RISKS ASSOCIATED WITH MUTUAL FUNDS AND ETFS
As discussed in further detail in Item 4B above, Chandler also offers a Multi Asset Class strategy to clients seeking to attain balanced returns. This strategy provides exposure to various equity, fixed income and other asset classes through investments in indexed or actively managed mutual funds and exchange traded funds ETFs”).
Chandler is not affiliated with any such mutual fund or ETF company, does not share in any fees charged by a mutual fund or ETF and does not participate in any investment decisions relating to the management of a mutual fund or ETF portfolio.
Mutual Funds
A mutual fund is a company that pools money from many investors and invests the money in different securities or assets based on the investment strategy or goals of the particular fund. Each share of a mutual fund represents an investor’s proportionate ownership of the fund’s holdings and the income those holdings generate.
The risks most commonly associated with mutual funds are:
Market Volatility: Investment returns will fluctuate and are subject to market volatility, so that a client’s shares, when redeemed or sold, may be worth more or less than their original cost. Past performance is no guarantee of future results.
Tracking Error for Index Funds: Index mutual funds seek to track the returns of a market benchmark such as the S&P 500 index, by holding the same securities or a representative sample. A risk of using index mutual funds is that the fund may not be able to track its benchmark closely creating the potential for lower returns than the benchmark.
Lack of Control/ Transparency: Clients typically are not given the exact make-up of a fund’s portfolio at any given time, nor can they directly influence which securities the fund manager buys and sells or the timing of those trades.
Price Uncertainty: With an individual stock, a client can obtain real-time pricing information with relative ease by either checking financial websites or by calling a broker. With a mutual fund, the price at which a client purchases or redeems shares will typically depend on the fund’s NAV, which the fund might not calculate until many hours after a client has placed their order. Mutual funds generally calculate their NAV at least once per business day.
International Risk: Chandler invests in Mutual Funds offered by US based fund companies that invest in non-US companies and markets, which entail additional risks. Non-US markets may be more volatile due to a variety of factors including, less liquidity, transparency and oversight of companies or assets.
Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries.
Exchange- Traded Funds (ETFs)
ETFs are investment funds that trade on stock exchanges much like stocks and will fluctuate in market value.
ETFs also may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Additionally, frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.
Equity based ETFs are subject to risks similar to those of stocks and fixed income ETFs are subject to risks similar to those of bonds.
The risks most commonly associated with ETF securities are:
Market Volatility: Investment returns will fluctuate and are subject to market volatility, so that a client’s shares, when redeemed or sold, may be worth more or less than their original cost. Past performance is no guarantee of future results.
Tracking Error for Index ETFs: Index ETFs seek to track the returns of a market benchmark such as S&P 500 index, by holding the same securities or a representative sample. A risk of using index ETFs is BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
that the fund may not be able to track its benchmark closely creating the potential for lower returns than the benchmark.
Lack of Control/ Transparency: Clients typically are not given the exact make-up of a fund’s portfolio at any given time, nor can they directly influence which securities the fund manager buys and sells or the timing of those trades.
Liquidity Risk: The risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss. Liquidity risk is typically reflected in a wide bid-ask spread or large price movements.
International Risk: Chandler invests in ETFs offered by US based fund companies that invest in nonUS companies and markets, which entail additional risks. Non-US markets may be more volatile due to a variety of factors including, less liquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries.
Chandler does not represent, guarantee or imply that the services or methods of analysis employed by us can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines.
ITEM 9 DISCIPLINARY INFORMATION
We are required to disclose any legal or disciplinary events that are material to a client's or prospective client's evaluation of our advisory business or the integrity of our management. Neither our firm nor our Management Persons have any reportable disciplinary events to disclose.
ITEM 10 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Our firm and our related persons are not engaged in other financial industry activities and have no other industry affiliations.
ITEM 11 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS
AND PERSONAL TRADING
ITEM 11A: CODE OF ETHICS
Our firm maintains a Code of Ethics which sets forth high ethical standards of business conduct that we require of our employees, including compliance with applicable federal securities laws.
Chandler and our personnel owe a duty of loyalty, fairness, and good faith towards our clients, and have an obligation to adhere not only to the specific provisions of the Code of Ethics but to the general principles that guide the Code.
Our Code of Ethics includes policies and procedures for the review of quarterly securities transactions reports as well as initial and annual securities holdings reports that must be submitted by the firm’s access persons. Among other things, our Code of Ethics also requires the prior approval of any acquisition of securities in a limited offering ( e.g., private placement), an initial public offering and certain other securities. Our Code also provides for oversight, enforcement, and recordkeeping provisions.
Chandler's Code of Ethics further includes the firm's policy prohibiting the use of material non-public information.
While we do not believe that we have any access to non-public information, all employees are periodically reminded that such information may not be used in a personal or professional capacity.
Our Code of Ethics is distributed to all supervised persons of Chandler whenever revisions are made or no less BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
frequently than annually, at which time all employees are required to provide a written acknowledgement and attestation of their intent to abide by Chandler’s Code provisions. In addition, firm- wide annual training regarding Chandler’s Code of Ethics is provided by Compliance.
A copy of our Code of Ethics is available to our advisory clients and prospective clients. You may request a copy by email sent to Compliance@chandlerasset. com, or by calling us at 858-546-3737.
ITEM 11B: PRINCIPAL TRADING AND AGENCY CROSS TRADING
Chandler and individuals associated with our firm are prohibited from engaging in principal transactions.
Chandler and individuals associated with our firm are prohibited from engaging in agency cross transactions.
ITEM 11C: PERSONAL TRADING
Chandler and/or individuals associated with our firm can from time to time, buy or sell for their personal accounts, securities identical to or different from those recommended to our clients. In addition, any related person(s) could potentially have an interest or position in a security(ies) which may also be recommended to a client.
Our Code of Ethics is designed to assure that the personal securities transactions, activities and interests of our employees will not interfere with (i) making decisions in the best interest of advisory clients, and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts. It is also designed to help prevent employees from benefiting from transactions placed on behalf of advisory clients.
For additional information on how we address the conflicts of interest that arise in connection with personal trading, please see Item 11D below.
ITEM 11D: PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS From time to time, Chandler will aggregate trades for our self or our employees with client transactions where possible and when compliant with our duty to seek best execution for our clients. In these instances, participating clients will receive an average share price and transaction costs will be shared equally and on a pro-rata basis. In the instances where there is a partial fill of a particular aggregated order, we will allocate all purchases pro-rata, with each account paying the average price. Our employee accounts will be excluded in such a pro-rata allocation.
Because the situations outlined above represent actual or potential conflicts of interest to our clients, we have established the following policies and procedures for implementing our firm’s Code of Ethics, to ensure our firm complies with its regulatory obligations and provides our clients and potential clients with full and fair disclosure of such conflicts of interest:
1. No principal or employee of our firm may put his or her own interest above the interest of an advisory client.
2. No principal or employee of our firm may buy or sell securities for their personal portfolio( s) where their decision is a result of information received as a result of his or her employment unless the information is also available to the investing public.
3. No principal or employee may benefit from transactions placed on behalf of advisory accounts.
4. Our firm requires prior approval for any IPO, private placement investments and certain other securities by related persons of the firm.
5. We maintain a list of all reportable securities holdings for our firm, and anyone associated with this advisory practice that has access to advisory recommendations (" access person"). These holdings are reviewed on a regular basis by our firm's Chief Compliance Officer or designee.
6. We have established procedures for the maintenance of all required books and records.
7. Clients may decline to implement any advice rendered, except in situations where our firm is granted discretionary authority.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
8. All of our principals and employees must act in accordance with all applicable Federal and State regulations governing registered investment advisory practices.
9. We require delivery and acknowledgement of the Code of Ethics by each supervised person (as defined by the Code) of our firm.
10. We have established policies requiring the reporting of Code of Ethics violations to our senior management.
11. Any individual who violates any of the above restrictions may be subject to sanctions, which may include termination of employment.
ITEM 12 BROKERAGE PRACTICES
ITEM 12A: BROKER-DEALER SELECTION, COMPENSATION & TRADE AGGREGATION
FIXED INCOME & MULTI ASSET CLASS PORTFOLIO MANAGEMENT
Chandler requires discretionary clients to provide us with written authority to determine broker- dealer selection and commission costs that will be charged to these clients for transactions placed in their account(s).
Broker- dealers are selected by Chandler based on best execution, a combination of most favorable price and the quality of execution. In selecting a broker to execute a transaction for a client, Chandler considers a variety of other factors, including ( but not limited to) the following:
the broker- dealer's capital depth;
the broker-dealer's market access;
the nature of the security or instrument being traded;
the size and type of transaction;
the nature and character of the markets for the security or instrument to be purchased or sold; the desired timing of the transaction;
the execution, clearance and settlement capabilities of the broker- dealer selected, and others considered;
the reputation and perceived soundness of the broker-dealer and others considered.
Chandler' s knowledge of any actual or apparent operational problems with the broker- dealer; and the reasonableness of the commission for specific transactions.
While Chandler generally seeks competitive commission rates and dealer spreads, it may not necessarily pay the lowest commission. Transactions may involve specialized services on the part of the broker- dealer and thereby justify higher commissions than would be the case with other transactions requiring more routine services.
Regarding commission rates paid, Chandler’s fixed income transactions are generally executed by the brokerdealer on a net basis, which means the execution costs ( e.g., commissions) are included in the purchase or sale price of the security. Equity and ETF transactions will be charged commissions.
FIXED INCOME PORTFOLIO MANAGEMENT IN WRAP FEE OR SUB-ADVISORY PROGRAMS Managed Accounts Select Program
Chandler participates in the Schwab Institutional (“ SI”) services program offered to independent investment advisers by Charles Schwab & Company, Inc. (Schwab), a FINRA registered broker- dealer unaffiliated with Chandler. Wrap fee clients participating in this program are required to utilize Schwab as the custodian for their assets managed within the program. As part of the SI program, Chandler receives benefits that it would not receive if it did not offer investment advice (See the disclosure under Item 12A.1 of this Brochure).
Chandler arranges for all securities transactions in wrap program accounts to be executed through the sponsoring party, subject to best execution considerations described above. If Chandler determines that best BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
execution considerations require trading with brokers other than the sponsoring party, clients can incur additional trading costs. These costs are a factor in Chandler' s best execution analysis.
Chandler has established a prime brokerage account relationship with Schwab through which it can purchase fixed income products directly from third parties for clients and maintain custody at Schwab. In this situation, Chandler will select those brokers or dealers which will provide the best services at the lowest commission rates possible. The reasonableness of brokerage costs, commissions and mark-up/mark-downs is based on the broker-dealer's ability to provide professional services, competitive execution, and other services that will help Chandler in providing investment management services to clients. Thus, for fixed income transactions, Chandler may request that it be provided with written authority to determine the broker- dealer to use for client fixed income transactions and the costs that will be incurred by clients for these transactions. Any limitations on this discretionary authority shall be included in this written authority statement. Clients may change/ amend these limitations as required. Such amendments shall be submitted in writing.
There are times when client trades in fixed income securities are aggregated with transactions for other advisory clients to achieve better pricing and commission costs. Fixed income trades will be allocated on a pro-rata basis in the best interest of the client as set forth in Chandler’s policy and procedures manual.
Envestnet Separately Managed and Unified Managed Accounts Programs Chandler participates as a separate account manager in Envestnet's Separately Managed Accounts ( SMA) and Unified Managed Accounts ( UMA) Programs offered to independent investment advisers by Envestnet Asset Management, Inc., an SEC registered investment adviser unaffiliated with Chandler. SMA and UMA Program clients are required to utilize Charles Schwab & Company, JP Morgan, Pershing Advisor Solutions, or Fidelity as the custodian for their assets managed within the program.
Chandler arranges for all securities transactions in SMA and UMA program accounts through the sponsoring party subject to best execution considerations described above. If Chandler determines that best execution considerations require trading with brokers other than the sponsoring party or client custodian, clients could incur additional trading costs. These costs are a factor in Chandler's best execution analysis.
Folio Dynamix Advisory Services Program
Chandler participates as a separate account manager in the Folio Dynamix Advisory Services Program (“Folio Dynamix Program”) offered to independent advisers by FDx Advisors Inc. (“FDxA”), an SEC registered investment adviser unaffiliated with Chandler. Clients participating in this program typically will be required to custody their assets managed within the program with a designated custodian.
For example, clients participating in the Folio Dynamix Program through Cetera Investment Management LLC and/or certain other affiliated investment adviser entities under common control ( individually referred to as a Cetera Adviser and collectively as Cetera Advisers) are required to custody their program assets with Cetera Investment Services LLC as clearing broker or with a third-party clearing broker mutually acceptable to Cetera Adviser, FDxA and Chandler.
Generally, Chandler arranges for all securities transactions in Folio Dynamix Program accounts through the sponsoring party subject to best execution considerations described above. If Chandler determines that best execution considerations require trading with brokers other than the sponsoring party or client custodian, clients could incur additional trading costs. These costs are a factor in Chandler's best execution analysis.
ITEM 12A.1: RESEARCH AND OTHER SOFT DOLLAR BENEFITS
Chandler’s soft dollar policy prohibits us from entering into third party soft dollar arrangements.
We are providing these additional disclosures as we believe clients should understand related issues surrounding soft dollars. The term soft dollars generally refers to arrangements whereby a discretionary investment adviser is allowed to pay for and receive research, research- related or execution services from a broker- dealer or third- party provider, in addition to the execution of transactions, in exchange for the brokerage commissions from transactions for client accounts.
As disclosed in Item 4D of this Brochure, clients participating in the Schwab Managed Account Select wrap fee program are required to utilize Schwab as the custodian of their assets being managed within that program.
Schwab Institutional provides Chandler with access to its institutional trading and operations services, which are typically not available to Schwab retail investors. These services generally are available to independent BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
investment advisors at no charge to them so long as a specified minimum, generally $ 10 million, of the advisor' s clients' account assets are maintained at Schwab Institutional.
These services are not contingent upon our firm committing to Schwab any spec ific amount of business ( assets in custody or trading commissions). Schwab's brokerage services include the execution of securities transactions, custody, research, and access to mutual funds and other investments that are otherwise generally available only to institutional investors or would require a significantly higher minimum initial investment.
For our client accounts maintained in its custody, Schwab generally does not charge separately for custody services but is compensated by account holders through commissions and other transaction- related or assetbased fees for securities trades that are executed through Schwab or that settle into Schwab accounts.
Schwab Institutional also makes available to our firm other products and services that create a benefit to Chandler but not a direct benefit to our clients' accounts. Many of these products and services are used to service all or some substantial number of our client accounts, including accounts not maintained at Schwab.
Schwab's products and services that assist us in managing and administering our clients' accounts include software and other technology that:
provide access to client account data (such as trade confirmations and account statements); facilitate trade execution and allocate aggregated trade orders for multiple client accounts; provide research, pricing, and other market data;
facilitate payment of our fees from clients' accounts; and assist with back-office functions, recordkeeping, and client reporting.
Schwab Institutional also offers other services intended to help us manage and further develop our business enterprise. These services include:
compliance, legal and business consulting;
publications and conferences on practice management and business succession; and access to employee benefits providers, human capital consultants and insurance providers.
Although Chandler does not utilize such services, Schwab can also make available, arrange and/or pay thirdparty vendors for the types of services rendered to Chandler. Schwab Institutional may discount or waive fees it would otherwise charge for some of these services or pay all or a part of the fees of a third- party providing these services to our firm.
Schwab Institutional may also provide other benefits such as educational events or occasional business entertainment of our personnel. In evaluating whether to recommend clients custody their assets at Schwab, we consider the availability of some of the foregoing products and services and other arrangements as part of the total mix of factors we consider and not solely on the nature, cost or quality of custody and brokerage services provided by Schwab, which creates a potential conflict of interest. However, Chandler has a fiduciary responsibility to always place client interests before our own and we will only recommend Schwab to clients where we believe it would be beneficial to those clients.
Additionally, when placing trades with brokers, there are times when Chandler places certain trades with a thirdparty approved broker that is providing brokerage and research services to us (“Approved Broker”). Brokerage and research services provided by Approved Brokers can include, among other things, effecting securities transactions and performing services incidental thereto (such as clearance, settlement, and custody) and providing proprietary research (i.e., created by the Research Broker). The research can pertain to the economy, industries, sectors of securities, individual companies, statistical information, political and/or developments, credit, and risk measurement, and/or performance analysis. In selecting a broker for trade placement, Chandler can place transactions with Research Brokers that charge commissions, transaction costs or mark-ups that are more than that which another broker might have charged for effecting the same transaction, in recognition of the value of the brokerage and/or research services provided by the broker. This practice is commonly referred to as soft dollars” and is permissible under Section 28(e) of the Securities Exchange Act of 1934, so long as certain conditions are met. In some cases, the research provided by Research Brokers is not utilized by Chandler and in other cases, it can be used in servicing any or all of our clients. In other words, there can be certain client accounts that benefit from the research services, which did not make the payment of commissions, transaction costs or mark-ups to the Approved Broker providing the services. This is allowed under Section 28(e); however, the receipt of brokerage and research services from any broker executing transactions for our clients will not BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
result in a reduction of our customary and normal research activities. Also, the receipt of this type of research can be deemed to be the receipt of an economic benefit by us, and although customary, creates a conflict of interest between Chandler and our clients. Therefore, we are providing these disclosures as we believe clients should understand the issues surrounding soft dollars. In addition, we only place trades where we feel best execution can be obtained, taking into consideration all factors surrounding the transaction and not just research received.
ITEM 12A.2: BROKERAGE FOR CLIENT REFERRALS
Chandler does not direct brokerage in exchange for client referrals.
ITEM 12A.3: DIRECTED BROKERAGE
Chandler’s policy and practice is not to accept advisory clients’ instructions for directing client’s brokerage transactions, however from time to time, Chandler accepts written direction from a client regarding the use of a particular broker- dealer to execute some or all transactions for the client’s account(s). In these circumstances, clients should understand that: (1) we do not negotiate specific brokerage commission rates with the broker on client’s behalf, or may not seek better execution services or prices from other broker/ dealers and, as a result, the client may pay higher commissions and/or receive less favorable net prices on transactions for their account than might otherwise be the case; (2) transactions for that account generally will be effected independently unless we decide to purchase or sell the same security for several clients at approximately the same time (block trade), in which case we may be able to include such client’s transaction with that of other clients for execution if at the same broker; and (3) conflicts may arise between the client’s interest in receiving best execution with respect to transactions effected for the account and Chandler’s interest in receiving future client referrals from that broker. Therefore, prior to directing us to use a specific broker-dealer, clients should consider whether, under that restriction, execution, clearance and settlement capabilities, commission expenses and whatever amount is allocated to custodian fees, if applicable, would be comparable to those otherwise obtainable. Clients should understand that they might not obtain commissions rates as low as might otherwise be obtain if we had discretion to select other broker-dealers.
ITEM 12B: AGGREGATING CLIENT TRADES
Order aggregation is the process of adding together or “blocking” orders to purchase and sell the same security as one large order. Chandler will aggregate or “block” trades where possible and when advantageous to clients.
This blocking of trades permits the trading of aggregate blocks of securities composed of assets from multiple client accounts and in some cases, employees, and other proprietary accounts so long as transaction costs are shared equally and on a pro-rata (or other fair and reasonable) basis between all accounts included in any such block.
Block trading may allow us to execute trades in a timelier, more equitable manner, at a better overall price.
Chandler will aggregate trades for itself or for its associated persons with client trades, providing that the following conditions are met:
1) Chandler' s policies for the aggregation of transactions shall be fully disclosed in this Form ADV Part 2A and separately to Chandler' s existing clients ( if any) and the broker- dealer(s) through which such transactions will be placed;
2) We will not aggregate transactions unless aggregation is consistent with our duty to seek best execution and the terms of Chandler’s investment advisory agreement with each client for which trades are being aggregated;
3) No participating account will be favored over any other account; each account that participates in an aggregated order will participate at the average price for all the aggregated order, with transaction costs shared pro-rata, when applicable, on each account’s participation in the transaction; 4) Chandler will enter aggregated orders into our Order Management System (“OMS”), specifying the participating accounts and how we intend to allocate the order among those accounts; 5) If the aggregated order is filled in its entirety, it will be allocated among participating accounts in accordance with the allocations entered into the OMS; if the order is partially filled, it will be allocated pro-rata based on the allocations entered into the OMS; BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
6) If the security is purchased from multiple dealers at different prices and is to be allocated among multiple accounts, it will be allocated using a weighted average method; 7) Allocations for an aggregated order should constitute no less than 0.50 of 1% (50 basis points) of a selected portfolio. If a proposed allocation would amount to less than 0.50 of 1% (50 basis points) of the selected portfolio, it may be allocated to a more appropriate account different from that specified in the OMS as long as all client accounts receive fair and equitable treatment and the reason for the different allocation is explained in a manner consistent with the procedures listed in number 8 herein; 8) Notwithstanding the foregoing, the order may be allocated on a basis different from that specified in the OMS if all client accounts receive fair and equitable treatment and the reason for the different allocation is explained in writing and is approved in writing by appropriate supervisory personnel no later than one hour after the opening of the markets on the trading day following the day the order was executed;
9) Chandler will receive no additional compensation of any kind as a result of the proposed aggregation; 10) Individual investment advice and treatment will be accorded to each advisory client. 11) Chandler’s books and records will separately reflect, for each client account, the orders of which are aggregated, the securities held by, and bought and sold for that account. 12) Funds and securities for aggregated orders are clearly identified on Chandler' s records and to the broker- dealers or other intermediaries handling the transactions, by the appropriate account numbers for each participating client.
There are times when Chandler does not aggregate trades when we have an opportunity to do so. Portfolio managers choose not to aggregate trades in the following situations:
Non-discretionary clients: An advisory client electing not to grant investment discretionary authority to Chandler is advised that trades done in his/her account may be executed after trades effected in discretionary accounts due to the additional time involved in obtaining the required client approval prior to executing any trade in such non-discretionary client accounts. Consequently, we may not be able to aggregate these trades with other discretionary trades which may result in a difference in the price per share/ bond of a given security and the commission rates paid.
Client direction: While rare, an advisory client may choose not to have their trades aggregated or may have cash flow needs that prevent Chandler from aggregating a trade with other pending orders.
Consequently, we may not be able to aggregate these client trades with other client trades which may result in a difference in the price per share/bond of a given security and the commission rates paid.
Portfolio Manager’s discretion: Portfolio managers may choose to trade certain strategies at the same time while waiting to trade others. The timing of the trades and determination of which strategy to trade is dependent on market conditions.
Additionally, not all portfolio managers will trade their client accounts at the same time and there may be timing differences for trades executed by different portfolio managers. Accordingly, we may not be able to aggregate all trades executed independently by our different portfolio managers, which may result in a difference in the price per share/bond of a given security and the commission rates paid.
ITEM 13 ACCOUNT REVIEWS
ITEM 13A: PERIODIC ACCOUNT REVIEWS
FIXED INCOME & MULTI ASSET CLASS PORTFOLIO MANAGEMENT
The underlying securities within client accounts are continually monitored and reviewed daily in our Order Management and Portfolio Compliance System ( OMS) in the context of each client's stated investment objectives and guidelines. Additional reviews may be triggered by material changes in variables such as the client's individual circumstances, liquidity requirements, credit analysis or the market, political or economic BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
environment.
These accounts are reviewed by our Chief Investment Officer, Deputy Chief Investment Officers, Portfolio Managers and our compliance department.
WRAP FEE PROGRAMS
Program clients should refer to the selected Sponsor’s Wrap Fee Program Brochure and, if applicable, the independent advisor’s disclosure document for information regarding reviews performed by the sponsor or independent advisor and the frequency of reviews conducted on the client’s Program account(s).
CONSULTING SERVICES
While reviews may occur at different stages depending on the nature and terms of the specific engagement, typically no formal reviews will be conducted for Consulting Services clients unless otherwise contracted for.
Such reviews will be conducted by the client's account representative.
ITEM 13B: OTHER REVIEWS
Chandler reviews accounts on a periodic basis as described above in Item 13A of this brochure.
ITEM 13C: REPORTING
FIXED INCOME & MULTI ASSET CLASS PORTFOLIO MANAGMENT
In addition to the monthly account statements that non-wrap clients receive from their custodian and confirmations of transactions that they receive from the executing broker- dealer, we provide written monthly reports summarizing account performance, balances and holdings, transactions, income earned, and cash flow expected for the next 365 days.
WRAP FEE PROGRAMS
Program clients should refer to the selected Sponsor’s Wrap Fee Program Brochure and, if applicable, the independent advisor’s disclosure document for information regarding the content and frequency of reports provided by the sponsor or independent advisor to the client, if any. Chandler does not send any reports or account statements to wrap fee program clients.
CONSULTING SERVICES
These client accounts will receive written reports as contracted for at the inception of the advisory engagement.
ITEM 14 CLIENT REFERRALS AND OTHER COMPENSATION
ITEM 14A: OTHER COMPENSATION
As outlined in Item 12A of this Brochure, certain indirect economic benefits are received by Chandler for clients that custody their assets with Schwab. While Chandler and its employees always endeavor to put the interest of our clients first, clients participating in the Schwab wrap programs should be aware that receipt of this indirect additional compensation creates a potential conflict of interest. However, Chandler has a fiduciary responsibility to always place client interests before our own and will only recommend Schwab to clients where we believe it would be beneficial to those clients.
ITEM 14B: CLIENT REFERRALS
Chandler’s policy and practice is not to enter into arrangements to pay referral fees to independent persons or firms (" Solicitors") for introducing clients to us. Compensation paid to certain related persons of Chandler takes BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
into consideration an overall assessment of predetermined objectives in addition to other defined criteria.
Notably, this firm practice does not impact the advisory fees paid to Chandler by any client.
ITEM 15 CUSTODY
Chandler does not take custody or possession of the funds or securities that a client has placed under our management. Each client shall appoint a Qualified Custodian (“custodian”) to take and have possession of their assets. The fees expressed in the “Fees and Compensation” section (Item 5A) of this Brochure do not include fees a client will incur for custodial services.
From time to time, Chandler recommends a custodian to clients who do not have an existing custodian relationship established. Among others, Chandler generally recommends ( in alphabetical order) Bank of America, Bank of New York/Mellon, Charles Schwab & Co., Union Bank, US Bank or Wells Fargo. Some of the above-mentioned custodians offer special pricing for institutional or municipal clients of Chandler. Chandler does not receive any compensation or referrals from the custodians we refer our clients to. The rates offered by the custodian can be based on the size of the portfolio or type of account opened. Client retains full discretionary authority over the selection of the custodian to be used.
Direct Debiting of Fees
Although Chandler does not take custody or possession of the funds or securities that a client has placed under its management, Chandler is deemed by the SEC to have custody of those accounts where fees are debited directly from the client’s custodian bank account. We previously disclosed in the "Fees and Compensation" section (Item 5) of this Brochure that our firm directly debits advisory fees from client accounts.
As part of this billing process, the client's custodian is advised of the amount of the fee to be deducted from that client's account. On at least a quarterly basis, the custodian is required to send to the client a statement showing all transactions and holdings within the account during the reporting period, in addition to any advisory fees paid.
Because the custodian does not calculate the amount of the fee to be deducted, it is important for clients to carefully review their custodial statements to verify the accuracy of the calculation, among other things. Clients should contact us directly if they believe that there may be an error in their statement.
In addition to the periodic statements that clients receive directly from their custodians, we also send account statements directly to our clients monthly. While Chandler makes every effort to provide accurate statements, we urge our clients to carefully compare the information provided on our statements to statements provided by their custodian in order to ensure that all account transactions, holdings and values are correct and current.
ITEM 16 INVESTMENT DISCRETION
Generally, clients hire us to provide discretionary asset management services; however, we do provide our services on a non-discretionary basis, if requested by a client.
Our discretionary authority includes the ability to do the following without first obtaining approval from the client:
Determine the security to buy or sell;
Determine the amount of the security to buy or sell; and Determine the price at which to buy or sell the security; Clients give us discretionary authority when they sign a discretionary client agreement with our firm and may limit this authority by giving us written instructions. Such limitations are typically outlined in a client’s investment policy statement and may include restrictions on maturity or ratings, issuer or sector concentration limitations, among others. Clients may also change/ amend such limitations by once again providing us with written instructions. Chandler reserves the right to decline acceptance of any client account.
ITEM 17 VOTING CLIENT SECURITIES
ITEM 17A: PROXY VOTING
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We vote proxies for the securities held in client accounts where the client has given us authorization to do so. All clients retain the right to vote their own proxies should they choose to do so. Clients can exercise this right by instructing us in writing to not vote proxies in their account and instructing their custodian to send proxies directly to their attention.
We will vote proxies in the best interests of our clients and in accordance with our established policies and procedures. Our firm will retain all proxy voting books and records for the requisite period of time, including a copy of each proxy statement received, a record of each vote cast, a copy of any document created by us that was material to making a decision how to vote proxies, and a copy of each written client request for information on how the adviser voted proxies. If our firm has a conflict of interest in voting a particular action, we will notify the client of the conflict and retain an independent third- party to cast a vote.
Clients may obtain a copy of our complete proxy voting policies and procedures by contacting Nicole Dragoo, our Chief Compliance Officer, by telephone, email, or in writing. Clients may request, in writing, information on how proxies for their shares were voted. If any client requests a copy of our complete proxy policies and procedures or how we voted proxies for their account(s), we will promptly provide such information to the client.
We will neither advise nor act on behalf of the client in legal proceedings involving companies whose securities are held in the client’s account(s), including, but not limited to, the filing of “Proofs of Claim” in class action settlements. If desired, clients may direct us to transmit copies of class action notices to the client or a third party. Upon such direction, we will make commercially reasonable efforts to forward such notices in a timely manner.
With respect to ERISA accounts, we will vote proxies unless the plan documents specifically reserve the plan sponsor’s right to vote proxies. To direct us to vote a proxy in a particular manner, clients should contact Nicole Dragoo by telephone, email, or in writing.
You can instruct us to vote proxies according to criteria ( for example, to always vote with management, or to vote for or against a proposal to allow a so-called "poison pill" defense against a possible takeover). You can also instruct us on how to cast your vote in a particular proxy contest by contacting Nicole Dragoo by mail at 6225 Lusk Boulevard, San Diego, CA 92121 or by email at Compliance@chandlerasset. com. These requests must be made in writing.
ITEM 17B: WHERE CLIENT RETAINS RIGHT TO VOTE PROXIES
For accounts where we do not vote proxies, Chandler may provide investment advisory services relative to client investment assets. Clients maintain exclusive responsibility for:
1) Directing the manner in which proxies solicited by issuers of securities beneficially owned by the client shall be voted, and
2) Making all elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to the client’s investment assets; and 3) Instructing each custodian of the assets to forward to the client copies of all proxies and shareholder communications relating to the client’s investment assets.
We may provide clients with consulting assistance regarding proxy issues if they contact us with questions at our principal place of business.
ITEM 18 FINANCIAL INFORMATION
ITEM 18A: FINANCIAL STATEMENT REQUIREMENT
Under no circumstances do we require or solicit payment of fees in excess of $ 1200 per client more than six months in advance of services rendered. Therefore, we are not required to include a financial statement.
ITEM 18B: FINANCIAL CONDITION
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Chandler has no financial conditions to disclose that would impair its ability to meet contractual and fiduciary obligations to clients.
ITEM 18C: BANKRUPTCY DISCLOSURE
Chandler has never been the subject of a bankruptcy petition.
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Kay Chandler, CFA
Chairman of the Board
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about Kay Chandler that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Kay Chandler is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Mary Catherine (Kay) Chandler
1948
Oberlin College; BA, Psychology; 1970
2018 to Present: Chairman of the Board & Principal – Chandler Asset Management, Inc. 2008 to 2018: President & Principal – Chandler Asset Management, Inc. 1988 to 2008: President, CEO & Principal – Chandler Asset Management, Inc.
Chartered Financial Analyst (CFA); CFA Institute; 1998
For an explanation of the CFA designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Kay Chandler. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Kay Chandler sits on the Investment Committee and serves as the Vice Chair and Secretary on the Board of Governors for the San Diego Foundation. Ms. Chandler devotes approximately 3 hours a month to this activity.
Kay Chandler does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Kay Chandler is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of her time.
ITEM 5: ADDITIONAL COMPENSATION
Kay Chandler does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Board of Directors
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Martin Cassell, CFA
CEO & Chief Investment Officer
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about Martin Cassell that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Martin Cassell is available on the SEC’s website www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Martin Dayle Cassell
1959
California State University Hayward; BS, Finance; 1987
2008 to Present: CEO, Chief Investment Officer & Principal – Chandler Asset Management, Inc. 2003 to 2008: Chief Investment Officer & Principal – Chandler Asset Management, Inc. 1993 to 2003: VP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 1991 to 1993: Portfolio Manager – Chandler Asset Management, Inc.
Chartered Financial Analyst (CFA); CFA Institute; 1998
For an explanation of the CFA designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Martin Cassell. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Martin Cassell sits on the Investment Committee for the San Diego Foundation and is on the Board of Trustees and Finance Committee for the San Diego Botanic Garden. Mr. Cassell devotes approximately 2-5 hours a month to these activities.
Martin Cassell does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Martin Cassell is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.
ITEM 5: ADDITIONAL COMPENSATION
Martin Cassell does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Board of Directors
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Ted Piorkowski, CFA
Senior Portfolio Manager
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about Ted Piorkowski that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Ted Piorkowski is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Theodore James Piorkowski
1959
California State University San Diego; BS, Finance; 1982 California State University San Diego; MBA, Finance; 1985 2009 – Present: Senior Portfolio Manager & Principal – Chandler Asset Management, Inc. 2004 to 2009: SVP, Portfolio Manager – Chandler Asset Management, Inc. 1999 to 2004: VP, Portfolio Manager – Chandler Asset Management, Inc. 1994 to 1999; VP, Fund Manager – Sefton Capital Management, Inc.
Chartered Financial Analyst ( CFA); CFA Institute; 1991 For an explanation of the CFA designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Ted Piorkowski. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Ted Piorkowski is not engaged in any other investment- related activities.
Ted Piorkowski does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Ted Piorkowski is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.
ITEM 5: ADDITIONAL COMPENSATION
Ted Piorkowski does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Jayson Schmitt
Deputy Chief Investment Officer
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Jayson Schmitt, CFA
Deputy Chief Investment Officer
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about Jayson Schmitt that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Jayson Schmitt is available on the SEC’s website at www. adviserinfo. sec. gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Jayson Arnold Schmitt
1969
California State University San Diego; BA, Economics; 1995 6/2020 to Present: Deputy Chief Investment Officer – Chandler Asset Management, Inc. 2016 to 2020: EVP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 2010 to 2015: SVP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 2009 to 2010: VP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 2003 to 2009: VP, Portfolio Manager – Chandler Asset Management, Inc.
Chartered Financial Analyst (CFA); CFA Institute; 2003
For an explanation of the CFA designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Jayson Schmitt. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Jayson Schmitt is not engaged in any other investment- related activities.
Jayson Schmitt does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Jayson Schmitt is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.
ITEM 5: ADDITIONAL COMPENSATION
Jayson Schmitt does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Martin Cassell
CEO & Chief Investment Officer
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
William Dennehy II, CFA
Deputy Chief Investment Officer
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about William Dennehy II that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about William Dennehy II is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
William Dennehy II
1970
California State University Chico; BS, Business/ Finance; 1992 6/2020 to Present: Deputy Chief Investment Officer – Chandler Asset Management, Inc. 2016 to 2020: EVP, Portfolio Manager – Chandler Asset Management, Inc. 2012 to 2015: SVP, Portfolio Manager – Chandler Asset Management, Inc. 2011 to 2012: VP, Portfolio Manager – Chandler Asset Management, Inc. 2001 to 3/2011: Senior Portfolio Manager – Northern Trust Global Investments Chartered Financial Analyst (CFA); CFA Institute; 2000
For an explanation of the CFA designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of William Dennehy II. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
William Dennehy II is not engaged in any other investment- related activities.
William Dennehy II does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
William Dennehy II is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.
ITEM 5: ADDITIONAL COMPENSATION
William Dennehy II does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Martin Cassell
CEO & Chief Investment Officer
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Scott Prickett, CTP
Deputy Chief Investment Officer
Chandler Asset Management, Inc. Chandler Asset Management, Inc. 801 2nd Avenue, Suite 800 1875 Lawrence Street, Suite 920 Seattle, WA 98104 Denver, CO 80202
800) 317-4747 ( 800) 317-4747
This brochure supplement provides information about Scott Prickett that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Scott Prickett is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Scott David Prickett
1963
University of Northern Colorado; BS, Business Finance; 1987 06/ 2020 to Present: Deputy Chief Investment Officer – Chandler Asset Management, Inc. 01/ 2016 to 05/ 2020: EVP, Portfolio Strategist – Chandler Asset Management, Inc. 04/ 2014 to 12/ 2015: SVP, Portfolio Strategist – Chandler Asset Management, Inc. 05/ 2006 to 04/ 2014: SVP, Managing Director, Portfolio Manager – Davidson Fixed Income Mgmt. Inc. 05/ 2006 to 04/ 2014: SVP, Managing Director - D.A. Davidson& Co.
Certified Treasury Professional ( CTP); Association of Financial Professionals; 2000 For an explanation of the CTP designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Scott Prickett. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Scott Prickett is not engaged in any other investment- related activities.
Scott Prickett does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Scott Prickett is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.
ITEM 5: ADDITIONAL COMPENSATION
Scott Prickett does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Martin Cassell
CEO & Chief Investment Officer
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Julie Hughes
Senior Portfolio Strategist
Chandler Asset Management, Inc.
1875 Lawrence Street, Suite 920
Denver, CO 80202
800) 317-4747
This brochure supplement provides information about Julie Hughes thatsupplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Julie Hughes is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Julie Kirschner Hughes
1964
University of Texas at Austin; BBA, Marketing; 1986
The Wharton School of the University of Pennsylvania; MBA, Entrepreneurial Management; 1992 06/ 2020 to Present: Senior Portfolio Strategist – Chandler Asset Management, Inc. 01/ 2016 to 05/ 2020: SVP, Portfolio Strategist – Chandler Asset Management, Inc. 04/ 2014 to 12/ 2015: VP, Portfolio Strategist – Chandler Asset Management, Inc. 08/ 2007 to 04/ 2014: SVP, Portfolio Manager – Davidson Fixed Income Management None
ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Julie Hughes. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Julie Hughes is not engaged in any other investment- related activities.
Julie Hughes does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Julie Hughes is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of her time.
ITEM 5: ADDITIONAL COMPENSATION
Julie Hughes does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Scott Prickett
Deputy Chief Investment Officer
800) 317-4747
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Genny Lynkiewicz, CFA
Senior Portfolio Manager
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about Genny Lynkiewicz that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Genny Lynkiewicz is available on the SEC’s website at www.adviserinfo.sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Genevieve Cathryn Lynkiewicz
1974
University of Wisconsin, Madison; BBA, Finance, Investment & Banking; 1997 06/ 2020 to Present: Senior Portfolio Manager – Chandler Asset Management, Inc. 10/ 2015 to 05/ 2020: VP, Portfolio Manager – Chandler Asset Management, Inc. 08/ 2012 to 02/ 2015: VP, Fixed Income Portfolio Manager – BMO Asset Management Corp. 02/ 2012 to 08/ 2012: Fixed Income Portfolio Manager – M&I Investment Management Corp.
Chartered Financial Analyst (CFA); CFA Institute; 2006
For an explanation of the CFA designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Genny Lynkiewicz. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Genny Lynkiewicz serves as the CFO/ Treasurer for the San Diego Peace Corps Association. Ms. Lynkiewicz devotes approximately 4-5 hours a month to this activity.
Genny Lynkiewicz does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Genny Lynkiewicz is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of her time.
ITEM 5: ADDITIONAL COMPENSATION
Genny Lynkiewicz does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Jayson Schmitt
Deputy Chief Investment Officer
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Daniel Delaney, CFA
Senior Portfolio Manager
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about Daniel Delaney that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Daniel Delaney is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Daniel Joseph Delaney
1981
University of Exeter, UK
April 2021 to Present: Senior Portfolio Manager – Chandler Asset Management, Inc.
January 2017 to April 2021: Director / Senior Portfolio Manager – Allianz Global Investors April 2006 – December 2016: Global Credit Analyst / Portfolio Manager – Rogge Global Partners Chartered Financial Analyst (CFA); CFA Institute; 2010
For an explanation of the CFA designation, please see page 12.
ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Daniel Delaney. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
C. Investment- Related Activities
Daniel Delaney is not engaged in any other investment- related activities.
Daniel Delaney does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
D. Non-Investment- Related Activities
Daniel Delaney is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of her time.
ITEM 5: ADDITIONAL COMPENSATION
Daniel Delaney does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
William Dennehy II
Deputy Chief Investment Officer
858) 546-3737
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Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Carlos Oblites
Senior Portfolio Strategist
Chandler Asset Management, Inc.
7250 Redwood Boulevard, Suite 300
Novato, CA 94945
800) 317-4747
This brochure supplement provides information about Carlos Oblites that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.
Additional information about Carlos Oblites is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Carlos Oblites
1969
University of CA, Santa Barbara; BA, History; 1990
San Francisco State University; MBA; 2003
06/ 2020 to Present: Senior Portfolio Strategist – Chandler Asset Management, Inc. 01/ 2017 to 05/ 2020: SVP, Portfolio Strategist – Chandler Asset Management, Inc. 09/ 2015 to 01/ 2017: Administrative Services Manager – Central Marin Sanitation Agency 05/ 2007 to 09/ 2015: Director – PFM Asset Management
None
ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Carlos Oblites. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
A. Investment- Related Activities
Carlos Oblites is not engaged in any other investment- related activities.
Carlos Oblites does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
B. Non-Investment- Related Activities
Carlos Oblites is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.
ITEM 5: ADDITIONAL COMPENSATION
Carlos Oblites does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Scott Prickett
Deputy Chief Investment Officer
800) 317-4747
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 www.chandlerasset. com Page 11
Part 2B of Form ADV: Brochure Supplement
Effective Date: April 19, 2021
ITEM 1: COVER PAGE
Christopher McCarry, AIF
Senior Portfolio Strategist
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
800) 317-4747
This brochure supplement provides information about Christopher McCarry that supplements the Chandler Asset Management ( Chandler) brochure. You should have received a copy of that brochure.
Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of thissupplement.
Additional information about Christopher McCarry is available on the SEC’s website at www. adviserinfo. sec.gov.
ITEM 2: EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:
Year of Birth:
Post High School Education:
Business Background:
Professional Designations:
Christopher McCarry
1979
Bucknell University; BA, International Relations and Spanish; 2001 06/ 2020 to Present: Senior Portfolio Strategist – Chandler Asset Management, Inc. 09/ 2019 to 05/ 2020: SVP, Portfolio Strategist – Chandler Asset Management, Inc. 07/ 2013 to 09/ 2019: SVP, Investment Consultant – Chandler Asset Management, Inc.
Accredited Investment Fiduciary ( AIF®); Center for Fiduciary Studies; 2008 For an explanation of the AIF® designation, please see page 12 ITEM 3: DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Christopher McCarry. No events have occurred that are applicable to this item.
ITEM 4: OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.
C. Investment- Related Activities
Christopher McCarry is not engaged in any other investment- related activities.
Christopher McCarry does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.
D. Non-Investment- Related Activities
Christopher McCarry is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.
ITEM 5: ADDITIONAL COMPENSATION
Christopher McCarry does not receive any economic benefit from a non-advisory client for the provision of advisory services.
ITEM 6: SUPERVISION
Supervisor:
Title:
Phone Number:
Scott Prickett
Deputy Chief Investment Officer
800) 317-4747
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Explanations of Professional Designations Held
CFA Charter
The Chartered Financial Analyst ( CFA) charter is a globally respected, graduate- level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. There are currently more than 100,000 CFA charterholders working throughout the world. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.
High Ethical Standards
The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to:
Place their clients’ interests ahead of their own
Maintain independence and objectivity
Act with integrity
Maintain and improve their professional competence
Disclose conflicts of interest and legal matters
Global Recognition
Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders—often making the charter a prerequisite for employment.
Additionally, regulatory bodies in 19 countries recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses.
Comprehensive and Current Knowledge
The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed-income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning.
The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession.
To learn more about the CFA charter, visit www.cfainstitute.org.
Certified Treasury Professional ( CTP)
The Certified Treasury Professional ® (CTP) designation is evidence that an individual is certified in corporate treasury and cash management. The credential is awarded based upon experience and passing of a rigorous examination that provides an objective measure of an individual's broad-based knowledge and competency in treasury management. Ongoing professional development is required in order to maintain the credential. The CTP is administered by the Association for Financial Professionals, the leading association for treasury and financial management professionals, with more than 29,000 members worldwide.
Accredited Investment Fiduciary ( AIF®)
The Accredited Investment Fiduciary (AIF®) Designation is a professional certification that demonstrates an advisor or other person serving as an investment fiduciary has met certain requirements to earn and maintain the credential. The purpose of the Accredited Investment Fiduciary (AIF®) Designation is to assure that those responsible for managing or advising on investor assets have a fundamental understanding of the principles of fiduciary duty, the standards of conduct for acting as a fiduciary, and a process for carrying out fiduciary responsibility.
Initial certification requires completion of AIF® training, passing of the AIF® examination, meeting the education and industry experience requirements, and satisfaction of the Code of Ethics and Conduct Standards. To maintain the designation, designees must complete six (6) hours of continuing education and satisfy the Code of Ethics and Conduct Standards annually. The AIF® is administered by the Center for Fiduciary Studies.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Rev [01/2014]
FACTS WHAT DOES CHANDLER ASSET MANAGEMENT, INC. DO
WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
Social Security number and investment experience
Account balances and transaction history
Assets and income
When you are no longer our customer, we continue to share your information as described in this notice.
How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Chandler chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information Does Chandler share? Can you limit this sharing? For our everyday business purposes—
such as to process your transactions, maintain
your account(s), respond to court orders and legal
investigations, or report to credit bureaus
Yes No
For our marketing purposes—
to offer our products and services to you
Yes No
For joint marketing with other financial companies No We do not share For our affiliates’ everyday business purposes—
information about your transactions and experiences No We do not share For our affiliates’ everyday business purposes—
information about your creditworthiness No We do not share For our affiliates to market to you No We do not share
For non-affiliates to market to you No We do not share
Questions? Call (858) 546-3737 or go to www.chandlerasset. com BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
What we do
How does Chandler protect my personal
information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.
These measures include computer safeguards and secured files and buildings.
How does Chandler collect my personal
information?
We collect your personal information, for example, when you Open an account or enter into an investment advisory agreement Give us your income information and your contact information Tell us about your investment or retirement portfolio
We also collect your personal information from other companies Why can’t I limit all sharing? Federal law gives you the right to limit only sharing for affiliates’ everyday business purposes—information about your creditworthiness
affiliates from using your information to market to you sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. [See below for more on your rights under state law.] Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
Chandler Asset Management, Inc. has no affiliates.
Non-affiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
Chandler Asset Management, Inc. does not share with non-affiliates so they can market to you
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
Chandler Asset Management, Inc. doesn’t jointly market.
Other important information
Information for Vermont, California and Nevada Customers In response to a Vermont regulation, if we disclose personal information about you to non-affiliated third parties with whom we have joint marketing agreements, we will only disclose your name, address, other contact information, and information about our transactions or experiences with you.
In response to a California law, we automatically treat accounts with California billing addresses as if you do not want to disclose personal information about you to non-affiliated third parties except as permitted by the applicable California law. We will also limit the sharing of personal information about you with affiliates to comply with all California privacy laws that apply to us.
Nevada law requires us to disclose that you may request to be placed on our “do not call” list at any time by calling 1- 831-759-6300. To obtain further information, contact the Bureau of Consumer Protection, Office of the Nevada Attorney General at 555 E. Washington Ave., Suite 3900, Las Vegas, NV 88101; phone 1-702-486-3132; email [email protected]
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Appendix B
ACORD Certificate of Liability
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INSR ADDL SUBR
LTR INSR WVD
DATE ( MM/ DD/ YYYY)
PRODUCER CONTACT
NAME:
FAXPHONE
A/C, No, Ext): A/C, No):(
E-MAIL
ADDRESS:
INSURER A :
INSURED INSURER B :
INSURER C :
INSURER D :
INSURER E :
INSURER F :
POLICY NUMBER EXPTYPEPOLICY EFF POLICY
OF INSURANCE MM/ DD/ YYYY)( MM/ DD/ YYYY) LIMITS(
COMMERCIAL GENERAL LIABILITY
AUTOMOBILE LIABILITY
UMBRELLA LIAB
EXCESS LIAB
WORKERS COMPENSATION
AND EMPLOYERS' LIABILITY
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES ( ACORD 101, Additional Remarks Schedule, may be attached if more space is required)
AUTHORIZED REPRESENTATIVE
INSURER( S) AFFORDING COVERAGE NAIC #
Y / N
N / A
Mandatory in NH)
ANY PROPRIETOR/ PARTNER/ EXECUTIVE
OFFICER/ MEMBER EXCLUDED?
EACH OCCURRENCE $
DAMAGE TO RENTED $
CLAIMS- MADE OCCUR PREMISES ( Ea occurrence)
MED EXP ( Any one person)$
PERSONAL & ADV INJURY $
GEN' L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ PRODUCTS - COMP/ OP AGG $
PROOTHER:
LOCJECT
COMBINED SINGLE LIMIT
Ea accident)
BODILY INJURY ( Per person)$ ANY AUTO
OWNED SCHEDULED BODILY INJURY ( Per accident)$
AUTOS ONLY AUTOS
AUTOS ONLY
HIRED PROPERTY DAMAGE $
AUTOS ONLY ( Per accident)
OCCUR EACH OCCURRENCE $
CLAIMS- MADE AGGREGATE $
DED RETENTION $$
PER OTHSTATUTE ER
E.L. EACH ACCIDENT $
E.L. DISEASE - EA EMPLOYEE $
If yes, describe under
DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ POLICY
NON- OWNED
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE
THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.
If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer any rightsto the certificate holder in lieu ofsuch endorsement(s).
COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:
CERTIFICATE HOLDER CANCELLATION
1988-2015 ACORD CORPORATION. All rights reserved.
ACORDACORD 25 (2016/03) The ACORD name and logo are registered marks of
ACORDTM CERTIFICATE OF LIABILITY INSURANCE
Travelers Insurance Company
Hartford Fire Insurance Company
Endurance Risk Solutions Assurance
Pacific Insurance Company, Limited
Scottsdale Insurance
07/24/2020
Starkweather & Shepley
PO Box 549
Providence, RI 02901- 0549
401 435- 3600
Connie Roussel
401 435- 3600 401 431- 9657
croussel@starshep. com
Chandler Asset Management Inc
6225 Lusk Boulevard
San Diego, CA 92121
25674
19682
43630
10046
41297
A X
X
6802C07960542 09/01/2020 09/01/2021 2,000, 000
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5,000
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B
N
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1,000, 000
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Prof Liability
Cyber Liab
Crime
08DC021984520
08MB0287990
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08/02/2020
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Other Lines Information **
E: Employment Practices Liability EKS3300455 Eff Date: 08/02/2020 Exp Date: 08/02/2021 Limit: $ 1,000, 000 C: Excess Professional Liability FIX30001867800 Eff Date: 08/02/2020 Exp Date: 08/02/2021 Limit: $ 10, 000, 000 See Attached Descriptions)
Chandler Asset Management, Inc
6225 Lusk Boulevard
San Diego, CA 92121
1 of 2
S1566164/ M1566153
CHANDASTClient#: 62001
LMV
1 of 2
S1566164/ M1566153
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Appendix C
Professional Biographies
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Investment Management
Martin Cassell, CFA
CEO, Chief Investment Officer
Martin Cassell is the Chief Executive Officer and Chief Investment Officer at Chandler Asset Management and is a principal of the firm. He is responsible for defining, planning, and directing company programs. Martin heads implementation of the firm’s investment strategies and portfolio risk management. He designed the proprietary quantitative models that drive our investment process, establishing duration, structure, and asset allocation throughout client portfolios.
Martin joined Chandler in 1991 from the City of San Diego where he managed a $1 billion fixed income portfolio.
He began his investment career in 1987 managing portfolios at World Savings and Loan.
Martin received his B.S. in finance from California State University, Hayward. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst. Martin is also a member of the Government Finance Officers Association ( GFOA) Treasury and Investment Committee ( TIM) and the California Association of Joint Power Authorities (CAJPA) finance committee.
William Dennehy II, CFA
Deputy Chief Investment Officer
William Dennehy is Deputy Chief Investment Officer at Chandler Asset Management. He is responsible for implementing portfolio strategy and securities trading in client accounts and serves as Co-Chair of the firm’s Economic and Market Analysis Committee and Credit Committee.
Prior to joining Chandler in 2011, Bill worked at Northern Trust Global Investments in Chicago, most recently as senior portfolio manager and vice president, with a wide range of responsibilities in asset allocation, quantitative and qualitative analysis.
Bill earned his B.S. in business administration, option in finance, at California State University, Chico. He holds the designation of Chartered Financial Analyst.
Scott Prickett, CTP
Deputy Chief Investment Officer
Scott Prickett is Deputy Chief Investment Officer. He isresponsible for building and maintaining client relationships with a focus upon developing and enhancing client investment programs. Scott actively participates in the portfolio management process and meets with clients on a regular basis to review their accounts, portfolio activity, portfolio strategy and financial markets. Scott has over 30 years of investment industry experience focused largely on managing short-term fixed income strategies for governmental and institutional non-profit clients. Scott serves as Co-Chair of the firm’s Economic and Market Analysis Committee.
Prior to joining Chandler, Scott was Managing Director and Portfolio Manager at Davidson Fixed Income Management. Scott was directly responsible for managing over $750 million in client assets and had management responsibilities over multiple business units with combined total assets of over $5 billion. These included taxable and tax-exempt SMA programs, a Local Government Investment Pool (LGIP) and SeaCap Investment Advisors. At ALPS Mutual Fund Services, Scott played a key role in developing two SEC registered mutual funds. Scott also BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 spent two years at Pacific Investment Management Company ( PIMCO) as a fixed income Portfolio Specialist for over $1.4 billion in assets.
Scott is a graduate of the University of Northern Colorado with a degree in business administration with an emphasis in finance. Scott has earned the Association of Financial Professionals designation as a Certified Treasury Professional ( CTP) and is a frequent speaker for various local and national organizations.
Jayson Schmitt, CFA
Deputy Chief Investment Officer
Jayson Schmitt is Deputy Chief Investment Officer. Jayson is instrumental in the development and integration of quantitative analytic tools for the portfolio management process and provides fulltime oversight of the entire investment management team and the implementation of the firm’s strategies. He serves on the firm’s Executive Committee, as well as Co-Chair of the Quantitative Analysis Committee, Sector Committee, and Multi Asset Class Committee.
Prior to joining Chandler in 1995, Jayson was employed as a Financial Analyst with USA Federal Credit Union in San Diego, managing a $ 100 million liquidity book. His responsibilities there also included asset/ liability management.
Jayson earned his B.A. in economics from San Diego State University. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst. Jayson also is a member of the City of San Diego Investment Advisory Committee. The committee assists the City with its investment program by providing regular policy and portfolio reviews.
Daniel Delaney, CFA
Senior Portfolio Manager
Daniel (Dan) Delaney is Senior Portfolio Manager at Chandler Asset Management. He is responsible for implementing portfolio strategy and securities trading in client accounts.
Prior to joining Chandler in 2021, Dan was a Senior Portfolio Manager with Allianz Global Investors, based in New York, responsible for managing Global Credit mandates. Dan also spent ten years as a Global Credit Analyst and Portfolio Manager with Rogge Global Partners, both in London and New York.
Daniel earned a Bachelor of Arts (Honors) degree in Business Economics from the University of Exeter, UK. He holds the designation of Chartered Financial Analyst.
Julie Hughes
Senior Portfolio Strategist
Julie Hughes is Senior Portfolio Strategist at Chandler Asset Management. She is responsible for building and maintaining client relationships with public agencies along with participating actively in the portfolio management process. Julie has over 25 years of finance, strategy, and client relationship management experience.
Prior to joining Chandler, Julie was a Portfolio Manager at Davidson Fixed Income Management, where she managed short-term fixed income portfolios for government and non-profit clients. Julie also has deep expertise in the investment of tax-exempt bond proceeds and hedging interest rate risk for municipal debt. Prior to 2004, she held positions in corporate strategy and management consulting.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Julie earned an MBA from the Wharton School of the University of Pennsylvania and a BBA in Marketing from the University of Texas of Austin.
Christopher McCarry, AIF
Senior Portfolio Strategist
Christopher McCarry joined Chandler Asset Management in 2013 and is Senior Portfolio Strategist.
Chris is a member of the Investment Management Team and participates actively in the portfolio management process as well as builds and maintains client relationships. As a portfolio strategist, Chris focuses on identifying and communicating key investment related themes and trends for implementation into fixed income strategies for local government and institutional clients. Prior to joining the Investment Management Team in 2019, Chris was an Investment Consultant for the Client Services Team at Chandler. Chris has worked in the investment industry since 2001 with a diverse background in financial services.
In his most recent role prior to Chandler, he was the Regional Vice President for Zack’s Investment Management focusing on retail sales for the West Coast Territory. Other roles include an Advisory Consultant at LPL Financial and he began his career at Penn Mutual Life.
Chris is a graduate of Bucknell University with his BA in both International Relations ( Latin America Focus) and Spanish. He holds his Accredited Investment Fiduciary ( AIF®) designation.
Carlos Oblites
Senior Portfolio Strategist
Carlos Oblites is Senior Portfolio Strategist at Chandler Asset Management. He is responsible for building and maintaining client relationships with public agencies along with participating actively in the portfolio management process. Carlos has 24 years of investment and financial experience focused largely on managing short-term fixed income and pension strategies for governmental and institutional non-profit clients, and currently serves as Co-Chair of the firm’s Multi Asset Class Committee.
Prior to joining Chandler, Carlos served as the Administrative Services Manager at Central Marin Sanitation Agency CMSA) and was responsible for all aspects of the Agency’s financial, human resources, administrative support, and information systems activities. He also has significant expertise in serving California public agencies, healthcare, and insurance clients through his roles as Director at PFM Asset Management, and as a Principal at Wells Capital Management. Previous responsibilities include managing a variety of institutional client relationships and developing, implementing, and monitoring customized investment strategies for operating funds, bond proceeds, pension, and post-retirement funds. Carlos has also worked as a marketing/ research consultant with Wells Fargo Bank and as teacher for the Long Beach Unified School District.
Carlos holds a Bachelor of Arts degree in History from the University of California, Santa Barbara, and earned a master’s degree in Business Administration from San Francisco State University.
Ted Piorkowski, CFA
Senior Portfolio Manager
Ted Piorkowski is a Senior Portfolio Manager at Chandler Asset Management. In addition to his duties as a portfolio manager, he oversees daily trading and is responsible for implementing portfolio strategy. Ted leads the Economic and Market Analysis Committee, as well as the Sector Committee.
Prior to joining Chandler in 1999, Ted served as a Vice President and Fund Manager for Sefton Capital Management. He was responsible for the management of over $300 million in both mutual fund vehicles and BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 individually managed institutional portfolios. From 1988 through 1994, Ted managed money market and enhanced money market funds for San Diego Trust and Savings Bank and its successor, San Diego Financial Capital Management.
Ted earned both his B.S. and M.B.A. in finance from San Diego State University. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst.
Shelly Henbest, CFA
Senior Credit Analyst
Shelly Henbest joined Chandler Asset Management as a Credit Analyst in 2009. She is actively involved in analyzing and assessing the credit suitability of debt issuers and assisting portfolio managers in the portfolio management process. Shelly serves as Co-Chair of the firm’s Credit Committee and is responsible for monitoring developments in the financial markets and providing fundamental economic and investment research.
Shelly has over 20 years of experience in financial research and analysis. Previously, she was an Associate Analyst at Bear, Stearns & Co. Inc., focusing on the consumer/ retail sector. Prior to joining Bear Stearns, Shelly was an Equity Research Associate at C.L. King & Associates. She began her career at Ford Equity Research in San Diego as a Quantitative Equity Analyst. Shelly was a three-year member of Institutional Investor magazine's "All-America Research Team.”
Shelly earned her B.A. in business economics from the University of California, Santa Barbara and holds the designation of Chartered Financial Analyst.
Genny Lynkiewicz, CFA
Senior Portfolio Manager
Genny Lynkiewicz is Senior Portfolio Manager at Chandler Asset Management. She is responsible for implementing portfolio strategy and securities trading in client accounts, and currently serves as CoChair of the firm’s Sector Committee. Prior to joining Chandler in 2015, Genny worked at BMO Asset Management in Chicago where she managed over $ 8 billion in taxable money market funds, securities lending portfolios and separately managed accounts.
Genny earned a B.B.A. in Finance, Investment & Banking and a Certificate in International Business from the University of Wisconsin, Madison. She holds the designation of Chartered Financial Analyst.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Relationship Management and Client Service
Aneil Murthy
Relationship Manager
Aneil (Neil) Murthy is Relationship Manager and joined the firm in 2020 with 11 years of experience in finance servicing public agency and institutional clients. Neil’s area of focus is on the development of client relationships in the public sector, and he serves as a relationship manager for existing clients throughout Northern California.
Prior to joining Chandler, Neil was a Relationship Manager for BNY Mellon Corporate Trust’s Public-Not-For-Profit segment and was dedicated exclusively to California. Neil’s responsibilities included ensuring satisfaction for the bank’s high value clients and seeking out new opportunities. In this role, Neil serviced California cities, counties, special districts, and transportation authorities and gained a broad understanding of the specific investment needs and financial challenges these entities face. Neil also worked for The Hartford Financial Services and served in a variety of client facing roles.
Neil is a graduate of the University of Connecticut with a B.A. in Political Science and earned an M.B.A. from Post University.
Kara Raynor- Sanchez
Client Service Director
Kara Raynor-Sanchez is Client Service Director and oversees the daily responsibilities of the Client Service team including client communication, client reporting and review/ processing of client requested account activity. Kara collaborates with all departments at Chandler to respond to accountrelated questions and changes, as well as coordinates the onboarding process of new client accounts. She assumed the role of Client Service Director in 2019.
Kara joined Chandler as an administrative associate in 2012. She graduated with her B.A. in communication, emphasis in public relations from University of the Pacific and earned her M.A. in communication from San Diego State University. Kara earned the CFA Institute’sInvestment Foundations Certificate (formerly Claritas Investment Certificate) in 2013.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Firm Administration, Compliance, and Operations
Nicole Dragoo, JD, IAACP
President
Nicole Dragoo serves as President of Chandler Asset Management. She joined the firm in December 2001 in an operations role and served as COO and Chief Compliance Officer from January 2008 to March 2021. Nicole currently oversees firm operations as well as the legal, compliance and administrative functions.
Nicole has held various roles working in and managing operations prior to accepting the responsibilities of COO and CCO. Before joining Chandler, Nicole served as a Trading Associate on the institutional fixed income sales desk at Merrill Lynch.
Nicole earned her B.A. from the University of San Diego in business economics and her J.D. from the University of San Diego School of Law. She is a member of the State Bar of California, the San Diego County Bar Association, the Southern California Compliance Group, and the Women in Institutional Investments Network. She has also been an active member of Vistage International participating in various key groups since January of 2010. Additionally, Nicole holds the designation of Investment Adviser Certified Compliance Professional ( IACCP) and was awarded the 2017 Governance Professional of the Year (small to mid-cap) by Corporate Secretary.
Joseph Kolinsky
Chief Compliance Officer
Joseph Kolinsky joined Chandler Asset Management in January 2020 and assumed the role of Chief Compliance Officer in April 2021. He provides day-to-day guidance and compliance monitoring of the firm’s regulatory environment and the legal framework governing SEC-registered investment advisors. Joseph also assists the firm’s President with the oversight functions within the firm and administering all aspects of the compliance program.
Joseph has 29 years of investment management experience, with 22 of these years being in internal audit and investment company / investment advisory compliance positions. Prior roles include Chief Compliance Officer and Head of Operations with 13D Management in New York City, and Director of Fund Compliance for Pacific Life.
Joseph earned his B.A. in Economics from Iona College.
Michael Ramos
Operations Director
Michael Ramos is Operations Director at Chandler Asset Management. He is responsible for leading the Investment Operations team and manages the firm’s financial systems. Mike oversees trade processing, trade settlements, investment accounting, account reconciliation, market data, data integrity, systems administration, and client reporting. He joined Chandler Asset Management in 2004 as an Operations Associate. His previous experience includes financial accounting and reporting.
Mike earned his B.S. in business administration with a specialization in finance from California State University, San Marcos in 2003. In 2009, he received his M.B.A. in finance from National University.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Appendix D
Global Investment Performance Standards (GIPS®)
and
Verification Letter
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 StatementDocuSign GIPS® Compliant Verification
BA975B09F2EADocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 GIPS® Composite Report: Limited Maturity
1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser’ s Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm’s composites is available upon request.
2. The Limited Maturity Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE Bank of America Merrill Lynch 1-3 Year US Treasury Index and a final stated maturity of individual securities of five years. The minimum account size required to be included in this composite is $ 2 million. This composite was created September 1988. The name of this composite was changed from Short-Term Fixed Income effective June 30, 2009.
3. The ICE BAML 1-3 Year US Treasury Index tracks the performance of US dollar- denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. Indexes are referred to for comparative purposes only and are not intended to parallel the risk or investment style of the portfolios in the Composite. Indexes do not utilize leverage.
Index calculations do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. Index data contained herein (and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.
4. Valuations are computed and performance reported in U.S. Dollars.
5. Performance is calculated using a time- weighted total rate of return, which links performance monthly, and is reported gross of investment management fees and custodial fees, but after all trading expenses. Results reflect the reinvestment of income, dividends and other earnings, and include realized and unrealized gains and losses and interest accrued through the last day of each month. Results do not reflect the potential impact of taxes.
Past performance is not indicative of future results. Fees charged by Chandler Asset Management will reduce performance.
6. Net-of-fees performance returns are calculated by reducing the monthly gross performance by one-twelfth (1/12) of the actual maximum applicable fee of 0.25%,which is representative of our current fee schedule for this composite. These monthly returns are then geometrically linked to produce annual returns which are presented before custodial fees but after management fees and all trading expenses. Fees are negotiable and additional information regarding Chandler'sfees is included in our Part 2A of Form ADV.
7. Dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For years when less than six portfolios were included in the composite for the full year, no dispersion measure is presented. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36- month period. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
8. GIPS®is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Source ice Data Indices, LLC (" ICE"), used with permission. ICE permits the use of ICE Indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representation, express and/ or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third-party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’ s use is at licensee’ s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.
Annual Rates of Return 2010 through 2020
Returns 3 Year Annualized Dispersion Assets
Year Total Total Standard Deviation Asset Wtd Number of Composite % of Firm Firm End Gross Net Index Composite Index Std. Dev. Portfolios ( MM) Assets ( MM) 2010 2.96% 2.70% 2.35% n/a n/a 0.38% 8 201 3.50% 5,755
2011 1.88% 1.62% 1.55% 1.02% 1.02% 0.31% 9 222 3.74% 5,929 2012 1.16% 0.91% 0.43% 0.78% 0.73% 0.06% 15 474 7.37% 6,431 2013 0.30% 0.05% 0.36% 0.59% 0.50% 0.08% 18 797 11.12% 7,165 2014 0.87% 0.61% 0.62% 0.54% 0.43% 0.09% 21 879 9.88% 8,894 2015 0.74% 0.49% 0.54% 0.63% 0.56% 0.07% 27 1,328 11.31% 11,747 2016 1.11% 0.86% 0.88% 0.74% 0.76% 0.06% 31 1,081 8.39% 12,882 2017 0.85% 0.60% 0.43% 0.71% 0.74% 0.08% 32 1,178 8.60% 13,698 2018 1.69% 1.44% 1.59% 0.77% 0.85% 0.03% 31 1,905 11.51% 16,551 2019 3.87% 3.61% 3.55% 0.84% 0.94% 0.08% 39 2,653 13.57% 19,552 2020 3.25% 3.00% 3.12% 0.92% 1.21% 0.12% 39 2,713 12.21% 22,227 Chandler Asset Management claims compliance with the
Global Investment Performance Standards ( GIPS®) and
has prepared and presented this report in compliance
with the GIPS standards.
Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through March 31, 2020. The verification
report is available upon request. A firm that claims
compliance with the GIPS standards must establish
policies and procedures for complying with all the
applicable requirements of the GIPS standards.
Verification provides assurance on whether the firm' s
policies and procedures related to composite
maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in
compliance with the GIPS standards and have been
implemented on a firm- wide basis. Verification does not provide assurance on the accuracy of any specific
performance report.
DocuSign BA975B09F2EADocuSign Envelope Envelope ID: ID: 73C83E34- BFB2673F- 9789- 1D37-4DEB- 4C368157- 97DF-18189E1B6942 GIPS® Composite Report: Short Term Bond
1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser’ s Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm’s composites is available upon request.
2. The Short Term Bond Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE Bank of America Merrill Lynch 1-5 Year US Treasury & Agency Index and a maximum final stated maturity of individual securities of five years. The minimum account size required to be included in this composite is $ 2 million. This composite was created in September 1995. The name of this composite was changed from 1-5 Year Government Fixed Income effective June 30, 2009.
3. The ICE BAML 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating ( based on an average of Moody’ s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $ 250 million for agencies. Indexes are referred to for comparative purposes only and are not intended to parallel the risk or investment style of the portfolios in the Composite. Indexes do not utilize leverage. Index calculations do not reflect fees, brokerage commissions or other expenses of investing.
Investors may not make direct investments into any index. Index data contained herein ( and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.
4. Valuations are computed and performance reported in U.S. Dollars.
5. Performance is calculated using a time- weighted total rate of return, which links performance monthly, and is reported gross of investment management fees and custodial fees, but after all trading expenses. Results reflect the reinvestment of income, dividends and other earnings, and include realized and unrealized gains and losses and interest accrued through the last day of each month. Results do not reflect the potential impact of taxes.
Past performance is not indicative of future results. Fees charged by Chandler Asset Management will reduce performance.
6. Net- of-fees performance returns are calculated by reducing the monthly gross performance by one-twelfth ( 1/ 12) of the actual maximum applicable fee of 0.25%, which is reflective of our current fee schedule for this composite. These monthly returns are then geometrically linked to produce annual returns which are presented before custodial fees but after management fees and all trading expenses. Fees are negotiable and additional information regarding Chandler' s fees is included in our Part 2A of Form ADV.
7. Dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For years when less than six portfolios were included in the composite for the full year, no dispersion measure is presented. The three- year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36- month period. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
8. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Source ice Data Indices, LLC (" ICE"), used with permission. ICE permits the use of ICE Indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representation, express and/ or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom.
Neither ICE data, its affiliates or their respective third- party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’ s use is at licensee’ s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.
Annual Rates of Return 2010 through 2020
Returns 3 Year Annualized Dispersion Assets
Year Total Total Standard Deviation Asset Wtd Number of Composite % of Firm Firm End Gross Net Index Composite Index Std. Dev. Portfolios ( MM) Assets ( MM) 2010 3.97% 3.70% 3.46% n/a n/a 0.11% 33 1,906 33.12% 5,755 2011 2.90% 2.64% 3.19% 1.47% 1.65% 0.07% 32 1,866 31.48% 5,929 2012 1.80% 1.54% 0.98% 1.18% 1.27% 0.26% 38 2,133 33.17% 6,431 2013 0.04%- 0.21%- 0.16% 1.02% 1.10% 0.08% 39 2,168 30.26% 7,165 2014 1.42% 1.17% 1.24% 0.96% 0.99% 0.07% 40 2,325 26.14% 8,894 2015 1.15% 0.90% 0.96% 1.11% 1.18% 0.07% 44 3,403 28.97% 11,747 2016 1.30% 1.04% 1.08% 1.24% 1.39% 0.05% 49 4,131 32.07% 12,882 2017 1.08% 0.83% 0.67% 1.19% 1.34% 0.11% 48 3,783 27.62% 13,698 2018 1.53% 1.27% 1.55% 1.22% 1.40% 0.05% 48 3,485 21.06% 16,551 2019 4.55% 4.29% 4.19% 1.22% 1.39% 0.19% 55 5,199 26.59% 19,552 2020 4.43% 4.17% 4.22% 1.32% 1.70% 0.11% 59 6,234 28.05% 22,227 Chandler Asset Management claims compliance with the
Global Investment Performance Standards ( GIPS®) and
has prepared and presented this report in compliance
with the GIPS standards.
Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through March 31, 2020. The verification
report is available upon request. A firm that claims
compliance with the GIPS standards must establish
policies and procedures for complying with all the
applicable requirements of the GIPS standards.
Verification provides assurance on whether the firm' s
policies and procedures related to composite
maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in
compliance with the GIPS standards and have been
implemented on a firm- wide basis. Verification does not provide assurance on the accuracy of any specific
performance report.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Appendix E
Important Disclosures
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Index Descriptions and Disclosures 1 | Page
IMPORTANT DISCLOSURES
Local Agency Investment Fund (LAIF)
The California State Local Agency Investment Fund ( LAIF) is an investment portfolio managed by the State Treasurer. All securities are purchased under the authority of Government Code Section 16430 and 16480.4 and include securities issued by entities of the US Government, including the US Treasury and Agencies, Corporate debt, Certificates of Deposit, Mortgage Backed Securities and certain loans to the State and state agencies. The average maturity of the Fund will be between 120 days and 18 months.
ICE BAML 1-3 Year US Treasury Index
The ICE BAML 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance.
ICE BAML 1-5 Year US Treasury & Agency Index
The ICE BAML 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $ 1 billion forsovereigns and $250 million for agencies.
Source ICE Data Indices, LLC (" ICE"), used with permission. ICE permits use of ICE indices and related data on an as is" basis; ICE, its affiliates and their respective third-party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom.
Neither ICE Data, its affiliates or their respective third-party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use is at licensee's own risk. ICE Data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler Asset Management, or any of its products orservices.
This report is being provided for informational purposes only. No investment decision should be made based solely on the information provided herein. All investments involve risk, including loss of principal invested. The strategies referenced may not be suitable for all investors. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the strategies. While not guaranteed as to accuracy or completeness, some of the information has been obtained from sources we believe to be reliable. Third-party source information is provided by independent sources deemed to be reliable but is not guaranteed. Opinions expressed herein are subject to change without notice.
There can be no assurance that an account or specific investment product will be able to achieve its investment objective. No guarantee of investment performance is being provided and no inference to the contrary should be made.
Any forecasts, forward-looking statements and assumptions are inherently limited and should not be relied upon as an indicator of future results. Any opinions or views constitute judgments made by the author at the date of this presentation and may become outdated or superseded at any time without notice. Any statements concerning financial market trends are based on current market conditions, which will fluctuate.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Index Descriptions and Disclosures 2 | Page
Where listed, certain performance shown is hypothetical and does not represent actual trading in a client's account. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE
OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK AND
DOES NOT TAKE INTO ACCOUNT THAT MATERIAL AND MARKET FACTORS MAY HAVE IMPACTED THE ADVISER' S DECISION-MAKING IF THE ADVISER WERE ACTUALLY MANAGING CLIENT'S MONEY. NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE,
THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE
NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY
SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. It should not be assumed that investors who invest in Chandler Asset Management's Portfolios will be profitable or achieve the hypothetical performance results reflected or any corresponding index presented. Actual performance of and holdings and investment implementation in Chandler Asset Management's client accounts can materially differ from that of the hypothetical models presented herein and performance can be higher or lower than the results shown. Investors may have experienced investment results during the corresponding time periods that were materially different from those portrayed. Back-tested performance does not represent actual performance and should not be interpreted as an indication of such performance. The opinions referenced are as of the date of publication and are subject to change. Chandler Asset Management has discretion in the timing of trade execution and selection of securities traded and utilized in any client account, which can and will materially differ from the hypothetical simulated performance based upon a variety of factors, including the adviser's discretion to not follow any trading signal generated and to determine the timing and implementation of a trade which can include securities other than those listed).
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Fixed income investments are subject to interest, credit, and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Appendix F
Sample Client Monthly Account Statement,
Quarterly Investment Report and
GASB 40 and 72 Reports
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures.
CHANDLER ASSET MANAGEMENT
chandlerasset.com
Sample Client - Account #000000
MONTHLY ACCOUNT STATEMENT
JULY 1, 2018 THROUGH JULY 31, 2018
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact operations@chandlerasset. com
Custodian:
Bank Name
Contact
Telephone Number
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’ s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. The information contained in this sample presentation was obtained from sources we believe to be reliable, but we do not guarantee its accuracy. This presentation contains the current opinions of the author, which are subject to change without notice. Any statements concerning financial market trends or future forecasts are based on current market conditions, which will fluctuate. Past performance is not indicative of future success.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
ACCOUNT SUMMARY
Beg. Values
as of 6/ 30/ 18
End Values
as of 7/ 31/ 18
Market Value 76,345,943 76,401,796
Accrued Interest 326, 558 325, 766
Total Market Value 76, 672, 501 76, 727, 562
Income Earned 108, 722 114,931
Cont/ WD 0
Par 77, 522, 170 77,662,679
Book Value 77,312,026 77,427,515
Cost Value 77, 390, 949 77, 513, 133
TOP ISSUERS
32. 3%
16.8%
15.0%
12. 3%
4.5%
2.0%
1.7%
1.4%
United States Government
U.S. Agency
U.S. Agency
U.S. Agency
U.S. Agency
Corporate Security
Asset-Backed Security
Corporate Security
Total 86. 0%
PORTFOLIO CHARACTERISTICS
Average Modified Duration 1.65
Average Coupon 1.71%
Average Purchase YTM 1.76%
Average Market YTM 2.63%
Average S&P/ Moody Rating AA+/ Aa1
Average Final Maturity 1.71 yrs
Average Life 1.71 yrs
DISTRIBUTIONSECTOR ALLOCATION MATURITY CREDIT QUALITY ( S&P) Portfolio Summary
As of Month-end Date
Sample Client
Account # 000000
PERFORMANCE REVIEW
Annualized
1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS 2/28/2015
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/ A N/ A 0.00%
TOTAL RATE OF RETURN
Sample Client
Sample Index 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/ A N/ A 0.00% PMChandler Asset Management - CONFIDENTIAL Execution Time: 8/21/2018 9:23:32 This report is intended as a representative illustration of our monthly reporting capabilities only and is not intended as a representation of our performance. Performance is presented gross of investment management fees. Investment advisory fees are described in the firm's Form ADV Part 2A Brochure and will reduce returns. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. Past performance is not indicative of future results.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
BOOK VALUE RECONCILIATION
BEGINNING BOOK VALUE $ 77, 312, 026. 12
Acquisition
Security Purchases $ 1,972, 010. 00
Money Market Fund Purchases $ 452,020. 63
Money Market Contributions $ 0.00
Security Contributions $ 0.00
Security Transfers $ 0.00
Total Acquisitions $ 2,424, 030. 63
Dispositions
Security Sales $ 999,609. 38
Money Market Fund Sales $ 1,001, 512. 22
MMF Withdrawals $ 0.00
Security Withdrawals $ 0.00
Security Transfers $ 0.00
Other Dispositions $ 0.00
Maturites $ 310,000. 00
Calls $ 0.00
Principal Paydowns $ 0.00
Total Dispositions $ 2,311, 121. 60
Amortization/ Accretion
Net Accretion $ 2,814. 81
2,814. 81
Gain/ Loss on Dispositions
Realized Gain/ Loss ($ 234. 79)
234. 79)
ENDING BOOK VALUE $ 77,427, 515. 17
CASH TRANSACTION SUMMARY
BEGINNING BALANCE $ 1,097, 170. 35
Acquisition
Contributions $ 0.00
Security Sale Proceeds $ 999,609. 38
Accrued Interest Received $ 6,236. 41
Interest Received $ 106,675. 00
Dividend Received $ 2,664. 28
Principal on Maturities $ 310,000. 00
Interest on Maturities $ 0.00
Calls/ Redemption ( Principal)$ 0.00
Interest from Calls/ Redemption $ 0.00
Principal Paydown $ 0.00
Total Acquisitions $ 1,425, 185. 07
Dispositions
Withdrawals $ 0.00
Security Purchase $ 1,972, 010. 00
Accrued Interest Paid $ 2,666. 66
Total Dispositions $ 1,974, 676. 66
ENDING BOOK VALUE $ 547,678. 76
Reconciliation Summary
As of Month-end Date
Sample Client
Account # 000000
PMChandler Asset Management - CONFIDENTIAL Page 3 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Holdings Report
As of Month-end Date
Sample Client
Account # 000000
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
AGENCY
Sample CUSIP Sample Issuer
2% Due 9/14/2018
1,500, 000. 00 02/ 07/ 2014
1.50%
1,533, 345. 00
1,500,874.89
99. 99
2.06%
1,499, 865. 00
11,416.68
1.97%
1,009.89)
Aaa / AA+
AAA
0.12 0.12
Sample CUSIP Sample Issuer
1.625% Due 11/ 27/ 2018
2,000, 000. 00 Various
1.57%
2,005, 390. 00
2,000, 348. 26
99. 83
2.14%
1,996, 686. 00
5,777. 77
2.61%
3,662. 26)
Aaa / AA+
AAA
0.33 0.32
Sample CUSIP Sample Issuer
1.125% Due 12/ 14/ 2018
1,000, 000. 00 12/ 15/ 2015
1.38%
992, 620. 00
999, 089. 31
99. 62
2.15%
996, 233. 00
1,468. 75
1.30%
2,856. 31)
Aaa / AA+
AAA
0.37 0.37
Sample CUSIP Sample Issuer
1.5% Due 3/ 8/ 2019
1,500,000.00 02/12/2016
1.03%
1,521,015.00
1,504, 123. 91
99.54 2.27%
1,493,130.00
8,937. 50
1.96%
10, 993. 91)
Aaa / AA+
AAA
0.60 0.59
Sample CUSIP Sample Issuer
1.125% Due 4/ 15/ 2019
2,000, 000. 00 Various
1.01%
2,007, 055. 00
2,001, 654. 04
99. 14
2.36%
1,982, 808. 00
6,625. 00
2.59%
18, 846. 04)
Aaa / AA+
AAA
0.71 0.69
Sample CUSIP Sample Issuer
1.75% Due 5/ 30/ 2019
1,350, 000. 00 08/ 18/ 2014
1.64%
1,356, 966. 00
1,351, 205. 58
99. 46
2.40%
1,342, 755. 90
4,003. 13
1.76%
8,449. 68)
Aaa / AA+
AAA
0.83 0.82
Sample CUSIP Sample Issuer
1.125% Due 6/ 21/ 2019
1,500, 000. 00 06/ 28/ 2016
0.83%
1,513, 035. 00
1,503, 885. 32
98. 86
2.43%
1,482, 847. 50
1,875. 00
1.94%
21, 037. 82)
Aaa / AA+
AAA
0.89 0.88
Sample CUSIP Sample Issuer 1.25%
Due 8/ 1/ 2019
1,500, 000. 00 06/ 28/ 2016
0.86%
1,517, 565. 00
1,505, 683. 71
98. 81
2.46%
1,482, 193. 50
9,375. 00
1.94%
23, 490. 21)
Aaa / AA+
AAA
1.00 0.98
Sample CUSIP Sample Issuer
1.75% Due 9/12/2019
1,525,000.00 Various
1.86%
1,517,171.50
1,523,246.80
99.15 2.53%
1,512,069.53
10,304.34
1.98%
11,177.27)
Aaa / AA+
AAA
1.12 1.09
Sample CUSIP Sample Issuer
1.375% Due 9/ 13/ 2019
1,500, 000. 00 08/ 24/ 2016
1.02%
1,515, 960. 00
1,505, 845. 31
98. 75
2.52%
1,481, 248. 50
7,906. 25
1.94%
24, 596. 81)
Aaa / AA+
NR
1.12 1.09
Sample CUSIP Sample Issuer
1.25% Due 10/ 2/ 2019
2,000, 000. 00 Various
1.04%
2,012, 700. 00
2,004, 918. 61
98. 52
2.54%
1,970, 390. 00
8,263. 88
2.58%
34, 528. 61)
Aaa / AA+
AAA
1.17 1.15
Sample CUSIP Sample Issuer
1.5% Due 1/17/2020
1,520, 000. 00 01/ 12/ 2017
1.54%
1,518, 358. 40
1,519,199.44
98. 45
2.58%
1,496, 509. 92
886.67
1.95%
22,689.52)
Aaa / AA+
AAA
1.47 1.43
Sample CUSIP Sample Issuer
1.5% Due 2/ 28/ 2020
2,000, 000. 00 Various
1.56%
1,996, 672. 00
1,998, 209. 40
98. 22
2.66%
1,964, 314. 00
12, 750. 00
2.58%
33, 895. 40)
Aaa / AA+
AAA
1.58 1.53
Sample CUSIP Sample Issuer
1.875% Due 3/ 13/ 2020
750, 000. 00 05/ 03/ 2017
1.57%
756, 382. 50
753, 606. 97
98. 72
2.69%
740, 382. 00
5,390. 63
0.97%
13, 224. 97)
Aaa / AA+
NR
1.62 1.57
Sample CUSIP Sample Issuer
1.55% Due 5/ 8/ 2020
2,000,000.00 05/23/2017
1.58%
1,998,340.00
1,999, 007. 07
98.08 2.67%
1,961,588.00
7,147. 22
2.57%
37, 419. 07)
Aaa / AA+
AAA
1.77 1.72
Sample CUSIP Sample Issuer
1.75% Due 6/ 12/ 2020
1,500, 000. 00 06/ 15/ 2017
1.59%
1,506, 855. 00
1,504, 274. 96
98. 26
2.71%
1,473, 907. 50
3,572. 92
1.93%
30, 367. 46)
Aaa / AA+
NR
1.87 1.81
PMChandler Asset Management - CONFIDENTIAL Page 4 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Holdings Report
As of Month-end Date
Sample Client
Account # 000000
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
AGENCY
Sample CUSIP Sample Issuer
1.375% Due 9/28/2020
1,500, 000. 00 09/ 14/ 2017
1.59%
1,490, 535. 00
1,493,266.11
97. 16
2.74%
1,457, 452. 50
7,046.88
1.91%
35,813.61)
Aaa / AA+
NR
2.16 2.10
Sample CUSIP Sample Issuer
1.68% Due 10/ 13/ 2020
1,500, 000. 00 10/ 18/ 2017
1.78%
1,495, 845. 00
1,496, 935. 21
97. 69
2.77%
1,465, 302. 00
7,560. 00
1.92%
31, 633. 21)
Aaa / AA+
AAA
2.21 2.13
Sample CUSIP Sample Issuer
1.875% Due 11/ 17/ 2020
1,250, 000. 00 11/ 27/ 2017
1.95%
1,247, 450. 00
1,248, 028. 16
98. 05
2.76%
1,225, 591. 25
4,817. 71
1.60%
22, 436. 91)
Aaa / AA+
AAA
2.30 2.22
Sample CUSIP Sample Issuer
2.375% Due 2/ 16/ 2021
1,000,000.00 04/20/2018
2.66%
992,270.00
993, 020. 49
98.96 2.80%
989,615.00
10, 885. 42
1.30%
3,405. 49)
Aaa / AA+
AAA
2.55 2.42
Sample CUSIP Sample Issuer
2.375% Due 3/ 12/ 2021
2,000, 000. 00 03/ 26/ 2018
2.54%
1,990, 840. 00
1,991, 916. 15
98. 45
2.99%
1,969, 042. 00
18, 340. 28
2.59%
22, 874. 15)
Aaa / AA+
AAA
2.62 2.49
Sample CUSIP Sample Issuer
2.5% Due 4/ 13/ 2021
1,000, 000. 00 06/ 15/ 2018
2.72%
993, 920. 00
994, 179. 73
99. 14
2.83%
991, 369. 00
7,500. 00
1.30%
2,810. 73)
Aaa / AA+
AAA
2.70 2.57
Sample CUSIP Sample Issuer
1.875% Due 6/ 11/ 2021
1,250, 000. 00 08/ 30/ 2017
1.67%
1,259, 425. 00
1,257, 137. 05
97. 32
2.86%
1,216, 468. 75
3,255. 21
1.59%
40, 668. 30)
Aaa / AA+
AAA
2.87 2.75
Sample CUSIP Sample Issuer
2.75% Due 6/ 22/ 2021
1,000, 000. 00 07/ 10/ 2018
2.74%
1,000, 290. 00
1,000, 284. 35
99. 77
2.83%
997, 684. 00
2,750. 00
1.30%
2,600. 35)
Aaa / AA+
AAA
2.90 2.75
Sample CUSIP Sample Issuer
1.125% Due 8/12/2021
1,000,000.00 10/04/2016
1.37%
988,440.00
992,778.26
95.11 2.82%
951,132.00
5,281.25
1.25%
41,646.26)
Aaa / AA+
AAA
3.04 2.93
Sample CUSIP Sample Issuer
2% Due 1/ 5/ 2022
1,000, 000. 00 07/ 30/ 2018
2.87%
971, 720. 00
971, 742. 55
97. 09
2.90%
970, 860. 00
1,444. 44
1.27%
882. 55)
Aaa / AA+
AAA
3.44 3.28
Total Agency 37, 645, 000. 00 1.61%
37, 700, 165. 40
37, 614, 461. 64 2.58%
37, 111, 444. 85
174, 581. 93
48. 60%
503, 016. 79)
Aaa / AA+
AAA
1.56 1.51
COMMERCIAL PAPER
Sample CUSIP Sample Issuer
2.34% Due 10/15/2018
1,530, 000. 00 06/ 14/ 2018
2.39%
1,517, 867. 10
1,517,867.10
99. 21
2.39%
1,517, 867. 10
4,674.15
1.98%
0.00 P-1 / A- 1
NR
0.21 0.21
Total Commercial Paper 1,530, 000. 00 2.39%
1,517, 867. 10
1,517, 867. 10 2.39%
1,517, 867. 10
4,674. 15
1.98%
0.00 P-1 / A-1
NR
0.21 0.21
PMChandler Asset Management - CONFIDENTIAL Page 5 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Holdings Report
As of Month-end Date
Sample Client
Account # 000000
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
FOREIGN CORPORATE
Sample CUSIP Sample Issuer
2.65% Due 1/5/2022
1,000, 000. 00 01/ 29/ 2018
3.03%
985, 980. 00
987,758.15
96. 91
3.62%
969, 083. 00
1,913.89
1.27%
18,675.15)
A2 / A
AA3.443.23
Total Foreign Corporate 1,000, 000. 00 3.03%
985, 980. 00
987, 758. 15 3.62%
969, 083. 00
1,913. 89
1.27%
18, 675. 15)
A2 / A
AA3.443.23
MONEY MARKET FUND FI
Sample CUSIP Sample Issuer MMKT Fund # 657 547, 678. 76 Various
1.55%
547, 678. 76
547, 678. 76
1.00 1.55%
547, 678. 76
0.00 0.71%
0.00 Aaa / AAA
NR
0.00 0.00
Total Money Market Fund FI 547, 678. 76 1.55%
547,678.76
547, 678. 76 1.55%
547,678.76
0.00 0.71%
0.00 Aaa / AAA
NR
0.00 0.00
CORPORATE
Sample CUSIP Sample Issuer
Callable Note Cont 7/ 2/ 2018
2.1% Due 8/ 1/ 2018
790, 000. 00 02/ 05/ 2014
2.10%
795, 387. 80
790, 000. 00
100. 00
2.10%
790, 000. 00
8,295. 00
1.04%
0.00 A1 / A
AA0.000.00
Sample CUSIP Sample Issuer
2.125% Due 3/ 1/ 2019
750, 000. 00 11/ 19/ 2014
2.07%
751, 755. 00
750,238.80
99. 80
2.47%
748, 504. 50
6,640.62
0.98%
1,734.30)
A1 / AANR0.58
0.57 Sample CUSIP Sample Issuer
1.95% Due 3/ 4/ 2019
900, 000. 00 05/ 28/ 2014
1.86%
903, 825. 00
900, 472. 90
99. 65
2.55%
896, 823. 00
7,166. 25
1.18%
3,649. 90)
A2 / A
A
0.59 0.58
Sample CUSIP Sample Issuer
1.95% Due 3/ 15/ 2019
900, 000. 00 06/ 10/ 2014
2.05%
896, 049. 00
899, 485. 64
99. 68
2.48%
897, 083. 10
6,630. 00
1.18%
2,402. 54)
A2 / AAA0.62
0.61 Sample CUSIP Sample Issuer
1.7% Due 3/ 15/ 2019
570, 000. 00 03/ 08/ 2016
1.73%
569, 566. 80
569, 910. 59
99. 52
2.49%
567, 240. 06
3,660. 67
0.74%
2,670. 53)
Aa2 / AA
A+
0.62 0.61
Sample CUSIP Sample Issuer
1.1% Due 8/8/2019
890, 000. 00 08/ 01/ 2016
1.14%
889, 083. 30
889, 688. 57
98. 58
2.52%
877, 381. 58
4,704. 64
1.15%
12, 306. 99)
Aaa / AAA
AA+
1.02 1.00
Sample CUSIP Sample Issuer
Cont 10/ 3/ 2020, 2.3% Due 11/ 3/ 2020
1,000, 000. 00 05/ 26/ 2017
2.05%
1,008, 120. 00
1,005, 280. 33
98. 25
3.10%
982, 527. 00
5,622. 22
1.29%
22, 753. 33)
A3 / A
A
2.26 2.17
PMChandler Asset Management - CONFIDENTIAL Page 6 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Holdings Report
As of Month-end Date
Sample Client
Account # 000000
CUSIP Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
CORPORATE
Sample CUSIP
Security Description
Sample Issuer
12/ 23/ 2020
2.5% Due 1/ 22/ 2021
1,325, 000. 00 02/ 21/ 2018
2.90%
1,310, 239. 50
1,312,445.25
98. 19
3.27%
1,301, 028. 10
828.13
1.70%
11,417.15)
A2 / A
A+
2.48 2.37
Sample CUSIP Sample Issuer
4/ 15/ 2021
2.1% Due 5/ 16/ 2021
1,000, 000. 00 03/ 09/ 2018
2.84%
977, 610. 00
980, 331. 54
97. 76
2.94%
977, 595. 00
4,375. 00
1.28%
2,736. 54)
Aa2 / AANR2.79
2.67 Sample CUSIP Sample Issuer
Cont 4/ 21/ 2021
3.25% Due 5/21/2021
350, 000. 00 05/ 17/ 2018
3.25%
349, 989. 50
349, 990. 18
100. 15
3.19%
350, 539. 00
2,180. 21
0.46%
548. 82
A2 / A
A
2.81 2.57
Sample CUSIP Sample Issuer
Note 3.125% Due 6/ 23/ 2021
815, 000. 00 06/ 20/ 2018
3.13%
814, 959. 25
814, 960. 56
100. 23
3.04%
816, 892. 43
2,405. 38
1.07%
1,931. 87
Aa2 / AA
AA
2.90 2.74
Sample CUSIP Sample Issuer
12/ 23/ 2021 2.625% Due 1/ 24/ 2022
900, 000. 00 04/ 26/ 2017
2.44%
907, 353. 00
905, 363. 36
97. 70
3.33%
879, 306. 30
459. 38
1.15%
26, 057. 06)
A1 / A+
AA3.493.29
Sample CUSIP Sample Issuer
3% Due 5/15/2022
500,000.00 05/23/2017
2.30%
516,390.00
512, 488. 91
99.75 3.07%
498,744.00
3,166. 67
0.65%
13, 744. 91)
Aa2 / AA
A+
3.79 3.53
Sample CUSIP Sample Issuer 12/ 13/ 2022
2.4% Due 1/ 13/ 2023
1,000, 000. 00 05/ 09/ 2018
3.25%
963, 260. 00
965, 023. 86
96. 64
3.22%
966, 389. 00
1,200. 00
1.26%
1,365. 14
Aa1 / AA+
NR
4.46 4.17
Total US Corporate 11,690,000.00 2.37%
11, 653, 588. 15
11,645,680.49 2.85%
11, 550, 053. 07
57,334.17
15. 13%
95,627.42)
A1 / AAA+2.04
1.93 US TREASURY
Sample CUSIP Sample Issuer
1.5% Due 1/ 31/ 2019
1,850, 000. 00 Various
1.41%
1,855, 715. 18
1,850, 844. 32
99. 64
2.23%
1,843, 351. 10
75. 40
2.40%
7,493. 22)
Aaa / AA+
AAA
0.50 0.49
Sample CUSIP Sample Issuer
1.5% Due 2/ 28/ 2019
1,750, 000. 00 03/ 18/ 2014
1.55%
1,746, 041. 02
1,749, 537. 72
99. 56
2.26%
1,742, 343. 75
10, 985. 05
2.29%
7,193. 97)
Aaa / AA+
AAA
0.58 0.57
Sample CUSIP Sample Issuer
1.625% Due 4/ 30/ 2019
1,200,000.00 Various
1.49%
1,207,472.77
1,201, 131. 81
99.46 2.36%
1,193,484.00
4,927. 98
1.56%
7,647. 81)
Aaa / AA+
AAA
0.75 0.74
Sample CUSIP Sample Issuer
1.125% Due 5/ 31/ 2019
750, 000. 00 03/ 18/ 2016
1.04%
751, 965. 40
750, 510. 73
98. 96
2.39%
742, 206. 75
1,429. 30
0.97%
8,303. 98)
Aaa / AA+
AAA
0.83 0.82
Sample CUSIP Sample Issuer
1.625% Due 8/ 31/ 2019
2,000, 000. 00 Various
1.27%
2,022, 287. 95
2,007, 463. 77
99. 07
2.50%
1,981, 484. 00
13, 600. 55
2.60%
25, 979. 77)
Aaa / AA+
AAA
1.08 1.06
Sample CUSIP Sample Issuer
1.5% Due 11/ 30/ 2019
1,200,000.00 12/11/2014
1.60%
1,194,332.15
1,198,481.49
98.62 2.56%
1,183,406.40
3,049.18
1.55%
15,075.09)
Aaa / AA+
AAA
1.33 1.31
PMChandler Asset Management - CONFIDENTIAL Page 7 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Holdings Report
As of Month-end Date
Sample Client
Account # 000000
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
US TREASURY
Sample CUSIP Sample Issuer
1.25% Due 1/31/2020
1,250, 000. 00 11/ 14/ 2016
1.32%
1,247, 318. 64
1,248,746.26
98. 04
2.59%
1,225, 440. 00
42.46 1.60%
23,306.26)
Aaa / AA+
AAA
1.50 1.47
Sample CUSIP Sample Issuer
1.375% Due 2/ 29/ 2020
2,000, 000. 00 Various
1.22%
2,011, 686. 39
2,004, 889. 55
98. 09
2.61%
1,961, 796. 00
11, 508. 16
2.57%
43, 093. 55)
Aaa / AA+
AAA
1.58 1.54
Sample CUSIP Sample Issuer
1.375% Due 4/ 30/ 2020
1,500, 000. 00 Various
1.34%
1,500, 883. 94
1,500, 793. 04
97. 84
2.65%
1,467, 538. 50
5,212. 29
1.92%
33, 254. 54)
Aaa / AA+
AAA
1.75 1.71
Sample CUSIP Sample Issuer
1.5% Due 5/ 31/ 2020
1,500,000.00 Various
1.63%
1,492,309.71
1,496, 600. 63
97.94 2.66%
1,469,062.50
3,811. 47
1.92%
27, 538. 13)
Aaa / AA+
AAA
1.84 1.79
Sample CUSIP Sample Issuer
1.375% Due 9/ 30/ 2020
750, 000. 00 05/ 03/ 2017
1.59%
744, 758. 37
746, 669. 78
97. 25
2.69%
729, 345. 75
3,465. 68
0.96%
17, 324. 03)
Aaa / AA+
AAA
2.17 2.10
Sample CUSIP Sample Issuer
1.625% Due 11/ 30/ 2020
1,000, 000. 00 07/ 25/ 2017
1.62%
1,000, 081. 48
1,000, 056. 76
97. 52
2.73%
975, 234. 00
2,752. 73
1.27%
24, 822. 76)
Aaa / AA+
AAA
2.34 2.26
Sample CUSIP Sample Issuer
1.375% Due 1/ 31/ 2021
1,250, 000. 00 11/ 14/ 2016
1.58%
1,239, 750. 28
1,243, 908. 81
96. 72
2.74%
1,209, 033. 75
46. 71
1.58%
34, 875. 06)
Aaa / AA+
AAA
2.51 2.43
Sample CUSIP Sample Issuer
1.25% Due 3/ 31/ 2021
1,000, 000. 00 01/ 30/ 2018
2.31%
967, 773. 44
972, 851. 56
96. 17
2.75%
961, 680. 00
4,200. 82
1.26%
11, 171. 56)
Aaa / AA+
AAA
2.67 2.58
Sample CUSIP Sample Issuer
1.375% Due 4/30/2021
1,000,000.00 12/27/2017
2.08%
977,382.81
981,390.45
96.37 2.76%
963,672.00
3,493.85
1.26%
17,718.45)
Aaa / AA+
AAA
2.75 2.66
Sample CUSIP Sample Issuer
2% Due 5/ 31/ 2021
1,500, 000. 00 01/ 24/ 2017
1.83%
1,510, 844. 87
1,507, 065. 91
97. 95
2.76%
1,469, 179. 50
5,081. 97
1.92%
37, 886. 41)
Aaa / AA+
AAA
2.84 2.72
Sample CUSIP Sample Issuer
1.125% Due 7/ 31/ 2021
1,000, 000. 00 12/ 27/ 2017
2.11%
966, 171. 88
971, 745. 39
95. 28
2.78%
952, 773. 00
30. 57
1.24%
18, 972. 39)
Aaa / AA+
AAA
3.00 2.92
Sample CUSIP Sample Issuer
1.125% Due 9/30/2021
1,500, 000. 00 Various
1.83%
1,460, 042. 42
1,467,636.23
95. 01
2.78%
1,425, 117. 00
5,671.11
1.86%
42,519.23)
Aaa / AA+
AAA
3.17 3.06
Sample CUSIP Sample Issuer
1.875% Due 3/ 31/ 2022
1,250, 000. 00 04/ 20/ 2018
2.71%
1,211, 035. 16
1,213, 744. 82
96. 76
2.81%
1,209, 521. 25
7,876. 54
1.59%
4,223. 57)
Aaa / AA+
AAA
3.67 3.49
Total US Treasury 25, 250, 000. 00 1.62%
25, 107, 853. 86
25, 114, 069. 03 2.59%
24, 705, 669. 25
87, 261. 82
32. 31%
408, 399. 78)
Aaa / AA+
AAA
1.84 1.78
TOTAL PORTFOLIO 77, 662, 678. 76 1.76%
77,513,133.27
77, 427, 515. 17 2.63%
76,401,796.03
325, 765. 96
100.00%
1,025, 719. 14)
Aa1 / AA+
AAA
1.71 1.65
TOTAL MARKET VALUE PLUS ACCRUED 76, 727, 561. 99
PMChandler Asset Management - CONFIDENTIAL Page 8 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Transaction Ledger
As of Month-end Date
Sample Client
Account # 000000
Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest
Pur/ Sold
Total Amount Gain/ Loss
ACQUISITIONS
Purchase 07/03/2018 Sample CUSIP 2,664.28 Sample Issuer 1.000 1.51% 2,664.28 0.00 2,664.28 0.00 Purchase 07/05/2018 Sample CUSIP 13,250.00 Sample Issuer 1.000 1.51% 13,250.00 0.00 13,250.00 0.00 Purchase 07/ 11/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer 100. 029 2.74% 1,000, 290. 00 1,222. 22 1,001, 512. 22 0.00 Purchase 07/ 13/ 2018 Sample CUSIP 16, 000. 00 Sample Issuer 1.000 1.51% 16, 000. 00 0.00 16, 000. 00 0.00 Purchase 07/ 17/ 2018 Sample CUSIP 11, 400. 00 Sample Issuer 1.000 1.51% 11, 400. 00 0.00 11, 400. 00 0.00 Purchase 07/ 20/ 2018 Sample CUSIP 1,743. 75 Sample Issuer 1.000 1.51% 1,743. 75 0.00 1,743. 75 0.00 Purchase 07/ 20/ 2018 Sample CUSIP 310, 000. 00 Sample Issuer 1.000 1.51% 310, 000. 00 0.00 310, 000. 00 0.00 Purchase 07/ 22/ 2018 Sample CUSIP 16, 562. 50 Sample Issuer 1.000 1.51% 16, 562. 50 0.00 16, 562. 50 0.00 Purchase 07/ 24/ 2018 Sample CUSIP 11, 812. 50 Sample Issuer 1.000 1.51% 11, 812. 50 0.00 11, 812. 50 0.00 Purchase 07/ 31/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer 97. 172 2.87% 971, 720. 00 1,444. 44 973, 164. 44 0.00 Purchase 07/ 31/ 2018 Sample CUSIP 32, 681. 35 Sample Issuer 1.000 1.55% 32, 681. 35 0.00 32, 681. 35 0.00 Purchase 07/31/2018 Sample CUSIP 35,906.25 Sample Issuer 1.000 1.55% 35,906.25 0.00 35,906.25 0.00 Subtotal 2,452, 020. 63 2,424, 030. 63 2,666. 66 2,426, 697. 29 0.00 TOTAL ACQUISITIONS 2,452, 020. 63 2,424, 030. 63 2,666. 66 2,426, 697. 29 0.00
DISPOSITIONS
Sale 07/ 11/ 2018 Sample CUSIP 1,001, 512. 22 Sample Issuer 1.000 1.51% 1,001, 512. 22 0.00 1,001, 512. 22 0.00 PMChandler Asset Management - CONFIDENTIAL Page 9 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Transaction Ledger
As of Month-end Date
Sample Client
Account # 000000
Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest
Pur/ Sold
Total Amount Gain/ Loss
DISPOSITIONS
Sale 07/31/2018 Sample CUSIP 1,000,000.00 Sample Issuer
1.5% Due 8/31/2018
99.961 1.95% 999,609.38 6,236.41 1,005,845.79 - 234.79
Subtotal 2,001,512.22 2,001,121.60 6,236.41 2,007,358.01 - 234.79 Maturity 07/ 20/ 2018 Sample CUSIP 310, 000. 00 Sample Issuer
1.125% Due 7/ 20/ 2018
100. 000 310, 000. 00 0.00 310, 000. 00 0.00
Subtotal 310, 000. 00 310, 000. 00 0.00 310, 000. 00 0.00 TOTAL DISPOSITIONS 2,311, 512. 22 2,311, 121. 60 6,236. 41 2,317, 358. 01 - 234. 79
OTHER TRANSACTIONS
Interest 07/ 05/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer
2.65% Due 1/ 5/ 2022
0.000 13, 250. 00 0.00 13, 250. 00 0.00
Interest 07/13/2018 Sample CUSIP 1,000,000.00 Sample Issuer
2.4% Due 1/ 13/ 2023
0.000 16,000.00 0.00 16,000.00 0.00
Interest 07/ 17/ 2018 Sample CUSIP 1,520, 000. 00 Sample Issuer
1.5% Due 1/ 17/ 2020
0.000 11, 400. 00 0.00 11, 400. 00 0.00
Interest 07/ 20/ 2018 Sample CUSIP 310, 000. 00 Sample Issuer
1.125% Due 7/ 20/ 2018
0.000 1,743. 75 0.00 1,743. 75 0.00
Interest 07/ 22/ 2018 Sample CUSIP 1,325, 000. 00 Sample Issuer
2.5% Due 1/ 22/ 2021
0.000 16, 562. 50 0.00 16, 562. 50 0.00
Interest 07/24/2018 Sample CUSIP 900,000.00 Sample Issuer
2.625% Due 1/24/2022
0.000 11,812.50 0.00 11,812.50 0.00
Interest 07/31/2018 Sample CUSIP 1,850,000.00 Sample Issuer
1.5% Due 1/ 31/ 2019
0.000 13,875.00 0.00 13,875.00 0.00
Interest 07/ 31/ 2018 Sample CUSIP 1,250, 000. 00 Sample Issuer
1.25% Due 1/ 31/ 2020
0.000 7,812. 50 0.00 7,812. 50 0.00
Interest 07/ 31/ 2018 Sample CUSIP 1,250, 000. 00 Sample Issuer
1.375% Due 1/ 31/ 2021
0.000 8,593. 75 0.00 8,593. 75 0.00
PMChandler Asset Management - CONFIDENTIAL Page 10 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Transaction Ledger
As of Monh-end Date
Sample Client
Account # 000000
Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest
Pur/ Sold
Total Amount Gain/ Loss
OTHER TRANSACTIONS
Interest 07/31/2018 Sample CUSIP 1,000,000.00 Sample Issuer
1.125% Due 7/31/2021
0.000 5,625.00 0.00 5,625.00 0.00
Subtotal 11,405,000.00 106,675.00 0.00 106,675.00 0.00
Dividend 07/ 03/ 2018 Sample CUSIP 2,194, 340. 70 Sample Issuer Fund # 657
0.000 2,664. 28 0.00 2,664. 28 0.00
Subtotal 2,194, 340. 70 2,664. 28 0.00 2,664. 28 0.00
TOTAL OTHER TRANSACTIONS 13, 599, 340. 70 109, 339. 28 0.00 109, 339. 28 0.00 PMChandler Asset Management - CONFIDENTIAL Page 11 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Income Earned
As of Month-end Date
Sample Client
Account # 000000
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/ Amort
Income Earned
Total Income
FIXED INCOME
Sample CUSIP Sample Issuer
Callable Note Cont
10/ 3/ 2020 2.3% Due
11/ 03/ 2020
05/ 26/ 2017
05/ 31/ 2017
1,000, 000. 00
1,005, 486. 49
0.00 0.00
1,005, 280. 33
3,705. 56
0.00 5,622. 22
1,916. 66
0.00 206. 16
206. 16)
1,710. 50
1,710. 50
Sample CUSIP Sample Issuer
Callable Note Cont 12/13/2022
2.4% Due 01/ 13/ 2023
05/09/2018
05/11/2018
1,000, 000. 00
964,357.04
0.00 0.00
965, 023. 86
15,200.00
16,000.00
1,200. 00
2,000. 00
666.82
0.00 666. 82
2,666. 82
2,666.82
Sample CUSIP Sample Issuer
Callable Note Cont 7/2/2018
2.1% Due 08/01/2018
02/ 05/ 2014
02/10/2014
790,000.00
790, 003. 37
0.00 0.00
790, 000. 00
6,912. 50
0.00 8,295.00
1,382. 50
0.00 3.37
3.37)
1,379. 13
1,379. 13
Sample CUSIP Sample Issuer
Note
3% Due 05/ 15/ 2022
05/ 23/ 2017
05/ 26/ 2017
500, 000. 00
512, 768. 85
0.00 0.00
512, 488. 91
1,916. 67
0.00 3,166. 67
1,250. 00
0.00 279. 94
279. 94)
970. 06
970. 06
Sample CUSIP Sample Issuer
Note
1.7% Due 03/ 15/ 2019
03/08/2016
03/ 15/ 2016
570, 000. 00
569,898.33
0.00 0.00
569, 910. 59
2,853.17
0.00 3,660. 67
807. 50
12.26 0.00
12. 26
819. 76
819.76
Sample CUSIP Sample Issuer
Callable Note Cont 4/15/2021
2.1% Due 05/ 16/ 2021
03/09/2018
03/13/2018
1,000, 000. 00
979,733.19
0.00 0.00
980, 331. 54
2,625.00
0.00 4,375. 00
1,750. 00
598.35
0.00 598. 35
2,348. 35
2,348.35
Sample CUSIP Sample Issuer
Note
2.125% Due 03/ 01/ 2019
11/ 19/ 2014
11/ 24/ 2014
750, 000. 00
750, 273. 72
0.00 0.00
750, 238. 80
5,312. 50
0.00 6,640. 62
1,328. 12
0.00 34. 92
34. 92)
1,293. 20
1,293. 20
Sample CUSIP Sample Issuer
Note
1.95% Due 03/ 04/ 2019
05/ 28/ 2014
05/ 30/ 2014
900, 000. 00
900, 541. 08
0.00 0.00
900, 472. 90
5,703. 75
0.00 7,166. 25
1,462. 50
0.00 68. 18
68. 18)
1,394. 32
1,394. 32
Sample CUSIP Sample Issuer
Note
2.375% Due 03/ 12/ 2021
03/26/2018
03/ 27/ 2018
2,000, 000. 00
1,991,653.47
0.00 0.00
1,991, 916. 15
14,381.94
0.00 18, 340. 28
3,958. 34
262.68
0.00 262. 68
4,221. 02
4,221.02
PMChandler Asset Management - CONFIDENTIAL Page 12 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Income Earned
As of Month- end Date
Sample Client
Account # 000000
CUSIP
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/ Amort
Income Earned
Total Income
Sample CUSIP
Security Description
Sample Issuer
Note
1.125% Due 06/ 21/ 2019
06/ 28/ 2016
06/ 29/ 2016
1,500, 000. 00
1,504, 257. 06
0.00 0.00
1,503, 885. 32
468. 75
0.00 1,875. 00
1,406. 25
0.00 371. 74
371. 74)
1,034. 51
1,034. 51
Sample CUSIP Sample Issuer
Note
1.375% Due 09/ 28/ 2020
09/14/2017
09/15/2017
1,500, 000. 00
1,493,001.53
0.00 0.00
1,493, 266. 11
5,328.13
0.00 7,046. 88
1,718. 75
264.58
0.00 264. 58
1,983. 33
1,983.33
Sample CUSIP Sample Issuer
Note
2% Due 09/14/2018
02/ 07/ 2014
02/10/2014
1,500,000.00
1,501, 491. 27
0.00 0.00
1,500, 874. 89
8,916. 66
0.00 11,416.68
2,500. 02
0.00 616.38
616.38)
1,883. 64
1,883. 64
Sample CUSIP Sample Issuer
Note
1.5% Due 03/ 08/ 2019
02/ 12/ 2016
02/ 16/ 2016
1,500, 000. 00
1,504, 707. 66
0.00 0.00
1,504, 123. 91
7,062. 50
0.00 8,937. 50
1,875. 00
0.00 583. 75
583. 75)
1,291. 25
1,291. 25
Sample CUSIP Sample Issuer
Note
1.875% Due 03/ 13/ 2020
05/03/2017
05/ 04/ 2017
750, 000. 00
753,796.49
0.00 0.00
753, 606. 97
4,218.75
0.00 5,390. 63
1,171. 88
0.00 189. 52
189. 52)
982. 36
982.36
Sample CUSIP Sample Issuer
Note
1.875% Due 06/ 11/ 2021
08/30/2017
08/31/2017
1,250, 000. 00
1,257,348.77
0.00 0.00
1,257, 137. 05
1,302.08
0.00 3,255. 21
1,953. 13
0.00 211.72
211. 72)
1,741. 41
1,741.41
Sample CUSIP Sample Issuer
Note
1.375% Due 09/ 13/ 2019
08/ 24/ 2016
08/ 25/ 2016
1,500, 000. 00
1,506, 289. 44
0.00 0.00
1,505, 845. 31
6,187. 50
0.00 7,906. 25
1,718. 75
0.00 444. 13
444. 13)
1,274. 62
1,274. 62
Sample CUSIP Sample Issuer
Note
1.75% Due 06/ 12/ 2020
06/ 15/ 2017
06/ 16/ 2017
1,500, 000. 00
1,504, 469. 56
0.00 0.00
1,504, 274. 96
1,385. 42
0.00 3,572. 92
2,187. 50
0.00 194. 60
194. 60)
1,992. 90
1,992. 90
Sample CUSIP Sample Issuer
Note
1.68% Due 10/ 13/ 2020
10/18/2017
10/ 19/ 2017
1,500, 000. 00
1,496,817.04
0.00 0.00
1,496, 935. 21
5,460.00
0.00 7,560. 00
2,100. 00
118.17
0.00 118. 17
2,218. 17
2,218.17
PMChandler Asset Management - CONFIDENTIAL Page 13 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Income Earned
As of Month- end Date
Sample Client
Account # 000000
CUSIP
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/ Amort
Income Earned
Total Income
Sample CUSIP
Security Description
Sample Issuer
Note
Due 08/ 31/ 2018
09/ 13/ 2013
09/ 16/ 2013
0.00 999, 693. 37
0.00 999, 844. 17
0.00 5,013. 59
6,236. 41
0.00 1,222. 82
150. 80
0.00 150. 80
1,373. 62
1,373. 62
Sample CUSIP Sample Issuer
Note
1.125% Due 07/ 31/ 2021
12/27/2017
12/28/2017
1,000, 000. 00
970,945.49
0.00 0.00
971, 745. 39
4,692.68
5,625.00
30. 57
962. 89
799.90
0.00 799. 90
1,762. 79
1,762.79
Sample CUSIP Sample Issuer
Note
1.125% Due 05/31/2019
03/ 18/ 2016
03/21/2016
750,000.00
750, 562. 99
0.00 0.00
750, 510. 73
714. 65
0.00 1,429.30
714. 65
0.00 52.26
52.26)
662. 39
662. 39
Sample CUSIP Sample Issuer
Note
1.125% Due 09/ 30/ 2021
Various
Various
1,500, 000. 00
1,466, 768. 34
0.00 0.00
1,467, 636. 23
4,241. 80
0.00 5,671. 11
1,429. 31
867. 89
0.00 867. 89
2,297. 20
2,297. 20
Sample CUSIP Sample Issuer
Note
1.875% Due 03/ 31/ 2022
04/20/2018
04/ 23/ 2018
1,250, 000. 00
1,212,904.82
0.00 0.00
1,213, 744. 82
5,891.39
0.00 7,876. 54
1,985. 15
840.00
0.00 840. 00
2,825. 15
2,825.15
Sample CUSIP Sample Issuer
Note
2% Due 05/ 31/ 2021
01/24/2017
01/25/2017
1,500, 000. 00
1,507,277.75
0.00 0.00
1,507, 065. 91
2,540.98
0.00 5,081. 97
2,540. 99
0.00 211.84
211. 84)
2,329. 15
2,329.15
Sample CUSIP Sample Issuer
Note
1.5% Due 05/ 31/ 2020
Various
Various
1,500, 000. 00
1,496, 443. 12
0.00 0.00
1,496, 600. 63
1,905. 74
0.00 3,811. 47
1,905. 73
157. 51
0.00 157. 51
2,063. 24
2,063. 24
Sample CUSIP Sample Issuer
Note
3.125% Due 06/ 23/ 2021
06/ 20/ 2018
06/ 27/ 2018
815, 000. 00
814, 959. 40
0.00 0.00
814, 960. 56
282. 99
0.00 2,405. 38
2,122. 39
1.16 0.00
1.16 2,123. 55
2,123. 55
Total Fixed Income 75, 585, 000. 00
74,696,988.67
1,972, 010. 00
1,309, 844. 17
75, 361, 969. 31
324,967.26
110, 244. 75
321, 091. 81
106, 369. 30
9,005.04
6,190. 23
2,814. 81
109, 184. 11 109, 184. 11
PMChandler Asset Management - CONFIDENTIAL Page 14 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Income Earned
As of Month- end Date
Sample Client
Account # 000000
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/ Amort
Income Earned
IncomeCUSIP Total
CASH &
EQUIVALENT
Sample CUSIP
Sample Issuer
Government MMKT Fund # 657
Various
Various
547, 678. 76
1,097, 170. 35
452, 020. 63
1,001, 512. 22
547, 678. 76
0.00 2,664. 28
0.00 2,664. 28
0.00 0.00
0.00 2,664. 28
2,664. 28
Sample CUSIP Sample Issuer
Discount CP
2.34% Due 10/ 15/ 2018
06/14/2018
06/15/2018
1,530, 000. 00
1,517,867.10
0.00 0.00
1,517, 867. 10
1,591.20
0.00 4,674. 15
3,082. 95
0.00 0.00
0.00 3,082. 95
3,082.95
Total Cash & Equivalent 2,077, 678. 76
2,615, 037. 45
452,020.63
1,001,512.22
2,065, 545. 86
1,591. 20
2,664.28
4,674.15
5,747. 23
0.00 0.00
0.00 5,747. 23 5,747. 23
TOTAL PORTFOLIO 77, 662, 678. 76
77, 312, 026. 12
2,424, 030. 63
2,311, 356. 39
77, 427, 515. 17
326, 558. 46
112, 909. 03
325, 765. 96
112, 116. 53
9,005. 04
6,190. 23
2,814. 81
114, 931. 34 114, 931. 34
PMChandler Asset Management - CONFIDENTIAL Page 15 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Cash Flow Report
As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/ 01/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.25% Due 8/ 1/ 2019
0.00 9,375. 00 9,375. 00
08/ 01/ 2018 Maturity Sample CUSIP 790, 000. 00 Sample Issuer Callable Note Cont 7/ 2/ 2018
790, 000. 00 8,295. 00 798, 295. 00
08/ 08/ 2018 Interest Sample CUSIP 890, 000. 00 Sample Issuer
1.1% Due 8/ 8/ 2019
0.00 4,895. 00 4,895. 00
08/ 12/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.125% Due 8/12/2021
0.00 5,625. 00 5,625. 00
08/ 16/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.375% Due 2/ 16/ 2021
0.00 11, 875. 00 11, 875. 00
08/ 28/ 2018 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.5% Due 2/ 28/ 2020
0.00 15, 000. 00 15, 000. 00
08/ 31/ 2018 Interest Sample CUSIP 1,750, 000. 00 Sample Issuer
1.5% Due 2/ 28/ 2019
0.00 13, 125. 00 13, 125. 00
08/ 31/ 2018 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.625% Due 8/ 31/ 2019
0.00 16, 250. 00 16, 250. 00
08/31/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer
1.375% Due 2/ 29/ 2020
0.00 13,750.00 13,750.00
AUG 2018 790, 000. 00 98, 190. 00 888, 190. 00
09/ 01/ 2018 Interest Sample CUSIP 750, 000. 00 Sample Issuer
2.125% Due 3/ 1/ 2019
0.00 7,968. 75 7,968. 75
09/ 04/ 2018 Interest Sample CUSIP 900, 000. 00 Sample Issuer
1.95% Due 3/ 4/ 2019
0.00 8,775. 00 8,775. 00
09/ 08/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.5% Due 3/ 8/ 2019
0.00 11, 250. 00 11, 250. 00
09/12/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer
2.375% Due 3/ 12/ 2021
0.00 23,750.00 23,750.00
09/ 12/ 2018 Interest Sample CUSIP 1,525, 000. 00 Sample Issuer
1.75% Due 9/ 12/ 2019
0.00 13, 343. 75 13, 343. 75
09/ 13/ 2018 Interest Sample CUSIP 750, 000. 00 Sample Issuer
1.875% Due 3/ 13/ 2020
0.00 7,031. 25 7,031. 25
09/ 13/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.375% Due 9/ 13/ 2019
0.00 10, 312. 50 10, 312. 50
PMChandler Asset Management - CONFIDENTIAL Page 16 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Cash Flow Report
As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/ 14/ 2018 Maturity Sample CUSIP 1,500, 000. 00 Sample Issuer 2% Due 9/ 14/ 2018
1,500, 000. 00 15, 000. 00 1,515, 000. 00
09/ 15/ 2018 Interest Sample CUSIP 900, 000. 00 Sample Issuer 1.95% Due 3/ 15/ 2019
0.00 8,775. 00 8,775. 00
09/ 15/ 2018 Interest Sample CUSIP 570, 000. 00 Sample Issuer 1.7% Due 3/15/2019
0.00 4,845. 00 4,845. 00
09/ 28/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.375% Due 9/28/2020
0.00 10, 312. 50 10, 312. 50
09/ 30/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 1.25% Due 3/ 31/ 2021
0.00 6,250. 00 6,250. 00
09/ 30/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer 1.125% Due 9/ 30/ 2021
0.00 8,437. 50 8,437. 50
09/ 30/ 2018 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer 1.875% Due 3/ 31/ 2022
0.00 11, 718. 75 11, 718. 75
09/ 30/ 2018 Interest Sample CUSIP 750, 000. 00 Sample Issuer 1.375% Due 9/ 30/ 2020
0.00 5,156. 25 5,156. 25
SEP 2018 1,500, 000. 00 152, 926. 25 1,652, 926. 25
10/ 02/ 2018 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.25% Due 10/ 2/ 2019
0.00 12, 500. 00 12, 500. 00
10/ 13/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.5% Due 4/ 13/ 2021
0.00 12, 500. 00 12, 500. 00
10/ 13/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.68% Due 10/ 13/ 2020
0.00 12, 600. 00 12, 600. 00
10/ 15/ 2018 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.125% Due 4/ 15/ 2019
0.00 11, 250. 00 11, 250. 00
10/15/2018 Maturity Sample CUSIP 1,530,000.00 Sample Issuer
2.34% Due 10/ 15/ 2018
1,517,867.10 12,132.90 1,530,000.00
10/ 30/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 1.375% Due 4/ 30/ 2021
0.00 6,875. 00 6,875. 00
10/ 31/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer 1.375% Due 4/ 30/ 2020
0.00 10, 312. 50 10, 312. 50
10/ 31/ 2018 Interest Sample CUSIP 1,200, 000. 00 Sample Issuer 1.625% Due 4/ 30/ 2019
0.00 9,750. 00 9,750. 00
OCT 2018 1,517, 867. 10 87, 920. 40 1,605, 787. 50
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As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/ 03/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 10/ 3/ 2020 2.3% Due 11/ 3/ 2020
0.00 11, 500. 00 11, 500. 00
11/ 08/ 2018 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.55% Due 5/ 8/ 2020
0.00 15, 500. 00 15, 500. 00
11/15/2018 Interest Sample CUSIP 500,000.00 Sample Issuer 3% Due 5/15/2022
0.00 7,500.00 7,500.00
11/16/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer 4/15/2021 2.1% Due 5/16/ 2021
0.00 10,500.00 10,500.00
11/ 17/ 2018 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.875% Due 11/ 17/ 2020
0.00 11, 718. 75 11, 718. 75
11/ 21/ 2018 Interest Sample CUSIP 350, 000. 00 Sample Issuer 4/ 21/ 2021 3.25% Due 5/ 21/ 2021
0.00 5,655. 90 5,655. 90
11/ 27/ 2018 Maturity Sample CUSIP 2,000, 000. 00 Sample Issuer
1.625% Due 11/ 27/ 2018
2,000, 000. 00 16, 250. 00 2,016, 250. 00
11/ 30/ 2018 Interest Sample CUSIP 750, 000. 00 Sample Issuer
1.125% Due 5/31/ 2019
0.00 4,218. 75 4,218. 75
11/ 30/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer 2% Due 5/ 31/ 2021
0.00 15, 000. 00 15, 000. 00
11/ 30/ 2018 Interest Sample CUSIP 1,350, 000. 00 Sample Issuer
1.75% Due 5/ 30/ 2019
0.00 11, 812. 50 11, 812. 50
11/ 30/ 2018 Interest Sample CUSIP 1,200, 000. 00 Sample Issuer
1.5% Due 11/ 30/ 2019
0.00 9,000. 00 9,000. 00
11/ 30/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.625% Due 11/ 30/ 2020
0.00 8,125. 00 8,125. 00
11/ 30/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.5% Due 5/ 31/ 2020
0.00 11, 250. 00 11, 250. 00
NOV 2018 2,000, 000. 00 138, 030. 90 2,138, 030. 90
12/ 11/ 2018 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.875% Due 6/ 11/ 2021
0.00 11, 718. 75 11, 718. 75
12/ 12/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.75% Due 6/ 12/ 2020
0.00 13, 125. 00 13, 125. 00
12/ 14/ 2018 Maturity Sample CUSIP 1,000, 000. 00 Sample Issuer
1.125% Due 12/ 14/ 2018
1,000, 000. 00 5,625. 00 1,005, 625. 00
PMChandler Asset Management - CONFIDENTIAL Page 18 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Cash Flow Report
As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/ 21/ 2018 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.125% Due 6/ 21/ 2019
0.00 8,437. 50 8,437. 50
12/ 22/ 2018 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.75% Due 6/ 22/ 2021
0.00 13, 520. 83 13, 520. 83
12/ 23/ 2018 Interest Sample CUSIP 815, 000. 00 Sample Issuer
3.125% Due 6/23/ 2021
0.00 12, 451. 39 12, 451. 39
DEC 2018 1,000,000.00 64,878.47 1,064,878.47
01/ 05/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 2% Due 1/ 5/ 2022
0.00 10, 000. 00 10, 000. 00
01/ 05/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.65% Due 1/ 5/ 2022
0.00 13, 250. 00 13, 250. 00
01/ 13/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer Cont 12/ 13/ 2022 2.4% Due 1/ 13/ 2023
0.00 12, 000. 00 12, 000. 00
01/ 17/ 2019 Interest Sample CUSIP 1,520, 000. 00 Sample Issuer
1.5% Due 1/17/2020
0.00 11, 400. 00 11, 400. 00
01/ 22/ 2019 Interest Sample CUSIP 1,325, 000. 00 Sample Issuer Cont 12/ 23/ 2020 2.5% Due 1/ 22/ 2021
0.00 16, 562. 50 16, 562. 50
01/ 24/ 2019 Interest Sample CUSIP 900, 000. 00 Sample Issuer 12/ 23/ 2021 2.625% Due 1/ 24/ 2022
0.00 11, 812. 50 11, 812. 50
01/ 31/ 2019 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.375% Due 1/ 31/ 2021
0.00 8,593. 75 8,593. 75
01/ 31/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.125% Due 7/ 31/ 2021
0.00 5,625. 00 5,625. 00
01/ 31/ 2019 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.25% Due 1/ 31/ 2020
0.00 7,812. 50 7,812. 50
01/31/2019 Maturity Sample CUSIP 1,850,000.00 Sample Issuer
1.5% Due 1/ 31/ 2019
1,850,000.00 13,875.00 1,863,875.00
JAN 2019 1,850, 000. 00 110, 931. 25 1,960, 931. 25
02/ 01/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.25% Due 8/ 1/ 2019
0.00 9,375. 00 9,375. 00
02/ 08/ 2019 Interest Sample CUSIP 890, 000. 00 Sample Issuer
1.1% Due 8/ 8/ 2019
0.00 4,895. 00 4,895. 00
02/ 12/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.125% Due 8/ 12/ 2021
0.00 5,625. 00 5,625. 00
PMChandler Asset Management - CONFIDENTIAL Page 19 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Cash Flow Report
As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/ 16/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.375% Due 2/ 16/ 2021
0.00 11, 875. 00 11, 875. 00
02/ 28/ 2019 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.625% Due 8/ 31/ 2019
0.00 16, 250. 00 16, 250. 00
02/ 28/ 2019 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.375% Due 2/29/ 2020
0.00 13, 750. 00 13, 750. 00
02/ 28/ 2019 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.5% Due 2/28/2020
0.00 15, 000. 00 15, 000. 00
02/ 28/ 2019 Maturity Sample CUSIP 1,750, 000. 00 Sample Issuer
1.5% Due 2/ 28/ 2019
1,750, 000. 00 13, 125. 00 1,763, 125. 00
FEB 2019 1,750, 000. 00 89, 895. 00 1,839, 895. 00
03/ 01/ 2019 Maturity Sample CUSIP 750, 000. 00 Sample Issuer
2.125% Due 3/ 1/ 2019
750, 000. 00 7,968. 75 757, 968. 75
03/ 04/ 2019 Maturity Sample CUSIP 900, 000. 00 Sample Issuer
1.95% Due 3/4/2019
900, 000. 00 8,775. 00 908, 775. 00
03/ 08/ 2019 Maturity Sample CUSIP 1,500, 000. 00 Sample Issuer
1.5% Due 3/ 8/ 2019
1,500, 000. 00 11, 250. 00 1,511, 250. 00
03/ 12/ 2019 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
2.375% Due 3/ 12/ 2021
0.00 23, 750. 00 23, 750. 00
03/ 12/ 2019 Interest Sample CUSIP 1,525, 000. 00 Sample Issuer
1.75% Due 9/ 12/ 2019
0.00 13, 343. 75 13, 343. 75
03/ 13/ 2019 Interest Sample CUSIP 750, 000. 00 Sample Issuer
1.875% Due 3/ 13/ 2020
0.00 7,031. 25 7,031. 25
03/ 13/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.375% Due 9/ 13/ 2019
0.00 10, 312. 50 10, 312. 50
03/15/2019 Maturity Sample CUSIP 570,000.00 Sample Issuer
1.7% Due 3/ 15/ 2019
570,000.00 4,845.00 574,845.00
03/ 15/ 2019 Maturity Sample CUSIP 900, 000. 00 Sample Issuer
1.95% Due 3/ 15/ 2019
900, 000. 00 8,775. 00 908, 775. 00
03/ 28/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.375% Due 9/ 28/ 2020
0.00 10, 312. 50 10, 312. 50
03/ 31/ 2019 Interest Sample CUSIP 750, 000. 00 Sample Issuer
1.375% Due 9/ 30/ 2020
0.00 5,156. 25 5,156. 25
PMChandler Asset Management - CONFIDENTIAL Page 20 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Cash Flow Report
As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/ 31/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.125% Due 9/ 30/ 2021
0.00 8,437. 50 8,437. 50
03/ 31/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.25% Due 3/ 31/ 2021
0.00 6,250. 00 6,250. 00
03/ 31/ 2019 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.875% Due 3/31/ 2022
0.00 11, 718. 75 11, 718. 75
MAR 2019 4,620,000.00 137,926.25 4,757,926.25
04/ 02/ 2019 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.25% Due 10/ 2/ 2019
0.00 12, 500. 00 12, 500. 00
04/ 13/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.5% Due 4/ 13/ 2021
0.00 12, 500. 00 12, 500. 00
04/ 13/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.68% Due 10/ 13/ 2020
0.00 12, 600. 00 12, 600. 00
04/ 15/ 2019 Maturity Sample CUSIP 2,000, 000. 00 Sample Issuer
1.125% Due 4/15/2019
2,000, 000. 00 11, 250. 00 2,011, 250. 00
04/ 30/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.375% Due 4/ 30/ 2020
0.00 10, 312. 50 10, 312. 50
04/ 30/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.375% Due 4/ 30/ 2021
0.00 6,875. 00 6,875. 00
04/ 30/ 2019 Maturity Sample CUSIP 1,200, 000. 00 Sample Issuer
1.625% Due 4/ 30/ 2019
1,200, 000. 00 9,750. 00 1,209, 750. 00
APR 2019 3,200, 000. 00 75, 787. 50 3,275, 787. 50
05/ 03/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 10/3/2020 2.3% Due 11/3/2020
0.00 11, 500. 00 11, 500. 00
05/ 08/ 2019 Interest Sample CUSIP 2,000, 000. 00 Sample Issuer
1.55% Due 5/ 8/ 2020
0.00 15, 500. 00 15, 500. 00
05/ 15/ 2019 Interest Sample CUSIP 500, 000. 00 Sample Issuer 3% Due 5/ 15/ 2022
0.00 7,500. 00 7,500. 00
05/ 16/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 4/ 15/ 2021 2.1% Due 5/ 16/ 2021
0.00 10, 500. 00 10, 500. 00
05/ 17/ 2019 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.875% Due 11/17/2020
0.00 11, 718. 75 11, 718. 75
PMChandler Asset Management - CONFIDENTIAL Page 21 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Cash Flow Report
As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/ 21/ 2019 Interest Sample CUSIP 350, 000. 00 Sample Issuer Cont 4/ 21/ 2021 3.25% Due 5/ 21/ 2021
0.00 5,687. 50 5,687. 50
05/ 30/ 2019 Maturity Sample CUSIP 1,350, 000. 00 Sample Issuer
1.75% Due 5/ 30/ 2019
1,350, 000. 00 11, 812. 50 1,361, 812. 50
05/ 31/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.625% Due 11/30/ 2020
0.00 8,125. 00 8,125. 00
05/ 31/ 2019 Interest Sample CUSIP 1,200, 000. 00 Sample Issuer
1.5% Due 11/30/2019
0.00 9,000. 00 9,000. 00
05/ 31/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer 2% Due 5/ 31/ 2021
0.00 15, 000. 00 15, 000. 00
05/ 31/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.5% Due 5/ 31/ 2020
0.00 11, 250. 00 11, 250. 00
05/ 31/ 2019 Maturity Sample CUSIP 750, 000. 00 Sample Issuer
1.125% Due 5/ 31/ 2019
750, 000. 00 4,218. 75 754, 218. 75
MAY 2019 2,100, 000. 00 121, 812. 50 2,221, 812. 50
06/ 11/ 2019 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.875% Due 6/ 11/ 2021
0.00 11, 718. 75 11, 718. 75
06/ 12/ 2019 Interest Sample CUSIP 1,500, 000. 00 Sample Issuer
1.75% Due 6/ 12/ 2020
0.00 13, 125. 00 13, 125. 00
06/ 21/ 2019 Maturity Sample CUSIP 1,500, 000. 00 Sample Issuer
1.125% Due 6/ 21/ 2019
1,500, 000. 00 8,437. 50 1,508, 437. 50
06/ 22/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.75% Due 6/ 22/ 2021
0.00 13, 750. 00 13, 750. 00
06/ 23/ 2019 Interest Sample CUSIP 815, 000. 00 Sample Issuer
3.125% Due 6/ 23/ 2021
0.00 12, 734. 38 12, 734. 38
JUN 2019 1,500, 000. 00 59, 765. 63 1,559, 765. 63
07/ 05/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 2% Due 1/ 5/ 2022
0.00 10, 000. 00 10, 000. 00
07/ 05/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
2.65% Due 1/ 5/ 2022
0.00 13, 250. 00 13, 250. 00
07/ 13/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer 12/ 13/ 2022 2.4% Due 1/ 13/ 2023
0.00 12, 000. 00 12, 000. 00
07/ 17/ 2019 Interest Sample CUSIP 1,520, 000. 00 Sample Issuer
1.5% Due 1/ 17/ 2020
0.00 11, 400. 00 11, 400. 00
PMChandler Asset Management - CONFIDENTIAL Page 22 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Cash Flow Report
As of Month-end Date
Sample Client
Account # 000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/ 22/ 2019 Interest Sample CUSIP 1,325, 000. 00 Sample Issuer 12/ 23/ 2020 2.5% Due 1/ 22/ 2021
0.00 16, 562. 50 16, 562. 50
07/ 24/ 2019 Interest Sample CUSIP 900, 000. 00 Sample Issuer 12/ 23/ 2021 2.625% Due 1/ 24/ 2022
0.00 11, 812. 50 11, 812. 50
07/ 31/ 2019 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.375% Due 1/31/ 2021
0.00 8,593. 75 8,593. 75
07/ 31/ 2019 Interest Sample CUSIP 1,000, 000. 00 Sample Issuer
1.125% Due 7/31/ 2021
0.00 5,625. 00 5,625. 00
07/ 31/ 2019 Interest Sample CUSIP 1,250, 000. 00 Sample Issuer
1.25% Due 1/ 31/ 2020
0.00 7,812. 50 7,812. 50
JUL 2019 0.00 97, 056. 25 97, 056. 25
TOTAL 21, 827, 867. 10 1,235, 120. 40 23, 062, 987. 50
PMChandler Asset Management - CONFIDENTIAL Page 23 Execution Time: 8/21/2018 9:23:32 BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 DisclosuresSample Client Important
Account # 000000
Chandler Asset Management, Inc. ;͞Chandler͟ Ϳis an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV). To obtain acopy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www. chandlerasset. com.Information
contained inthis monthly statement is confidential and is provided for informational purposes only and should not be construed asspecific investment orlegal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.
Custody:
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian.
Chandler does not have any authority to withdraw or deposit funds from/to the custodian account. Valuation:
Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective offair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed inItem 5 of our Form ADV Part 2A.Performance:
Performance results are presented gross-of-advisory fees and represent the client ͛s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative offuture results. Therefore, clients should not assume that future performance of any specific investment orinvestment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit orloss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Source ice Data Indices, LLC ("ICE"), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN "AS IS" BASIS; ICE, ITS AFFILIATES AND THEIR RESPECTIVE THIRD
PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES OR THEIR
RESPECTIVE THIRD PARTY PROVIDERS GUARANTEE THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND LICENSEE'S USE IS AT LICENSEE'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction oftransaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index. Ratings:
Ratings information have been provided by Moody͛s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Execution
Asset Management - CONFIDENTIAL Page 24 DocuSign Time: 8/21/ 2018 9:23: 32 PMChandler Envelope Envelope ID: ID: 73C83E34-BFB2673F- 1D37- 97894DEB-C36-8157- 97DF 18189E1B6942 BA975B09F2EADocuSign CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending September 30, 2018
Sample Client Quarterly Report
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. The information contained in this sample presentation was obtained from sources we believe to be reliable as of the date of publication, but we do not guarantee its accuracy. This presentation contains the current opinions of the author, which are subject to change without notice. Any statements concerning financial market trends or future forecasts are based on current market conditions, which will fluctuate. Past performance is not indicative of future success. Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
SECTION 5 Disclosures
Table of Contents
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 SECTION | Section 1 | Economic Update
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Economic Update
Economic data remains favorable but predictive economic indicators suggest that economic growth is unlikely to accelerate.
Although the labor market is strong and consumer confidence is high, we do not believe the economy is close to overheating. The Core PCE Index suggests that inflation is in line with the Fed's 2.0% target. Market participants are forecasting annualized GDP growth of about 3.0% in the third quarter, 2.8% in the fourth quarter, and 2.5% next year.
As expected, the Federal Open Market Committee ( FOMC) voted to raise the fed funds target rate by 25 basis points to a range of 2.00%-2.25% at the September 26th meeting. The vote was unanimous, including a vote from the new Board of Governors Vice Chair, Richard Clarida. The Fed raised its median forecast for GDP growth in 2018 and 2019 and left its forecasts for unemployment and inflation relatively unchanged. The Fed also kept its fed funds rate forecasts unchanged with the exception of the longer- run target which increased slightly to 3.0%. The Fed’s forecast points to one more fed funds rate hike this year and three more hikes next year. Once again, in its policy statement, the FOMC noted that economic activity has been rising at a “strong rate” and policymakers expect that further gradual increases in the fed funds rate will be appropriate. The FOMC continues to believe risks to the economic outlook are roughly balanced. Market participants believe there is a very high probability that there will be another rate hike in December.
Treasury yields increased in September. At month- end, the 2-year Treasury yield was up 19 basis points to 2.82%, while the 10-year Treasury yield was up 20 basis points to 3.06%. The spread between 2- and 10-year Treasury yields remained narrow at just 24 basis points at month- end. Over the past 20 years, the average spread between 2- and 10-year Treasuries has been about 140 basis points. We foresee an upward bias to rates across the Treasury yield curve but believe that the yield curve will remain quite flat over the intermediate- term.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Employment
U.S. payrolls rose by 201,000 in August, above the consensus forecast of 190,000. June and July payrolls were revised down by a total of 50,000.
On a trailing 3-month and 6-month basis payrolls increased by an average of 185, 000 and 192, 000 per month, respectively, more than enough to absorb new entrants into the labor market. The unemployment rate was unchanged from the prior month at 3.9%.The labor participation rate declined to 62.7%in August from 62.9%in July. A broader measure of unemployment called the U-6, which includes those who are marginally attached to the labor force and employed part time for economic reasons, declined to 7.4% in August from 7.5%in July. Wages rose 0.4%in August on a month- over- month basis, slightly higher than expectations. Wages were up 2.9% on a year- over- year basis in August, versus up
2.7% year-over-year in July. The average workweek was unchanged at 34.5 hours.
Source: US Department of Labor Source: US Department of Labor 0 50
100
150
200
250
300
350
MOM Change In (000'
s)Nonfarm
Payroll ( 000'
s)2.
0%3.
0%4.
0%5.
0%6.
0%7.
0%8.
0%9.
0%10.
0%11.
0%12.0%
Unemployment Rate Underemployment
Envelope Rate (U6)ID: Unemployment73C83E34- 9789- Rate (U3) 4DEB-Rate (%) 8157-BA975B09F2EADocuSign DocuSign Envelope Please see the disclosures on front page of this presentation.
Inflation
The Consumer Price Index ( CPI) was up 2.7% year-over- year in August, versus up 2.9% year-over- year in July. Core CPI ( CPI less food and energy) was up 2.2% year-over- year in August, down from 2.4%year- over- year in July. The Personal Consumption Expenditures ( PCE) index was up 2.2% year-over- year in August, down slightly from 2.3% year- over- year in July. Core PCE ( excluding food and energy) was up 2.0% on a year-over- year basis in August, unchanged from 2.0%in July. Core PCE inflation, which is the Fed's primary inflation gauge, remains in line with the Fed’s 2.0% target.
Source: US Department of Labor Source: US Department of Commerce
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Consumer Price Index (CPI)
CPI YOY % Change ChangeYOY( %) Core CPI YOY %
Change0. 0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Personal Consumption Expenditures ( PCE)
PCE Price Deflator YOY % Change ChangeYOY( %
PCE Core Deflator YOY %
BA975B09F2EADocuSign ChangeDocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Consumer
On a year- over- year basis, retail sales were up 6.6% in August, versus up 6.7% year-over- year in July. On a month- over-month basis, retail sales increased just 0.1%in August, following an upwardly revised increase of 0.7%in July. Strong sales in July were somewhat offset by softer trends in August, but the overall pace of consumer spending in the third quarter appears solid. The Consumer Confidence Index remains very strong at 138.4 in September, up from 134.7 in August. Ongoing strength in the labor market continues to support consumer confidence and spending trends.
Source: US Department of Commerce Source: The Conference Board
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Retail Sales YOY % Change
YOY (%)
Change85
90 95
100
105
110
115
120
125
130
135
140
145Index
4DEB- LevelConsumer Confidence 8157-DocuSignBA975B09F2EADocuSign Envelope Envelope ID:: 73C83E34- BFB2673F- 1D37- 9789- 4C36- Please see the disclosures on front page of this presentation.
Economic Activity
The Index of Leading Economic Indicators ( LEI) rose 0.4% month- over-month in August, following a 0.7% increase in July. According to the Conference Board, the index points to solid US economic growth for the remainder of the year. However, the Conference Board also warns that industrial companies that are more sensitive to business cycles should prepare for a possible moderation in economic growth next year. The Chicago Fed National Activity Index ( CFNAI) was unchanged month- over-month in August at 0.18, suggesting that economic activity remains steady. On a 3-month moving average basis, the index increased to 0.24 in August from 0.02 in July.
0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
Leading Economic Indicators (LEI)
MOM ( %) Change0.60
0.40 0.20
0.00 0.20
0.40 0.60 Chicago Fed National Activity
Index (CFNAI)3Month AverageSource: The Conference Board Source: Federal 73C83E34- Reserve Bank 9789-of4DEB- 8157- Chicago DocuSign BA975B09F2EADocuSign Envelope Envelope ID:: BFB2673F- Please see the disclosures on front page of this presentation.
Housing
Total housing starts increased 9.2% in August. Single- family starts increased 1.9% in August while multi- family starts surged 29%. However, permits fell 5.7% in August. According to the Case- Shiller 20-City home price index, home prices were up 5.9% year-over- year in July, versus
6.4% in June. Housing data tends to be volatile on a month- over-month basis. Broadly speaking, the housing sector is facing a few different headwinds including supply constraints, rising mortgage interest rates, and a shortage of skilled labor, and housing trends have softened.
Source: US Department of Commerce Source: S&P; Please see the disclosures at the end of this presentation. 0 200
400
600
800
1000
1200
1400
1600
1800
MOM Change (
In Thousands of Units)
Housing Starts Multi Family
Housing Starts
Single Family
Housing Starts
4.5%
5.0%
5.5%
6.0%
6. 5%7.0%7.5%S&P/CaseShiller
ChangeDocuSign 20 City Envelope Composite ID: 73C83E34- Home Price 9789-Index 4DEB- 8157- YOY( %) BA975B09F2EADocuSign Please see the disclosures on front page of this presentation.
Manufacturing
The Institute for Supply Management ( ISM) manufacturing index edged down to 59.8 in September from 61.3 in August ( the highest level since May 2004). A reading above 50.0 suggests the manufacturing sector is expanding. The Industrial Production index was up 4.9% year- over- year in August versus up 4.0% year-over- year in July. On a month- over-month basis, the manufacturing component of the index edged up just 0.2%in August, following a 0.3%increase in July, pointing to modest growth in the sector. Capacity Utilization increased to 78.1% in August from 77.9% in July, but remains below the long-run average of 79.8% indicating there is still excess capacity for growth.
Source: Institute for Supply Management Source: Federal Reserve 46 48
50 52
54 56
58 60
62 Institute of Supply Management Purchasing
Manager Index
Expanding
Contracting
3.0%
2.0%
1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Industrial Production
8157- YOY( %) ChangeDocuSign BA975B09F2EADocuSign EnvelopeEnvelope ID: 73C83E34- BFB2673F-9789- 1D374C36-DEB- 97DF- Please see the disclosures on front page of this presentation.
Gross Domestic Product (GDP)
Annualized second quarter GDP grew at an annualized pace of 4.2%, according to the third estimate, following growth of 2.2% in the first quarter. Consumer spending and exports were particularly strong in the second quarter. Market participants estimate the economy grew 3.0% in the third quarter. GDP growth is expected to ease back toward the 2.5%-3.0% range in the fourth quarter.
Source: US Department of Commerce Source: US Department of Commerce 9/ 17 12/ 17 3/ 18 6/ 18
1.5% 2.6% 0.4% 2.6%
1.5% 0.1% 1.6%- 0.1%
0.0%- 0.9% 0.0% 1.2%
0.1% 0.3% 0.2% 0.2%
0.1% 0.2% 0.1% 0.2%
Total 2.8% 2.3% 2.2% 4.2%
Components of GDP
Net Exports and Imports
Personal Consumption Expenditures
Gross Private Domestic Investment
Federal Government Expenditures
State and Local (Consumption and
Gross Investment)
2.0%
1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Bond Yields
On a year-over-year basis, Treasury yields have increased and the Treasury yield curve has flattened. The spread between 2-Year and 10-year Treasury yields has narrowed from 85 basis points to 24 basis points, year-over- year as of September month- end. Rate hikes by the Federal Reserve have put upward pressure on rates, while supply and demand imbalances, technical factors, and subdued inflation expectations have contributed to the curve flattening.
Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
US Treasury Note Yields
2-Year
5-Year YearYield (%) 10-
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
US Treasury Yield Curve
Sep- 18
Jun- 18 17Yield (%
SepBA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Section 2| SECTION | 2 | Account Profile
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Objectives
Chandler Asset Management Performance Objective
The performance objective for the Client is to earn a return that equals or exceeds the return on an index of 1-3 Year Treasury notes.
Investment Objectives
The investment objectives of the Client are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all requirements that may be reasonably anticipated; and third, to earn a commensurate rate of return.
Strategy
In order to achieve these objectives, we invest in high quality fixed income securities consistent with the Client’s investment policy and state legal requirements.
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Compliance
Category Standard Comment
Treasury Issues No Limit Complies
Agency Issues No Limit Complies
Supranationals " AA" rated or better by a NRSRO; 20% maximum; 10% max per issuer; Issued by IBRD, IFC or IADB only Complies Municipal Issues " A" rated or equivalent by a NRSRO; 30% maximum; 5% max per issuer Complies Banker’s Acceptances "
A-1" rated or equivalent by a NRSRO; " A" rated issuer or equivalent by a NRSRO, if the bank has senior debt outstanding; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
A-1" rated or equivalent by a NRSRO; " A" rated issuer or equivalent by a NRSRO, if any long-term debt; 25% maximum; 5% max per issuer; 270 days max maturity; Entity organized and operating in the U.S. and has total assets 500 million
Complies
Negotiable CDs "
A-1" short-term rated or "A" long-term rated issuer or equivalent by a NRSRO and having assets in excess of $10 billion; 30% maximum ( combined NCDs, CDs); 5% max per issuer; 2 years max maturity Complies
Non-Negotiable CDs 30% maximum ( combined NCDs, CDs); 5% max per issuer; Collateralized or FDIC Insured; 2 years max maturity Complies Medium Term Notes "
A" rated or equivalent by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S.
Complies
Asset-Backed ( ABS), Mortgage-Backed
Securities; Pass-Throughs; CMOs
AAA" rated or equiv by a NRSRO; " A" rated issuer by a NRSRO; 20% max (combined mortgage- backed and assetbacked, MPTs, CMOs); 5% max per issuer Complies
Money Market Mutual Funds and
Mutual Funds
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$ 500 million and experience greater than 5 years; 10% per one Mutual Fund; 20% maximum in Money Market Mutual Funds; 20% maximum combined of total portfolio in these securities
Complies
Repurchase Agreements " A-1" or equivalent short term rating; "A" rated long term issuer or equivalent; 30 days max maturity; Not used by IA Complies Rev. Repo Agreements 10% maximum; 30 days max maturity; Not used by IA Complies LAIF Pursuant to California Govt Code Section 16429. 1; Not used by IA Complies LA County Pool 5% max; Not used by IA Complies
Prohibited
Derivative structures such as Range Notes, Dual Index Notes, Inverse floaters, Interest-only strips from mortgaged backed securities; Zero interest accrual securities; Orange County Pool Complies
Credit Quality
The City shall not purchase any security rated "A1" and/ or "A+" or below if that security has been placed on "credit watch" for a possible downgrade by a NRSRO.
Complies
Max Per Issuer
5% of portfolio ( except U.S. government issuers, Supranationals, investment pools, Mutual Funds, and Money Market Funds)
Complies
Maximum maturity 5 years Complies
Assets managed by Chandler Asset Management are in full compliance with state law and the Client's investment policy.
City of Newport Beach, California Consolidated
Sample Client
Assets managed by Chandler Asset Management are in full compliance with State law and the Client’s investment policy.
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Portfolio Characteristics
Sample Client
9/ 30/ 2018 6/ 30/ 2018
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 1.85 1.87 1.82
Average Modified Duration 1.78 1.69 1.64
Average Purchase Yield n/a 1.92% 1.78%
Average Market Yield 2.85% 2.90% 2.67%
Average Quality** AAA AA/ Aa1 AA/ Aa2
Total Market Value 195,727,630 194,921,818
ICE BAML 1-3 Yr US Treasury Index
Benchmark is a blended rating of S& P, Moody’ s, and Fitch. Portfolio is S& P and Moody’ s respectively.
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Sample Client
Sector Distribution
ABS
6.4%
Agency
39. 1%
Money Market
Fund FI
Negotiable CD 0.1%
5.1%
Supranational
4.0%
Corporate
23. 9%
US Treasury
21. 4%
September 30, 2018 June 30, 2018
ABS
6.7%
Agency
38.2%
Money Market
Fund FI
Negotiable CD 0.1%
5.1%
Supranational
5.1%
Corporate
24. 5%
US Treasury
20. 2%
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Duration Allocation As of September 30, 2018
Sample Client
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 09/ 30/ 18 2.7% 5.9% 25.3% 28.0% 18.5% 19.6% 0.0% 0.0%
0%
5%
10%
15%
20%
25%
30%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years ABS
Agency
Corporate
Money Market Fund FI
Negotiable CD
Supranational
US Treasury
Please see the disclosures on front page of this presentation.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Portfolio Allocation & Duration Changes
Sample Client
As of September 30, 2018
Benchmark: ICE BAML 1-3 Yr US Treasury Index
95.7%
91.9% 91.9%
98.2%
95.1% 94.6%
100.5%
107.1%
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
110.0%
201712/ 31/ 2016 20173/ 31/ 20176/ 30/ 20179/ 30/ 201812/ 31/ 20183/ 31/ 20186/ 30/ 9/30/ Duration as a % of the Benchmark
0.0%
5.1%
5.1%
6.9%
20.3%
24.3%
38.2%
0.1%
5.1%
5.1%
6.6%
21.5%
23.7%
38.0%
Money Market
Fund FI
Supranational
Negotiable CD
ABS
US Treasury
Corporate
Agency
Portfolio Allocation
9/30/ 2018
6/30/2018
Please see the disclosures on front page of this presentation.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Issue Name Investment Type % Portfolio
Sample Government Issuer US Treasury 21. 44%
Sample Government Agency Agency 14. 11%
Sample Government Agency Agency 12. 32%
Sample Government Agency Agency 11. 28%
Sample Corporate Issuer ABS 1.60%
Sample Supranational Supranational 1.60%
Sample Corporate Issuer Corporate 1.59%
Sample Corporate Issuer ABS 1.48%
Sample Corporate Issuer Corporate 1.41%
Sample Government Agency Agency 1.38%
Sample Corporate Issuer Corporate 1.37%
Sample Supranational Supranational 1.30%
Sample Corporate Issuer Corporate 1.25%
Sample Corporate Issuer Corporate 1.24%
Sample Corporate Issuer Corporate 1.23%
Sample Corporate Issuer Corporate 1.20%
Sample Corporate Issuer Corporate 1.18%
Sample Corporate Issuer Corporate 1.16%
Sample Corporate Issuer Supranational 1.14%
Sample Corporate Issuer Corporate 1.13%
Sample Corporate Issuer Corporate 1.06%
Sample Corporate Issuer Corporate 1.03%
Sample Corporate Issuer Corporate 1.02%
Sample Corporate Issuer ABS 1.01%
Sample Corporate Issuer Corporate 1.00%
Sample Corporate Issuer Corporate 1.00%
Sample Corporate Issuer Negotiable CD 0.88%
Sample Corporate Issuer Negotiable CD 0.88%
Sample Corporate Issuer Negotiable CD 0.87%
Sample Corporate Issuer ABS 0.83%
Sample Corporate Issuer ABS 0.83%
Sample Corporate Issuer Corporate 0.78%
Sample Corporate Issuer Negotiable CD 0.77%
Sample Corporate Issuer Corporate 0.76%
Sample Corporate Issuer Corporate 0.76%
Sample Corporate Issuer Corporate 0.75%
Sample Corporate Issuer Negotiable CD 0.64%
Sample Corporate Issuer Negotiable CD 0.64%
Issuers
Sample Client
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Issue Name Investment Type % Portfolio
Sample Corporate Issuer ABS 0.63%
Sample Corporate Issuer Corporate 0.62%
Sample Corporate Issuer Corporate 0.60%
Sample Corporate Issuer Corporate 0.50%
Sample Corporate Issuer Negotiable CD 0.44%
Sample Corporate Issuer Corporate 0.32%
Sample Corporate Issuer Corporate 0.25%
Sample Corporate Issuer Corporate 0.25%
Sample Corporate Issuer Corporate 0.23%
Sample Corporate Issuer Corporate 0.12%
Sample Money Market Fund Money Market Fund FI 0.07%
Sample Corporate Issuer Corporate 0.06%
TOTAL 100.00%
Issuers
Sample Client
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
AAA AA A < A NR
9/30/18 7.3% 67.8% 21.0% 0.0% 4.0%
6/30/18 8.5% 65.8% 21.6% 0.0% 4.1%
Source: S&P Ratings
September 30, 2018 vs. June 30, 2018
0.0%
10. 0%
20. 0%
30. 0%
40. 0%
50. 0%
60. 0%
70. 0%
80. 0%
AAA AA A < A NR
9/ 30/ 2018 6/ 30/ 2018
Quality Distribution
Sample Client
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
0.00%
0.02%
0.04%
0.06%
0.08%
0.10%
0.12%
12 months 2 years 3 years 5 years 10 years Since Inception Sample Client ICE BAML 1-3 Yr US Treasury Index
Total Rate of Return Annualized Since Inception 03/ 31/ 1991 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since
Inception
Sample Client %%%%%%%
ICE BAML 1-3 Yr US Treasury Index %%%%%%%
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and lossesin the portfolio.
Investment Performance
Sample Client
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 SECTION | Section 3 | Portfolio Holdings
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
ABS
Sample CUSIP Sample Issuer
1.500% Due 10/15/2019
23,106.49 02/22/2017
1.50%
23,106.40
23,106.46
99.94 5.94%
23,093.70
15.40 0.01%
12.76)
Aaa / NR
AAA
0.96 0.03
Sample CUSIP Sample Issuer
1.470% Due 01/15/2020
71,158.62 03/21/2017
1.47%
71,158.25
71,158.46
99.87 2.79%
71,068.24
46.49 0.04%
90.22)
Aaa / NR
AAA
1.21 0.10
Sample CUSIP Sample Issuer
1.590% Due 04/15/2020
201,555.76 07/11/2017
1.60%
201,538.24
201,546.48
99.75 2.73%
201,044.53
142.43
0.10%
501.95)
Aaa / NR
AAA
1.46 0.22
Sample CUSIP Sample Issuer
1.560% Due 05/15/2020
534,686.88 08/16/2017
1.57%
534,665.86
534,675.04
99.68 2.76%
532,966.77
370.72
0.27%
1,708.27)
Aaa / NR
AAA
1.54 0.27
Sample CUSIP Sample Issuer
1.140% Due 08/17/2020
130,734.33 08/01/2016
1.14%
130,730.83
130,732.77
99.33 2.77%
129,864.42
66.24 0.07%
868.35)
Aaa / AAA
NR
1.80 0.41
Sample CUSIP Sample Issuer
1.560% Due 09/15/2020
131,820.82 03/22/2016
1.58%
131,795.25
131,810.09
99.59 2.79%
131,285.36
91.40 0.07%
524.73)
Aaa / AAA
NR
1.88 0.33
Sample CUSIP Sample Issuer
2.100% Due 10/15/2020
2,022,496.59 01/23/2018
2.12%
2,022,289.89
2,022,347.21
99.66 2.82%
2,015,710.97
1,887.66
1.03%
6,636.24)
Aaa / AAA
NR
1.96 0.47
Sample CUSIP Sample Issuer
2.420% Due 10/15/2020
1,150,000.00 02/21/2018
2.44%
1,149,949.75
1,149,962.63
99.80 2.85%
1,147,664.35
1,236.89
0.59%
2,298.28)
Aaa / NR
AAA
1.96 0.48
Sample CUSIP Sample Issuer
1.320% Due 01/15/2021
1,380,296.57 Various
1.82%
1,370,161.13
1,372,638.42
99.17 2.95%
1,368,819.20
202.44
0.70%
3,819.22)
Aaa / NR
AAA
2.21 0.51
Sample CUSIP Sample Issuer
1.730% Due 02/16/2021
220,000.00 03/07/2017
1.74%
219,974.11
219,984.87
99.21 2.99%
218,272.78
169.16
0.11%
1,712.09)
Aaa / AAA
NR
2.30 0.63
Sample CUSIP Sample Issuer
1.700% Due 06/15/2021
259,354.25 01/24/2017
1.71%
259,331.58
259,340.66
99.19 3.08%
257,260.48
195.96
0.13%
2,080.18)
Aaa / NR
AAA
2.62 0.59
Sample CUSIP Sample Issuer
1.720% Due 07/21/2021
375,854.11 03/21/2017
1.73%
375,831.74
375,840.02
99.02 3.08%
372,189.53
179.57
0.19%
3,650.49)
Aaa / NR
AAA
2.72 0.72
Sample CUSIP Sample Issuer
1.780% Due 08/16/2021
700,000.00 03/21/2017
1.81%
699,640.58
699,771.24
99.22 3.04%
694,569.40
553.78
0.36%
5,201.84)
Aaa / NR
AAA
2.79 0.62
Sample CUSIP Sample Issuer
1.760% Due 08/16/2021
380,000.00 03/22/2017
1.77%
379,969.26
379,980.43
98.83 3.07%
375,565.40
278.67
0.19%
4,415.03)
NR / AAA
AAA
2.79 0.89
Sample CUSIP Sample Issuer
1.680% Due 08/16/2021
875,000.00 06/20/2017
1.69%
874,924.31
874,948.96
98.65 3.08%
863,198.00
653.33
0.44%
11,750.96)
Aaa / AAA
NR
2.79 0.97
Sample CUSIP Sample Issuer
1.820% Due 10/15/2021
250,000.00 07/11/2017
1.83%
249,981.70
249,987.26
98.59 3.13%
246,469.25
202.22
0.13%
3,518.01)
Aaa / NR
AAA
2.96 1.09
Sample CUSIP Sample Issuer
2.050% Due 11/22/2021
485,000.00 11/22/2017
2.07%
484,931.66
484,947.50
98.72 3.10%
478,778.91
276.18
0.24%
6,168.59)
Aaa / NR
AAA
3.06 1.23
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer
1.770% Due 01/18/2022
735,000.00 08/09/2017
1.79%
734,872.62
734,907.46
98.36 3.08%
722,916.60
578.20
0.37%
11,990.86)
Aaa / AAA
NR
3.22 1.26
Sample CUSIP Sample Issuer
1.930% Due 01/18/2022
540,000.00 11/07/2017
1.94%
539,950.21
539,961.67
98.26 3.16%
530,618.04
376.35
0.27%
9,343.63)
Aaa / AAA
NR
3.22 1.43
Sample CUSIP Sample Issuer
1.990% Due 03/15/2022
675,000.00 11/14/2017
2.00%
674,947.62
674,959.07
98.72 3.19%
666,341.10
597.00
0.34%
8,617.97)
Aaa / AAA
NR
3.37 1.08
Sample CUSIP Sample Issuer
3.010% Due 05/18/2022
750,000.00 05/22/2018
3.03%
749,983.65
749,985.40
99.68 3.19%
747,636.00
815.21
0.38%
2,349.40)
NR / AAA
AAA
3.55 1.99
Sample CUSIP Sample Issuer
2.950% Due 08/22/2022
670,000.00 08/21/2018
2.98%
669,908.08
669,912.19
99.52 3.19%
666,793.38
549.03
0.34%
3,118.81)
Aaa / NR
AAA
3.81 2.13
TOTAL ABS 12, 561, 064. 42 2.04%
12, 549, 642. 72
12, 552, 504. 29 3.00%
12, 462, 126. 41
9,484. 33
6.37%
90, 377. 88)
Aaa / AAA
Aaa
2.58 0.87
Agency
Sample CUSIP Sample Issuer
1.290% Due 11/19/2018
1,000,000.00 03/03/2016
1.07%
1,005,970.00
1,000,108.55
99.95 2.21%
999,533.00
5,805.00
0.51%
575.55)
Aaa / AA+
AAA
0.05 0.05
Sample CUSIP Sample Issuer
1.000% Due 02/26/2019
2,275,000.00 06/27/2016
0.78%
2,287,876.50
2,276,549.95
99.54 2.45%
2,264,532.73
4,107.64
1.16%
12,017.22)
Aaa / AA+
AAA
0.32 0.32
Sample CUSIP Sample Issuer
1.500% Due 03/08/2019
1,700,000.00 02/09/2016
0.99%
1,726,214.00
1,702,967.18
99.68 2.42%
1,694,502.20
3,754.17
0.87%
8,464.98)
Aaa / AA+
AAA
0.35 0.35
Sample CUSIP Sample Issuer
1.125% Due 04/15/2019
3,225,000.00 Various
1.13%
3,224,332.25
3,224,900.53
99.36 2.54%
3,204,366.45
1,612.50
1.64%
20,534.08)
Aaa / AA+
AAA
0.45 0.45
Sample CUSIP Sample Issuer
1.750% Due 05/30/2019
275,000.00 05/13/2016
0.99%
281,270.00
276,187.29
99.52 2.58%
273,677.25
2,018.58
0.14%
2,510.04)
Aaa / AA+
AAA
0.58 0.57
Sample CUSIP Sample Issuer
1.625% Due 06/14/2019
1,750,000.00 06/23/2016
1.01%
1,781,465.00
1,756,525.00
99.41 2.60%
1,739,601.50
10,822.05
0.89%
16,923.50)
Aaa / AA+
AAA
0.62 0.61
Sample CUSIP Sample Issuer
1.125% Due 06/21/2019
3,130,000.00 06/02/2016
1.14%
3,128,685.40
3,129,725.98
99.07 2.60%
3,100,831.53
12,715.63
1.59%
28,894.45)
Aaa / AA+
AAA
0.64 0.63
Sample CUSIP Sample Issuer
1.150% Due 07/01/2019
1,700,000.00 04/26/2016
1.15%
1,700,136.00
1,700,028.40
99.07 2.57%
1,684,125.40
6,516.67
0.86%
15,903.00)
Aaa / AA+
AAA
0.67 0.66
Sample CUSIP Sample Issuer
0.875% Due 07/19/2019
5,550,000.00 Various
0.99%
5,532,705.00
5,545,619.83
98.76 2.63%
5,481,307.65
13,759.38
2.81%
64,312.18)
Aaa / AA+
AAA
0.72 0.71
Sample CUSIP Sample Issuer
1.250% Due 08/01/2019
1,700,000.00 Various
1.36%
1,692,427.40
1,698,663.07
98.95 2.67%
1,682,172.10
5,312.50
0.86%
16,490.97)
Aaa / AA+
AAA
0.75 0.74
Sample CUSIP Sample Issuer
0.875% Due 08/02/2019
2,335,000.00 07/29/2016
0.93%
2,331,077.20
2,334,018.40
98.67 2.67%
2,303,932.83
5,051.06
1.18%
30,085.57)
Aaa / AA+
AAA
0.75 0.74
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer
1.375% Due 08/15/2019
1,330,000.00 07/18/2017
1.45%
1,328,044.90
1,329,258.77
98.99 2.68%
1,316,553.70
3,860.69
0.67%
12,705.07)
Aaa / AA+
AAA
0.79 0.78
Sample CUSIP Sample Issuer
1.000% Due 08/28/2019
3,000,000.00 09/01/2016
1.08%
2,992,620.00
2,997,968.81
98.64 2.69%
2,959,233.00
5,250.00
1.51%
38,735.81)
Aaa / AA+
AAA
0.82 0.81
Sample CUSIP Sample Issuer
1.250% Due 10/02/2019
1,700,000.00 02/22/2016
1.20%
1,703,026.00
1,700,769.71
98.64 2.75%
1,676,959.90
1,711.81
0.86%
23,809.81)
Aaa / AA+
AAA
0.92 0.90
Sample CUSIP Sample Issuer
1.000% Due 10/24/2019
4,685,000.00 Various
1.48%
4,627,508.05
4,663,269.62
98.31 2.76%
4,605,659.54
910.97
2.35%
57,610.08)
Aaa / AA+
AAA
0.98 0.96
Sample CUSIP Sample Issuer
1.375% Due 11/15/2019
4,695,000.00 Various
1.57%
4,668,708.10
4,685,655.20
98.58 2.77%
4,628,509.41
29,767.61
2.38%
57,145.79)
Aaa / AA+
AAA
1.04 1.01
Sample CUSIP Sample Issuer
1.250% Due 12/13/2019
1,300,000.00 07/18/2016
1.07%
1,307,865.00
1,302,577.34
98.35 2.76%
1,278,548.70
6,229.17
0.66%
24,028.64)
Aaa / AA+
AAA
1.12 1.09
Sample CUSIP Sample Issuer
1.500% Due 01/17/2020
5,390,000.00 Various
1.52%
5,386,222.80
5,388,416.57
98.48 2.79%
5,307,888.74
23,356.67
2.72%
80,527.83)
Aaa / AA+
AAA
1.21 1.18
Sample CUSIP Sample Issuer
1.500% Due 02/28/2020
4,110,000.00 Various
1.58%
4,100,117.06
4,105,777.72
98.30 2.81%
4,040,187.54
10,788.75
2.07%
65,590.18)
Aaa / AA+
AAA
1.33 1.30
Sample CUSIP Sample Issuer
1.375% Due 04/20/2020
5,215,000.00 Various
1.59%
5,184,283.40
5,198,834.97
97.94 2.82%
5,107,435.41
2,191.03
2.61%
91,399.56)
Aaa / AA+
AAA
1.47 1.44
Sample CUSIP Sample Issuer
1.750% Due 06/12/2020
750,000.00 05/23/2017
1.59%
753,637.50
751,921.51
98.22 2.89%
736,626.00
5,067.71
0.38%
15,295.51)
Aaa / AA+
NR
1.62 1.57
Sample CUSIP Sample Issuer
1.500% Due 07/30/2020
2,795,000.00 Various
1.52%
2,793,152.80
2,793,917.32
97.69 2.86%
2,730,457.86
10,597.71
1.40%
63,459.46)
Aaa / AA+
AAA
1.75 1.70
Sample CUSIP Sample Issuer
1.875% Due 12/11/2020
4,000,000.00 01/17/2018
2.20%
3,963,840.00
3,973,649.00
97.74 2.99%
3,909,456.00
29,166.67
2.01%
64,193.00)
Aaa / AA+
NR
2.12 2.03
Sample CUSIP Sample Issuer
3.000% Due 10/12/2021
650,000.00 10/22/2018
3.05%
649,044.50
649,052.43
99.89 3.04%
649,259.65
1,029.17
0.33%
207.22
Aaa / AA+
NR
2.95 2.80
Sample CUSIP Sample Issuer
2.000% Due 01/05/2022
1,600,000.00 09/27/2017
1.90%
1,606,304.00
1,604,691.63
96.93 3.02%
1,550,928.00
10,311.11
0.80%
53,763.63)
Aaa / AA+
AAA
3.18 3.03
Sample CUSIP Sample Issuer
2.250% Due 03/11/2022
1,300,000.00 09/15/2017
1.81%
1,324,271.00
1,318,210.68
97.49 3.04%
1,267,401.20
4,062.50
0.65%
50,809.48)
Aaa / AA+
NR
3.36 3.20
Sample CUSIP Sample Issuer
2.750% Due 06/10/2022
3,000,000.00 Various
2.86%
2,987,747.50
2,988,759.74
98.99 3.05%
2,969,823.00
39,187.51
1.54%
18,936.74)
Aaa / AA+
NR
3.61 3.36
Sample CUSIP Sample Issuer
3.125% Due 09/09/2022
3,750,000.00 09/25/2018
3.01%
3,765,750.00
3,765,357.34
100.16
3.08%
3,756,180.00
16,927.08
1.93%
9,177.34)
Aaa / AA+
AAA
3.86 3.59
Sample CUSIP Sample Issuer
2.500% Due 12/09/2022
1,750,000.00 08/27/2018
2.80%
1,729,000.00
1,729,872.76
97.85 3.06%
1,712,401.25
17,256.94
0.88%
17,471.51)
Aaa / AA+
NR
4.11 3.83
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer
2.375% Due 01/19/2023
1,600,000.00 10/04/2018
3.10%
1,554,000.00
1,554,792.60
97.33 3.05%
1,557,241.60
10,766.67
0.80%
2,449.00
Aaa / AA+
AAA
4.22 3.95
TOTAL Agency 77, 260, 000. 00 1.59%
77, 117, 301. 36
77, 148, 047. 90 2.77%
76, 189, 333. 14
299, 914. 95
39. 08%
958, 714. 76)
Aaa / AA+
Aaa
1.49 1.43
Corporate
Sample CUSIP Sample Issuer
1.300% Due 11/03/2018
485,000.00 10/29/2015
1.33%
484,515.00
484,999.11
99.99 2.85%
484,957.81
3,117.47
0.25%
41.30)
Aaa / AAA
AA+
0.01 0.01
Sample CUSIP Sample Issuer
1.700% Due 02/19/2019
380,000.00 02/16/2016
1.70%
379,954.40
379,995.42
99.65 2.87%
378,662.40
1,292.00
0.19%
1,333.02)
Aa3 / AAA+0.30
0.30 Sample CUSIP Sample Issuer
1.700% Due 02/22/2019
1,060,000.00 02/16/2016
1.71%
1,059,819.80
1,059,981.40
99.67 2.75%
1,056,496.70
3,403.78
0.54%
3,484.70)
Aa1 / AA+
NR
0.31 0.31
Sample CUSIP Sample Issuer
1.700% Due 03/15/2019
320,000.00 03/08/2016
1.73%
319,756.80
319,970.24
99.66 2.61%
318,921.60
695.11
0.16%
1,048.64)
Aa2 / AA
A+
0.37 0.37
Sample CUSIP Sample Issuer
2.125% Due 04/22/2019
500,000.00 09/13/2016
1.51%
507,860.00
501,426.08
99.66 2.86%
498,285.50
265.63
0.25%
3,140.58)
A2 / AA+0.47
0.47 Sample CUSIP Sample Issuer
2.200% Due 04/25/2019
1,050,000.00 01/22/2016
1.91%
1,059,324.00
1,051,164.49
99.74 2.75%
1,047,226.95
385.00
0.54%
3,937.54)
A1 / A+
AA0.480.48
Sample CUSIP Sample Issuer
1.400% Due 05/20/2019
1,000,000.00 05/17/2016
1.45%
998,600.00
999,744.29
99.24 2.80%
992,390.00
6,261.11
0.51%
7,354.29)
Aa3 / AAA+0.55
0.54 Sample CUSIP Sample Issuer
1.100% Due 08/08/2019
1,000,000.00 08/01/2016
1.14%
998,970.00
999,736.62
98.77 2.73%
987,672.00
2,536.11
0.51%
12,064.62)
Aaa / AAA
AA+
0.77 0.76
Sample CUSIP Sample Issuer
1.300% Due 08/15/2019
1,215,000.00 Various
1.25%
1,216,847.45
1,215,489.53
98.82 2.82%
1,200,718.89
3,334.50
0.62%
14,770.64)
Aa2 / AA
A+
0.79 0.77
Sample CUSIP Sample Issuer
2.300% Due 09/11/2019
1,300,000.00 Various
1.97%
1,313,226.00
1,303,203.68
99.41 2.99%
1,292,363.80
4,152.77
0.66%
10,839.88)
A1 / A
AA0.860.84
Sample CUSIP Sample Issuer
1.400% Due 09/20/2019
1,225,000.00 Various
1.39%
1,225,368.25
1,225,109.30
98.77 2.81%
1,209,947.20
1,953.20
0.62%
15,162.10)
A1 / AANR0.89
0.87 Sample CUSIP Sample Issuer
2.250% Due 10/08/2019
250,000.00 12/06/2016
1.81%
253,052.50
251,007.65
99.36 2.94%
248,408.75
359.38
0.13%
2,598.90)
A1 / AAA0.94
0.92 Sample CUSIP Sample Issuer
2.125% Due 10/28/2019
250,000.00 12/06/2016
1.86%
251,772.50
250,573.51
99.41 2.73%
248,530.00
44.27 0.13%
2,043.51)
A1 / AAAA0.99
0.98 Sample CUSIP Sample Issuer
1.800% Due 10/30/2019
245,000.00 10/23/2017
1.84%
244,808.90
244,904.97
98.84 2.99%
242,154.57
12.25 0.12%
2,750.40)
A2 / A
A
1.00 0.98
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer
5.000% Due 12/10/2019
1,000,000.00 12/06/2016
1.90%
1,090,000.00
1,033,175.18
102.15
3.01%
1,021,524.00
19,583.33
0.53%
11,651.18)
Aa3 / AANR1.11
1.06 Sample CUSIP Sample Issuer
1.900% Due 01/27/2020
1,635,000.00 02/01/2017
1.91%
1,634,329.65
1,634,721.51
98.53 3.12%
1,610,931.17
8,111.42
0.83%
23,790.34)
A1 / A
A
1.24 1.21
Sample CUSIP Sample Issuer
1.900% Due 02/07/2020
1,400,000.00 02/03/2017
1.92%
1,399,314.00
1,399,709.41
98.72 2.94%
1,382,085.60
6,206.67
0.71%
17,623.81)
Aa1 / AA+
NR
1.27 1.23
Sample CUSIP Sample Issuer
2.200% Due 03/03/2020
495,000.00 02/28/2017
2.24%
494,485.20
494,770.78
98.68 3.21%
488,483.82
1,754.50
0.25%
6,286.96)
A2 / AA1.34
1.30 Sample CUSIP Sample Issuer
1.800% Due 05/05/2020
125,000.00 05/02/2017
1.91%
124,601.25
124,799.53
98.03 3.14%
122,542.00
1,100.00
0.06%
2,257.53)
A1 / A+
A+
1.51 1.46
Sample CUSIP Sample Issuer
1.800% Due 06/05/2020
1,500,000.00 05/24/2017
1.82%
1,499,130.00
1,499,538.01
98.04 3.07%
1,470,639.00
10,950.00
0.76%
28,899.01)
A2 / A
A
1.60 1.54
Sample CUSIP Sample Issuer
2.550% Due 08/18/2020
2,000,000.00 Various
2.14%
2,028,696.00
2,014,046.00
98.96 3.15%
1,979,198.00
10,341.66
1.02%
34,848.00)
A1 / A
AA1.801.73
Sample CUSIP Sample Issuer
1.850% Due 09/04/2020
645,000.00 09/05/2017
1.88%
644,458.20
644,666.39
97.79 3.10%
630,721.64
1,889.31
0.32%
13,944.75)
A3 / A
A
1.85 1.79
Sample CUSIP Sample Issuer
2.200% Due 12/14/2020
1,000,000.00 12/28/2016
2.25%
998,080.00
998,968.72
97.97 3.20%
979,692.00
8,372.22
0.50%
19,276.72)
A1 / A+
NR
2.12 2.03
Sample CUSIP Sample Issuer
2.550% Due 01/08/2021
500,000.00 03/20/2018
2.93%
494,925.00
496,036.24
98.59 3.22%
492,925.50
4,002.08
0.25%
3,110.74)
A2 / A
A
2.19 2.09
Sample CUSIP Sample Issuer
2.150% Due 02/01/2021
450,000.00 10/23/2017
2.17%
449,793.00
449,857.32
97.42 3.35%
438,367.95
2,418.75
0.23%
11,489.37)
A2 / AA+2.26
2.16 Sample CUSIP Sample Issuer
2.650% Due 02/05/2021
700,000.00 02/22/2018
2.81%
696,815.00
697,549.77
98.45 3.37%
689,152.10
4,431.39
0.35%
8,397.67)
A1 / A
A
2.27 2.16
Sample CUSIP Sample Issuer
2.800% Due 03/01/2021
1,000,000.00 02/26/2018
2.73%
1,002,060.00
1,001,598.05
98.73 3.37%
987,334.00
4,666.67
0.51%
14,264.05)
A1 / A+
NR
2.33 2.23
Sample CUSIP Sample Issuer
2.500% Due 04/15/2021
1,500,000.00 09/05/2017
1.99%
1,525,950.00
1,517,468.29
98.00 3.35%
1,469,944.50
1,666.67
0.75%
47,523.79)
A1 / A
AA2.462.35
Sample CUSIP Sample Issuer
3.000% Due 05/11/2021
2,000,000.00 06/07/2018
3.13%
1,992,500.00
1,993,507.04
99.30 3.29%
1,985,900.00
28,333.33
1.03%
7,607.04)
A2 / A+
NR
2.53 2.38
Sample CUSIP Sample Issuer
2.150% Due 05/18/2021
1,200,000.00 07/26/2017
2.06%
1,203,924.00
1,202,628.26
97.56 3.16%
1,170,692.40
11,681.67
0.60%
31,935.86)
Aa3 / A+
A+
2.55 2.43
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer
3.250% Due 05/21/2021
2,385,000.00 Various
3.09%
2,395,533.45
2,393,997.40
99.67 3.39%
2,377,036.49
34,234.69
1.23%
16,960.91)
A2 / A
A
2.56 2.40
Sample CUSIP Sample Issuer
4.250% Due 05/24/2021
1,000,000.00 04/27/2018
3.03%
1,035,570.00
1,029,694.60
102.34
3.29%
1,023,414.00
18,534.72
0.53%
6,280.60)
Aa3 / AANR2.56
2.38 Sample CUSIP Sample Issuer
2.400% Due 06/07/2021
1,500,000.00 09/07/2018
3.24%
1,467,315.00
1,468,981.94
97.42 3.44%
1,461,345.00
14,400.00
0.75%
7,636.94)
A2 / AAA2.60
2.47 Sample CUSIP Sample Issuer
1.650% Due 07/12/2021
2,000,000.00 06/28/2018
3.14%
1,914,160.00
1,923,835.38
95.65 3.35%
1,912,942.00
9,991.67
0.98%
10,893.38)
A2 / A+
NR
2.70 2.59
Sample CUSIP Sample Issuer
3.150% Due 08/09/2021
2,105,000.00 08/06/2018
3.16%
2,104,347.45
2,104,397.46
99.66 3.28%
2,097,836.69
15,103.38
1.08%
6,560.77)
A1 / A+
NR
2.78 2.62
Sample CUSIP Sample Issuer
2.550% Due 12/09/2021
1,000,000.00 11/17/2017
2.40%
1,005,530.00
1,004,213.33
97.46 3.42%
974,568.00
10,058.33
0.50%
29,645.33)
A2 / A
A+
3.11 2.92
Sample CUSIP Sample Issuer
3.375% Due 12/10/2021
500,000.00 10/03/2018
3.39%
499,760.00
499,764.56
99.87 3.42%
499,344.50
984.38
0.26%
420.06)
A2 / A+
NR
3.11 2.92
Sample CUSIP Sample Issuer
2.625% Due 01/24/2022
1,000,000.00 01/24/2018
2.72%
996,280.00
996,991.36
97.39 3.48%
973,927.00
7,072.92
0.50%
23,064.36)
A1 / A+
AA3.243.04
Sample CUSIP Sample Issuer
2.450% Due 02/15/2022
2,000,000.00 05/15/2018
3.26%
1,943,080.00
1,950,059.97
97.00 3.42%
1,939,986.00
10,344.44
1.00%
10,073.97)
A2 / A
NR
3.30 3.11
Sample CUSIP Sample Issuer
2.625% Due 02/17/2022
1,735,000.00 Various
2.99%
1,713,723.60
1,715,143.28
97.05 3.58%
1,683,749.84
9,361.78
0.87%
31,393.44)
A2 / A
A+
3.30 3.10
Sample CUSIP Sample Issuer
2.500% Due 05/15/2022
2,000,000.00 06/07/2018
3.17%
1,950,780.00
1,955,688.27
96.79 3.47%
1,935,816.00
23,055.56
1.00%
19,872.27)
A1 / AAA3.54
3.31 Sample CUSIP Sample Issuer
2.700% Due 01/06/2023
1,500,000.00 07/24/2018
3.38%
1,458,270.00
1,460,786.64
96.80 3.53%
1,452,025.50
12,937.50
0.75%
8,761.14)
A2 / A
A
4.19 3.87
Sample CUSIP Sample Issuer
2.700% Due 01/11/2023
1,000,000.00 09/07/2018
3.33%
974,710.00
975,524.78
96.70 3.55%
967,043.00
8,250.00
0.50%
8,481.78)
Aa3 / AAA+4.20
3.89 TOTAL US Corporate 47, 155, 000. 00 2.46%
47, 051, 996. 40
46, 969, 425. 76 3.20%
46, 425, 903. 87
327, 651. 62
23. 89%
543, 521. 89)
A1 / A+
A+
2.14 2.02
Money Market Fund FI
Sample CUSIP Sample Issuer 128,119.11 Various
2.03%
128,119.11
128,119.11
1.00 2.03%
128,119.11
0.00 0.07%
0.00 Aaa / AAA
AAA
0.00 0.00
TOTAL Money Market Fund FI 128, 119. 11 2.03%
128, 119. 11
128, 119. 11 2.03%
128, 119. 11
0.00 0.07%
0.00 Aaa / AAA
Aaa
0.00 0.00
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Negotiable CD
Sample CUSIP Sample Issuer
1.760% Due 11/30/2018
1,500,000.00 04/21/2017
1.68%
1,501,920.00
1,500,094.69
99.95 2.31%
1,499,289.00
11,073.33
0.77%
805.69)
A1 / A+
AA0.080.08
Sample CUSIP Sample Issuer
1.890% Due 01/10/2019
1,250,000.00 01/10/2017
1.89%
1,250,000.00
1,250,000.00
100.00
1.89%
1,250,000.00
7,481.25
0.64%
0.00 Aa2 / AANR0.19
0.20 Sample CUSIP Sample Issuer
1.880% Due 02/07/2019
1,250,000.00 02/08/2017
1.88%
1,250,000.00
1,250,000.00
99.91 2.20%
1,248,891.25
5,483.33
0.64%
1,108.75)
A1 / A+
AA0.270.27
Sample CUSIP Sample Issuer
1.910% Due 04/05/2019
1,700,000.00 04/05/2017
1.91%
1,700,000.00
1,700,000.00
99.67 2.68%
1,694,340.70
2,435.25
0.87%
5,659.30)
Aa2 / A+
NR
0.43 0.43
Sample CUSIP Sample Issuer
2.050% Due 05/03/2019
1,700,000.00 05/03/2017
2.05%
1,700,000.00
1,700,000.00
99.73 2.58%
1,695,486.50
17,618.61
0.88%
4,513.50)
A1 / A
A
0.50 0.50
Sample CUSIP Sample Issuer
1.840% Due 08/02/2019
1,725,000.00 08/03/2017
1.86%
1,724,327.25
1,724,746.79
99.39 2.65%
1,714,444.73
8,023.17
0.88%
10,302.06)
Aa3 / A+
AA0.750.75
Sample CUSIP Sample Issuer
2.070% Due 09/25/2019
865,000.00 09/25/2017
2.07%
865,000.00
865,000.00
100.00
2.07%
865,000.00
1,840.29
0.44%
0.00 P-1 / A-1
F-1
0.90 0.90
TOTAL Negotiable CD 9,990, 000. 00 1.90%
9,991, 247. 25
9,989, 841. 48 2.39%
9,967, 452. 18
53, 955. 23
5.12%
22, 389. 30)
Aa3 / A+
AA0.440.43
Supranational
Sample CUSIP Sample Issuer
1.875% Due 10/07/2019
865,000.00 09/27/2017
1.60%
869,671.00
867,151.95
99.12 2.84%
857,391.46
1,081.25
0.44%
9,760.49)
Aaa / AAA
AAA
0.93 0.92
Sample CUSIP Sample Issuer
1.625% Due 05/12/2020
1,455,000.00 04/05/2017
1.70%
1,451,551.65
1,453,291.14
98.06 2.93%
1,426,822.47
11,099.43
0.73%
26,468.67)
Aaa / AAA
AAA
1.53 1.48
Sample CUSIP Sample Issuer
1.561% Due 09/12/2020
1,730,000.00 09/12/2017
1.64%
1,725,848.00
1,727,403.57
97.39 3.01%
1,684,912.74
3,675.72
0.86%
42,490.83)
Aaa / NR
AAA
1.87 1.81
Sample CUSIP Sample Issuer
2.125% Due 11/09/2020
1,700,000.00 10/02/2017
1.81%
1,715,757.48
1,710,341.72
98.33 2.98%
1,671,645.70
17,259.72
0.86%
38,696.02)
Aaa / AAA
AAA
2.03 1.94
Sample CUSIP Sample Issuer
2.250% Due 01/25/2021
2,250,000.00 Various
2.35%
2,243,535.00
2,245,184.75
98.35 3.02%
2,212,967.25
13,500.00
1.14%
32,217.50)
Aaa / AAA
NR
2.24 2.15
TOTAL Supranational 8,000, 000. 00 1.89%
8,006, 363. 13
8,003, 373. 13 2.97%
7,853, 739. 62
46, 616. 12
4.04%
149, 633. 51)
Aaa / AAA
Aaa
1.84 1.78
US Treasury
Sample CUSIP US Treasury Note
1.250% Due 04/30/2019
1,700,000.00 Various
1.22%
1,701,599.45
1,700,220.41
99.39 2.48%
1,689,706.50
58.70 0.86%
10,513.91)
Aaa / AA+
AAA
0.50 0.49
Sample CUSIP US Treasury Note
1.125% Due 05/31/2019
1,600,000.00 12/07/2016
1.22%
1,596,130.36
1,599,096.80
99.18 2.55%
1,586,937.60
7,573.77
0.81%
12,159.20)
Aaa / AA+
AAA
0.58 0.57
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Sample CUSIP US Treasury Note
0.875% Due 07/31/2019
1,725,000.00 09/29/2015
1.19%
1,704,925.70
1,721,099.85
98.72 2.60%
1,702,966.58
3,814.45
0.87%
18,133.27)
Aaa / AA+
AAA
0.75 0.74
Sample CUSIP US Treasury Note
1.000% Due 11/30/2019
1,750,000.00 10/29/2015
1.37%
1,724,576.18
1,743,286.20
98.16 2.73%
1,717,871.75
7,363.39
0.88%
25,414.45)
Aaa / AA+
AAA
1.08 1.06
Sample CUSIP US Treasury Note
1.125% Due 12/31/2019
550,000.00 02/22/2016
1.11%
550,345.59
550,104.39
98.13 2.76%
539,730.40
2,084.92
0.28%
10,373.99)
Aaa / AA+
AAA
1.17 1.14
Sample CUSIP US Treasury Note
1.250% Due 01/31/2020
1,900,000.00 Various
1.05%
1,912,256.37
1,904,686.36
98.12 2.79%
1,864,300.90
6,002.03
0.96%
40,385.46)
Aaa / AA+
AAA
1.25 1.22
Sample CUSIP US Treasury Note
1.375% Due 02/29/2020
1,200,000.00 02/12/2016
1.06%
1,214,957.14
1,204,921.45
98.13 2.81%
1,177,593.60
2,825.97
0.60%
27,327.85)
Aaa / AA+
AAA
1.33 1.30
Sample CUSIP US Treasury Note
1.125% Due 03/31/2020
1,200,000.00 10/11/2016
1.13%
1,199,769.65
1,199,905.96
97.66 2.82%
1,171,969.20
1,186.81
0.60%
27,936.76)
Aaa / AA+
AAA
1.42 1.39
Sample CUSIP US Treasury Note
1.500% Due 06/15/2020
1,345,000.00 07/06/2017
1.59%
1,341,532.42
1,343,081.49
97.87 2.85%
1,316,366.30
7,662.09
0.68%
26,715.19)
Aaa / AA+
AAA
1.62 1.58
Sample CUSIP US Treasury Note
1.375% Due 09/30/2020
2,525,000.00 Various
1.78%
2,488,516.33
2,506,257.84
97.23 2.87%
2,455,070.13
3,052.20
1.26%
51,187.71)
Aaa / AA+
AAA
1.92 1.87
Sample CUSIP US Treasury Note
1.375% Due 10/31/2020
3,000,000.00 11/01/2017
1.76%
2,966,484.38
2,977,615.37
97.08 2.89%
2,912,460.00
113.95
1.49%
65,155.37)
Aaa / AA+
AAA
2.00 1.95
Sample CUSIP US Treasury Note
1.125% Due 06/30/2021
4,000,000.00 Various
2.14%
3,863,681.70
3,896,143.30
95.44 2.91%
3,817,656.00
15,163.05
1.96%
78,487.30)
Aaa / AA+
AAA
2.67 2.59
Sample CUSIP US Treasury Note
1.125% Due 09/30/2021
1,000,000.00 07/25/2017
1.78%
973,909.60
981,820.44
94.98 2.93%
949,805.00
989.01
0.49%
32,015.44)
Aaa / AA+
AAA
2.92 2.83
Sample CUSIP US Treasury Note
2.000% Due 10/31/2021
2,000,000.00 02/02/2018
2.46%
1,967,265.63
1,973,721.31
97.32 2.94%
1,946,328.00
110.50
0.99%
27,393.31)
Aaa / AA+
AAA
3.00 2.88
Sample CUSIP US Treasury Note
1.750% Due 11/30/2021
1,750,000.00 10/19/2017
1.88%
1,740,771.48
1,743,087.83
96.51 2.94%
1,688,886.50
12,885.93
0.87%
54,201.33)
Aaa / AA+
AAA
3.08 2.95
Sample CUSIP US Treasury Note
1.500% Due 01/31/2022
1,800,000.00 08/15/2017
1.77%
1,779,545.09
1,785,095.16
95.52 2.96%
1,719,280.80
6,823.37
0.88%
65,814.36)
Aaa / AA+
AAA
3.25 3.12
Sample CUSIP US Treasury Note
1.875% Due 01/31/2022
1,800,000.00 12/15/2017
2.11%
1,783,125.00
1,786,690.61
96.69 2.95%
1,740,375.00
8,529.21
0.89%
46,315.61)
Aaa / AA+
AAA
3.25 3.11
Sample CUSIP US Treasury Note
1.875% Due 02/28/2022
3,000,000.00 Various
2.04%
2,979,453.13
2,983,862.24
96.60 2.95%
2,898,048.00
9,633.98
1.49%
85,814.24)
Aaa / AA+
AAA
3.33 3.19
Sample CUSIP US Treasury Note
1.875% Due 03/31/2022
3,000,000.00 12/26/2017
2.20%
2,960,156.25
2,968,053.21
96.50 2.96%
2,895,000.00
4,945.05
1.48%
73,053.21)
Aaa / AA+
AAA
3.42 3.27
Sample CUSIP US Treasury Note
1.750% Due 06/30/2022
3,500,000.00 Various
2.79%
3,364,140.63
3,374,466.58
95.81 2.96%
3,353,437.50
20,638.59
1.72%
21,029.08)
Aaa / AA+
AAA
3.67 3.49
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Holdings Report
Sample Client
CUSIP Security Description Par Value/ Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
of Port.
Gain/ Loss
Moody/ S& P
Fitch
Maturity
Duration
Sample CUSIP US Treasury Note
1.875% Due 08/31/2022
2,800,000.00 09/18/2018
2.92%
2,691,828.13
2,694,980.95
96.04 2.98%
2,689,094.80
8,991.71
1.38%
5,886.15)
Aaa / AA+
AAA
3.84 3.65
TOTAL US Treasury 43, 145, 000. 00 1.89%
42, 504, 970. 21
42, 638, 197. 75 2.86%
41, 832, 884. 56
130, 448. 68
21. 44%
805, 313. 19)
Aaa / AA+
Aaa
2.42 2.33
TOTAL PORTFOLIO 198, 239, 183. 53 1.92%
197, 349, 640. 18
197, 429, 509. 42 2.90%
194, 859, 558. 89
868, 070. 93
100. 00%
2,569, 950. 53)
Aa1 / AA
Aaa
1.87 1.69
TOTAL MARKET VALUE PLUS ACCRUALS 195,727,629.82
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 SECTION | Section 4 | Transactions
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Transaction Ledger
Sample Client Consolidated
Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest
Pur/ Sold
Total Amount Gain/ Loss
ACQUISITIONS
Purchase 08/ 03/ 2018 Sample CUSIP 3,000, 000. 00 Sample Issuer
2.25% Due: 11/ 05/ 2018
100. 000 2.25% 3,000, 000. 00 187. 50 3,000, 187. 50 0.00 Purchase 08/ 09/ 2018 Sample CUSIP 2,105, 000. 00 Sample Issuer
3.15% Due: 08/ 09/ 2021
99. 969 3.16% 2,104, 347. 45 0.00 2,104, 347. 45 0.00
Purchase 08/ 28/ 2018 Sample CUSIP 1,750, 000. 00 Sample Issuer
2.5% Due: 12/ 09/ 2022
98. 800 2.80% 1,729, 000. 00 9,600. 69 1,738, 600. 69 0.00 Purchase 08/ 28/ 2018 Sample CUSIP 670, 000. 00 Sample Issuer
2.95% Due: 08/ 22/ 2022
99. 986 2.98% 669, 908. 08 0.00 669, 908. 08 0.00
Purchase 09/ 05/ 2018 Sample CUSIP 2,500, 000. 00 Sample Issuer
2.46% Due: 02/ 28/ 2019
100. 009 2.44% 2,500, 227. 47 1,195. 83 2,501, 423. 30 0.00 Purchase 09/ 10/ 2018 Sample CUSIP 2,000, 000. 00 Sample Issuer
1.75% Due: 06/ 30/ 2022
96. 219 2.80% 1,924, 375. 00 6,847. 83 1,931, 222. 83 0.00 Purchase 09/ 11/ 2018 Sample CUSIP 1,500, 000. 00 Sample Issuer
2.4% Due: 06/ 07/ 2021
97. 821 3.24% 1,467, 315. 00 9,400. 00 1,476, 715. 00 0.00 Purchase 09/ 11/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer
2.7% Due: 01/ 11/ 2023
97. 471 3.33% 974, 710. 00 4,500. 00 979, 210. 00 0.00
Purchase 09/ 20/ 2018 Sample CUSIP 2,800, 000. 00 Sample Issuer
1.875% Due: 08/ 31/ 2022
96. 137 2.92% 2,691, 828. 13 2,900. 55 2,694, 728. 68 0.00 Purchase 09/ 21/ 2018 Sample CUSIP 2,250, 000. 00 Sample Issuer
2.62% Due: 05/ 20/ 2019
98. 246 2.69% 2,210, 536. 25 0.00 2,210, 536. 25 0.00
Purchase 09/ 21/ 2018 Sample CUSIP 750, 000. 00 Sample Issuer
2.38% Due: 01/ 22/ 2019
99. 187 2.43% 743, 901. 25 0.00 743, 901. 25 0.00
Purchase 09/ 26/ 2018 Sample CUSIP 3,750, 000. 00 Sample Issuer
3.125% Due: 09/ 09/ 2022
100. 420 3.01% 3,765, 750. 00 5,533. 85 3,771, 283. 85 0.00 Purchase 09/ 30/ 2018 Sample CUSIP 1,600, 000. 00 Sample Issuer
2.375% Due: 01/ 19/ 2023
97. 125 3.10% 1,554, 000. 00 8,022. 22 1,562, 022. 22 0.00 Purchase 09/ 30/ 2018 Sample CUSIP 500, 000. 00 Sample Issuer
3.375% Due: 12/ 10/ 2021
99. 952 3.39% 499, 760. 00 0.00 499, 760. 00 0.00
As of September 30, 2018
June 30, 2018 through September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Transaction Ledger
Sample Client - Consolidated
Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest
Pur/ Sold
Total Amount Gain/ Loss
Purchase 09/ 28/ 2018 Sample CUSIP 650, 000. 00 Sample Issuer 3% Due: 10/ 12/ 2021
99. 853 3.05% 649, 044. 50 595. 83 649, 640. 33 0.00
Subtotal 26,825,000.00 26, 484, 703. 13 48, 784. 30 26, 533, 487. 43 0.00 TOTAL ACQUISITIONS 26, 825, 000. 00 26, 484, 703. 13 48, 784. 30 26, 533, 487. 43 0.00
DISPOSITIONS
Sale 08/ 08/ 2018 Sample CUSIP 2,100, 000. 00 Sample Issuer
1.1% Due: 12/ 05/ 2018
99. 651 2.18% 2,092, 671. 00 4,042. 50 2,096, 713. 50 - 6,518. 88 Sale 08/ 22/ 2018 Sample CUSIP 425, 000. 00 Sample Issuer
2.125% Due: 10/ 10/ 2018
99. 960 2.41% 424, 830. 00 3,311. 46 428, 141. 46 - 273. 64 Sale 08/ 28/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer
1.875% Due: 11/ 05/ 2018
99. 905 2.37% 999, 050. 00 5,885. 42 1,004, 935. 42 - 944. 33 Sale 09/ 10/ 2018 Sample CUSIP 1,700, 000. 00 Sample Issuer
1.25% Due: 01/ 31/ 2019
99. 605 2.27% 1,693, 292. 97 2,367. 53 1,695, 660. 50 - 7,225. 33 Sale 09/ 11/ 2018 Sample CUSIP 1,635, 000. 00 Sample Issuer
2.35% Due: 01/ 28/ 2019
99. 965 2.44% 1,634, 427. 75 4,589. 35 1,639, 017. 10 - 3,711. 27 Sale 09/ 11/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer
1.7% Due: 01/ 09/ 2019
99. 773 2.39% 997, 730. 00 2,927. 78 1,000, 657. 78 - 2,515. 27 Sale 09/ 20/ 2018 Sample CUSIP 2,000, 000. 00 Sample Issuer
2.65% Due: 04/ 01/ 2019
100. 039 2.57% 2,000, 780. 00 24, 880. 56 2,025, 660. 56 - 980. 54 Sale 09/ 26/ 2018 Sample CUSIP 2,000, 000. 00 Sample Issuer
1.25% Due: 01/ 16/ 2019
99. 673 2.32% 1,993, 460. 00 4,861. 11 1,998, 321. 11 - 6,528. 35 Sale 09/ 26/ 2018 Sample CUSIP 1,765, 000. 00 Sample Issuer
1.125% Due: 12/ 14/ 2018
99. 756 2.25% 1,760, 693. 40 5,625. 94 1,766, 319. 34 - 4,123. 88 Subtotal 13, 625, 000. 00 13, 596, 935. 12 58, 491. 65 13, 655, 426. 77 - 32, 821. 49 Maturity 08/ 01/ 2018 Sample CUSIP 500, 000. 00 Sample Issuer
2.1% Due: 08/ 01/ 2018
100. 000 500, 000. 00 0.00 500, 000. 00 0.00
As of September 30, 2018
June 30, 2018 through September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Transaction Ledger
Sample Client - Consolidated
Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest
Pur/ Sold
Total Amount Gain/ Loss
Maturity 08/ 07/ 2018 Sample CUSIP 1,350, 000. 00 Sample Issuer
0.625% Due: 08/ 07/ 2018
100. 000 1,350, 000. 00 0.00 1,350, 000. 00 0.00
Maturity 08/ 10/ 2018 Sample CUSIP 3,000, 000. 00 Sample Issuer
1.87% Due: 08/ 10/ 2018
98. 940 2,968, 210. 00 31, 790. 00 3,000, 000. 00 0.00
Maturity 08/ 13/ 2018 Sample CUSIP 2,100, 000. 00 Sample Issuer
2.01% Due: 08/ 13/ 2018
98. 989 2,078, 777. 75 21, 222. 25 2,100, 000. 00 0.00
Maturity 08/ 15/ 2018 Sample CUSIP 500, 000. 00 Sample Issuer
1.15% Due: 08/ 15/ 2018
100. 000 500, 000. 00 0.00 500, 000. 00 0.00
Maturity 08/ 15/ 2018 Sample CUSIP 400, 000. 00 Sample Issuer 1% Due: 08/ 15/ 2018
100. 000 400, 000. 00 0.00 400, 000. 00 0.00
Maturity 08/ 24/ 2018 Sample CUSIP 2,750, 000. 00 Sample Issuer
1.6% Due: 08/ 24/ 2018
100. 000 2,750, 000. 00 48, 400. 00 2,798, 400. 00 0.00 Maturity 09/ 04/ 2018 Sample CUSIP 2,000, 000. 00 Sample Issuer
1.75% Due: 09/ 04/ 2018
100. 000 2,000, 000. 00 0.00 2,000, 000. 00 0.00
Maturity 09/ 04/ 2018 Sample CUSIP 500, 000. 00 Sample Issuer
2.34% Due: 09/ 04/ 2018
99. 194 495, 970. 00 4,030. 00 500, 000. 00 0.00
Maturity 09/ 21/ 2018 Sample CUSIP 2,000, 000. 00 Sample Issuer
1.45% Due: 09/ 21/ 2018
100. 000 2,000, 000. 00 0.00 2,000, 000. 00 0.00
Maturity 09/ 21/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer
2.31% Due: 09/ 21/ 2018
99. 211 992, 107. 50 7,892. 50 1,000, 000. 00 0.00
Maturity 09/ 25/ 2018 Sample CUSIP 1,970, 000. 00 Sample Issuer 1% Due: 10/ 05/ 2018
100. 000 1,970, 000. 00 0.00 1,970, 000. 00 0.00
Maturity 09/ 25/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer
2.32% Due: 10/ 05/ 2018
99. 265 992, 653. 33 7,346. 67 1,000, 000. 00 0.00
Maturity 09/ 25/ 2018 Sample CUSIP 2,100, 000. 00 Sample Issuer
2.37% Due: 10/ 09/ 2018
98. 808 2,074, 976. 75 25, 023. 25 2,100, 000. 00 0.00
Maturity 09/ 27/ 2018 Sample CUSIP 1,500, 000. 00 Sample Issuer
2.25% Due: 10/ 10/ 2018
99. 444 1,491, 656. 25 8,343. 75 1,500, 000. 00 0.00
Maturity 09/ 27/ 2018 Sample CUSIP 1,000, 000. 00 Sample Issuer
2.23% Due: 10/ 16/ 2018
99. 443 994, 425. 00 5,575. 00 1,000, 000. 00 0.00
Maturity 09/ 27/ 2018 Sample CUSIP 2,700, 000. 00 Sample Issuer
1.71% Due: 10/ 19/ 2018
100. 000 2,700, 000. 00 46, 683. 00 2,746, 683. 00 0.00 As of September 30, 2018
June 30, 2018 through September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Transaction Ledger
Sample Client - Consolidated
Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest
Pur/ Sold
Total Amount Gain/ Loss
Maturity 09/ 28/ 2018 Sample CUSIP 300, 000. 00 Sample Issuer
2.17% Due: 10/ 24/ 2018
99. 451 298, 354. 42 1,645. 58 300, 000. 00 0.00
Maturity 09/ 29/ 2018 Sample CUSIP 1,500, 000. 00 Sample Issuer
2.26% Due: 10/ 29/ 2018
100. 000 1,500, 000. 00 9,605. 00 1,509, 605. 00 0.00
Subtotal 28,170,000.00 28, 057, 131. 00 217, 557. 00 28, 274, 688. 00 0.00 TOTAL DISPOSITIONS 41, 795, 000. 00 41, 654, 066. 12 276, 048. 65 41, 930, 114. 77 - 32, 821. 49 June 30, 2018 through September 30, 2018
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 SECTION | Section 6 | Disclosures
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Important Disclosures
2020 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross- of-advisory fees and represent the client’ s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/ or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ice Data Indices, LLC (" ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/ or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee' s use it at licensee' s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward- looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage- backed securities (“ MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U. S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/ Aaa/ AAA by S& P, Moody’ s and Fitch respectively.
S&P/ Case Shiller U.S. National Home Price Index tracks the value of single- family housing within the United States. The S& P Case Shiller 20 City Composite Home Price Index is a value- weighted average of the 20 metro area indices. These metro areas include: Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York City, San Diego, San Francisco, Washington, DC, Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa.
As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Please see the disclosures on front page of this presentation.
Benchmark Disclosures
ICE BAML 1-3 Yr US Treasury Index
The ICE BAML 1-3 Year US Treasury Index tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance.( Index: G1O2. Please visit www.mlindex.ml.com for more information) ICE BAML 1-3 Yr US Corp/ Govt Rated AAA-A Index
The ICE BAML 1-3 AAA- A Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities. Qualifying securities must be rated AAA through A3 ( based on an average of Moody’ s, S& P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule and a minimum amount outstanding of $ 1 billion for US Treasuries and $ 250 million for all other securities.( Index: GVPB. Please visit www. mlindex. ml. com for more information) As of September 30, 2018
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Portfolio Characteristics Interest Rate Shock Analysis
Market Value 25, 924, 396 Fair value of portfolio after increase of:
Avg Modified Duration 2.34 100 bps - 606, 063
Avg Maturity 2.45 200 bps - 1,212, 125
300 bps - 1,818, 188
Sector Characteristics Segmented Time Distribution
Sector Market Value Avg Mod. Duration Avg Maturity % of Port < 1 YR 1-3 YRS 3-5 YRS > 5 YRS US Treasury 12, 136, 878 2.16 2.24 46. 82% 2,534, 555 5,580, 662 4,021, 661 0 Agency 9,018, 469 2.62 2.76 34. 79% 1,169, 287 4,318, 551 3,530, 631 0 US Corporate 4,352, 762 2.27 2.42 16. 79% 1,147, 920 1,591, 340 1,613, 502 0 Foreign Corporate 339, 545 2.82 3.02 1.31% 0 0 339, 545 0 Money Market Fund FI 76, 742 0.00 0.00 0.30% 76, 742 0 0 0 TOTAL 25, 924, 396 2.34 2.45 100. 00% 4,928, 504 11, 490, 553 9,505, 338 0 Concentration of Credit
Issuer Name Cost Market Value Avg Mod. Duration Avg Maturity % of Port 12, 255, 514 12, 136, 878 2.16 2.24 46. 82%
4,195, 470 4,169, 623 2.63 2.77 16. 08%
3,236, 631 3,195, 445 2.92 3.09 12. 33%
1,670, 908 1,653, 401 2.04 2.13 6.38%
501, 170 499, 297 0.17 0.16 1.93%
345, 093 339, 545 2.82 3.02 1.31%
325, 628 328, 349 4.06 4.49 1.27%
325, 497 326, 062 4.18 4.61 1.26%
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Chandler Asset Management - CONFIDENTIAL
Sample GASB 40 Report
As of December 31, 2018
Sample Client
Account # 00000
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’ s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. The information contained in this sample presentation is subject to change and obtained from sources we believe to be reliable, but we do not guarantee its accuracy. Portfolio characteristics are based on a sample portfolio managed by Chandler. There is no guarantee that investment in any of these characteristics will result in characteristics similar to those that appear herein due to economic conditions and other market factors, which will fluctuate. Past performance is not indicative of future success. Fixed income investments are subject to interest, credit and market risk.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Concentration of Credit
Issuer Name Cost Market Value Avg Mod. Duration Avg Maturity % of Port 323, 219 320, 691 1.97 2.06 1.24%
325, 575 320, 321 2.08 2.17 1.24%
323, 258 319, 453 3.75 4.07 1.23%
323, 096 318, 726 2.29 2.38 1.23%
318, 926 315, 875 2.30 2.38 1.22%
324, 373 315, 727 2.51 2.61 1.22%
313, 060 315, 383 3.76 4.04 1.22%
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer 76, 742 76, 742 0.00 0.00 0.30%
TOTAL 26, 169, 765 25, 924, 396 2.34 2.45 100. 00%
CUSIP Details
CUSIP Issue Name Issue Cpn
Maturity
Date
Is
Callable
Next Call
Date
Market Value Duration
Market
Term
Ratings
Moody/ SP/ Fitch
Sample CUSIP Government MMKT Fund # 657 2.00 12/ 31/ 2018 N 76, 742 0.00 0.00 Aaa AAA NR Sample CUSIP
Sample Issuer
Sample Issuer 1.50 02/ 28/ 2019 N 399, 428 0.16 0.16 Aaa AA+ AAA Sample CUSIP 2.13 03/ 01/ 2019 N 499, 297 0.17 0.16 A1 AA- NR Sample CUSIP 1.95 03/ 04/ 2019 N 324, 362 0.17 0.17 A2 A A Sample CUSIP 1.95 03/ 15/ 2019 N 324, 262 0.20 0.20 A2 AA- A Sample CUSIP
Sample Issuer
Sample Issuer
Sample Issuer
Sample Issuer 1.63 04/ 30/ 2019 N 797, 750 0.33 0.33 Aaa AA+ AAA Sample CUSIP Sample Issuer 1.75 05/ 30/ 2019 N 498, 415 0.41 0.41 Aaa AA+ AAA Sample CUSIP Sample Issuer 1.63 08/ 31/ 2019 N 347, 689 0.65 0.67 Aaa AA+ AAA Sample CUSIP Sample Issuer 1.75 09/ 12/ 2019 N 670, 872 0.68 0.70 Aaa AA+ AAA Sample CUSIP Sample Issuer 1.50 11/ 30/ 2019 N 989, 688 0.90 0.92 Aaa AA+ AAA Note
Note
Note
Note
Note
Note
Note
Note
Note
2Chandler Asset Management - CONFIDENTIAL Page
Sample Client
Account # 00000
Sample GASB 40 Report
As of December 31, 2018
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’ s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. The information contained in this sample presentation is subject to change and obtained from sources we believe to be reliable, but we do not guarantee its accuracy. Portfolio characteristics are based on a sample portfolio managed by Chandler. There is no guarantee that investment in any of these characteristics will result in characteristics similar to those that appear herein due to economic conditions and other market factors, which will fluctuate. Past performance is not indicative of future success. Fixed income investments are subject to interest, credit and market risk.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 CUSIP Details
CUSIP Issue Name Issue Cpn
Maturity
Date
Is
Callable
Next Call
Date
Market Value Duration
Market
Term
Ratings
Moody/ SP/ Fitch
Sample CUSIP Sample Issuer Note 1.75 06/ 30/ 2022 N 487, 891 3.37 3.50 Aaa AA+ AAA Sample CUSIP Sample Issuer Note 1.88 08/ 31/ 2022 N 587, 156 3.49 3.67 Aaa AA+ AAA Sample CUSIP Sample Issuer Note 1.75 09/ 30/ 2022 N 1,022, 274 3.58 3.75 Aaa AA+ AAA Sample CUSIP Sample Issuer Note 2.00 10/ 05/ 2022 N 490, 548 3.58 3.76 Aaa AA+ AAA Sample CUSIP Sample Issuer Note 1.88 10/ 31/ 2022 N 366, 621 3.66 3.84 Aaa AA+ AAA Sample CUSIP Sample Issuer Callable Note Cont 12/ 13/ 2022 2.40 01/ 13/ 2023 Y 12/ 13/ 2022 315, 383 3.76 4.04 Aa1 AA+ NR Sample CUSIP Sample Issuer Note 2.38 01/ 19/ 2023 N 719, 574 3.79 4.05 Aaa AA+ AAA Sample CUSIP Sample Issuer Callable Note Cont 12/ 23/ 22 2.85 01/ 23/ 2023 Y 12/ 23/ 2022 319, 453 3.75 4.07 A1 AA- AASample CUSIP Sample Issuer Note 2.13 03/ 10/ 2023 N 244, 877 3.95 4.19 Aaa AA+ AAA Sample CUSIP Sample Issuer Note 3.25 06/ 09/ 2023 N 307, 603 4.11 4.44 Aaa AA+ NR Sample CUSIP Note 2.75 06/ 19/ 2023 N 301, 753 4.18 4.47 Aaa AA+ AAA Sample CUSIP
Sample Issuer
Sample Issuer Callable Note Cont 5/ 26/ 2023 3.40 06/ 26/ 2023 Y 05/ 26/ 2023 328, 349 4.06 4.49 Aa2 AA AA Sample CUSIP Note 3.45 08/ 11/ 2023 N 326, 062 4.18 4.61 A1 A AASample CUSIPSample Issuer Sample Issuer Note 3.38 09/ 08/ 2023 N 412, 006 4.28 4.69 Aaa AA+ NR Sample CUSIP Sample Issuer Note 2.88 09/ 12/ 2023 N 384, 474 4.34 4.70 Aaa AA+ AAA Sample CUSIP Sample Issuer Note 1.63 10/ 31/ 2023 N 479, 903 4.59 4.84 Aaa AA+ AAA Sample CUSIP Sample Issuer Note 3.38 12/ 08/ 2023 N 128, 819 4.52 4.94 Aaa AA+ AAA TOTAL 25,924,396
3Chandler Asset Management - CONFIDENTIAL Page
Sample Client
Account # 00000
Sample GASB 40 Report
As of December 31, 2018
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’ s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. The information contained in this sample presentation is subject to change and obtained from sources we believe to be reliable, but we do not guarantee its accuracy. Portfolio characteristics are based on a sample portfolio managed by Chandler. There is no guarantee that investment in any of these characteristics will result in characteristics similar to those that appear herein due to economic conditions and other market factors, which will fluctuate. Past performance is not indicative of future success. Fixed income investments are subject to interest, credit and market risk.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Sample GASB 72 - Fair Value Measurements
As of December 31, 2018
Sample Client
Account # 00000
Asset Fair Value
Investments That
Are Not Measured
at Fair Value
Quoted Prices in Active
Markets for Identical Assets
Level 1)
Significant Other
Observable Inputs
Level 2)
Significant
Unobservable Inputs
Level 3)
Agency $ 9,018,469.17 $ 0.00 $ 0.00 $ 9,018,469.17 $ 0.00 Foreign Corporate $ 339,544.80 $ 0.00 $ 0.00 $ 339,544.80 $ 0.00 Money Market Fund FI $ 76,742.02 $ 76,742.02 $ 0.00 $ 0.00 $ 0.00 US Corporate $ 4,352,761.72 $ 0.00 $ 0.00 $ 4,352,761.72 $ 0.00 US Treasury $ 12,136,877.85 $ 0.00 $ 0.00 $ 12,136,877.85 $ 0.00 TOTAL PORTFOLIO $ 25,924,395.56 $ 76,742.02 $ 0.00 $ 25,847,653.54 $ 0.00 1Chandler Asset Management - CONFIDENTIAL Page
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. Portfolio characteristics and asset allocation are based on a sample portfolio managed by Chandler. There is no guarantee that investment in any of these characteristics will result in characteristics similar to those that appear herein due to economic conditions and other market factors, which will fluctuate. The information contained in this sample presentation is subject to change and obtained from sources we believe to be reliable, but we do not guarantee its accuracy. Past performance is not indicative of future success. Fixed income investments are subject to interest, credit and market risk.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 Appendix G
Proposed Additional Terms to Investment
Management Agreement
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
PROPOSED ADDITIONAL TERMS
SPECIFIC TO INVESTMENT MANAGEMENT RELATIONSHIP
1. Client Representative. In its capacity as investment manager, Chandler shall receive all instructions, directions and other communications on Client's behalf respecting Client's account from Representative). Chandler is hereby authorized to rely and act upon all such instructions, directions and communications from such Representative or any agent of such Representative.
2. Investment Policy. In investing and reinvesting Client’s assets, Chandler shall comply with Client’s Investment Policy, which is attached hereto as Exhibit A.
3. Authority of Chandler. Chandler is hereby granted full discretion to invest and reinvest all assets under its management in any type of security it deems appropriate, subject to the instructions given or guidelines set by Representative.
4. Notices. All reports and other communications required hereunder to be in writing shall be delivered in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile with original to follow or by confirmed electronic mail with proof of receipt to the addresses set forth below. Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other communications due hereunder.
Chandler Asset Management Client Representative
Attn: Operations Dept. _____________________
6225 Lusk Boulevard _____________________
San Diego, CA 92121 _____________________
5. Electronic Delivery. From time to time, Chandler may be required to deliver certain documents to Client such as account information, notices and required disclosures. Client hereby consents to Chandler’s use of electronic means, such as email, to make such delivery. This delivery may include notification of the availability of such document(s) on a website, and Client agrees that such notification will constitute “delivery”. Client further agrees to provide Chandler with Client’s email address(s) and to keep this information current at all times by promptly notifying Chandler of any change in email address(s).
Client email address(s):______________________________________________________________
6. Proxy Voting. Chandler will vote proxies on behalf of Client unless otherwise instructed. Chandler has adopted and implemented written policies and procedures and will provide Client with a description of the proxy voting procedures upon request. Chandler will provide information regarding how Clients’ proxies were voted upon request. To request proxy policies or other information, please contact us by mail at the address provided, by calling 800-317-4747 or by emailing your request to info@chandlerasset. com.
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7. Custody of Securities and Funds. Chandler shall not have custody or possession of the funds or securities that Client has placed under its management. Client shall appoint a custodian to take and have possession of its assets. Client recognizes the importance of comparing statements received from the appointed custodian to statements received from Chandler. Client recognizes that the fees expressed above do not include fees Client will incur for custodial services.
8. Valuation. Chandler will value securities held in portfolios managed by Chandler no less than monthly. Securities or investments in the portfolio will be valued in a manner determined in good faith by Chandler to reflect fair market value.
9. Investment Advice. Client recognizes that the opinions, recommendations and actions of Chandler will be based on information deemed by it to be reliable, but not guaranteed to or by it. Provided that Chandler acts in good faith, Client agrees that Chandler will not in any way be liable for any error in judgment or for any act or omission, except as may otherwise be provided for under the Federal Securities laws or other applicable laws.
10. Payment of Commissions. Chandler may place buy and sell orders with or through such brokers or dealers as it may select. It is the policy and practice of Chandler to strive for the best price and execution and for commission and discounts which are competitive in relation to the value of the transaction and which comply with Section 28(e) of the Securities and Exchange Act. Nevertheless, it is understood that Chandler may pay a commission on transactions in excess of the amount another broker or dealer may charge, and that Chandler makes no warranty or representation regarding commissions paid on transactions hereunder.
11. Other Clients. It is further understood that Chandler may be acting in a similar capacity for other institutional and individual clients, and that investments and reinvestments for Client's portfolio may differ from those made or recommended with respect to other accounts and clients even though the investment objectives may be the same or similar. Accordingly, it is agreed that Chandler will have no obligation to purchase or sell for Client's account any securities which it may purchase or sell for other clients.
12. Confidential Relationship. The terms and conditions of this Agreement, and all information and advice furnished by either party to the other shall be treated as confidential and shall not be disclosed to third parties except ( i) as required by law, rule, or regulation, ( ii) as requested by a regulatory authority, (iii) for disclosures by either party of information that has become public by means other than wrongful conduct by such party or its officers, employees, or other personnel, ( iv) for disclosures by either party to its legal counsel, accountants, or other professional advisers, ( v) as necessary for Chandler to carry out its responsibilities hereunder, or ( vi) as otherwise expressly agreed by the parties.
13. Receipt of Brochure and Privacy Policy. Client has received the disclosure statement or "brochure" and “ brochure supplement” also known as Part 2A and Part 2B of Form ADV, required to be delivered pursuant to Rule 204-3 of the Investment Advisers Act of 1940 (Brochure). Client has received a copy of Chandler’s Privacy Policy.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942
C A L I F O R N I A
REV 08/2020 Page 1 of 5
E X H I B I T B
Contract Insurance Requirements
As used in this Exhibit B, Contractor refers to CHANDLER ASSETT MANAGEMENT.
1. MINIMUM REQUIREMENTS
Contractor shall, at its expense, procure and maintain for the duration of the Contract insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Work or Services required by the Contract hereunder by Contractor, its agents, representatives, employees or subcontractors. Contractor shall also require all of its subcontractors to procure and maintain the same insurance for the duration of the Contract. Such insurance shall meet at least the following minimum levels of coverage, as checked below:
1.1 Minimum Scope of Insurance
Coverage shall be at least as broad as the latest version of the following:
General Liability
Insurance Services Office Commercial General Liability coverage (occurrence form CG 00 01).
Automobile Liability
Insurance Services Office Business Auto Coverage form number CA 00 01, code 1 (any auto) or if Contractor owns no vehicles, this requirement may be met through a non-owned auto endorsement to the General Liability Policy.
Professional Liability / Errors and Omissions
Written on a policy form specifically designed to protect against acts, errors or omissions of the Contractor wherein “Covered Professional Services” as designated in the policy must specifically include Services performed under this Contract.
Workers’ Compensation and Employer’s Liability
Workers’ Compensation insurance as required by the State of California and Employer’s Liability Insurance. Policies shall not contain exclusions contrary to this Contract.
Pollution Liability Insurance
Pollution Liability insurance for claims arising from the discharge, dispersal release or escape or any irritant or contaminant into or upon land, any structure, the atmosphere, watercourse or body of water, including groundwater. This shall BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 City of Emeryville | Contract Insurance Requirements ( Exhibit B) REV 08/2020
include on and off-site clean up and emergency response costs and claims arising from above ground and below ground storage tanks.
1.2 Minimum Limits of Insurance
Contractor shall maintain limits no less than:
General Liability
1,000,000.00 per occurrence and $2,000,000.00 aggregate for bodily injury, personal injury and property damage, including without limitation, blanket contractual liability.
OR
2,000,000.00 per occurrence and $4,000,000.00 aggregate for bodily injury, personal injury and property damage, including without limitation, blanket contractual liability, and coverage for explosion, collapse and underground property damage hazards.
Automobile Liability
2,000,000.00 per accident for bodily injury and property damage.
Professional Liability / Errors and Omissions
2,000,000.00 per claim and aggregate.
Workers’ Compensation and Employer’s Liability
Workers’ compensation limits asrequired by the Labor Code of the State of California. Employer’s Liability limits of $1,000,000.00 each accident, policy limit bodily injury or disease, and each employee bodily injury or disease.
Pollution Liability Insurance
2,000,000.00 per occurrence and $2,000,000.00 aggregate.
Except for the professional liability / errors and omissions policy, defense costs shall be available in addition to the limits. Notwithstanding the minimum limits specified herein, any available coverage shall be provided to the Parties required to be named as additional insureds pursuant to this Contract.
2. INSURANCE ENDORSEMENTS
The insurance policies shall contain the following provisions, if checked, or Contractor shall provide endorsements (amendments) on forms supplied or approved by the City to add the following provisions, if checked, to the insurance policies:
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 City of Emeryville | Contract Insurance Requirements ( Exhibit B) REV 08/2020
General Liability
1) Such policy shall provide the City, its officials, employees, agents and authorized volunteers additional insured status using ISO endorsements CG20 10 or CG20 37, or endorsements providing the exact same coverage, with respect to the work or operations performed by or on behalf of Contractor, including materials, parts or equipment furnished in connection with such work; 2) all policies shall waive or shall permit Contractor to waive all rights of subrogation which may be obtained by the Contractor or any insurer by virtue of payment of any loss or any coverage provided to any person named as an additional insured pursuant to this Contract, and Contractor agrees to waive all such rights of subrogation; (3) the insurance coverage shall be primary insurance asrespects the City, its officials, employees, agents and authorized volunteers, or if excess, shall stand in an unbroken chain of coverage excess of Contractor’s scheduled underlying coverage. Any insurance or self-insurance maintained by the City, its officials, employees, agents and authorized volunteers shall be excess of Contractor’s insurance and shall not be called upon to contribute with it; and (4) the insurance coverage shall contain standard separation of insureds provisions.
Automobile Liability
1) Such policy shall provide the City, its officials, employees, agents and authorized volunteers additional insured status with respect to the ownership, operation, maintenance, use, loading or unloading of any auto owned, leased, hired or borrowed by Contractor or for which Contractor is responsible; (2) all policies shall waive or shall permit Contractor to waive all rights of subrogation which may be obtained by the Contractor or any insurer by virtue of payment of any loss or any coverage provided to any person named as an additional insured pursuant to this Contract, and Contractor agrees to waive all such rights of subrogation; and (3) the insurance coverage shall be primary insurance as respects the City, its officials, employees, agents and authorized volunteers, or if excess, shall stand in an unbroken chain of coverage excess of Contractor’s scheduled underlying coverage. Any insurance or self -insurance maintained by the City, its officials, employees, agents and authorized volunteers shall be excess of Contractor’s insurance and shall not be called upon to contribute with it in any way.
Professional Liability Coverage
Any policy inception date, continuity date, or retroactive date must be before the effective date of this Contract and Contractor agrees to maintain continuous coverage through a period no less than three years after termination of the Contract.
BA975B09F2EADocuSign DocuSign Envelope Envelope ID: ID: BFB2673F- 73C83E34- 9789- 1D37-4DEB- 4C3697DF- 8157- 18189E1B6942 City of Emeryville | Contract Insurance Requirements ( Exhibit B) REV 08/2020