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For the Quarter Ended September 30, 2017REDWOOD CITYPFM Asset Management LLCPFM Asset Management LLCLabor Market Remains Strong Despite the Impact of Hurricanes The U.S. labor market lost 33,000 jobs in September. The first decline in U.S. nonfarm payrolls in seven years.Despite the impact of the hurricanes on the September job numbers, the headline unemployment rate ticked down to 4.2%, hitting the lowest level in more than 16 years. The U6 unemployment rate also decreased slightly from 8.6% in June to 8.3% in September, while the labor force participation rate ticked up from 62.8% in June to 63.1% in September. Average hourly earnings—an important gauge of wage growth—grew 2.9% over the past 12 months.Source: Bloomberg, as of 9/30/17. -100k0k100k200k300k400kSep '12 Sep '13 Sep '14 Sep '15 Sep '16 Sep '17Monthly Change in Nonfarm PayrollsNonfarm Payrolls12-Month Moving Average7.8%7.2%5.9%5.0%4.9%4.2%4%5%6%7%8%9%Sep '12 Sep '13 Sep '14 Sep '15 Sep '16 Sep '17Unemployment RateMarket Update146.1.A. - Page 20