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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended December 31, 2025 <br />Multi-Asset Class Management <br />CommentsOur Q1 2026 Investment OutlookAsset Class <br />•US large caps returned double-digit returns in 2025 supported by <br />supportive fiscal and monetary policy, strong earnings growth and <br />continued support for AI related stocks. <br />•Looking ahead, resilient economic growth is expected to broaden market <br />performance away from the top technology names (Mag-7) and towards <br />smaller and mid cap names. Value stocks have been outperforming <br />growth stocks recently led by economic growth tailwinds and capex <br />expensing rules that provides favorable outlook for cyclical industries. <br />•Small caps have recovered in the latter half of 2025 as Fed rate cuts, <br />higher liquidity and improving earnings became tailwinds. While we hold a <br />positive view on small caps, we expect to remain neutral until we see <br />some recovery across employment and manufacturing indicators. <br />U.S. Equities <br />Large-Caps <br />Small-Caps <br />•International equities posted strong returns in 2025. Valuations are <br />attractive relative to US equities but multiples look expensive relative to <br />recent history. Earnings growth of ~13% expected in 2026. <br />•Across Europe and China, we believe that there are structural/geopolitical <br />issues that need to be addressed for long-term sustained outperformance. <br />•Accommodative monetary policy, fiscal stimulus in certain regions and <br />weaker USD are tailwinds but tariff driven uncertainty remains. <br />Non-U.S. Equities <br />Developed Markets <br />Emerging Markets <br />•Fed cut rates by 75bps in 2025 and has provided guidance for one more <br />rate cut in 2026. <br />•Yield curve has steepened over 2025 while 10 year yields have stayed <br />above 4.0%. We expect long term rates to be range-bound due to <br />inflation expectations but are watching for any meaningful increase in <br />yields that could lead to a risk-off sentiment. <br />•We remain duration neutral at this time. Absolute yield levels look <br />attractive even as credit spreads are closer to historical lows. We are <br />neutral to credit sectors at this time given the tighter spreads even as <br />corporate fundamentals remain strong. <br />Fixed Income <br />Core Bonds <br />Investment Grade Credit <br />High Yield Credit <br />•REIT performance has been sensitive to the long-term yields and have <br />underperformed broader equities in 2025. Looking ahead, continued <br />economic growth and the recent rate cuts are expected to be tailwinds. <br />•Along with diversified source of return, improving AI sentiment bodes <br />well for data center buildout and utilities are long-term drivers for listed <br />infrastructure. <br />Diversifying Assets <br />Listed Real Estate <br />Listed Global Infrastructure <br />Investment Strategy Overview <br />The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution <br />(December 31, 2025) and are subject to change.  <br />Current outlook Outlook one quarter ago PositiveSlightly <br />PositiveNeutralSlightly <br />NegativeNegative <br />2.9 <br />Exhibit A <br />Resolution No. 2026-061