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PFM Asset Management LLCREDWOOD CITYFor the Quarter Ended September 30, 2017Portfolio ReviewCalifornia and San Mateo County EmploymentSource: Federal Reserve Economic Data (FRED). Unemployment rates shown are not seasonally adjusted.0%2%4%6%8%10%12%14%Sep-07Jan-08May-08Sep-08Jan-09May-09Sep-09Jan-10May-10Sep-10Jan-11May-11Sep-11Jan-12May-12Sep-12Jan-13May-13Sep-13Jan-14May-14Sep-14Jan-15May-15Sep-15Jan-16May-16Sep-16Jan-17May-17Sep-17Unemployment RatesSeptember 2007 – September 2017San Mateo CountyCaliforniaUnited StatesThe California unemployment rate was 4.7% in September, staying above the national average of 4.2%.The San Mateo County unemployment rate decreased to 2.7% in September, remaining well below the national average.156.1.A. - Page 21