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REDWOOD CITY <br />For the Quarter Ended March 31, 2018 <br />PFM Asset Management LLC <br />Source: Bloomberg, Bank of America Merrill Lynch Indices, as of March 2018. OAS is Option Adjusted Spread. <br />Credit Spreads Widen to Start 2018 <br />40 <br />60 <br />80 <br />100 <br />120 <br />140 <br />160 <br />180 <br />Mar '15 Sep '15 Mar '16 Sep '16 Mar '17 Sep '17 Mar '18Basis Points1-5 Year Investment Grade Corporate Yield Spreads (OAS) <br />Credit spreads spiked after the equity market turmoil in early February and have continued to drift wider. <br />Although corporate securities have underperformed in the first quarter as a result of spread widening, they are now offered a t <br />their cheapest levels since May 2017. With the economy still improving and credit fundamentals still strong, this has been an <br />opportunity to purchase credit investments with incremental value. <br />Market Update <br />18 6.1.B. - Page 24