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REDWOOD CITYFor the Quarter Ended March 31, 2017 Market Update2017 PFM Asset Management LLCCorporate markets reflected improving credit fundamentals and optimism related to anticipated pro-business policies such ascorporate tax reform and deregulation.After tightening to their narrowest levels since 2014, corporate yield spreads began to drift wider toward the end of the quarter.Corporate Sector Optimism*Bank of America Merrill Lynch IndexesSource: Bloomberg, as of 03/31/17.0.55%0.60%0.65%0.70%0.75%Mar '16 Jun '16 Sep '16 Dec '16 Mar '17PercentYield Spread between 1-3 U.S. Treasury Index and 1-3 A-AAA Corporate Index*1900200021002200230024002500Mar '16 Jun '16 Sep '16 Dec '16 Mar '17Share PriceS&P 500 Index146.1.A. - Page 25