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PFM Asset Management LLCFor the Quarter Ended December 31, 2021MarketUpdateFor the Quarter Ended December 31, 2021MarketUpdate© PFM Asset Management LLC |pfmam.comSource: Bloomberg, as of 12/31/2021.Impact of Curve Flattening on Performance0.03%0.73%1.26%1.51%1.90%0.00%0.50%1.00%1.50%2.00%2.50%3M1Y2Y3Y4Y5Y10Y30YMaturityU.S. Treasury Yield CurveDecember 31, 2021September 30, 2021-0.18%-0.53%-0.68%-0.51%-1.00%-0.50%0.00%0.50%1.00%1 Year1 - 3 Year1 - 5 Year1 - 10 YearU.S. Treasury Returns - Q4 2021Rising yields in Q4 negatively affected bond returnsFor the Quarter Ended December 31, 2021Market Update© PFM Asset Management LLC pfmam.com|REDWOOD CITY166.A. - Page 22 of 4726