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For the Quarter Ended June 30, 2018 <br />REDWOOD CITY <br />GLOSSARY <br />• PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the <br />mortgage-backed security. <br />• REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date <br />• SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity <br />proceeds) occurs on a non -business day, the funds are exchanged on the next business day. <br />• TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place. <br />• UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place. <br />• U.S. TREASURY: The department of the U.S. government that issues Treasury securities. <br />Appendix <br />• YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on <br />an annualized basis. <br />• YTM AT COST: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from <br />purchase date to maturity, stated as a percentage on an annualized basis. <br />• YTM AT MARKET: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period <br />remaining until maturity, stated as a percentage on an annualized basis. <br />PFM Asset Management LLC <br />Account ,"""0000 <br />34 <br />