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6.A. - Page 23 of 46 <br />REDWOOD CITY <br />3,600 <br />3,400 <br />3,200 <br />3,000 <br />M <br />2,600 <br />2,400 <br />2,200 <br />For the Quarter Ended June 30, 2020 <br />Market Update <br />Stocks Staged an Impressive Rebound in Second Quarter After Pandemic -Driven Sell -Off <br />S&P 500 Price Change <br />Peak -to -trough <br />-34% <br />-4% <br />YTD <br />2,000 <br />Dec '18 Marl 9 Jun '19 Sep '19 Dec '19 Mar'20 Jun '20 <br />Source: Bloomberg, as of 6/30/2020. <br />PFM Asset Management LLC 29 <br />