Summary

• The Large Cap Core Fund returned -2.26% for the quarter, while the benchmark S&P 500 Index returned -4.33%.
• Fund's outperformance was attributed primarily to positive stock selection within the financials, health care, and materials sectors.
• Valero Energy Corp. reported fourth quarter earnings that significantly exceeded consensus estimates, driven by strong refining margins, record throughput, and operating utilization nearing 98% capacity.
• Atlassian Corp. shares traded lower as management guided to slower fiscal-2026 growth, reflecting tougher comparisons, macroeconomic uncertainty, and a normalization of expansion rates following several years of elevated growth.
• Allspring Global Investments believes the current environment should continue to create opportunities to invest in high-quality businesses with strong fundamentals at reasonable valuations.

Quarterly review

• The Large Cap Core Fund outperformed the S&P 500 Index benchmark for the quarter.
• For the three-month period, financials, health care, and energy contributed to relative performance.
• Industrials, communication services, and consumer staples detracted from

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