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REDWOOD CITY, CA <br />For the Quarter Ended September 30, 2016 <br />Appendix <br />Glossary <br />■PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed <br />security. <br />■REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date. <br />■SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction occurs on a non-business day (i.e. coupon <br />payments and maturity proceeds), the funds are exchanged on the next business day. <br />■TRADE DATE: The date on which the transaction occurred however the final consummation of the security transaction and payment has not yet taken place. <br />■UNSETTLED TRADE: A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place. <br />■U.S. TREASURY: The department of the U.S. government that issues Treasury securities. <br />■YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an <br />annualized basis. <br />■YTM AT COST: The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase <br />date to maturity, stated as a percentage, on an annualized basis. <br />■YTM AT MARKET: The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period <br />remaining until maturity, stated as a percentage, on an annualized basis. <br />2016 PFM Asset Management LLC 23 <br />6. <br />1 <br />. <br />C <br />. <br /> <br />- <br /> <br />P <br />a <br />g <br />e <br /> <br />2 <br />8 <br />