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Negative Slightly <br />Negative Neutral Slightly <br />Positive PositiveCurrent outlook Outlook one quarter ago <br />© PFM Asset Management LLC | pfmam.com <br />For the Quarter Ended March 31, 2022 <br />California Affiliated Risk Management Authorities Market Update <br />For the Quarter Ended June 30, 2024 <br />Market Update <br />Fixed-Income Sector Outlook – 3Q 2024 <br />Sector Our Investment Preferences <br />C O M M E R C I AL P AP E R <br /> / C D <br />T R E A S U R I E S <br />T-Bill <br />T-Note <br />F E D E R AL AG E N C I E S <br />Bullets <br />Callables <br />S U P R A N A T I O N A L S <br />C O R P O R AT E S <br />Financials <br />Industrials <br />S E C U R I T I Z E D <br />Asset-Backed <br />Agency Mortgage-Backed <br />Agency CMBS <br />M U N I C I P AL S <br />6.B. - Page 33 of 65 <br />47