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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended March 31, 2026 <br />Multi-Asset Class Management <br />FIXED INCOME <br />• The U.S. bond market, as represented by the Bloomberg U.S. <br />Aggregate Index, returned -0.1% in the first quarter of 2026. <br />Performance was weighed down by declines in March (-1.8%), as <br />bonds failed to provide diversification benefits during the sell-off amid <br />near-term inflation concerns. Interest-rate volatility increased over the <br />quarter, with the ICE BofA Move Index rising to a nine-month high, <br />reflecting uncertainty surrounding the duration of the geopolitical <br />conflict involving Iran. <br />• The Bloomberg U.S. Treasury Index also finished the quarter little <br />changed, declining -4 basis points (bps). While the Fed held rates <br />steady, Treasury yields moved higher as investors reassessed the <br />expected timing and pace of future rate cuts. The 30-year Treasury <br />yield rose 7 bps to 4.9%, while the 2-year Treasury rose 32 bps to 3.8%. <br />• Corporate credit generated negative returns across the quality <br />spectrum. The Bloomberg U.S. Corporate Investment Grade Index <br />declined -0.5%, while the ICE BofA High Yield Index returned -0.6%. <br />Credit spreads widened for both investment-grade and high-yield <br />corporates and now sit above their respective 10-year averages. <br />Despite near-term pressure, corporate fundamentals remain <br />supported by elevated profit margins, ongoing share repurchases, and <br />continued merger and acquisitions activity. AI-related corporate debt <br />issuance across corporate bonds and bank loans space has drawn <br />increased investor attention during the quarter, reflecting continuing <br />financing demand among technology-oriented issuers. <br />Source: Bloomberg. <br />Returns for Fixed-Income Segments <br />Periods Ended March 31, 2026 <br />Source: Bloomberg. <br />U.S. Treasury Yield Curve <br />3.80%3.94% <br />4.32%4.91% <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />3/31/2025 <br />12/31/2025 <br />3/31/2026 <br />3-mo 2-yr 5-yr 10-yr 30- <br />Blmbg U.S. <br />Aggregate <br />Blmbg U.S. <br />Treasury Blmbg U.S. MBS <br />Blmbg U.S. <br />Corporate <br />Investment <br />Grade <br />ICE BofA U.S. HY <br />QTD -0.05%-0.04%0.40%-0.54%-0.55% <br />YTD -0.05%-0.04%0.40%-0.54%-0.55% <br />1 Year 4.35%3.25%5.79%4.78%6.90% <br />-1% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />2.6 <br />Exhibit A <br />Resolution No. 2026-070 Page 9