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For the Quarter Ended September 30, 2017REDWOOD CITYPFM Asset Management LLCPFM Asset Management LLCTwo-year treasury yields moved modestly higher towards the end of the quarter, possibly due to heightened expectations of another rate hike and a tax overhaul that could increase government borrowing. Interest Rate Update2-Year Treasury YieldsSeptember 30, 2016 – September 30, 20170.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%1.60%Sep '16 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17Fed Rate HikeFed Rate HikeFed Rate HikePresidential ElectionSource: Bloomberg, as of 9/30/17.Market Update106.1.A. - Page 16