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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended June 30, 2025 <br />Multi-Asset Class Management <br />FIXED INCOME <br />• The U.S. bond market, represented by the Bloomberg U.S. Aggregate Index, <br />saw positive returns in the first quarter, returning 1.2%. <br />• The Bloomberg U.S. Treasury Index closed the quarter returning 0.8%. During <br />the period, the Federal Open Market Committee (FOMC) held rates steady, <br />marking the second quarter with no changes as policy makers continue their <br />cautious stance as uncertainty remains over the final impact of tariffs on <br />inflation and economic activity. The official dot plot continues to project two <br />cuts for the remainder of the year. The yield curve steepened over the quarter <br />as rates rose on the very long end and fell in the intermediate-term. The 30- <br />year rose to 4.8%, while the 2-year ended at 3.7%. Cash markets currently <br />provide higher yields than the 2-year Treasuries. <br />• Corporate credit saw positive returns across the quality spectrum for the <br />quarter. The Investment Grade Bloomberg U.S. Corporate (IG Corp) Index <br />returned 1.8% while High Yield bonds, as represented by the ICE BofA High <br />Yield (HY) Index, returned 3.6%. After a spike in April, spreads returned to <br />levels below the 10-year average for both investment-grade and high yield, in <br />line with a broad “risk on” sentiment. <br />• The fixed-rate mortgage market, as measured by the Bloomberg U.S. <br />Mortgage-Backed Securities (MBS) Index returned 1.1%. On the commercial <br />side, the Bloomberg U.S. Agency CMBS Index returned 1.8% while the non- <br />agency CMBS Index posted a return of 2.0%. <br />Source: Bloomberg. <br />Returns for Fixed-Income Segments <br />Periods Ended June 30, 2025 <br />Source: Bloomberg. <br />U.S. Treasury Yield Curve <br />3.72%3.80% <br />4.23% <br />4.78% <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />6/30/2024 <br />3/31/2025 <br />6/30/2025 <br />3-mo 2-yr 5-yr 10-yr 30-yr <br />Blmbg U.S. <br />Aggregate <br />Blmbg U.S. <br />Treasury <br />Blmbg U.S. <br />MBS <br />Blmbg U.S. <br />Corporate <br />ICE BofA US <br />High Yield <br />QTD 1.21% 0.85% 1.14% 1.82% 3.57% <br />YTD 4.02% 3.79% 4.23% 4.17% 4.55% <br />1 Year 6.08% 5.30% 6.52% 6.91% 10.24% <br />0% <br />2% <br />4% <br />6% <br />8% <br />10% <br />12% <br />2.6 <br />Resolution No. 2025-133 Exhibit A Page 9 of 26