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6.A. - Page 22 of 46 <br />REDWOOD CITY <br />For the Quarter Ended June 30, 2020 <br />Credit Outperforms in Second Quarter Due to Massive Spread Tightening <br />1-3 Year Indices <br />Second Quarter Returns <br />8% Year -to -Date <br />6% 5.85% <br />4% <br />3.33% <br />2.39% <br />2% <br />0.13% <br />0% <br />0.37% <br />- <br />M <br />q <br />00 <br />U) <br />� <br />N <br />CDco <br />QQ <br />m <br />Q <br />m <br />Q <br />~ <br />Q <br />U <br />C/)o <br />U <br />Source: Bloomberg, as of 6/30/2020. <br />1-5 Year Indices <br />Second Quarter Returns <br />8% Year -to -Date <br />6% <br />4.34% <br />4% <br />2.76% <br />2% <br />Market Update <br />7.66% <br />0.29% <br />0%LO <br />0.49% <br />_ <br />U) <br />� <br />N <br />m <br />Q <br />m <br />Q <br />~ <br />Q <br />U <br />U� <br />o <br />U <br />PFM Asset Management LLC 28 <br />