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6.A. - Page 21 of 46 <br />REDWOOD CITY <br />1.0% <br />0.8% <br />0.6% <br />0.4% <br />0.2% <br />0.0% <br />-0.2% <br />For the Quarter Ended June 30, 2020 <br />Market Update <br />Sector Spreads Tightened Significantly, Moving Toward Pre-COVID Levels <br />Federal Agency Yield Spreads <br />1-5 Year Indices <br />6% <br />5% <br />4% <br />3% <br />2% <br />1% <br />0% <br />Dec -19 Jan -20 Feb -20 Mar -20 Apr -20 May -20 Jun -20 Dec -19 Jan -20 Feb -20 Mar -20 Apr -20 May -20 Jun -20 <br />Corporate Notes A -AAA Yield Spreads Asset -Backed Securities Yield Spreads <br />Mortgage -Backed Securities Yield Spreads <br />Agency MBS AAA CMBS Index <br />6% <br />5% <br />4% <br />3% <br />2% <br />1% <br />0% <br />Dec -19 <br />J, <br />Jan -20 Feb -20 Mar -20 Apr -20 <br />6% <br />5% <br />4% <br />3% <br />2% <br />1% <br />0% <br />May -20 Jun -20 Dec -19 <br />Jan -20 Feb -20 Mar -20 Apr -20 May -20 Jun -20 <br />Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess, and PFM, as of 6/30/2020. Spreads on ABS and MBS are option -adjusted spreads of 0-5 year indices based on weighted average life; <br />spreads on agencies are relative to comparable -maturity Treasuries. CMBS is Commercial Mortgage -Backed Securities. <br />PFM Asset Management LLC a <br />