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6.A. - Page 16 of 46 <br />For the Quarter Ended June 30, 2020 <br />REDWOOD CITY <br />COVID-19 Impact Update <br />Health Pandemic <br />Confirmed cases exceed 10 million worldwide <br />U.S. is leading the world with roughly 25% of cases and deaths <br />Recent surge in new U.S. case numbers threatens economic reopening <br />Effects on the Economy <br />Significant negative impact of lockdowns apparent in first and second quarter economic data Limited <br />Early signs of rebound have appeared as some states start to reopen Capacity <br />Effects on the Financial Markets <br />Yields remain very low and are not expected to move meaningfully over the near term <br />Fed support stabilized the bond market and returned liquidity <br />%�o <br />Equity markets substantially recovered in second quarter <br />PFM Asset Management LLC <br />Market Update <br />