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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended June 30, 2025 <br />Multi-Asset Class Management <br />SOURCES <br />Factset <br />https://www.bea.gov/sites/default/files/2024-12/gdp3q24-3rd-fax.pdf <br />https://www.bls.gov/news.release/pdf/empsit.pdf <br />https://www.bls.gov/news.release/pdf/cpi.pdf <br />http://www.sca.isr.umich.edu/ <br />NCREIF <br />PitchBook <br />DISCLOSURES <br />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 <br />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 <br />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 <br />performance shown. <br />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. <br />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 <br />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 <br />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 <br />completeness. <br />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 <br />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. <br />is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. <br />NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE <br />Further distribution is not permitted without prior written consent. <br />2.10 <br />Resolution No. 2025-133 Exhibit A Page 13 of 26