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QUARTERLY MARKET SUMMARY For the Quarter Ended March 31, 2025 Multi-Asset Class Management SOURCES Factset https://www.bea.gov/sites/default/files/2024-12/gdp3q24-3rd-fax.pdf https://www.bls.gov/news.release/pdf/empsit.pdf https://www.bls.gov/news.release/pdf/cpi.pdf https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/ http://www.sca.isr.umich.edu/ NCREIF PitchBook DISCLOSURES Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no liability in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown. The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness. PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE Further distribution is not permitted without prior written consent. For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public.2.10