PIMCO Total Return Fund Instl PTTRX

Release Date: 03-31-2021 PIMCO Total Return Fund Instl PTTRX ...... Benchmark Morningstar Category Asset Class: Sub-Asset Class Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc US Agg Bond TR USD Intermediate Core-Plus Bond Bonds: US Intermediate-Term QQQ Average Average Bonds Out of 540 Intermediate Core-Plus Bond funds. An investment's overall Morningstar Rating, based on its risk- adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & Strategy Performance From investment’s prospectus 8 Total Return % The investment seeks maximum total return, consistent with 6 as of 03-31-21 preservation of capital and prudent investment management. 4 Investment Return Benchmark The fund invests at least 65% of its total assets in a 2 diversified portfolio of Fixed Income Instruments of varying 0 maturities, which may be represented by forwards or -2 derivatives such as options, futures contracts, or swap -4 agreements. It invests primarily in investment-grade debt Average annual, if greater -6 securities, but may invest up to 20% of its total assets in than 1 year high yield securities. It may invest up to 30% of its total 3 Mo YTD 1-Year 3-Year 5-Year 10-Year Since Inception assets in securities denominated in foreign currencies, and -3.09 -3.09 3.25 4.89 3.84 3.75 7.01 Investment Return % may invest beyond this limit in U.S. dollar-denominated -3.37 -3.37 0.71 4.65 3.10 3.44 6.11 Benchmark Return % -2.56 -2.56 6.63 4.88 3.85 3.83 6.10 Category Average % securities of foreign issuers...... QQQ QQQ QQQ . Morningstar Rating™ Fees and Expenses as of 04-01-21 . . 85 52 45 55 . Rank in Category 597 540 476 342 # of Funds in Category Total Annual Operating Expense 0.70% . . . Net Expense Ratio 0.70% ...... Calendar Year Total Returns 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD YTD YTD YTD YTD YTD YTD The Net Expense Ratio excluding interest expense is Investment % 4.16 10.36 -1.92 4.69 0.73 2.60 5.13 -0.26 8.26 8.88 0.46%. Interest expense can result from portfolio Benchmark % 7.84 4.21 -2.02 5.97 0.55 2.65 3.54 0.01 8.72 7.51 investment transactions and is not paid to PIMCO. Category % 6.27 7.76 -0.90 5.42 -0.45 3.86 4.27 -0.61 8.94 8.06 Rank in Category 89 12 78 73 11 82 17 30 73 34 Expense Waiver Data Type Exp. Date % Out of # of Funds 456 467 500 510 528 561 597 617 613 602 . . . . Performance prior to the inception date of the share class (if any) is based on the returns of an older share class, Operations and Management adjusted for expenses. The performance data quoted reflects past performance and does not guarantee future Total Fund Assets ($mil) 67,381.77 results. The investment return and principal value of an investment will fluctuate; thus, an investor's shares, when Annual Turnover Ratio % 554.00 redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than Index Fund No return data shown herein. For more current information, including month-end performance, please call +1 866 374 Fund Inception Date 05-11-87 2662 or refer to the Performance section of the Disclosure page for more information on how to access your Portfolio Manager(s) Mark Kiesel. Since 2014. account. Scott Mather. Since 2014. Management Company Pacific Investment Management Portfolio Analysis as of 12-31-20 Company, LLC Composition as of 12-31-20 % Net Morningstar Fixed Income Style Box™ as of 12-31-20 U.S. Stocks 0.0 Avg Eff Duration 5.40 Risk Measures as of 03-31-21 Port Avg Rel BC Aggr Rel Cat Non U.S. Stocks 0.1 Avg Eff Maturity 7.15 3 Yr Std Dev 3.63 1.02 0.80 Bonds 105.5 Not Avg Wtd Price 112.07 3 Yr Beta 0.97 1.00 Available . Cash -14.2 3 Yr Sharpe Ratio 0.97 1.04 1.21 Other 8.7 3 Yr Alpha 0.33 . 0.94 -100 -50 0 50 100 Total 100.0 3 Yr R-squared 88.76 . 1.42

Top 10 Holdings as of 12-31-20 % Assets Morningstar F-I Sectors as of 12-31-20 % Fund % Category Principal Risks as of 12-31-20 10 Year Treasury Note Future Mar 21 03-23-21 11.29 ⁄ Government 29.66 21.22 Short Sale, Credit and Counterparty, Prepayment (Call), Pimco Fds 08-08-21 5.03 › Corporate 19.90 31.48 Currency, Emerging Markets, Foreign Securities, Loss of Pimco Fds 03-28-21 5.00 € Securitized 26.39 30.67 Money, Not FDIC Insured, Issuer, Interest Rate, Market/ Federal National Mortgage Associa 2% 03-11-51 4.11 ‹ Municipal 0.38 1.40 Market Volatility, Convertible Securities, Equity Securities, Federal National Mortgage Associa 3% 01-14-51 3.27 ﬁ Cash/Cash Equivalents 14.06 8.64 High-Yield Securities, Mortgage-Backed and Asset-Backed ...... ± Other 9.60 6.59 Securities, Other, Restricted/Illiquid Securities, Derivatives, Federal National Mortgage Assoc 2.5% 03-11-51 2.09 United States Treasury Bonds 3% 05-15-45 2.03 Leverage, Sovereign Debt, Management Credit Analysis % Bonds United States Treasury Bonds 1.375% 11-15-40 1.98 ...... Not Available For more information please see the Principal Risks section of United States Treasury Bonds 1.375% 08-15-50 1.59 the Disclosure Page. Secretaria Tesouro Nacional 0% 10-01-21 1.57 ...... Total Number of Stock Holdings 9 Total Number of Bond Holdings 7200

® TM MC15 ©2021 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to ® Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future ß performance. Visit our investment website at www.morningstar.com. Release Date: 03-31-2021 Disclosure

For more information on any registered fund, please call Also known as loads, sales fees list the maximum level of products in its Morningstar category. In each Morningstar 800-755-5801 for a free summary prospectus (if available) initial (front-end) and deferred (back-end) sales charges category, the 10% of products with the lowest measured risk and/or prospectus. You should consider the objectives, risks, imposed by a fund. The scales of minimum and maximum are described as Low Risk (Low), the next 22.5% Below charges, and expenses of an investment carefully before charges are taken from a fund's prospectus. Because fees Average (-Avg), the middle 35% Average (Avg), the next investing. The summary prospectus and prospectus contain change frequently and are sometimes waived, it is wise to 22.5% Above Average (+Avg), and the top 10% High (High). this and other information. Read them carefully before you examine the fund's prospectus carefully for specific Morningstar Risk is measured for up to three time periods invest. This fund is offered and distributed by the fund family information before investing. (three, five, and 10 years). These separate measures are and its affiliated broker-dealer or other broker-dealers with then weighted and averaged to produce an overall measure effective selling agreements, such as Transamerica Investors Morningstar RatingTM for the product. Products with less than three years of Securities Corporation (TISC), 440 Mamaroneck Avenue, The Morningstar RatingTM for funds, or "star rating", is performance history are not rated. Harrison, NY 10528. Transamerica Retirement Solutions is an calculated for managed products (including mutual funds, affiliate of TISC. variable annuity and variable life subaccounts, exchange- Morningstar Style BoxTM traded funds, closed-end funds, and separate accounts) with The Morningstar Style Box reveals a fund's investment The Investment Profile must be preceded or accompanied by at least a three-year history. Exchange-traded funds and strategy as of the date noted on this report. the fund's current prospectus as well as this disclosure open-ended mutual funds are considered a single population For equity funds the vertical axis shows the market statement. The performance data given represents past for comparative purposes. It is calculated based on a capitalization of the long stocks owned and the horizontal axis performance and should not be considered indicative of Morningstar Risk-Adjusted Return measure that accounts for shows investment style (value, blend, or growth). future results. Principal value and investment return will variation in a managed product's monthly excess For fixed-income funds, the vertical axis shows the fluctuate, so that an investor's shares when redeemed may performance, placing more emphasis on downward variations credit quality of the long bonds owned and the horizontal axis be worth more or less than the original investment. Fund and rewarding consistent performance. The Morningstar shows interest rate sensitivity as measured by a bond's portfolio statistics change over time. The fund is not FDIC- Rating does not include any adjustment for sales loads. The effective duration. insured, may lose value and is not guaranteed by a bank or top 10% of products in each product category receive 5 stars, Morningstar seeks credit rating information from fund other financial institution. the next 22.5% receive 4 stars, the next 35% receive 3 stars, companies on a periodic basis (e.g., quarterly). In compiling the next 22.5% receive 2 stars, and the bottom 10% receive credit rating information, Morningstar instructs fund Performance 1 star. The Overall Morningstar Rating for a managed product companies to only use ratings that have been assigned by a If you are an active participant, go to Colleague Connect is derived from a weighted average of the performance Nationally Recognized Statistical Rating Organization (https://colleagueconnect.mmc.com), click Career & figures associated with its three-, five-, and 10-year (if (NRSRO). If two NRSROs have rated a security, fund Rewards, and select Transamerica under Resources. Once applicable) Morningstar Rating metrics. The weights are: companies are to report the lowest rating; if three or more you’re signed in, click the applicable plan to review and 100% three-year rating for 36-59 months of total returns, NRSROs have rated the same security differently, fund manage your account. Click “Review” followed by “Fund and 60% five-year rating/40% three-year rating for 60-119 months companies are to report the rating that is in the middle. For Fee Information”. of total returns, and 50% 10-year rating/30% five-year example, if NRSRO X rates a security AA-, NRSRO Y rates the rating/20% three-year rating for 120 or more months of total same security an A and NRSRO Z rates it a BBB+, the fund If you are a terminated participant, go to Connect (https:// returns. While the 10-year overall star rating formula seems company should use the credit rating of 'A' in its reporting to connect.mmc.com), select a region, and click to give the most weight to the 10-year period, the most Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an Transamerica. Once you’re signed in, click the applicable recent three-year period actually has the greatest impact NRSRO nor does it issue a credit rating on the fund. An plan to review and manage your account. Click “Review” because it is included in all three rating periods. NRSRO rating on a fixed-income security can change from followed by “Fund and Fee Information”. For private funds, the Morningstar Rating presented is time-to-time. Total return reflects performance without adjusting for sales hypothetical, because Morningstar does not independently For credit quality, Morningstar combines the credit charges or the effects of taxation, but is adjusted to reflect all analyze private funds. Rather, the rating is assigned as a rating information provided by the fund companies with an actual ongoing fund expenses and assumes reinvestment of means to compare these funds with the universe of mutual average default rate calculation to come up with a weighted- dividends and capital gains. If adjusted, sales charges would funds that Morningstar rates. The evaluation of this average credit quality. The weighted-average credit quality is reduce the performance quoted. investment does not affect the retail mutual fund data currently a letter that roughly corresponds to the scale used The fund's performance is compared with that of an published by Morningstar. by a leading NRSRO. Bond funds are assigned a style box index. The index is an unmanaged portfolio of specified placement of "low", "medium", or "high" based on their securities and the index does not reflect any initial or ongoing Morningstar Return average credit quality. Funds with a low credit quality are expenses. The index cannot be invested in directly. A fund's The Morningstar Return rates a fund’s performance relative to those whose weighted-average credit quality is determined portfolio may differ significantly from the securities in the other managed products in its Morningstar Category. It is an to be less than "BBB-"; medium are those less than "AA-", but index. assessment of a product's excess return over a risk-free rate greater or equal to "BBB-"; and high are those with a (the return of the 90-day Treasury Bill) in comparison with the weighted-average credit quality of "AA-" or higher. When Total Annual Operating Expenses products in its Morningstar category. In each Morningstar classifying a bond portfolio, Morningstar first maps the This is the percentage of fund assets paid for operating category, the top 10% of products earn a High Morningstar NRSRO credit ratings of the underlying holdings to their expenses and management fees. The expense ratio typically Return (High), the next 22.5% Above Average (+Avg), the respective default rates (as determined by Morningstar's includes the following types of fees: accounting, middle 35% Average (Avg), the next 22.5% Below Average (- analysis of actual historical default rates). Morningstar then administrator, advisor, auditor, board of directors, custodial, Ave), and the bottom 10% Low (Low). Morningstar Return is averages these default rates to determine the average distribution (12b-1), legal, organizational, professional, measured for up to three time periods (three, five, and 10 default rate for the entire bond fund. Finally, Morningstar registration, shareholder reporting, sub-advisor, and transfer years). These separate measures are then weighted and maps this average default rate to its corresponding credit agency. The expense ratio does not reflect the fund's averaged to produce an overall measure for the product. rating along a convex curve. brokerage costs or any investor sales charges. In contrast to Products with less than three years of performance history For interest-rate sensitivity, Morningstar obtains from the net expense ratio, the gross expense ratio does not are not rated. fund companies the average effective duration. Generally, reflect any fee waivers in effect during the time period. Morningstar classifies a fixed-income fund's interest-rate Also known as the Prospectus Gross Expense Ratio, Morningstar Risk sensitivity based on the effective duration of the Morningstar Morningstar pulls the prospectus gross expense ratio from Morningstar Risk evaluates a fund’s downside volatility Core Bond Index (MCBI), which is currently three years. The the fund's most recent prospectus. relative to that of other products in its Morningstar Category. classification of Limited will be assigned to those funds It is an assessment of the variations in monthly returns, with whose average effective duration is between 25% to 75% of Sales Fees an emphasis on downside variations, in comparison with the MCBI's average effective duration; funds whose average

effective duration is between 75% to 125% of the MCBI will "size" of a stock fund's portfolio as the geometric mean of the be classified as Moderate; and those that are at 125% or market capitalization for all of the stocks it owns. It's Foreign Securities: Investments in foreign securities may be greater of the average effective duration of the MCBI will be calculated by raising the market capitalization of each stock subject to increased volatility as the value of these securities classified as Extensive. to a power equal to that stock's stake in the portfolio. The can change more rapidly and extremely than can the value of For municipal bond funds, Morningstar also obtains resulting numbers are multiplied together to produce the U.S. securities. Foreign securities are subject to increased from fund companies the average effective duration. In these geometric mean of the market caps of the stocks in the issuer risk because foreign issuers may not experience the cases static breakpoints are utilized. These breakpoints are as portfolio, which is reported as average market capitalization. same degree of regulation as U.S. issuers do and are held to follows: (i) Limited: 4.5 years or less; (ii) Moderate: more We display the value for the investment and the relative value different reporting, accounting, and auditing standards. In than 4.5 years but less than 7 years; and (iii) Extensive: more of a broad market benchmark (as defined) and the addition, foreign securities are subject to increased costs than 7 years. In addition, for non-US taxable and non-US investment’s Morningstar Category. because there are generally higher commission rates on domiciled fixed income funds static duration breakpoints are transactions, transfer taxes, higher custodial costs, and the used: (i) Limited: less than or equal to 3.5 years; (ii) Return on Equity: The percentage a company earns on its potential for foreign tax charges on dividend and interest Moderate: greater than 3.5 and less than equal to 6 years; shareholders' equity in a given year (Year 1, 2, etc.). The payments. Many foreign markets are relatively small, and (iii) Extensive: greater than 6 years. calculation is net income divided by end-of-year net worth. securities issued in less-developed countries face the risks of The resulting figure is multiplied by 100. For a mutual fund, nationalization, expropriation or confiscatory taxation, and Portfolio Statistics ROE represents a weighted median figure such that adverse changes in investment or exchange control Price /Earnings Ratio: The price to prospective earnings yield approximately 50% of the domestic stocks in the portfolio will regulations, including suspension of the ability to transfer for a fund is the asset-weighted average of the prospective have a greater ROE and roughly 50% of these domestic currency from a country. Economic, political, social, or earnings yields of all the domestic stocks in the fund’s stocks will have a lower ROE than the weighted median. We diplomatic developments can also negatively impact portfolio as of the date of the portfolio. A stock’s prospective display the value for the investment and the relative value of performance. earnings yield is calculated by dividing the company’s a broad market benchmark (as defined) and the investment’s estimated earnings per share for the current fiscal year by the Morningstar Category. Loss of Money: Because the investment’s market value may company’s month-end share price as of the portfolio date. In fluctuate up and down, an investor may lose money, including computing the fund’s average, Morningstar weights each Principal Risks part of the principal, when he or she buys or sells the portfolio holding by the percentage of domestic equity assets Short Sale: Selling securities short may be subject to the risk investment. it represents; therefore, larger positions have proportionately that an advisor does not correctly predict the movement of greater influence on the fund’s aggregate earnings yield. The the security, resulting in a loss if a security must be Not FDIC Insured: The investment is not a deposit or reciprocal can also be expressed as a price/prospective purchased on the market above its initial borrowing price to obligation of, or guaranteed or endorsed by, any bank and is earnings ratio. We display the value for the investment and return to the lender, in addition to interest paid to the lender not insured by the Federal Deposit Insurance Corporation, the the relative value of a broad market benchmark (as defined) for borrowing the security. Federal Reserve Board, or any other U.S. governmental and the investment’s Morningstar Category. agency. Credit and Counterparty: The issuer or guarantor of a fixed- Price/Book Ratio: The price to prospective book value yield for income security, counterparty to an over-the-counter Issuer: A stake in any individual security is subject to the risk a fund is the asset-weighted average of the prospective book derivatives contract, or other borrower may not be able to that the issuer of that security performs poorly, resulting in a value yields of all the domestic stocks in the fund’s portfolio make timely principal, interest, or settlement payments on an decline in the security’s value. Issuer-related declines may be as of the date of the portfolio. A stock’s prospective book obligation. In this event, the issuer of a fixed-income security caused by poor management decisions, competitive value yield is calculated by dividing the company’s estimated may have its credit Rating downgraded or defaulted, which pressures, technological breakthroughs, reliance on suppliers, shareholders’ equity per share for the current fiscal year by may reduce the potential for income and value of the labor problems or shortages, corporate restructurings, the company’s month-end stock price as of the portfolio date. portfolio. fraudulent disclosures, or other factors. Additionally, certain In computing the fund’s average, Morningstar weights each issuers may be more sensitive to adverse issuer, political, portfolio holding by the percentage of domestic equity assets Prepayment (Call): The issuer of a debt security may be able regulatory, market, or economic developments. it represents; therefore, larger positions have proportionately to repay principal prior to the security’s maturity because of greater influence on the fund’s aggregate book value yield. an improvement in its credit quality or falling interest rates. In Interest Rate: Most securities are subject to the risk that The reciprocal can also be expressed as a price/book ratio. this event, this principal may have to be reinvested in changes in interest rates will reduce their market value. We display the value for the investment and the relative value securities with lower interest rates than the original of a broad market benchmark (as defined) and the securities, reducing the potential for income. Market/Market Volatility: The market value of the portfolio’s investment’s Morningstar Category. securities may fall rapidly or unpredictably because of Currency: Investments in securities traded in foreign changing economic, political, or market conditions, which Price/Cash Ratio: The price to prospective cash flow currencies or more directly in foreign currencies are subject may reduce the value of the portfolio. represents the weighted average of the price/cash-flow ratios to the risk that the foreign currency will decline in value of the stocks in a fund's portfolio. Price/cash-flow represents relative to the U.S. dollar, which may reduce the value of the Convertible Securities: Investments in convertible securities the amount an investor is willing to pay for a dollar generated portfolio. Investments in currency hedging positions are may be subject to increased interest-rate risks, rising in value from a particular company's operations. Price/cash-flow subject to the risk that the value of the U.S. dollar will decline as interest rates decline and falling in value when interest shows the ability of a business to generate cash and acts as relative to the currency being hedged, which may result in a rates rise, in addition to their market value depending on the a gauge of liquidity and solvency. Because accounting loss of money on the investment as well as the position performance of the common stock of the issuer. Convertible conventions differ among nations, reported earnings (and P/E designed to act as a hedge. Cross-currency hedging securities, which are typically unrated or rated lower than ratios) may not be comparable across national boundaries. strategies and active currency positions may increase other debt obligations, are secondary to debt obligations in Price/cash-flow attempts to provide an internationally- currency risk because actual currency exposure may be order of priority during a liquidation in the event the issuer standard measure of a firm's stock price relative to its substantially different from that suggested by the portfolio’s defaults. financial performance. The reciprocal can also be expressed holdings. as a price/cash ratio. We display the value for the investment Equity Securities: The value of equity securities, which and the relative value of a broad market benchmark (as Emerging Markets: Investments in emerging- and frontier- include common, preferred, and convertible preferred stocks, defined) and the investment’s Morningstar Category. markets securities may be subject to greater market, credit, will fluctuate based on changes in their issuers’ financial currency, liquidity, legal, political, and other risks compared conditions, as well as overall market and economic Geometric Average Cap $mil: Morningstar defines the overall with assets invested in developed foreign countries.

conditions, and can decline in the event of deteriorating the advisor does not guarantee its value, performance, or any issuer, market, or economic conditions. particular rate of return.

High-Yield Securities: Investments in below-investment-grade Investment Risk debt securities and unrated securities of similar credit quality, Foreign Securities Funds/Emerging Markets Funds: The commonly known as "junk bonds" or "high-yield securities," investor should note that funds that invest in foreign may be subject to increased interest, credit, and liquidity securities involve special additional risks. These risks include, risks. but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in Mortgage-Backed and Asset-Backed Securities: Investments emerging markets may accentuate these risks. in mortgage-backed ("MBS") and asset-backed securities ("ABS") may be subject to increased price volatility because Specialty/Sector Funds: The investor should note that funds of changes in interest rates, issuer information availability, that invest exclusively in one sector or industry involve credit quality of the underlying assets, market perception of additional risks. The lack of industry diversification subjects the issuer, availability of credit enhancement, and the investor to increased industry-specific risks. prepayment of principal. The value of ABS and MBS may be adversely affected if the underlying borrower fails to pay the Non-Diversified Funds: The investor should note that funds loan included in the security. that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of Other: The investment’s performance may be impacted by its the increased concentration of investments. concentration in a certain type of security, adherence to a particular investing strategy, or a unique aspect of its Small Cap Funds: The investor should note that funds that structure and costs. invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and Restricted/Illiquid Securities: Restricted and illiquid securities are not as well established as larger blue-chip companies. may fall in price because of an inability to sell the securities Historically, smaller-company stocks have experienced a when desired. Investing in restricted securities may subject greater degree of market volatility than the overall market the portfolio to higher costs and liquidity risk. average.

Derivatives: Investments in derivatives may be subject to the Mid Cap Funds: The investor should note that funds that risk that the advisor does not correctly predict the movement invest in companies with market capitalizations below $10 of the underlying security, interest rate, market index, or other billion involve additional risks. The securities of these financial asset, or that the value of the derivative does not companies may be more volatile and less liquid than the correlate perfectly with either the overall market or the securities of larger companies. underlying asset from which the derivative's value is derived. Because derivatives usually involve a small investment High-Yield Bond Funds: The investor should note that funds relative to the magnitude of liquidity and other risks assumed, that invest in lower-rated debt securities (commonly referred the resulting gain or loss from the transaction will be to as junk bonds) involve additional risks because of the lower disproportionately magnified. These investments may result credit quality of the securities in the portfolio. The investor in a loss if the counterparty to the transaction does not should be aware of the possible higher level of volatility, and perform as promised. increased risk of default.

Leverage: Leverage transactions may increase volatility and Tax-Free Municipal Bond Funds: The investor should note that result in a significant loss of value if a transaction fails. the income from tax-free municipal bond funds may be Because leverage usually involves investment exposure that subject to state and local taxation and the Alternative exceeds the initial investment, the resulting gain or loss from Minimum Tax. a relatively small change in an underlying indicator will be disproportionately magnified.

Sovereign Debt: Investments in debt securities issued or guaranteed by governments or governmental entities are subject to the risk that an entity may delay or refuse to pay interest or principal on its sovereign debt because of cash flow problems, insufficient foreign reserves, or political or other considerations. In this event, there may be no legal process for collecting sovereign debts that a governmental entity has not repaid.

Management: Performance is subject to the risk that the advisor’s asset allocation and investment strategies do not perform as expected, which may cause the portfolio to underperform its benchmark, other investments with similar objectives, or the market in general. The investment is subject to the risk of loss of income and capital invested, and