors. These factors may include, but are not limited to, measures quantifying historical and forecasted valuations as compared to earnings, sales, and book value; quality measures such as cash on the balance sheet, earnings momentum, and debt to equity; and measures of market sentiment such as share price momentum or short interest.

 

When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser's investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser's allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the International Equity Fund.

 

The International Equity Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The International Equity Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The International Equity Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.

 

The International Equity Fund may seek to implement its investment strategy through investments in exchange-traded funds (“ETFs”) and other registered investment companies instead of direct investments. The International Equity Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.

Principal Investment Risks

As with any investment, you could lose all or part of your investment in the International Equity Fund, and the International Equity Fund’s performance could trail that of other investments. The International Equity Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The International Equity Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the International Equity Fund’s net asset value (“NAV”), yield, total return and ability to meet its investment objective.

 

Convertible Securities Risk is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

 

Depositary Receipts Risk involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The International Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

  

Derivative Investment Risk is the risk that the use of derivative investments will result in the International Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the International Equity Fund’s portfolio, which may result in significant volatility and cause the International Equity Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the International Equity Fund, potentially resulting in losses to International Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the International Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the International Equity Fund’s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the International Equity Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the International Equity Fund’s ability to pursue other opportunities as they arise, or require the International Equity Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.

 

Emerging Markets Risk is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.

 

Equity Securities Risk is the risk that the value of the International Equity Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in Initial Public Offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock.

 

Foreign Currency Risk is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the International Equity Fund’s investments and its returns. Because the International Equity Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the International Equity Fund’s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the International Equity Fund invests, causing an adverse impact on the Fund’s investments in the affected region.

 

Foreign Investments Risk is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDR”), and European Depositary Receipts (“EDRs”), may result in the International Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the International Equity Fund’s investments to decline. In addition, when the International Equity Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.

 

Geographic Focus Risk is the risk that the performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the country or region in which the fund invests, and may be more volatile than the performance of a more geographically-diversified fund.

 

Indexing Risk is the risk that because a portion of the International Equity Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the International Equity Fund’s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the International Equity Fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay International Equity Fund shareholders who sell Fund shares. As such, the International Equity Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the International Equity Fund’s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The International Equity Fund’s assets are also subject to management risk, further described below.

 

Investment Company Risk is the risk that shareholders in the International Equity Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the International Equity Fund’s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the International Equity Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.

 

IPO Risk is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories.

 

Issuer-Specific Risk is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the International Equity Fund.

 

Large-Capitalization Stock Risk is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.

 

Liquidity Risk is the risk that the International Equity Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the International Equity Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the International Equity Fund’s performance.

 

Management Risk is the risk that a strategy used by the International Equity Fund’s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.

 

Market Risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the International Equity Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

 

Mid-Capitalization Stock Risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

 

Multi-Manager Risk is the risk that the sub-advisers’ investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the International Equity Fund. The International Equity Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the International Equity Fund’s assets to the sub-advisers. The International Equity Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the International Equity Fund’s multi-manager approach may result in the International Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the International Equity Fund’s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the International Equity Fund.

 

New Fund Risk is the risk that the International Equity Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the International Equity Fund may determine to liquidate the International Equity Fund.

 

Preferred Securities Risk includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

 

Small-Capitalization Stock Risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

 

Valuation Risk is the risk that the sale price the International Equity Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the International Equity Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the International Equity Fund’s shares.

Performance

The International Equity Fund is new and does not yet have a full calendar year of performance. After the International Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the International Equity Fund.

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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Entity Central Index Key dei_EntityCentralIndexKey 0001696729
PFM Multi-Manager International Equity Fund (Prospectus Summary) | PFM Multi-Manager International Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

PFM Multi-Manager International Equity Fund

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The PFM Multi-Manager International Equity Fund (the “International Equity Fund”) seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the International Equity Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

January 28, 2019

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The International Equity Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the International Equity Fund’s performance. Because the International Equity Fund is newly organized, portfolio turnover information is not available.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” are based on estimated amounts for the current fiscal year.

Expense Example [Heading] rr_ExpenseExampleHeading

Example.

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the costs of investing in the International Equity Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the International Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the International Equity Fund’s operating expenses remain the same, and reflect the contractual expense limitation agreement in place for the first year.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

In seeking long-term capital appreciation, the International Equity Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities, and in derivatives and other instruments that have economic characteristics similar to such securities. Under normal circumstances, the International Equity Fund will provide exposure to investments that are economically tied to at least three different countries outside of the United States. The International Equity Fund considers various factors when determining whether a company is in a particular country or region/continent, including whether: (i) the issuer is organized under the laws of the country or a country within the geographic region; (ii) the issuer maintains its principal place of business in that country or region; (iii) the securities are traded principally in the country or region; or (iv) the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region, or has at least 50% of its assets in that country or region.

 

The International Equity Fund invests primarily in equity securities and depositary receipts of foreign issuers, and may invest up to 45% of its net assets in securities of issuers located in emerging markets countries. The Adviser defines developed markets countries and emerging markets countries based on the MSCI Market Classification Framework. The MSCI Market Classification Framework considers economic development, size, liquidity, and market accessibility in classifying developed markets countries and emerging markets countries.

 

The International Equity Fund expects to invest primarily in common stocks, but may also invest in preferred stocks and convertible securities. The International Equity Fund's investments in equity securities may also include securities in their initial public offerings (“IPOs”).

 

The International Equity Fund may invest in issuers with market capitalizations in all ranges, including small-, medium- and large-capitalization companies.

 

The International Equity Fund will utilize a “multi-manager” approach whereby the Adviser allocates the International Equity Fund's assets to one or more unaffiliated sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the International Equity Fund's assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the International Equity Fund's assets in a manner consistent with the International Equity Fund's investment objective, strategies and restrictions. The Adviser has overall responsibility for the International Equity Fund's investments, and for selecting and overseeing the International Equity Fund's sub-advisers. Not all of the sub-advisers listed for the International Equity Fund may be actively managing assets for the International Equity Fund at all times, particularly in the initial stages of the International Equity Fund. The Adviser also has discretion to manage directly all or a portion of the International Equity Fund. The principal investment strategies that will be employed by the International Equity Fund include the following:

 

·        Total International All-Capitalization. The total international all-capitalization strategies invest in companies of any capitalization size that the sub-adviser(s) believe are trading at discounts to the company's intrinsic value. The total international all-capitalization strategies may invest in issuers located in both developed and emerging markets The International Equity Fund expects to allocate up to 50% of its assets to total international all-capitalization strategies.

 

·        International Developed Markets. The international developed markets strategies invest in companies of any capitalization size located in non-U.S. developed economies. The sub-adviser(s) may from time to time allocate a portion of the assets allocated to them to stocks in emerging markets. The International Equity Fund expects to allocate up to 40% of its assets to international developed market strategies.

 

·        International Emerging Markets. The international emerging markets strategies invest in companies of any capitalization size located in emerging markets. The International Equity Fund expects to allocate up to 30% of its assets to international emerging markets strategies.

 

·        International Mid-Small Capitalization. The international mid-small capitalization strategies invest in stocks of mid-capitalization and small-capitalization stocks located in both developed and emerging markets. Under normal circumstances, the International Equity Fund's mid-small strategies define a mid-small capitalization company as having a market capitalization within the smallest 30% of investable companies within each individual country represented in the MSCI ACWI ex-US Index at the time of acquisition. The International Equity Fund expects to allocate up to 30% of its assets to total international mid-small capitalization strategies.

 

·        Index Replication. The index replication strategies involve investing in stocks in approximately the same proportion as they are represented in certain indices, e.g., the MSCI ACWI ex USA Index. The International Equity Fund's index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the International Equity Fund's index replication strategies may employ a sampling whereby the International Equity Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to over-weight or under-weight certain segments of the international equity market and deviate from fully tracking the index in an attempt to outperform the Index. The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy. The Advisor may over-weight or under-weight certain segments of the market based on the Advisor's analysis on the economy, capital markets, valuation, and trends related to the foregoing. The International Equity Fund expects to allocate between 30% and 75% of its assets to index replication strategies.

 

Each of the total international all-capitalization, international developed markets, international emerging markets, and international mid-small capitalization strategies are constructed using either a fundamental bottom-up investment process, which includes consideration of a company's intrinsic or fair value, or quantitative strategies where the sub-adviser(s) rank stocks based on certain factors. These factors may include, but are not limited to, measures quantifying historical and forecasted valuations as compared to earnings, sales, and book value; quality measures such as cash on the balance sheet, earnings momentum, and debt to equity; and measures of market sentiment such as share price momentum or short interest.

 

When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser's investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser's allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the International Equity Fund.

 

The International Equity Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The International Equity Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The International Equity Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.

 

The International Equity Fund may seek to implement its investment strategy through investments in exchange-traded funds (“ETFs”) and other registered investment companies instead of direct investments. The International Equity Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.

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Principal Investment Risks

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As with any investment, you could lose all or part of your investment in the International Equity Fund, and the International Equity Fund’s performance could trail that of other investments. The International Equity Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The International Equity Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the International Equity Fund’s net asset value (“NAV”), yield, total return and ability to meet its investment objective.

 

Convertible Securities Risk is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

 

Depositary Receipts Risk involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The International Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

  

Derivative Investment Risk is the risk that the use of derivative investments will result in the International Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the International Equity Fund’s portfolio, which may result in significant volatility and cause the International Equity Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the International Equity Fund, potentially resulting in losses to International Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the International Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the International Equity Fund’s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the International Equity Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the International Equity Fund’s ability to pursue other opportunities as they arise, or require the International Equity Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.

 

Emerging Markets Risk is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.

 

Equity Securities Risk is the risk that the value of the International Equity Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in Initial Public Offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock.

 

Foreign Currency Risk is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the International Equity Fund’s investments and its returns. Because the International Equity Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the International Equity Fund’s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the International Equity Fund invests, causing an adverse impact on the Fund’s investments in the affected region.

 

Foreign Investments Risk is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDR”), and European Depositary Receipts (“EDRs”), may result in the International Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the International Equity Fund’s investments to decline. In addition, when the International Equity Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.

 

Geographic Focus Risk is the risk that the performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the country or region in which the fund invests, and may be more volatile than the performance of a more geographically-diversified fund.

 

Indexing Risk is the risk that because a portion of the International Equity Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the International Equity Fund’s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the International Equity Fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay International Equity Fund shareholders who sell Fund shares. As such, the International Equity Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the International Equity Fund’s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The International Equity Fund’s assets are also subject to management risk, further described below.

 

Investment Company Risk is the risk that shareholders in the International Equity Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the International Equity Fund’s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the International Equity Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.

 

IPO Risk is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories.

 

Issuer-Specific Risk is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the International Equity Fund.

 

Large-Capitalization Stock Risk is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.

 

Liquidity Risk is the risk that the International Equity Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the International Equity Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the International Equity Fund’s performance.

 

Management Risk is the risk that a strategy used by the International Equity Fund’s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.

 

Market Risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the International Equity Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

 

Mid-Capitalization Stock Risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

 

Multi-Manager Risk is the risk that the sub-advisers’ investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the International Equity Fund. The International Equity Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the International Equity Fund’s assets to the sub-advisers. The International Equity Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the International Equity Fund’s multi-manager approach may result in the International Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the International Equity Fund’s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the International Equity Fund.

 

New Fund Risk is the risk that the International Equity Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the International Equity Fund may determine to liquidate the International Equity Fund.

 

Preferred Securities Risk includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

 

Small-Capitalization Stock Risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

 

Valuation Risk is the risk that the sale price the International Equity Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the International Equity Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the International Equity Fund’s shares.

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you could lose all or part of your investment in the International Equity Fund

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Performance

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The International Equity Fund is new and does not yet have a full calendar year of performance. After the International Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the International Equity Fund.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

The International Equity Fund is new and does not yet have a full calendar year of performance. After the International Equity Fund has been in operation for a full calendar year, total return information will be presented.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

The International Equity Fund is new and does not yet have a full calendar year of performance. After the International Equity Fund has been in operation for a full calendar year, total return information will be presented. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the International Equity Fund.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone

1-883-736-6678

PFM Multi-Manager International Equity Fund (Prospectus Summary) | PFM Multi-Manager International Equity Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.29% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.79%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.16% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.63%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 64
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 235
PFM Multi-Manager International Equity Fund (Prospectus Summary) | PFM Multi-Manager International Equity Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.29% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.79%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.16% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.63%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 64
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 235
PFM Multi-Manager International Equity Fund (Prospectus Summary) | PFM Multi-Manager International Equity Fund | R Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.29% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.79%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.16% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.63%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 64
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 235
[1] “Other Expenses” are based on estimated amounts for the current fiscal year.
[2] PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the International Equity Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.63% of the International Equity Fund’s average daily net assets through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the International Equity Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the International Equity Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less.
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PFM Multi-Manager Fixed-Income Fund (Prospectus Summary) | PFM Multi-Manager Fixed-Income Fund

PFM Multi-Manager Fixed-Income Fund

Investment Objective

The PFM Multi-Manager Fixed-Income Fund (the “Fixed-Income Fund”) seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fixed-Income Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - - PFM Multi-Manager Fixed-Income Fund
Advisor Class
Institutional Class
R Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) none none none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - - PFM Multi-Manager Fixed-Income Fund
Advisor Class
Institutional Class
R Class
Management Fees 0.40% 0.40% 0.40%
Distribution and/or Service (12b-1) Fees none none none
Other Expenses [1] 0.23% 0.23% 0.23%
Total Annual Fund Operating Expenses 0.63% 0.63% 0.63%
Fee Waiver or Expense Reimbursement [2] 0.08% 0.08% 0.08%
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement 0.55% 0.55% 0.55%
[1] “Other Expenses” are based on estimated amounts for the current fiscal year.
[2] PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the Fixed-Income Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.55% of the Fixed-Income Fund’s average daily net assets through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fixed-Income Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the Fixed-Income Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less.

Example.

This Example is intended to help you compare the costs of investing in the Fixed-Income Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fixed-Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fixed-Income Fund’s operating expenses remain the same, and reflect the contractual expense limitation arrangement in place for the first year.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - - PFM Multi-Manager Fixed-Income Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Advisor Class 56 193
Institutional Class 56 193
R Class 56 193

Portfolio Turnover

The Fixed-Income Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fixed Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fixed-Income Fund’s performance. Because the Fixed-Income Fund is newly organized, portfolio turnover information is not available.

Principal Investment Strategies

The Fixed-Income Fund will seek capital appreciation and current income in its attempt to maximize total return. In doing so, the Fixed-Income Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in bonds and other fixed-income securities, and in derivatives and other instruments that have economic characteristics similar to such securities. These may include:

 

 

·

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

 

 

 

 

·

Obligations of state, local and foreign governments;

 

 

 

 

·

Obligations of domestic and foreign banks, corporations and other institutions;

 

 

 

 

·

Zero coupon bonds, debentures, preferred stock, convertible securities and loan participations;

 

 

 

 

·

Mortgage- and other asset-backed securities, including collateralized loan obligations (“CLOs”);

 

 

 

 

·

Stripped securities evidencing ownership of future interest or principal payments on debt obligations; and

 

 

 

 

·

Repurchase agreements relating to the above instruments.

 

The Fixed-Income Fund primarily invests in investment grade debt obligations ( i.e. , obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by the Fixed-Income Fund’s investment sub-advisers, but may invest up to 40% of its net assets in obligations that are rated below-investment grade (which may include, among other investments, securities commonly referred to as “junk bonds”). A security is considered investment grade if, at the time of purchase, it is rated BBB- or higher by Standard & Poor's Financial Services LLC or Fitch Ratings, Baa3 or higher by Moody's Investors Service, or BBB (low) or higher by DBRS. A security is considered non-investment grade if it does not meet the criteria listed above.

 

The Fixed Income Fund may invest up to 25% of its net assets in securities of issuers located in emerging markets. The Fund may also invest in distressed securities.

 

The Fixed-Income Fund expects to maintain an average duration, under normal circumstances, of not more than eight years. Duration is a measure of price sensitivity of a fixed income investment or portfolio (expressed as % change in price) to a 1 percentage point (i.e., 100 basis points) change in interest rates, accounting for optionality in bonds such as prepayment risk and call/put features. A longer duration means an increased likelihood of interest rate sensitivity. For example, when the level of interest rates increases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will decrease by approximately 0.50%. Conversely, when the level of interest rates decreases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will increase by approximately 0.50%.

 

The Fixed-Income Fund will utilize a “multi-manager” approach whereby the Adviser allocates the Fixed-Income Fund’s assets to one or more unaffiliated sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the Fixed-Income Fund’s assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the Fixed-Income Fund’s assets in a manner consistent with the Fixed-Income Fund’s investment objective, strategies and restrictions. The Adviser has overall responsibility for the Fixed-Income Fund’s investments, and for selecting and overseeing the Fixed-Income Fund’s sub-advisers. Not all of the sub-advisers listed for the Fixed-Income Fund may be actively managing assets for the Fixed-Income Fund at all times, particularly in the initial stages of the Fixed-Income Fund. The Adviser also has discretion to manage directly all or a portion of the Fixed-Income Fund. The principal investment strategies that will be employed by the Fixed-Income Fund include the following:

 

 

·

Core Fixed-Income . The core fixed-income strategies invest in a broad range of investment-grade bonds and fixed-income securities, including U.S. government securities, corporate bonds, taxable municipal securities, and mortgage-backed or other asset-backed securities. The strategy may also invest in a limited amount of non-investment grade securities. The core fixed-income strategy seeks to invest primarily in securities the sub-adviser(s) considers undervalued. The core fixed-income strategies are constructed through using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate between 30% and 75% of its assets in core fixed-income strategies.

 

·

Investment Grade Credit . The investment grade credit strategies invest in U.S. and, to a limited extent, non-U.S. investment grade bonds and securities of U.S. and non-U.S. corporations and other institutions. The investment grade credit strategies are constructed using a bottom-up investment approach. The sub-adviser(s) may from time to time invest up to 5% of the assets allocated to the strategy in high yield securities. The investment grade credit strategies are constructed using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate up to 30% of its assets to investment grade credit strategies.

 

·

High Yield . The high yield strategies invest in U.S. and non-U.S. fixed income instruments rated below investment grade. The high yield strategies are constructed using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate up to 30% of its  assets to high yield strategies.

 

·

Structured Fixed-Income . The structured fixed-income strategies invest in high quality structured fixed-income securities, with a particular focus on asset-backed securities backed by assets other than real estate (also known as non-traditional asset-backed securities). The structured fixed-income strategy may also invest a limited amount in commercial mortgage-backed securities, agency-backed securities, and corporate and municipal debt instruments that are secured by tangible asset collateral or revenue streams. The structured fixed-income strategies are constructed using either a bottom-up investment approach or a quantitative framework to assess valuation and long-term return potential. The Fixed-Income Fund expects to allocate up to 30% of its assets to structured fixed-income strategies.

 

·

Convertible Bonds. The convertible bonds strategies invest in bonds and securities that can convert to equity securities. The rating of the convertible bonds may be investment-grade or can be rated below investment-grade. The convertible bonds strategies are constructed using a combination of fundamental and quantitative analysis to select convertible bonds that the sub-adviser(s) believe are trading at a discount to intrinsic value and risk of loss is limited. The Fixed-Income Fund expects to allocate up to 20% of its assets to convertible bonds strategies.

 

·

Index Replication. The index replication strategies involve investing in bonds in approximately the same proportion as they are represented in certain indices, e.g., the Bloomberg Barclays US Aggregate Bond Index. The Fixed Income Fund’s index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the Fixed Income Fund’s index replication strategies may employ a sampling whereby the Fixed Income Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to overweight or under-weight certain segments of the fixed income market and deviate from fully tracking the index in an attempt to outperform the Index.  The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy.  The Advisor may over-weight or under-weight certain segments of the market based on the Advisor’s analysis on the economy, capital markets, valuation, and trends related to the foregoing. The Fixed Income Fund expects to allocate between 0% and 60% of its assets to index replication strategies.

  

When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser’s investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser’s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fixed-Income Fund.

 

The Fixed-Income Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The Fixed-Income Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The Fixed-Income Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fixed-Income Fund may also purchase or sell securities on a forward commitment basis. Forward commitments also include “to be announced” (“TBA”) securities.

 

The Fixed-Income Fund may seek to implement its investment strategy through investments in exchange-traded funds (“ETFs”) and other registered investment companies instead of direct investments. The Fixed Income Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.

 

Certain of the Fixed-Income Fund’s sub-advisers may select investments in fixed-income securities issued by corporate entities or certain foreign governments using environmental, social, and governance (“ESG”) criteria (each an “ESG Strategy”). All such corporate or foreign government issuers must meet or exceed minimum ESG performance standards to be eligible for investment under an ESG Strategy.

 

The Fixed-Income Fund’s investment sub-advisers may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.

Principal Investment Risks

As with any investment, you could lose all or part of your investment in the Fixed-Income Fund, and the Fixed-Income Fund’s performance could trail that of other investments. The Fixed-Income Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The Fixed-Income Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the Fixed-Income Fund’s net asset value (“NAV”), yield, total return and ability to meet its investment objective.

 

CLO Risk is the risk that CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fixed-Income Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

 

Convertible Securities Risk is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

 

Credit (or Default) Risk is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fixed-Income Fund’s investments and its returns. Changes in the credit rating of a debt security held by the Fixed-Income Fund could have a similar effect.

 

Counterparty Risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. The Fixed-Income Fund will be subject to credit risks with respect to the counterparties of its derivative transactions. Many of the protections afforded to participants on organized exchanges, such as the performance guarantee of an exchange clearinghouse, are not available in connection with over-the-counter ("OTC") derivative transactions, such as foreign currency transactions. As a result, in instances when the Fixed-Income Fund enters into OTC derivative transactions, the Fixed-Income Fund will be subject to the risk that its direct counterparties will not perform their obligations under the transactions and that the Fund will sustain losses or be unable to realize gains.

 

Debt Extension Risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fixed-Income Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fixed-Income Fund will suffer from the inability to invest in higher yielding securities.

 

Derivative Investment Risk is the risk that the use of derivative investments will result in the Fixed-Income Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Fixed-Income Fund’s portfolio, which may result in significant volatility and cause the Fixed-Income Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Fixed-Income Fund, potentially resulting in losses to Fixed-Income Fund shareholders. Derivatives may be less liquid than more traditional investments and the Fixed-Income Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Fixed-Income Fund’s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Fixed-Income Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the Fixed-Income Fund’s ability to pursue other opportunities as they arise, or require the Fixed-Income Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.

 

Defaulted/Distressed Securities Risk is the risk that a distressed securities may not produce income while they are outstanding and may require the Fixed-Income Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

 

Downgrade Risk is the risk that securities are subsequently downgraded should the sub-advisers and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

 

ESG Strategy Risk is the risk that because the Fixed-Income Fund’s sub-advisers may use ESG criteria that exclude securities of certain issuers from the universe of potential investments for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

 

Emerging Markets Risk is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.

 

Fixed-Income Securities Risk is the risk that the values of debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fixed-Income Fund’s fixed-income securities to decrease, a change in the Fixed-Income Fund’s income and yield, an adverse impact on the liquidity of the Fund’s fixed-income securities, and increased volatility of the fixed-income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fixed-Income Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

 

Foreign Currency Risk is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fixed-Income Fund’s investments and its returns. Because the Fixed-Income Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fixed-Income Fund’s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the Fixed-Income Fund invests, causing an adverse impact on the Fund’s investments in the affected region.

 

Foreign Investments Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fixed Income Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors.

 

There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fixed-Income Fund’s investments to decline. In addition, when the Fixed Income Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.

 

Forward Commitment, When-Issued, and Delayed Delivery Risk is the risk that such transactions subject the Fixed-Income Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the Fixed-Income Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on the Fixed-Income Fund because the Fixed-Income Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fixed-Income Fund’s overall investment exposure and, as a result, its volatility.

 

High-Yield Risk is the risk that the Fixed-Income Fund’s non-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund’s return and net asset value. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payments.

 

Illiquid Securities Risk is the risk that because illiquid securities may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund. Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions and/or investor perception.

 

Indexing Risk is the risk that because a portion of the Fixed Income Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the International Equity Fund’s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the Fixed Income Fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay Fixed Income Fund shareholders who sell Fund shares. As such, the Fixed Income Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the Fixed Income Fund’s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The Fixed Income Fund’s assets are also subject to management risk, further described below.

 

Interest Rate Risk is the risk that during periods of rising interest rates, the Fixed-Income Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund’s yield (and the market value of its securities) will tend to be higher. If interest rates rise, the Fixed-Income Fund’s yield may not increase proportionately. The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and the Fixed-Income Fund’s investments. A low interest rate environment poses additional risks to the Fixed-Income Fund’s performance.

 

Investment Company Risk is the risk that shareholders in the Fixed-Income Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fixed-Income Fund’s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Fixed-Income Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.

 

Issuer-Specific Risk is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the Fixed-Income Fund.

 

Liquidity Risk is the risk that the Fixed-Income Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fixed-Income Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Fixed-Income Fund’s performance.

 

Management Risk is the risk that a strategy used by the Fixed-Income Fund’s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.

 

Market Risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the Fixed Income Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

 

Mortgage- and Asset-Backed Securities Risk includes various risks, including prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fixed-Income Fund reinvesting these early payments at lower interest rates, thereby reducing the Fixed-Income Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fixed-Income Fund.

 

Multi-Manager Risk is the risk that the sub-advisers’ investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Fixed-Income Fund. The Fixed-Income Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Fixed-Income Fund’s assets to the sub-advisers. The Fixed-Income Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the Fixed-Income Fund’s multi-manager approach may result in the Fixed-Income Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fixed-Income Fund’s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Fixed-Income Fund.

 

Municipal Securities Risk generally depends on the financial and credit status of a municipal issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

 

New Fund Risk is the risk that the Fixed-Income Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the Fund may determine to liquidate the Fixed-Income Fund.

 

Portfolio Turnover Risk is the risk that high portfolio turnover may lead to increased Fixed-Income Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.

 

Preferred Securities Risk includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

 

Prepayment (or Call) Risk is the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.

 

Sovereign Debt Risk refers to the risk that investments in sovereign debt securities (or foreign government debt securities) involves certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

 

TBA Transactions Risk is the risk of loss if the securities received are less favorable than what was anticipated by the Fixed-Income Fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities.

 

U.S. Government Securities Risk is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored entities if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fixed-Income Fund may not be backed by the full faith and credit of the U.S. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

 

Valuation Risk is the risk that the sale price the Fixed-Income Fund could receive for a portfolio security may differ from the Fixed-Income Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fixed-Income Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fixed-Income Fund’s shares.

 

Zero Coupon Risk reflects the risk that zero coupon securities are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

Performance

Performance information will be available in the Prospectus after the Fixed-Income Fund has been in operation for one full calendar year. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the Fixed-Income Fund.

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PFM Multi-Manager Fixed-Income Fund (Prospectus Summary) | PFM Multi-Manager Fixed-Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

PFM Multi-Manager Fixed-Income Fund

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The PFM Multi-Manager Fixed-Income Fund (the “Fixed-Income Fund”) seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fixed-Income Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

January 28, 2019

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fixed-Income Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fixed Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fixed-Income Fund’s performance. Because the Fixed-Income Fund is newly organized, portfolio turnover information is not available.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” are based on estimated amounts for the current fiscal year.

Expense Example [Heading] rr_ExpenseExampleHeading

Example.

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the costs of investing in the Fixed-Income Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fixed-Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fixed-Income Fund’s operating expenses remain the same, and reflect the contractual expense limitation arrangement in place for the first year.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fixed-Income Fund will seek capital appreciation and current income in its attempt to maximize total return. In doing so, the Fixed-Income Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in bonds and other fixed-income securities, and in derivatives and other instruments that have economic characteristics similar to such securities. These may include:

 

 

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Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

 

 

 

 

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Obligations of state, local and foreign governments;

 

 

 

 

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Obligations of domestic and foreign banks, corporations and other institutions;

 

 

 

 

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Zero coupon bonds, debentures, preferred stock, convertible securities and loan participations;

 

 

 

 

·

Mortgage- and other asset-backed securities, including collateralized loan obligations (“CLOs”);

 

 

 

 

·

Stripped securities evidencing ownership of future interest or principal payments on debt obligations; and

 

 

 

 

·

Repurchase agreements relating to the above instruments.

 

The Fixed-Income Fund primarily invests in investment grade debt obligations ( i.e. , obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by the Fixed-Income Fund’s investment sub-advisers, but may invest up to 40% of its net assets in obligations that are rated below-investment grade (which may include, among other investments, securities commonly referred to as “junk bonds”). A security is considered investment grade if, at the time of purchase, it is rated BBB- or higher by Standard & Poor's Financial Services LLC or Fitch Ratings, Baa3 or higher by Moody's Investors Service, or BBB (low) or higher by DBRS. A security is considered non-investment grade if it does not meet the criteria listed above.

 

The Fixed Income Fund may invest up to 25% of its net assets in securities of issuers located in emerging markets. The Fund may also invest in distressed securities.

 

The Fixed-Income Fund expects to maintain an average duration, under normal circumstances, of not more than eight years. Duration is a measure of price sensitivity of a fixed income investment or portfolio (expressed as % change in price) to a 1 percentage point (i.e., 100 basis points) change in interest rates, accounting for optionality in bonds such as prepayment risk and call/put features. A longer duration means an increased likelihood of interest rate sensitivity. For example, when the level of interest rates increases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will decrease by approximately 0.50%. Conversely, when the level of interest rates decreases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will increase by approximately 0.50%.

 

The Fixed-Income Fund will utilize a “multi-manager” approach whereby the Adviser allocates the Fixed-Income Fund’s assets to one or more unaffiliated sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the Fixed-Income Fund’s assets to which the sub-adviser has been allocated. Each sub-adviser will manage its portion of the Fixed-Income Fund’s assets in a manner consistent with the Fixed-Income Fund’s investment objective, strategies and restrictions. The Adviser has overall responsibility for the Fixed-Income Fund’s investments, and for selecting and overseeing the Fixed-Income Fund’s sub-advisers. Not all of the sub-advisers listed for the Fixed-Income Fund may be actively managing assets for the Fixed-Income Fund at all times, particularly in the initial stages of the Fixed-Income Fund. The Adviser also has discretion to manage directly all or a portion of the Fixed-Income Fund. The principal investment strategies that will be employed by the Fixed-Income Fund include the following:

 

 

·

Core Fixed-Income . The core fixed-income strategies invest in a broad range of investment-grade bonds and fixed-income securities, including U.S. government securities, corporate bonds, taxable municipal securities, and mortgage-backed or other asset-backed securities. The strategy may also invest in a limited amount of non-investment grade securities. The core fixed-income strategy seeks to invest primarily in securities the sub-adviser(s) considers undervalued. The core fixed-income strategies are constructed through using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate between 30% and 75% of its assets in core fixed-income strategies.

 

·

Investment Grade Credit . The investment grade credit strategies invest in U.S. and, to a limited extent, non-U.S. investment grade bonds and securities of U.S. and non-U.S. corporations and other institutions. The investment grade credit strategies are constructed using a bottom-up investment approach. The sub-adviser(s) may from time to time invest up to 5% of the assets allocated to the strategy in high yield securities. The investment grade credit strategies are constructed using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate up to 30% of its assets to investment grade credit strategies.

 

·

High Yield . The high yield strategies invest in U.S. and non-U.S. fixed income instruments rated below investment grade. The high yield strategies are constructed using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate up to 30% of its  assets to high yield strategies.

 

·

Structured Fixed-Income . The structured fixed-income strategies invest in high quality structured fixed-income securities, with a particular focus on asset-backed securities backed by assets other than real estate (also known as non-traditional asset-backed securities). The structured fixed-income strategy may also invest a limited amount in commercial mortgage-backed securities, agency-backed securities, and corporate and municipal debt instruments that are secured by tangible asset collateral or revenue streams. The structured fixed-income strategies are constructed using either a bottom-up investment approach or a quantitative framework to assess valuation and long-term return potential. The Fixed-Income Fund expects to allocate up to 30% of its assets to structured fixed-income strategies.

 

·

Convertible Bonds. The convertible bonds strategies invest in bonds and securities that can convert to equity securities. The rating of the convertible bonds may be investment-grade or can be rated below investment-grade. The convertible bonds strategies are constructed using a combination of fundamental and quantitative analysis to select convertible bonds that the sub-adviser(s) believe are trading at a discount to intrinsic value and risk of loss is limited. The Fixed-Income Fund expects to allocate up to 20% of its assets to convertible bonds strategies.

 

·

Index Replication. The index replication strategies involve investing in bonds in approximately the same proportion as they are represented in certain indices, e.g., the Bloomberg Barclays US Aggregate Bond Index. The Fixed Income Fund’s index replication strategies use a replication approach. In cases where it is not possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in an index, the Fixed Income Fund’s index replication strategies may employ a sampling whereby the Fixed Income Fund would hold a significant number of the component securities of the index, but may not track the index with the same degree of accuracy as would an investment vehicle replicating the entire index. From time to time, the Advisor may direct the sub-adviser(s) responsible for the index replication strategy, or the Advisor itself may seek, to overweight or under-weight certain segments of the fixed income market and deviate from fully tracking the index in an attempt to outperform the Index.  The Advisor or sub-adviser may utilize securities, derivatives, or a combination in seeking to implement such a strategy.  The Advisor may over-weight or under-weight certain segments of the market based on the Advisor’s analysis on the economy, capital markets, valuation, and trends related to the foregoing. The Fixed Income Fund expects to allocate between 0% and 60% of its assets to index replication strategies.

  

When determining the allocations and reallocations to a sub-adviser, the Adviser employs a strategic and tactical management approach, and will consider a variety of factors, including but not limited to the sub-adviser’s investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser’s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fixed-Income Fund.

 

The Fixed-Income Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The Fixed-Income Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The Fixed-Income Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fixed-Income Fund may also purchase or sell securities on a forward commitment basis. Forward commitments also include “to be announced” (“TBA”) securities.

 

The Fixed-Income Fund may seek to implement its investment strategy through investments in exchange-traded funds (“ETFs”) and other registered investment companies instead of direct investments. The Fixed Income Fund may invest up to 20% of its assets in derivatives, ETFs, and other registered investment companies.

 

Certain of the Fixed-Income Fund’s sub-advisers may select investments in fixed-income securities issued by corporate entities or certain foreign governments using environmental, social, and governance (“ESG”) criteria (each an “ESG Strategy”). All such corporate or foreign government issuers must meet or exceed minimum ESG performance standards to be eligible for investment under an ESG Strategy.

 

The Fixed-Income Fund’s investment sub-advisers may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any investment, you could lose all or part of your investment in the Fixed-Income Fund, and the Fixed-Income Fund’s performance could trail that of other investments. The Fixed-Income Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The Fixed-Income Fund is subject to the principal risks noted below, listed in alphabetical order, any of which may adversely affect the Fixed-Income Fund’s net asset value (“NAV”), yield, total return and ability to meet its investment objective.

 

CLO Risk is the risk that CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fixed-Income Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

 

Convertible Securities Risk is the risk that the market values of convertible securities may be affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

 

Credit (or Default) Risk is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fixed-Income Fund’s investments and its returns. Changes in the credit rating of a debt security held by the Fixed-Income Fund could have a similar effect.

 

Counterparty Risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. The Fixed-Income Fund will be subject to credit risks with respect to the counterparties of its derivative transactions. Many of the protections afforded to participants on organized exchanges, such as the performance guarantee of an exchange clearinghouse, are not available in connection with over-the-counter ("OTC") derivative transactions, such as foreign currency transactions. As a result, in instances when the Fixed-Income Fund enters into OTC derivative transactions, the Fixed-Income Fund will be subject to the risk that its direct counterparties will not perform their obligations under the transactions and that the Fund will sustain losses or be unable to realize gains.

 

Debt Extension Risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fixed-Income Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fixed-Income Fund will suffer from the inability to invest in higher yielding securities.

 

Derivative Investment Risk is the risk that the use of derivative investments will result in the Fixed-Income Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract will be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Fixed-Income Fund’s portfolio, which may result in significant volatility and cause the Fixed-Income Fund to lose more than the amount it invested. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Fixed-Income Fund, potentially resulting in losses to Fixed-Income Fund shareholders. Derivatives may be less liquid than more traditional investments and the Fixed-Income Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Fixed-Income Fund’s ability to use certain derivatives or increase their cost. Derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Fixed-Income Fund uses derivatives, it likely will be required to provide margin and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements, which could limit the Fixed-Income Fund’s ability to pursue other opportunities as they arise, or require the Fixed-Income Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.

 

Defaulted/Distressed Securities Risk is the risk that a distressed securities may not produce income while they are outstanding and may require the Fixed-Income Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

 

Downgrade Risk is the risk that securities are subsequently downgraded should the sub-advisers and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

 

ESG Strategy Risk is the risk that because the Fixed-Income Fund’s sub-advisers may use ESG criteria that exclude securities of certain issuers from the universe of potential investments for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

 

Emerging Markets Risk is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.

 

Fixed-Income Securities Risk is the risk that the values of debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fixed-Income Fund’s fixed-income securities to decrease, a change in the Fixed-Income Fund’s income and yield, an adverse impact on the liquidity of the Fund’s fixed-income securities, and increased volatility of the fixed-income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fixed-Income Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

 

Foreign Currency Risk is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fixed-Income Fund’s investments and its returns. Because the Fixed-Income Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fixed-Income Fund’s holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the Fixed-Income Fund invests, causing an adverse impact on the Fund’s investments in the affected region.

 

Foreign Investments Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fixed Income Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors.

 

There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fixed-Income Fund’s investments to decline. In addition, when the Fixed Income Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions.

 

Forward Commitment, When-Issued, and Delayed Delivery Risk is the risk that such transactions subject the Fixed-Income Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the Fixed-Income Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on the Fixed-Income Fund because the Fixed-Income Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fixed-Income Fund’s overall investment exposure and, as a result, its volatility.

 

High-Yield Risk is the risk that the Fixed-Income Fund’s non-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund’s return and net asset value. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payments.

 

Illiquid Securities Risk is the risk that because illiquid securities may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund. Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions and/or investor perception.

 

Indexing Risk is the risk that because a portion of the Fixed Income Fund follows an index replication strategy, the adverse performance of a particular security necessarily will not result in the elimination of the security from the International Equity Fund’s portfolio. Ordinarily, a sub-adviser using an index replication strategy will not sell the Fixed Income Fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the index, or as may be necessary to raise cash to pay Fixed Income Fund shareholders who sell Fund shares. As such, the Fixed Income Fund will be negatively affected by declines in the securities represented by the index. Also, there is no guarantee that a sub-adviser using an index replication strategy will be able to match the Fixed Income Fund’s performance to that of the index. A sub-adviser may not be able to match the performance of the index it is seeking to replicate for a variety of reasons, such as expenses that the Fund has that the Index does not have. The Fixed Income Fund’s assets are also subject to management risk, further described below.

 

Interest Rate Risk is the risk that during periods of rising interest rates, the Fixed-Income Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund’s yield (and the market value of its securities) will tend to be higher. If interest rates rise, the Fixed-Income Fund’s yield may not increase proportionately. The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and the Fixed-Income Fund’s investments. A low interest rate environment poses additional risks to the Fixed-Income Fund’s performance.

 

Investment Company Risk is the risk that shareholders in the Fixed-Income Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fixed-Income Fund’s direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Fixed-Income Fund. In addition, investments in ETFs are subject to the risks associated with the underlying assets held by an ETF, and the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.

 

Issuer-Specific Risk is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the Fixed-Income Fund.

 

Liquidity Risk is the risk that the Fixed-Income Fund will not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fixed-Income Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Fixed-Income Fund’s performance.

 

Management Risk is the risk that a strategy used by the Fixed-Income Fund’s sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the sub-advisers may cause unintended results.

 

Market Risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the Fixed Income Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

 

Mortgage- and Asset-Backed Securities Risk includes various risks, including prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fixed-Income Fund reinvesting these early payments at lower interest rates, thereby reducing the Fixed-Income Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fixed-Income Fund.

 

Multi-Manager Risk is the risk that the sub-advisers’ investment styles will not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Fixed-Income Fund. The Fixed-Income Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Fixed-Income Fund’s assets to the sub-advisers. The Fixed-Income Fund could lose money as a result of less than optimal or poor asset allocation decisions. Moreover, the Fixed-Income Fund’s multi-manager approach may result in the Fixed-Income Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fixed-Income Fund’s performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Fixed-Income Fund.

 

Municipal Securities Risk generally depends on the financial and credit status of a municipal issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

 

New Fund Risk is the risk that the Fixed-Income Fund, because it is new with a limited operating history, will not grow or maintain an economically viable size, in which case the Board of Trustees of the Fund may determine to liquidate the Fixed-Income Fund.

 

Portfolio Turnover Risk is the risk that high portfolio turnover may lead to increased Fixed-Income Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.

 

Preferred Securities Risk includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

 

Prepayment (or Call) Risk is the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.

 

Sovereign Debt Risk refers to the risk that investments in sovereign debt securities (or foreign government debt securities) involves certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

 

TBA Transactions Risk is the risk of loss if the securities received are less favorable than what was anticipated by the Fixed-Income Fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities.

 

U.S. Government Securities Risk is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored entities if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fixed-Income Fund may not be backed by the full faith and credit of the U.S. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

 

Valuation Risk is the risk that the sale price the Fixed-Income Fund could receive for a portfolio security may differ from the Fixed-Income Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fixed-Income Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fixed-Income Fund’s shares.

 

Zero Coupon Risk reflects the risk that zero coupon securities are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

Risk Lose Money [Text] rr_RiskLoseMoney

you could lose all or part of your investment in the Fixed-Income Fund

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Performance information will be available in the Prospectus after the Fixed-Income Fund has been in operation for one full calendar year. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the Fixed-Income Fund.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

Performance information will be available in the Prospectus after the Fixed-Income Fund has been in operation for one full calendar year.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

Performance information will be available in the Prospectus after the Fixed-Income Fund has been in operation for one full calendar year. Updated performance information, which is accessible by calling 1-833-PFM-MMST (1-883-736-6678), will provide some indication of the risks of investing in the Fixed-Income Fund.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone

1-883-736-6678

PFM Multi-Manager Fixed-Income Fund (Prospectus Summary) | PFM Multi-Manager Fixed-Income Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.40%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.23% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.63%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.55%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 56
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 193
PFM Multi-Manager Fixed-Income Fund (Prospectus Summary) | PFM Multi-Manager Fixed-Income Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.40%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.23% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.63%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.55%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 56
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 193
PFM Multi-Manager Fixed-Income Fund (Prospectus Summary) | PFM Multi-Manager Fixed-Income Fund | R Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.40%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.23% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.63%
Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [2]
Total Annual Fund Operating Expenses after Fee Waiver or Expense Reimbursement rr_NetExpensesOverAssets 0.55%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 56
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 193
[1] “Other Expenses” are based on estimated amounts for the current fiscal year.
[2] PFM Asset Management LLC (“PFM” or the “Adviser”) has contractually agreed to limit the amount of the Fixed-Income Fund’s total annual fund operating expenses, exclusive of Rule 12b-1 fees, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, liquidation or reorganization, extraordinary or non-routine expenses such as litigation, and acquired fund fees and expenses, to 0.55% of the Fixed-Income Fund’s average daily net assets through January 28, 2019. The expense limitation agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fixed-Income Fund, upon 60 days’ written notice to the Adviser. The expense limitation agreement may not be terminated during its term by the Adviser without the consent of the Board of Trustees of the Trust. The Adviser will be permitted to recoup fees waived or expenses paid through the expense limitation agreement to the extent that the Fixed-Income Fund’s expenses in later periods fall below the amounts set forth above, so long as the recoupment is within three years from the date on which the fees were waived or expenses paid. The total amount of reimbursement to which the Adviser may be entitled shall not exceed an amount that would cause a share class to exceed its expense cap in place at the time the advisory fees were waived or expenses were incurred, or the expense cap currently in place, whichever is less.
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Entity Registrant Name dei_EntityRegistrantName PFM Multi-Manager Series Trust
Entity Central Index Key dei_EntityCentralIndexKey 0001696729
Document Creation Date dei_DocumentCreationDate May 11, 2018
Document Effective Date dei_DocumentEffectiveDate May 11, 2018
Prospectus Date rr_ProspectusDate May 11, 2018
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