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© PFM Asset Management LLC pfmam.comREDWOOD CITYFor the Quarter Ended December 31, 2021Portfolio Snapshot|The portfolio’s benchmark is the ICE BofAML 1-5 Year U.S. Treasury Index. Source: Bloomberg.An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.1.Portfolio StatisticsTotal Market Value$160,341,831.46Portfolio Effective Duration2.49 yearsBenchmark Effective Duration2.58 yearsYield At Cost1.32%Yield At Market0.96%Portfolio Credit QualityAAPortfolio Snapshot¹Credit Quality - S&P12%30%18%%11%4%34%27%19%16%0%5%10%15%20%25%30%35%0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 YrsPortfolioBenchmarkDuration DistributionU.S. Treasury | 39%Federal Agency | 29%Corporate | 17%Negotiable CD | 5%Municipal | 4%ABS | 3%Supranational | 2%Agency CMBS | 1%Sector AllocationAAA | 5%AA+ | 71%AA | 3%AA- | 3%A-1+ | 2%A+ | 5%A | 3%A- | 4%A-1 | 2%BBB+ | 2%Not Rated | 1%36.A. - Page 9 of 4713