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6.A. - Page 22 of 44 <br />REDWOOD CITY <br />700 <br />M <br />500 <br />' <br />400 <br />o <br />a <br />.N <br />cC <br />M 300 <br />200 <br />100 <br />For the Quarter Ended June 30, 2019 <br />Market Update <br />Corporate Yield Spreads Recover from Recent Bouts of Spread Widening, <br />Generating Strong Excess Returns Year -to -Date <br />Yield Spreads on 1-5 Year A -AAA Corporate Notes <br />0 <br />2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 <br />Source: Bloomberg, ICE BofAML Indices. OAS is option adjusted spread. As of 6/28/2019. <br />PFM Asset Management LLC 26 <br />