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Portfolio Analysis

Prepared for

PI LifeSpan 2018Apr 1, 2020

Financial Management Network26041 Acero Mission Viejo, CA 92691949-455-0300

Prepared: Apr 1, 2020

Holdings

PI LifeSpan 2018

Weight (%) Value ($)

Stable Value @PISTABLE 16 16,000

PIMCO Total Return Instl PTTRX 10 10,000

American Funds Income Fund of Amer R4 RIDEX 10 10,000

PIMCO Real Return Instl PRRIX 9 9,000

Templeton Global Bond A TPINX 8 8,000

Loomis Sayles Bond Retail LSBRX 8 8,000

American Funds American Mutual R4 RMFEX 7 7,000

American Funds Europacific Growth R4 REREX 5 5,000

American Funds AMCAP R4 RAFEX 4 4,000

Artisan Global Opportunities Inv ARTRX 4 4,000

Invesco Real Estate R5 IARIX 4 4,000

American Funds New Perspective R4 RNPEX 4 4,000

American Funds New World R4 RNWEX 4 4,000

PRIMECAP Odyssey Aggressive Growth POAGX 3 3,000

PGIM Jennison Small Company Z PSCZX 2 2,000

American Funds SMALLCAP World R4 RSLEX 2 2,000

Cash - - -

As of Mar 31, 2020 100 100,000

Cash comprises money market accounts and funds.

Please read back page for important information about this report Page 1


Allocation

PI LifeSpan 2018

Weight (%)

US stocks large cap 19.6

US stocks mid cap 6.7

US stocks small cap 2.1

Non US stocks 15.2

Unclassified stocks 0.4

US bonds investment grade 18.3

US bonds high yield 2.7

US bonds inflation protected 8.4

Non US bonds 9.8

Unclassified bonds -0.1

Alternative -

Cash & equivalents 13.5

Other 3.5

100

Stocks 43.9

Bonds 39

Cash & equivalents 13.5

Other 3.5

100

Cash & equivalents comprises money market holdings, and fixed-income securities with maturity of less than 90 days.Alternative comprises commodity, precious metals and alternative funds.



Stocks Analysis

Sectors

PI LifeSpan 2018

Weight (%)

Cyclical

Basic Materials 3.7

Consumer Cyclical 9.1

Financial Services 12.6

Real Estate 11.8

Sensitive

Communication Services 6.7

Energy 4.5

Industrials 10.6

Technology 15.5

Defensive

Consumer Defensive 6.1

Healthcare 16.3

Utilities 3.2

100

Percentage of portfolio analyzed 43.9

Cyclical 37.1

Sensitive 37.3

Defensive 25.6

100

Values are based on the percentage of portfolio analyzed.



Stocks Analysis

Style

PI LifeSpan 2018

Average style



Regions

0-5 5-20 20-50 >50%

PI LifeSpan 2018

North America 67.7

Latin America 2.5

Europe Developed 16

Europe Emerging 0.4

Africa/Middle east 0.4

Japan 3.5

Australasia 0.4

Asia Developed 3.6

Asia Emerging 5.6

100





Bonds Analysis

Style

PI LifeSpan 2018

Bonds allocation (%) 39

Average credit quality BB

% of bonds rated 38

Average effective duration 4.91

% of bonds measured 99



Performance

Return0

Risk20%

-10%0

Return10%

Risk20%0

Return10%

Risk15%0

Return10%

Risk20%0

03/30/19-03/31/20 03/30/17-03/31/20 03/30/15-03/31/20 12/31/07-03/31/20 (1)

Annualized Total Return

PI LifeSpan 2018 -4% 2.5% 3% 5%S&P 500 Index TR -6.9% 5% 6.5% 7%

Risk (standard deviation)

PI LifeSpan 2018 10.1% 7.5% 7% 8.6%S&P 500 Index TR 19.8% 15.2% 13.7% 15.5%

Alpha

PI LifeSpan 2018 -1.9% -1.1% -0.9% 0.9%S&P 500 Index TR 0% 0% 0% 0%

Beta

PI LifeSpan 2018 0.49 0.47 0.48 0.52S&P 500 Index TR 1.00 1.00 1.00 1.00

Sharpe ratio

PI LifeSpan 2018 -0.54 0.14 0.31 0.55S&P 500 Index TR -0.36 0.30 0.47 0.48

Maximum drawdown

PI LifeSpan 2018 -17.8% -17.8% -17.8% -28.3%S&P 500 Index TR -33.8% -33.8% -33.8% -52.5%

Distribution rate: PI LifeSpan 2018: 2.16%

Model assumptions:

(1) Assets backfilled in portfolio PI LifeSpan 2018: ARTRX before 09/22/08 with S&P 500 Index TR

Dividends: PI LifeSpan 2018: reinvested; S&P 500 Index TR: reinvested

Simulation: Yearly rebalance

The benchmark used to calculate alpha, beta is: S&P 500 Index TR



Performance

Cumulative returns

Periodic returns



Estimated Income

Next 12 months ($100,000 portfolio):

PI LifeSpan 2018: $2,156. Distribution rate = 2.16%

Frequency Current yield Yearly income ($)

Templeton Global Bond A TPINX Monthly 6.18% 495

American Funds Income Fund of Amer R4 RIDEX Quarterly 3.8% 380

PIMCO Total Return Instl PTTRX Monthly 3.41% 341

Loomis Sayles Bond Retail LSBRX Monthly 3.78% 302

American Funds American Mutual R4 RMFEX Quarterly 2.47% 173

PIMCO Real Return Instl PRRIX Monthly 1.84% 166

Invesco Real Estate R5 IARIX Quarterly 2.56% 103

American Funds Europacific Growth R4 REREX Semi-Annually 1.38% 69

American Funds New World R4 RNWEX Annually 1.4% 56

American Funds New Perspective R4 RNPEX Annually 1.21% 48

American Funds AMCAP R4 RAFEX Semi-Annually 0.58% 23

2,156

The values shown are an estimate based on the projected annual dividend, multiplied by the number of shares owned. Theactual distributions may vary depending on the security issuer's approval. There is no guarantee that the actual distributionswill be equal to the values shown.



Stress Test

Past performance for historical scenarios

Tech bubble (2000-2001): Deflating of the dot-com bubble caused a prolonged decrease in equity prices.

Subprime crisis (2008-2009): A rise in subprime mortgage delinquencies led to a financial crisis and recession.

Debt ceiling crisis (2011): Political deadlock in Congress prevents budget decisions and raises the possibility of USdebt default. The US is downgraded by rating agency S&P.

China slowdown (2015): Concerns about a slowdown of Chinese economy and devaluation of the Yuan triggeredlosses in world markets.

2018 Q4 selloff (2018): Volatility due to raising interest rates, trade disputes and the possibility of recession lead toa global selloff.

CoronaVirus (2020): Virus infection spreads worldwide, threatening to slow down the global economy



Correlations

PI LifeSpan 2018

@PISTABLEARTRX IARIX LSBRX POAGX PRRIX PSCZX PTTRX RAFEX REREX RIDEX RMFEX RNPEX RNWEX RSLEX TPINX@PISTABLE 1

ARTRX 0.52 1IARIX 0.6 0.69 1

LSBRX 0.62 0.77 0.89 1POAGX 0.5 0.9 0.69 0.74 1PRRIX 0.1 0.38 0.66 0.59 0.32 1PSCZX 0.64 0.88 0.85 0.91 0.91 0.43 1PTTRX -0.03 0.14 0.54 0.46 0.1 0.88 0.22 1RAFEX 0.57 0.96 0.74 0.81 0.93 0.35 0.94 0.11 1REREX 0.65 0.93 0.77 0.89 0.87 0.39 0.93 0.19 0.94 1RIDEX 0.7 0.9 0.85 0.9 0.85 0.4 0.95 0.21 0.94 0.95 1RMFEX 0.69 0.89 0.81 0.83 0.85 0.32 0.92 0.12 0.94 0.91 0.98 1RNPEX 0.59 0.97 0.78 0.86 0.91 0.41 0.94 0.2 0.98 0.97 0.96 0.94 1RNWEX 0.65 0.91 0.8 0.91 0.85 0.44 0.93 0.24 0.92 0.99 0.96 0.91 0.96 1RSLEX 0.61 0.92 0.83 0.88 0.94 0.49 0.98 0.26 0.96 0.94 0.93 0.91 0.96 0.94 1TPINX 0.28 0.47 0.34 0.53 0.46 0.01 0.56 -0.15 0.5 0.57 0.53 0.5 0.51 0.6 0.48 1

Correlation is the extent to which the values of different types of investments move in tandem with one another inresponse to changing economic and market conditions. Correlation is a measure on a scale of -1 to +1. Investmentswith a correlation of +0.5 or more tend to rise and fall in value at the same time. Investments with a negativecorrelation of -0.5 to -1 are more likely to gain or lose value in opposing cycles.



Funds Expense

PI LifeSpan 2018

Average net expense ratio: 0.82%; Portfolio net expense ratio: 0.69%

Symbol Net expense ratio Weight Net annualFund in portfolio expense (*)

PIMCO Real Return Instl PRRIX 0.98% 9% 88

Loomis Sayles Bond Retail LSBRX 0.91% 8% 73

PIMCO Total Return Instl PTTRX 0.71% 10% 71

Templeton Global Bond A TPINX 0.85% 8% 68

American Funds Income Fund of Amer R4 RIDEX 0.63% 10% 63

Artisan Global Opportunities Inv ARTRX 1.15% 4% 46

American Funds American Mutual R4 RMFEX 0.64% 7% 45

American Funds Europacific Growth R4 REREX 0.84% 5% 42

American Funds New World R4 RNWEX 0.97% 4% 39

Invesco Real Estate R5 IARIX 0.88% 4% 35

American Funds New Perspective R4 RNPEX 0.79% 4% 32

American Funds AMCAP R4 RAFEX 0.71% 4% 28

American Funds SMALLCAP World R4 RSLEX 1.04% 2% 21

PRIMECAP Odyssey Aggressive Growth POAGX 0.63% 3% 19

PGIM Jennison Small Company Z PSCZX 0.82% 2% 16

84% 686

(*) in $, based on portfolio value of $100,000.



Securities

Average annual return as of Mar 31, 2020Total returns, assuming reinvested dividends

10 years Yield SEC YieldSymbol 1 year 5 years or inception † 12 month 30 day Web

PIMCO Total Return Instl PTTRX 7.4% 3.2% 4.1% 3.41% 1.96% [a]

American Funds Income Fund of Amer R4 RIDEX -7.6% 2.9% 6.7% 3.8% 2.93% [b]

PIMCO Real Return Instl PRRIX 5.4% 2.3% 3.3% 1.84% -0.69% [a]

Templeton Global Bond A TPINX -5.8% 0.2% 2.3% 6.18% 3.46% [c]

Loomis Sayles Bond Retail LSBRX -6.5% 0.7% 3.8% 3.78% 2.98% [d]

American Funds American Mutual R4 RMFEX -8.7% 4.9% 8.8% 2.47% 2.07% [b]

American Funds Europacific Growth R4 REREX -13% 0.6% 3.6% 1.38% 0.78% [b]

American Funds AMCAP R4 RAFEX -7.3% 6% 10.2% 0.58% 0.32% [b]

Artisan Global Opportunities Inv ARTRX 1.2% 8.6% 11.6% 0% - [e]

Invesco Real Estate R5 IARIX -17% 0.9% 7.5% 2.56% 1.64% [f]

American Funds New Perspective R4 RNPEX -6.7% 5.7% 8.3% 1.21% 0.68% [b]

American Funds New World R4 RNWEX -12.7% 1.9% 3.4% 1.4% 0.61% [b]

PRIMECAP Odyssey Aggressive Growth POAGX -16.3% 5.6% 12.8% 0% - [g]

PGIM Jennison Small Company Z PSCZX -28.4% -2.2% 6% 0% - [h]

American Funds SMALLCAP World R4 RSLEX -12.3% 3.6% 7.3% 0% -0.09% [b]

CASH $CASH 1.7% 1.1% 0.6% 1.74% -

† if less than 10 years history, performance since inception and inception date are indicated.

[a] www.pimco.com [b] www.americanfunds.com [c] www.franklintempleton.com [d] www.loomissayles.com [e] www.artisanfunds.com [f]

www.invesco.com/us [g] www.odysseyfunds.com [h] www.prudentialfunds.com

ETF performance is calculated based on the last closing price for the period.

The performance data quoted represents past performance. Past performance does not guarantee future results. Investmentreturn and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than theiroriginal cost. Current performance may be lower or higher than the performance information quoted. To obtain currentmonth-end performance information, please consult the websites referenced above. The performance quoted, reflects thereinvestment of dividends and capital gains, is net of expenses and does not reflect the maximum sales load. Such a fee, if takeninto consideration, will reduce the performance quoted above.

Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully beforeinvesting. The prospectus and, if available, the summary prospectus contain this and other important information about theinvestment company. You can obtain a prospectus and summary prospectus from your financial representative. Read carefullybefore investing. Amounts in mutual funds are subject to fluctuations in value and market risk. Shares, when redeemed, may beworth more or less than their original cost.

An investment in Exchange Traded Funds (ETF), structured as a mutual fund or unit investment trust, involves the risk of



Securities

losing money and should be considered as part of an overall program, not a complete investment program. An investment inETFs involves additional risks such as not diversified, price volatility, competitive industry pressure, international political andeconomic developments, possible trading halts, and index tracking errors.



Important Information

This report presents past performance, which does not guarantee future results. The investment return and principal value will fluctuate thus an investor's

shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein.

The model portfolio results presented in this report are based on simulated investments, assuming that the holdings are purchased on the first day of the

period indicated. When applicable, portfolio rebalancing is simulated to adjust the holdings back to their initial weights, according to the frequency indicated.

The measure of return used in this report include distribution income such as dividends. The simulation of model portfolios does not take into account

trading costs and tax implications.

Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been

executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or

hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made

that any account will or is likely to achieve profits or losses similar to these being shown.

Definitions

Alpha: the excess return of the investment over the benchmark, after adjusting for risk. A positive value implies that the investment has performed better

than expected, relatively to its risk. The benchmark used for alpha calculation in this report is the S&P500 Index Total Return.

Backfill: for investments with an inception date that is later than the beginning of the reporting period, the returns of a similar investment are used to fill the

missing data, when indicated. For example, a mutual fund class with long history can be used to backfill the history of another class that has a recent

inception date.

Beta: the volatility of the investment compared to the volatility of the benchmark. A value lower than 1 indicates that the investment is less volatile than the

benchmark. A value greater than 1 indicates a higher volatility. The benchmark used for beta calculation in this report is the S&P500 Index Total Return.

Cash and equivalents: short term, high credit quality and highly liquid investments such as money market funds.

Correlation: a measure of association between two investments. A positive value indicates that the investments tend to move up and down at the same

time. A negative value indicates that the investments tend to move in opposite directions. The maximum value is 1; the minimum value is -1.

Expense ratio: for investment funds, the expense ratio as reported in the fund's prospectus.

Information ratio: A risk-adjusted measure which captures excess or active returns and relates them to excess or active risk. The higher the information

ratio, the better.

Maximum drawdown: the largest percent retrenchment from an investment's peak value to the investment’s valley value for a given period.

Risk (Standard Deviation): a measure of dispersion of returns around their historical average. The higher the standard deviation, the more widely the

investment's returns vary over time.

Sharpe ratio: compares the investment return against the risk-free return (US Treasury Bill), after adjusting for risk. The greater the Sharpe ratio, the better

its risk-adjusted performance.

Sortino ratio: a modification of the Sharpe ratio, using downside deviation for the risk adjustment instead of standard deviation. The downside deviation only

considers periods of negative returns.

Up/Down capture ratio: shows what portion of a market performance was captured by an investment in up and down markets.

Yield 12-month: the sum of distributions from the asset(s) over 12 trailing months, divided by the current market price of the asset(s).

Yield SEC: for fixed income investments, the annualized yield based on the 30-day period ending on the last day of previous month.

Asset data (c)2020 Morningstar. 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 this information.

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