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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.comSector Yield Spreads Widened in Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess and PFM as of 12/31/2021. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities.0.00%0.15%0.30%0.45%0.60%0.75%Dec-20 Mar-21Jun-21Sep-21Dec-21Corporate Notes A-AAA Yield SpreadsCorporate yield spreads have widened modestly in Q4-0.10%-0.05%0.00%0.05%0.10%0.15%Dec-20 Mar-21 Jun-21Sep-21 Dec-21Federal Agency Yield SpreadsAgency yield spreads remained near-zero-0.50%0.00%0.50%1.00%1.50%2.00%Dec-20 Mar-21Jun-21Sep-21Dec-21Mortgage-Backed Securities Yield SpreadsAgency MBSAAA CMBS Index0.00%0.12%0.24%0.36%0.48%0.60%Dec-20 Mar-21Jun-21Sep-21Dec-21Asset-Backed Securities AAA Yield SpreadsABS yield spreads have widened off record-lowsFor the Quarter Ended December 31, 2021Market Update© PFM Asset Management LLC pfmam.com|REDWOOD CITY176.A. - Page 23 of 4727