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PFM Asset Management LLCREDWOOD CITYFor the Quarter Ended June 30, 2017Market UpdateTreasury yields are substantially higher compared to a year ago, with short-term yields rising in response to the Fed raising rates to normalize policy, while longer-term yields have come down in response to lower inflation expectations. Short-Term Yields Higher but Curve Flatter in Second QuarterSource: Bloomberg, as of 6/30/17.0.0%0.5%1.0%1.5%2.0%2.5%3m6m1y2y3y5yU.S. Treasury Yield CurveJune 30, 2017March 31, 2017June 30, 2016Maturity 03/31/1706/30/17Change3-Mo.0.75 1.01 0.266-Mo.0.90 1.13 0.231-Yr.1.02 1.23 0.212-Yr.1.26 1.38 0.123-Yr.1.49 1.55 0.065-Yr.1.92 1.89-0.0310-Yr.2.39 2.31-0.0820-Yr.2.76 2.61-0.1530-Yr.3.02 2.84-0.18Yield Curve History136.1.C. - Page 25