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PFM Asset Management LLCREDWOOD CITYFor the Quarter Ended June 30, 2017Market UpdateTwo-year treasury yields moved modestly higher, possibly due to lower expectations of future rate hikes for the remainder of 2017.Interest Rate UpdateSource: Bloomberg, as of 6/30/17.2-Year Treasury YieldsJune 30, 2016 – June 30, 20170.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%1.60%Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17Fed Rate HikeFed Rate HikeFed Rate HikePresidential Election126.1.C. - Page 24