Agenda — Fountain Valley City Council, June 17, 2025 (part 3 of 3)

City of Fountain Valley 20242025-25 26 Investment Policy 9 • The securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
• No more than 30% of the total portfolio may be invested in MTNs. • No more than 5% of the total portfolio may be invested in any single issuer. • The maximum maturity does not exceed five (5) years.

15. ASSET-BACKED, MORTGAGE-BACKED, MORTGAGE PASS-THROUGH SECURITIES,

AND COLLATERALIZED MORTGAGE OBLIGATIONS FROM ISSUERS NOT DEFINED IN SECTIONS 3 AND 4 OF THE AUTHORIZED INVESTMENTS SECTION OF THIS POLICY, provided that:
• The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
• No more than 20% of the total portfolio may be invested in these securities. • No more than 5% of the total portfolio may be invested in any single Asset-Backed or Commercial Mortgage security issuer.
• The maximum legal final maturity does not exceed five (5) years.

16. MUTUAL FUNDS AND MONEY MARKET MUTUAL FUNDS that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, provided that:
a. MUTUAL FUNDS that invest in the securities and obligations as authorized under California Government Code, Section 53601 (a) to (k) and (m) to (q) inclusive and that meet either of the following criteria:
(i) Attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or
(ii) Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations authorized by California Government Code, Section 53601 and with assets under management in excess of $500 million.
• No more than 10% of the total portfolio may be invested in shares of any one mutual fund.
b. MONEY MARKET MUTUAL FUNDS registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:
(i) Have attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or
(ii) Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of $500 million.

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City of Fountain Valley 20242025-25 26 Investment Policy 10 • No more than 20% of the total portfolio may be invested in the shares of any one Money Market Mutual Fund.
c. No more than 20% of the total portfolio may be invested in these securities.

17. SUPRANATIONALS, provided that:
• Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank.
• The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
• No more than 30% of the total portfolio may be invested in these securities. • No more than 10% of the total portfolio may be invested in any single issuer. • The maximum maturity does not exceed five (5) years.

X. PROHIBITED INVESTMENT VEHICLES AND PRACTICES
• State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options. • In accordance with Government Code, Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest-only strips is prohibited. • Investment in any security that could result in a zero interest accrual if held to maturity is prohibited. Under a provision sunsetting on January 1, 2026, securities backed by the U.S. Government that could result in a zero- or negative-interest accrual if held to maturity are permitted.
• Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.
• Purchasing or selling securities on margin is prohibited. • The use of reverse repurchase agreements, securities lending or any other form of borrowing or leverage is prohibited.
• The purchase of foreign currency denominated securities is prohibited. • The purchase of a security with a forward settlement date exceeding 45 days from the time of the investment is prohibited.

XI. INVESTMENT POOLS/MUTUAL FUNDS
The City shall conduct a thorough investigation of any pool or mutual fund prior to making an investment, and on a continual basis thereafter. The Treasurer shall develop a questionnaire which will answer the following general questions:
• A description of eligible investment securities, and a written statement of investment policy and objectives.

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City of Fountain Valley 20242025-25 26 Investment Policy 11 • A description of interest calculations and how it is distributed, and how gains and losses are treated.
• A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited. • A description of who may invest in the program, how often, what size deposit and withdrawal are allowed.
• A schedule for receiving statements and portfolio listings. • A statement of how/if reserves and retained earnings are utilized by the pool/fund? • A fee schedule, and when and how is it assessed.
• Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds? XII. COLLATERALIZATION
CERTIFICATES OF DEPOSIT (CDS). The City shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a Non-Negotiable Certificate of Deposit. The value of eligible securities as defined pursuant to California Government Code, Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.

COLLATERALIZATION OF BANK DEPOSITS. This is the process by which a bank or financial institution pledges securities, or other deposits for the purpose of securing repayment of deposited funds. The City shall require any bank or financial institution to comply with the collateralization criteria defined in California Government Code, Section 53651.

REPURCHASE AGREEMENTS. The City requires that Repurchase Agreements be collateralized only by securities authorized in accordance with California Government Code:
• The securities which collateralize the repurchase agreement shall be priced at Market Value, including any Accrued Interest plus a margin. The Market Value of the securities that underlie a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities. • Financial institutions shall mark the value of the collateral to market at least monthly and increase or decrease the collateral to satisfy the ratio requirement described above.
• The City shall receive monthly statements of collateral.

XIII. DELIVERY, SAFEKEEPING AND CUSTODY
DELIVERY-VERSUS-PAYMENT (DVP). All investment transactions shall be conducted on a delivery-versus-payment basis.

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City of Fountain Valley 20242025-25 26 Investment Policy 12 SAFEKEEPING AND CUSTODY. To protect against potential losses due to failure of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all cash and securities in the City’s portfolio shall be held in safekeeping in the City’s name by a third party custodian, acting as agent for the City under the terms of a custody agreement executed by the bank and the City. All investment transactions will require a safekeeping receipt or acknowledgment generated from the trade. A monthly report will be received by the City from the custodian listing all securities held in safekeeping with current market data and other information.

The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (i) local government investment pools; (ii) time certificates of deposit, and, (iii) money mutual funds, since the purchased securities are not deliverable.

XIV. MAXIMUM MATURITY
To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities.

The City will not invest in securities maturing more than five (5) years from the date of trade settlement, unless the City Council has by resolution granted authority to make such an investment.

XV. RISK MANAGEMENT AND DIVERSIFICATION

MITIGATING CREDIT RISK IN THE PORTFOLIO
Credit risk is the risk that a security or a portfolio will lose some or all its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
• The diversification requirements included in the “Authorized Investments” section of this policy are designed to mitigate credit risk in the portfolio. • No more than 5% of the total portfolio may be deposited with or invested in securities issued by any single issuer unless otherwise specified in this policy. • The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to manage the quality, liquidity or yield of the portfolio in response to market conditions or City’s risk preferences.
• If the credit ratings of any security owned by the City are downgraded to a level below the quality required by this investment policy, it will be the City’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.

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City of Fountain Valley 20242025-25 26 Investment Policy 13 • If a security is downgraded, the Treasurer will use discretion in determining whether to sell or hold the security based on its current maturity, the economic outlook for the issuer, and other relevant factors.
• If a decision is made to retain a downgraded security in the portfolio, its presence in the portfolio will be monitored and reported monthly to the City Council.

MITIGATING MARKET RISK IN THE PORTFOLIO
Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. The City recognizes that, over time, longer-term portfolios have the potential to achieve higher returns. On the other hand, longer-term portfolios have higher volatility of return. The City will mitigate market risk by providing adequate liquidity for short-term cash needs, and by making longer-term investments only with funds that are not needed for current cash flow purposes.

The City further recognizes that certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded options, will affect the market risk profile of the portfolio differently in different interest rate environments. The City, therefore, adopts the following strategies to control and mitigate its exposure to market risk:
• The City will maintain a minimum of six months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements. • The maximum stated final maturity of individual securities in the portfolio will be five (5) years, except as otherwise stated in this policy.
• The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by the City based on the City’s investment objectives, constraints and risk tolerances.

XVI. REVIEW OF INVESTMENT PORTFOLIO
The Treasurer shall periodically, but no less than quarterly, review the portfolio to identify investments that do not comply with this investment policy and establish protocols for reporting major and critical incidences of noncompliance to the City Council.

XVII. PERFORMANCE EVALUATION
The investment portfolio shall be designed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s risk constraints, the cash flow characteristics of the portfolio, and state and local laws, ordinances or resolutions that restrict investments.

The Treasurer shall monitor and evaluate the portfolio’s performance relative to the chosen market benchmark(s), which will be included in the Treasurer’s quarterly report. The

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City of Fountain Valley 20242025-25 26 Investment Policy 14 Treasurer shall select an appropriate, readily available index to use as a market benchmark.

The market benchmark for 2020-2021 will be the Intercontinental Exchange (ICE) Bank of America Merrill Lynch (BAML) 1-5 Year U.S. Treasury/Agency Index.

XVIII.REPORTING

MONTHLY REPORTS
Monthly transaction reports will be made available to the public and the City Council, which can be obtained from the City’s website at
www.fountainvalley.org/1249/Investment-Reports.

QUARTERLY REPORTS
The Treasurer will prepare a quarterly investment report, within 45 days after the end of the quarter, which provides full disclosure of the City’s investment activities. The quarterly investment reports will be made available to the public and the City Council, which can be obtained from the City’s website at www.fountainvalley.org/1249/Investment-Reports.

These reports will disclose, at a minimum, the following information about the City’s portfolio:

1. An asset listing showing par value, cost and independent third-party fair market value of each security as of the date of the report, the source of the valuation, type of investment, issuer, maturity date and interest rate.

2. Transactions for the period.

3. A description of the funds, investments and programs (including lending programs) managed by contracted parties (i.e. LAIF; investment pools, outside money managers and securities lending agents)

4.3.A one-page summary report that shows:
a. Average maturity of the portfolio and modified duration of the portfolio; b. Maturity distribution of the portfolio;
c. Percentage of the portfolio represented by each investment category; and, d. Average portfolio credit quality; and,
e.d.Time-weighted total rate of return for the portfolio for the prior one month, three months, twelve months and since inception compared to the City’s market benchmark returns for the same periods;

5.4.A statement of compliance with investment policy, including a schedule of any transactions or holdings which do not comply with this policy or with the California Government Code, including a justification for their presence in the portfolio and a timetable for resolution.

6.5.A statement that the City has adequate funds to meet its cash flow requirements for the next six months.

XIX. REVIEW OF INVESTMENT POLICY

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City of Fountain Valley 20242025-25 26 Investment Policy 15 The investment policy will be reviewed and adopted at least annually, to ensure its consistency with the overall objectives of preservation of principal, liquidity and return, and its relevance to current law and financial and economic trends.

Any recommended modifications or amendments shall be presented by Staff to the City Council for their consideration and adoption.

GLOSSARY OF INVESTMENT TERMS
AGENCIES. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:

FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.

FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market.

FHLB issues discount notes and bonds.

FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds and mortgage pass-through securities.

FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues discount notes, bonds and mortgage pass-through securities.

GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.

PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.

TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.

ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.

AVERAGE LIFE. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.

BANKER’S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.

BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.

BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.

CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline, the issuer will likely call its current securities and reissue them at a lower rate of interest.

CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate.

CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM (CDARS). A private placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS

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City of Fountain Valley 20242025-25 26 Investment Policy 16 facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained.

COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.

COLLATERALIZED BANK DEPOSIT. A bank deposit that is collateralized at least 100% (principal plus interest to maturity). The deposit is collateralized using assets set aside by the issuer such as Treasury securities or other qualified collateral to secure the deposit in excess of the limit covered by the Federal Deposit Insurance Corporation.

COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.

COLLATERALIZED TIME DEPOSIT. Time deposits that are collateralized at least 100% (principal plus interest to maturity). These instruments are collateralized using assets set aside by the issuer such as Treasury securities or other qualified collateral to secure the deposit in excess of the limit covered by the Federal Deposit Insurance Corporation.

COMMERCIAL PAPER. The short-term unsecured debt of corporations.

COUPON. The rate of return at which interest is paid on a bond.

CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.

DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.

DEBENTURE. A bond secured only by the general credit of the issuer.

DELIVERY VS. PAYMENT (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.

DERIVATIVE. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components (“Stripped” coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index.

DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount securities. They sell at a discount from par and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.

DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a security to changes interest rates.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC). The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices.

FEDERALLY INSURED TIME DEPOSIT. A time deposit is an interest-bearing bank deposit account that has a specified date of maturity, such as a certificate of deposit (CD). These deposits are limited to funds insured in accordance with FDIC insurance deposit limits.

Commented [AS8]: Updated to reflect this service can be provided by multiple different entities.

Commented [AS9]: CMTA Best Practice. Term no longer
referenced in the IP.

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City of Fountain Valley 20242025-25 26 Investment Policy 17 FIDUCIARY. A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the other’s best interests of their clients.

LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.

LIQUIDITY. The speed and ease with which an asset can be converted to cash.

LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer’s Office.

LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer’s Office Local Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds.

MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investor is compensated, or "made whole."
MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral.

MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.

MARKET VALUE. The price at which a security can be traded.

MATURITY. The final date upon which the principal of a security becomes due and payable. The investment’s term or remaining maturity is measured from the settlement date to final maturity.

MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis.

MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.

MODIFIED DURATION. The percent change in price for a 100-basis point change in yields. Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.

MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.

MONEY MARKET MUTUAL FUND. A mutual fund that invests exclusively in short-term securities.

Examples of investments in money market funds are certificates of deposit and U.S.

Treasury securities. Money market funds attempt to keep their net asset values at $1 per share.

MORTGAGE PASS-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.

MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses.

MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.

NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO).

A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an

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City of Fountain Valley 20242025-25 26 Investment Policy 18 investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.

NEGOTIABLE CERTIFICATE OF DEPOSIT (CD). A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or statelicensed branch of a foreign bank. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor (investor).

PAYDOWN. A reduction in the principal amount owed on a bond, loan, or other debt.

PLACEMENT SERVICE DEPOSITS. A private service that allows local agencies to invest in FDICinsured deposits with one or more banks, savings and loans, and credit unions located in the United States. IntraFi (formerly known as CDARS) is an example of an entity that provides this service.

PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S.

Government securities market.

PRUDENT PERSON (PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.” REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.

SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.

SECURITIES AND EXCHANGE COMMISSION (SEC). The U.S. Securities and Exchange Commission (SEC) is an independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets and facilitating capital formation. It was created by Congress in 1934 as the first federal regulator of securities markets. The SEC promotes full public disclosure, protects investors against fraudulent and manipulative practices in the market, and monitors corporate takeover actions in the United States.

SECURITIES AND EXCHANGE COMMISSION SEC) RULE 15C3-1. An SEC rule setting capital requirements for brokers and dealers. Under Rule 15c3-1, a broker or dealer must have sufficient liquidity in order to cover the most pressing obligations. This is defined as having a certain amount of liquidity as a percentage of the broker/dealer's total obligations. If the percentage falls below a certain point, the broker or dealer may not be allowed to take on new clients and may have restrictions placed on dealings with current client.

STRUCTURED NOTE. Notes issued by Government Sponsored Enterprises (FHLB, FNMA, etc.) and Corporations, which have imbedded options (e.g., call features, step-up coupons, floating rate coupons, derivative-based returns) into their debt structure. Their market performance is impacted by the fluctuation of interest rates, the volatility of the imbedded options and shifts in the shape of the yield curve.A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices.

Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.

Commented [AS10]: Updated to match the CMTA model
definition and removes the reference to LIBOR.

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City of Fountain Valley 20242025-25 26 Investment Policy 19 SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.

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 losses in the portfolio.

U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.

TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments and are called Treasury bills. The Treasury currently issues threeand six-month T-bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.

TREASURY NOTES. All securities issued with initial maturities of two to ten years are called Treasury notes and pay interest semi-annually.

TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually.

YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.

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MONTHLY ACCOUNT STATEMENT
City of Fountain Valley | Account #10295 | As of May 31, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com
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 at the end of the statement.

Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:

US Bank

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PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality (S&P)
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (05/01/15)
City of Fountain Valley (0.23%) 1.24% 2.88% 6.22% 4.84% 3.31% 1.23% 1.76% 1.75% Benchmark Return (0.36%) 1.14% 2.63% 6.02% 4.34% 2.78% 0.79% 1.44% 1.44% Average Modified Duration 2.53
Average Coupon 3.44%
Average Purchase YTM 3.85%
Average Market YTM 4.13%
Average Credit Quality* AA
Average Final Maturity 2.90
Average Life 2.58
End Values as of
04/30/2025
End Values as of
05/31/2025
Market Value 55,863,078.61 55,679,146.33
Accrued Interest 390,812.40 441,495.92
Total Market Value 56,253,891.01 56,120,642.25
Income Earned 155,254.21 108,505.17
Cont/WD 0.00 0.00
Par 55,854,790.07 55,962,961.25
Book Value 54,958,208.79 55,062,242.01
Cost Value 54,958,208.79 55,062,242.01
Government of The United States 51.24%
Federal Home Loan Banks 3.90%
FNMA 3.59%
Inter-American Development Bank 3.42%
Federal Home Loan Mortgage Corp 2.52%
International Bank for Recon and Dev 2.48%
Toyota Motor Corporation 2.28%
FHLMC 1.49%
**Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark:
*The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

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STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 100.0 1.5 Compliant
Max % Issuer (MV) 25.0 1.5 Compliant
Max Maturity (Years) 5.0 3.0 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 3.9 Compliant
Max % Issuer (MV) 5.0 0.8 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV) 30.0 0.0 Compliant

COLLATERALIZED BANK DEPOSITS
Max Maturity (Years) 5.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 25.8 Compliant
Max % Issuer (MV) 5.0 2.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

Page 382 ends

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 11.0 Compliant
Max % Issuer (MV) 25.0 3.9 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 3 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.1 Compliant
Max % Issuer (MV) 20.0 0.1 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUTUAL FUNDS
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

Page 383 ends

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 6.3 Compliant
Max % Issuer (MV) 10.0 3.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 51.2 Compliant
Max Maturity (Years) 5 4 Compliant

Page 384 ends

RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2024)
Beginning Book Value 54,958,208.79 53,932,496.54
Maturities/Calls 0.00 (1,350,000.00)
Principal Paydowns (482,679.39) (1,889,269.93)
Purchases 1,441,411.18 19,851,068.39
Sales (905,063.60) (15,146,283.77)
Change in Cash, Payables, Receivables 51,822.85 247.67
Amortization/Accretion 0.00 0.00
Realized Gain (Loss) (1,457.83) (336,016.89)
Ending Book Value 55,062,242.01 55,062,242.01
Month to Date Fiscal Year to Date
(07/01/2024)
Beginning Market Value 55,863,078.61 52,862,315.79
Maturities/Calls 0.00 (1,350,000.00)
Principal Paydowns (482,679.39) (1,889,269.93)
Purchases 1,441,411.18 19,851,068.39
Sales (905,063.60) (15,146,283.77)
Change in Cash, Payables, Receivables 51,822.85 247.67
Amortization/Accretion 0.00 0.00
Change in Net Unrealized Gain (Loss) (287,965.49) 1,687,085.07 Realized Gain (Loss) (1,457.83) (336,016.89)
Ending Market Value 55,679,146.33 55,679,146.33
Maturities / Calls
Month to Date 0.00
Fiscal Year to Date (1,350,000.00)
Principal Paydowns
Month to Date (482,679.39)
Fiscal Year to Date (1,889,269.93)
Purchases
Month to Date 1,441,411.18
Fiscal Year to Date 19,851,068.39
Sales
Month to Date (905,063.60)
Fiscal Year to Date (15,146,283.77)
Interest Received
Month to Date 62,044.43
Fiscal Year to Date 1,544,158.38
Purchased / Sold Interest
Month to Date (4,222.77)
Fiscal Year to Date (33,697.15)

Page 385 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 22,980.45 02/15/20221.88%
22,977.00
22,977.00

99.68 4.92%
22,907.50

19.20 0.04%
(69.50)
Aaa/AAA
NA

0.96 0.10
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 18,404.97 05/10/20223.21%
18,404.02
18,404.02

99.76 4.77%
18,360.34

9.85 0.03%
(43.68)
Aaa/AAA
NA

1.24 0.16
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 22,181.17 03/10/2022

2.33%
22,176.26
22,176.26

99.61 4.78%
22,094.57

22.87 0.04%
(81.69)
Aaa/NA
AAA

1.29 0.16
89238FAD5 TAOT 2022-B A3 2.93
09/15/2026 28,790.48 04/07/20222.93%
28,789.80
28,789.80

99.68 4.68%
28,697.40

37.49 0.05%
(92.40)
Aaa/AAA
NA

1.29 0.19
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 3,781.47 10/13/20210.68%
3,781.37
3,781.37

99.82 4.92%
3,774.70

1.07 0.01%
(6.67)
Aaa/AAA
NA

1.30 0.04
448977AD0 HART 2022-A A3 2.22
10/15/2026 13,154.82 03/09/20222.22%
13,154.31
13,154.31

99.73 4.71%
13,119.51

12.98 0.02%
(34.80)
NA/AAA
AAA

1.38 0.11
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 6,398.60 01/11/20221.26%
6,398.05
6,398.05

99.73 4.95%
6,381.48

3.36 0.01%
(16.56)
NA/AAA
AAA

1.46 0.07
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 32,848.06 04/05/20223.10%
32,841.20
32,841.20

99.57 4.94%
32,707.62

42.43 0.06%
(133.57)
Aaa/AAA
NA

1.71 0.23
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 61,249.44 07/12/20223.74%
61,243.59
61,243.59

99.63 4.89%
61,021.01
101.81

0.11%
(222.59)
Aaa/NA
AAA

1.71 0.33
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 189,698.75 11/15/20225.21%
189,661.23
189,661.23
100.30

4.61%
190,268.34
439.26

0.34%
607.11
Aaa/AAA
NA

2.21 0.45
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 65,118.77 07/11/20235.47%
65,107.23
65,107.23
100.67

4.40%
65,552.03

59.37 0.12%
444.80
NA/AAA
AAA

2.74 0.59
477920AC6 JDOT 2023-B A3 5.18
03/15/2028 128,920.52 06/21/20235.18%
128,899.02
128,899.02
100.47

4.46%
129,520.43
296.80

0.23%
621.41
Aaa/NA
AAA

2.79 0.59
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 175,000.00 11/01/20235.74%
174,969.18
174,969.18
101.15

4.48%
177,013.03
275.63

0.32%
2,043.85
Aaa/NA
AAA

3.06 0.90
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 460,000.00 09/07/2023

5.23%
459,872.49
459,872.49
100.98

4.41%
464,523.18
1,054.93

0.83%
4,650.69
NA/AAA
AAA

3.29 1.22
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 325,000.00 11/19/20244.61%
324,989.57
324,989.57
100.56

4.35%
326,830.30
665.89

0.59%
1,840.73
Aaa/NA
AAA

4.21 1.86
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 265,000.00 03/04/2025

4.23%
264,983.33
264,983.33

99.87 4.33%
264,650.33
498.20

0.48%
(333.00)
Aaa/NA
AAA

4.30 1.96
44935CAD3 HART 2025-A A3 4.32
10/15/2029 335,000.00 03/04/20254.32%
334,950.59
334,950.59

99.99 4.36%
334,974.47
643.20

0.60%

23.88 NA/AAA
AAA

4.38 2.05

Page 386 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total ABS 2,153,527.51 4.69%
2,153,198.23
2,153,198.23
100.41

4.45%
2,162,396.24
4,184.34

3.88%
9,198.02

3.38 1.29
AGENCY
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 875,000.00 --0.52%
874,090.55
874,090.55

99.84 4.44%
873,561.86
1,993.06

1.57%
(528.69)
Aa1/AA+
AA+

0.05 0.04
3137EAEU9

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025
875,000.00 --

0.45%
871,885.30
871,885.30

99.48 4.25%
870,410.31
1,184.90

1.56%
(1,474.99)
Aa1/AA+
AA+

0.14 0.14
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 560,000.00 08/25/20200.47% 557,379.20
557,379.20

99.08 4.40%
554,846.84
560.00

1.00%
(2,532.36)
Aa1/AA+
AA+

0.24 0.23
3137EAEX3

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
540,000.00 09/23/2020

0.44%
538,374.60
538,374.60

98.79 4.34%
533,473.25
382.50

0.96%
(4,901.35)
Aa1/AA+
AA+

0.31 0.30
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 580,000.00 11/09/20200.57%
577,923.60
577,923.60

98.36 4.39%
570,474.21
193.33

1.02%
(7,449.39)
Aa1/AA+
AA+

0.44 0.42
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 800,000.00 02/08/20234.21%
806,032.00
806,032.00
100.10

4.31%
800,777.84
16,900.00

1.44%
(5,254.16)
Aa1/AA+
AA+

0.53 0.51
3130AWMN7 FEDERAL HOME LOAN BANKS

4.375 06/09/2028 550,000.00 07/26/20234.27%
552,475.00
552,475.00
101.29

3.92%
557,108.61
11,496.53

1.00%
4,633.61
Aa1/AA+
AA+

3.02 2.75
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 800,000.00 --4.71%
788,265.00
788,265.00
101.46

3.89%
811,703.85
8,069.44

1.46%
23,438.85
Aa1/AA+
AA+

3.27 2.99
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 550,000.00 05/21/20244.47% 556,715.50
556,715.50
102.34

4.10%
562,869.53
2,249.65

1.01%
6,154.03
Aa1/AA+
AA+

3.91 3.53
Total Agency 6,130,000.00 2.24%
6,123,140.75
6,123,140.75
100.10

4.23%
6,135,226.31
43,029.41

11.02%
12,085.56

1.25 1.15

AGENCY CMBS
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 840,000.00 05/24/2023

4.65%
824,578.13
824,578.13

98.94 4.18%
831,099.53
2,695.00

1.49%
6,521.40
Aa1/AA+
AAA

2.99 2.69
Total Agency CMBS 840,000.00 4.65%
824,578.13
824,578.13

98.94 4.18%
831,099.53
2,695.00

1.49%
6,521.40

2.99 2.69
CASH
CCYUSD Receivable 53,284.67 --

0.00%
53,284.67
53,284.67

1.00 0.00%
53,284.67

0.00 0.10%

0.00 Aaa/AAA
AAA

0.00 0.00

Page 387 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Cash 53,284.67 0.00%
53,284.67
53,284.67

1.00 0.00%
53,284.67

0.00 0.10%

0.00 0.00

0.00 CORPORATE
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 550,000.00 --1.40%
544,142.55
544,142.55

96.88 4.53%
532,849.93
281.11

0.96%
(11,292.62)
A2/A+
A

0.96 0.93
89236TJK2 TOYOTA MOTOR CREDIT CORP

1.125 06/18/2026 465,000.00 06/15/20211.13%
464,795.40
464,795.40

96.70 4.39%
449,654.46
2,368.59

0.81%
(15,140.94)
A1/A+
A+

1.05 1.01
931142ER0 WALMART INC 1.05 09/17/2026 110,000.00 09/08/2021

1.09%
109,792.10
109,792.10

96.26 4.05%
105,886.54
237.42

0.19%
(3,905.56)
Aa2/AA
AA

1.30 1.26
87612EBM7 TARGET CORP 1.95 01/15/2027 250,000.00 01/19/2022

1.99%
249,575.00
249,575.00

96.62 4.13%
241,537.88
1,841.67

0.43%
(8,037.12)
A2/A
A

1.63 1.56
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 400,000.00 03/07/2022

2.30%
399,924.00
399,924.00

97.14 3.97%
388,575.15
1,942.22

0.70%
(11,348.85)
Aa2/AA
A+

1.79 1.72
023135CF1 AMAZON.COM INC 3.3
04/13/2027 300,000.00 04/25/20223.34%
299,481.00
299,481.00

98.64 4.06%
295,928.63
1,320.00

0.53%
(3,552.37)
A1/AA
AA1.871.78
74340XBN0 PROLOGIS LP 2.125 04/15/2027 550,000.00 11/09/2022

5.16%
484,709.50
484,709.50

96.14 4.29%
528,791.20
1,493.40

0.95%
44,081.70
A2/A
NA

1.87 1.80
61772BAB9 MORGAN STANLEY 1.593
05/04/2027 550,000.00 --4.99%
491,295.70
491,295.70

97.17 5.01%
534,442.22
657.11

0.96%
43,146.52
A1/AA+

1.93 0.90
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 115,000.00 05/16/20223.82%
114,641.20
114,641.20

98.93 4.33%
113,768.57
191.67

0.20%
(872.63)
A3/BBB+
A

1.96 1.86
14913R3A3 CATERPILLAR FINANCIAL
SERVICES CORP 3.6 08/12/2027 330,000.00 08/22/2022

3.81%
326,841.90
326,841.90

98.69 4.23%
325,662.85
3,597.00

0.58%
(1,179.05)
A2/A
A+

2.20 2.06
931142EX7 WALMART INC 3.95 09/09/2027 250,000.00 --

3.98%
249,702.50
249,702.50

99.79 4.04%
249,479.20
2,249.31

0.45%
(223.30)
Aa2/AA
AA

2.28 2.13
89115A2M3 TORONTO-DOMINION BANK

5.156 01/10/2028 550,000.00 06/28/20235.27%
547,470.00
547,470.00
101.76

4.43%
559,694.92
11,106.88

1.01%
12,224.92
A2/AAA2.61

2.37 756109AU8 REALTY INCOME CORP 3.65
01/15/2028 525,000.00 05/17/20234.84%
499,275.00
499,275.00

98.22 4.37%
515,677.18
7,239.17

0.93%
16,402.18
A3/ANA2.63

2.43 06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 400,000.00 04/10/2023

5.53%
382,596.00
382,596.00

98.66 5.24%
394,635.54
5,566.04

0.71%
12,039.54
A1/AAA2.64

1.54 06406RAB3 BANK OF NEW YORK MELLON
CORP 3.442 02/07/2028 700,000.00 10/12/20236.04%
650,293.00
650,293.00

98.55 4.83%
689,859.49
7,629.77

1.24%
39,566.49
Aa3/A
AA2.691.60
79466LAF1 SALESFORCE INC 3.7 04/11/2028 700,000.00 10/05/2023

5.20%
658,350.00
658,350.00

98.96 4.09%
692,716.67
3,597.22

1.24%
34,366.67
A1/A+
NA

2.87 2.67

Page 388 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
74456QBU9 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028 450,000.00 09/06/20235.10%
424,255.50
424,255.50

98.55 4.23%
443,465.95
1,387.50

0.80%
19,210.45
A1/A
NA

2.92 2.72
037833ET3 APPLE INC 4.0 05/10/2028 95,000.00 05/08/2023

4.04%
94,816.65
94,816.65
100.12

3.96%
95,113.76
221.67

0.17%
297.11
Aaa/AA+
NA

2.94 2.67
023135BY1 AMAZON.COM INC 1.65
05/12/2028 450,000.00 10/12/20235.14%
386,653.50
386,653.50

93.48 4.02%
420,661.99
391.88

0.76%
34,008.49
A1/AA
AA2.952.82
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 500,000.00 08/17/2023

5.33%
495,595.00
495,595.00
101.60

4.56%
508,019.16
10,250.00

0.91%
12,424.16
A3/AA3.10

2.78 24422EXB0 JOHN DEERE CAPITAL CORP 4.95
07/14/2028 650,000.00 10/12/20235.29%
640,913.00
640,913.00
102.09

4.22%
663,611.36
12,244.38

1.19%
22,698.36
A1/A
A+

3.12 2.82
46647PDG8 JPMORGAN CHASE & CO 4.851
07/25/2028 550,000.00 08/04/20235.68%
541,799.50
541,799.50
100.51

5.13%
552,782.82
9,338.18

0.99%
10,983.32
A1/A
AA3.151.99
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 500,000.00 09/07/20235.53%
493,010.00
493,010.00
102.36

4.39%
511,799.92
8,666.67

0.92%
18,789.92
A1/A
AA3.172.85
89236TLB9 TOYOTA MOTOR CREDIT CORP

5.25 09/11/2028 800,000.00 10/12/20235.45%
792,984.00
792,984.00
102.74

4.34%
821,950.70
9,333.33

1.48%
28,966.70
A1/A+
A+

3.28 2.96
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 675,000.00 01/24/20244.64%
673,899.75
673,899.75
100.89

4.33%
680,995.00
10,436.25

1.22%
7,095.25
A1/A+
NA

3.67 3.29
14913UAJ9 CATERPILLAR FINANCIAL
SERVICES CORP 4.85 02/27/2029 300,000.00 07/26/2024

4.56%
303,522.00
303,522.00
101.76

4.33%
305,276.03
3,799.17

0.55%
1,754.03
A2/A
A+

3.74 3.35
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 200,000.00 08/26/20244.53%
204,174.00
204,174.00
101.40

4.95%
202,791.12
1,176.24

0.36%
(1,382.88)
A1/AA+

3.89 2.64
91159HJM3 US BANCORP 5.775 06/12/2029 550,000.00 06/20/2024

5.26%
559,955.00
559,955.00
103.23

5.02%
567,762.41
14,910.73

1.02%
7,807.41
A3/A
A

4.03 2.69
437076DC3 HOME DEPOT INC 4.75
06/25/2029 235,000.00 06/17/20244.90%
233,484.25
233,484.25
101.51

4.34%
238,557.08
4,837.08

0.43%
5,072.83
A2/A
A

4.07 3.53
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 200,000.00 08/22/20244.61%
197,582.00
197,582.00

98.88 4.94%
197,751.85
3,037.16

0.36%
169.85
A1/AAA4.15

2.86 46647PAX4 JPMORGAN CHASE & CO 4.452
12/05/2029 225,000.00 12/09/20244.72%
222,830.99
222,830.99

99.33 4.92%
223,490.11
4,897.20

0.40%
659.12
A1/A
AA4.513.14
63743HFX5

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

4.95 02/07/2030
670,000.00 --

4.88%
671,754.90
671,754.90
101.28

4.64%
678,572.88
10,502.25

1.22%
6,817.98
A2/NA
A

4.69 4.01
571748CA8

MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
650,000.00 03/18/2025

4.72%
647,907.00
647,907.00
100.41

4.55%
652,667.54
6,380.83

1.17%
4,760.54
A3/AA4.79

4.14

Page 389 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Corporate 14,445,000.00 4.63%
14,058,021.89
14,058,021.89

99.64 4.48%
14,384,430.11
163,129.09

25.83%
326,408.22

2.94 2.46

MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 51,149.07 --

3.94%
51,149.07
51,149.07

1.00 3.94%
51,149.07

0.00 0.09%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 51,149.07 3.94%
51,149.07
51,149.07

1.00 3.94%
51,149.07

0.00 0.09%

0.00 0.00

0.00 SUPRANATIONAL
4581X0DN5

INTER-AMERICAN
DEVELOPMENT BANK 0.625
07/15/2025
335,000.00 01/13/2021

0.53%
336,457.25
336,457.25

99.55 4.37%
333,504.94
790.97

0.60%
(2,952.31)
Aaa/AAA
NA

0.12 0.12
459058JL8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
900,000.00 --

0.51%
899,717.55
899,717.55

98.43 4.43%
885,899.94
412.50

1.59%
(13,817.61)
Aaa/AAA
NA

0.41 0.40
4581X0DV7

INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
890,000.00 04/13/2021

0.97%
885,923.80
885,923.80

97.12 4.23%
864,371.22
886.91

1.55%
(21,552.58)
Aaa/AAA
NA

0.89 0.86
45950KDD9 INTERNATIONAL FINANCE CORP

4.5 07/13/2028 240,000.00 07/06/20234.53%
239,733.60
239,733.60
101.68

3.92%
244,030.09
4,140.00

0.44%
4,296.49
Aaa/AAA
NA

3.12 2.84
4581X0EN4

INTER-AMERICAN
DEVELOPMENT BANK 4.125
02/15/2029
700,000.00 02/15/2024

4.31%
694,246.00
694,246.00
100.54

3.97%
703,753.93
8,502.08

1.26%
9,507.93
Aaa/AAA
NA

3.71 3.37
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
500,000.00 12/17/2024

4.36%
489,585.00
489,585.00

99.54 3.99%
497,723.93
2,421.88

0.89%
8,138.93
Aaa/AAA
NA

4.38 3.96
Total
Supranational 3,565,000.00 2.20%
3,545,663.20
3,545,663.20

99.02 4.19%
3,529,284.04
17,154.34

6.34%
(16,379.16)

1.91 1.75

US TREASURY
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 700,000.00 --

0.87%
696,019.54
696,019.54

96.00 4.08%
671,972.66
1,326.77

1.21%
(24,046.88)
Aa1/AA+
AA+

1.25 1.21

Page 390 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,000,000.00 --1.26%
993,398.44
993,398.44

96.04 4.05%
960,351.56
978.26

1.72%
(33,046.88)
Aa1/AA+
AA+

1.42 1.37
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 500,000.00 03/30/20222.46%
478,320.31
478,320.31

96.05 3.98%
480,234.38
2,506.91

0.86%
1,914.07
Aa1/AA+
AA+

1.67 1.61
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 650,000.00 09/27/20224.26%
603,636.72
603,636.72

97.49 3.93%
633,699.22
2,752.73

1.14%
30,062.50
Aa1/AA+
AA+

1.83 1.76
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 650,000.00 06/13/20223.44%
630,068.36
630,068.36

97.86 3.93%
636,060.55
1,554.35

1.14%
5,992.19
Aa1/AA+
AA+

1.91 1.83
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 650,000.00 07/12/20223.00%
657,566.41
657,566.41

98.75 3.88%
641,849.61
8,870.17

1.15%
(15,716.80)
Aa1/AA+
AA+

2.08 1.96
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 450,000.00 09/08/20223.36%
445,095.70
445,095.70

98.38 3.89%
442,687.50
3,553.84

0.80%
(2,408.20)
Aa1/AA+
AA+

2.25 2.13
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 600,000.00 10/28/20224.20%
598,125.00
598,125.00
100.55

3.87%
603,304.69
4,192.62

1.08%
5,179.69
Aa1/AA+
AA+

2.33 2.19
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,050,000.00 --3.75%
1,067,035.16
1,067,035.16
100.54

3.89%
1,055,701.17
3,766.30

1.90%
(11,333.99)
Aa1/AA+
AA+

2.42 2.27
91282CLX7 UNITED STATES TREASURY 4.125
11/15/2027 625,000.00 04/28/20253.76%
630,493.16
630,493.16
100.55

3.88%
628,466.80
1,190.98

1.13%
(2,026.36)
Aa1/AA+
AA+

2.46 2.31
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 525,000.00 01/26/20233.62%
531,029.30
531,029.30
100.02

3.87%
525,102.54
8,542.13

0.94%
(5,926.76)
Aa1/AA+
AA+

2.59 2.39
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 700,000.00 12/11/20234.37%
677,113.28
677,113.28

99.07 3.87%
693,492.18
8,189.23

1.25%
16,378.90
Aa1/AA+
AA+

2.67 2.49
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 600,000.00 03/08/20234.37%
557,320.31
557,320.31

97.13 3.88%
582,750.00
4,831.49

1.05%
25,429.69
Aa1/AA+
AA+

2.71 2.55
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 850,000.00 --3.63%
849,814.46
849,814.46

99.38 3.86%
844,687.50
5,219.60

1.52%
(5,126.96)
Aa1/AA+
AA+

2.84 2.65
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 800,000.00 05/19/20233.72%
792,281.25
792,281.25

99.00 3.87%
791,968.75
2,434.78

1.42%
(312.50)
Aa1/AA+
AA+

2.92 2.73
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 875,000.00 --4.24%
852,414.06
852,414.06

99.31 3.87%
868,984.38

86.66 1.56%
16,570.32
Aa1/AA+
AA+

3.00 2.81
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 850,000.00 10/13/20234.67%
826,259.77
826,259.77
100.39

3.86%
853,320.31
14,276.24

1.53%
27,060.54
Aa1/AA+
AA+

3.08 2.82
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 800,000.00 10/13/20234.67%
781,375.00
781,375.00
100.75

3.87%
805,968.75
11,030.39

1.45%
24,593.75
Aa1/AA+
AA+

3.17 2.90
91282CCV1 UNITED STATES TREASURY 1.125
08/31/2028 950,000.00 --4.69%
802,849.61
802,849.61

91.66 3.89%
870,771.48
2,700.92

1.56%
67,921.87
Aa1/AA+
AA+

3.25 3.12

Page 391 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 850,000.00 10/05/20234.69%
847,542.97
847,542.97
102.30

3.88%
869,556.64
6,659.49

1.56%
22,013.67
Aa1/AA+
AA+

3.33 3.04
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 650,000.00 11/17/20234.49%
610,720.70
610,720.70

97.54 3.89%
633,978.51
938.35

1.14%
23,257.81
Aa1/AA+
AA+

3.46 3.23
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 650,000.00 01/17/20244.02%
642,052.73
642,052.73

99.51 3.90%
646,826.17
10,234.81

1.16%
4,773.44
Aa1/AA+
AA+

3.59 3.26
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 750,000.00 02/26/20244.31%
739,599.61
739,599.61
100.31

3.91%
752,314.46
10,027.62

1.35%
12,714.85
Aa1/AA+
AA+

3.67 3.33
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 800,000.00 --4.30%
798,457.03
798,457.03
101.18

3.91%
809,406.25
8,592.39

1.45%
10,949.22
Aa1/AA+
AA+

3.75 3.40
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 850,000.00 --4.61%
832,064.45
832,064.45
100.75

3.91%
856,375.00
5,939.55

1.54%
24,310.55
Aa1/AA+
AA+

3.83 3.49
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 800,000.00 --4.63%
799,640.62
799,640.62
102.54

3.92%
820,281.25
3,217.39

1.47%
20,640.63
Aa1/AA+
AA+

3.91 3.54
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 600,000.00 06/26/20244.33%
604,406.25
604,406.25
102.12

3.92%
612,703.13

73.77 1.10%
8,296.88
Aa1/AA+
AA+

4.00 3.63
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 950,000.00 --3.71%
972,701.17
972,701.17
101.21

3.93%
961,466.79
16,953.04

1.73%
(11,234.38)
Aa1/AA+
AA+

4.08 3.65
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 950,000.00 --3.90%
954,156.26
954,156.26
100.27

3.93%
952,523.44
12,701.66

1.71%
(1,632.82)
Aa1/AA+
AA+

4.17 3.75
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 1,200,000.00 --3.74%
1,167,544.92
1,167,544.92

96.86 3.94%
1,162,265.63
9,476.90

2.09%
(5,279.29)
Aa1/AA+
AA+

4.25 3.90
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,200,000.00 --3.75%
1,186,796.88
1,186,796.88

98.28 3.93%
1,179,375.00
7,114.75

2.12%
(7,421.88)
Aa1/AA+
AA+

4.33 3.95
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 1,050,000.00 --4.24%
1,044,560.54
1,044,560.54
100.72

3.94%
1,057,587.89
3,766.30

1.90%
13,027.35
Aa1/AA+
AA+

4.42 3.99
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,100,000.00 --4.34%
1,089,496.10
1,089,496.10
100.75

3.94%
1,108,292.97
123.98

1.99%
18,796.87
Aa1/AA+
AA+

4.50 4.07
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 1,100,000.00 --4.41%
1,098,230.47
1,098,230.47
101.75

3.95%
1,119,250.00
20,207.18

2.01%
21,019.53
Aa1/AA+
AA+

4.59 4.05
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 750,000.00 04/15/20253.98%
750,732.42
750,732.42
100.17

3.96%
751,289.06
5,081.97

1.35%
556.64
Aa1/AA+
AA+

4.83 4.32
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 650,000.00 05/28/20254.07%
644,287.11
644,287.11

99.60 3.96%
647,410.15
2,190.22

1.16%
3,123.04
Aa1/AA+
AA+

4.91 4.42
Total US Treasury 28,725,000.00 3.91%
28,253,206.07
28,253,206.07

99.38 3.92%
28,532,276.36
211,303.74

51.24%
279,070.29

3.33 3.05

Page 392 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 55,962,961.25 3.85%
55,062,242.01
55,062,242.01

99.35 4.13%
55,679,146.33
441,495.92
100.00%
616,904.33

2.90 2.53
Total Market Value
+ Accrued 56,120,642.25

Page 393 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 05/01/2025 31846V203 8,325.00 FIRST AMER:GVT OBLG Y 1.000 3.98% (8,325.00) 0.00 (8,325.00) 0.00 Purchase 05/02/2025 31846V203 1,461.82 FIRST AMER:GVT OBLG Y 1.000 3.96% (1,461.82) 0.00 (1,461.82) 0.00 Purchase 05/05/2025 31846V203 4,380.75 FIRST AMER:GVT OBLG Y 1.000 3.95% (4,380.75) 0.00 (4,380.75) 0.00 Purchase 05/05/2025 31846V203 2.75 FIRST AMER:GVT OBLG Y 1.000 3.95% (2.75) 0.00 (2.75) 0.00 Purchase 05/07/2025 31846V203 1,450.00 FIRST AMER:GVT OBLG Y 1.000 3.92% (1,450.00) 0.00 (1,450.00) 0.00 Purchase 05/12/2025 31846V203 5,612.50 FIRST AMER:GVT OBLG Y 1.000 3.90% (5,612.50) 0.00 (5,612.50) 0.00 Purchase 05/15/2025 31846V203 106,921.45 FIRST AMER:GVT OBLG Y 1.000 3.92% (106,921.45) 0.00 (106,921.45) 0.00 Purchase 05/15/2025 31846V203 386,206.00 FIRST AMER:GVT OBLG Y 1.000 3.92% (386,206.00) 0.00 (386,206.00) 0.00 Purchase 05/16/2025 31846V203 9,415.46 FIRST AMER:GVT OBLG Y 1.000 3.92% (9,415.46) 0.00 (9,415.46) 0.00 Purchase 05/16/2025 31846V203 3,614.80 FIRST AMER:GVT OBLG Y 1.000 3.92% (3,614.80) 0.00 (3,614.80) 0.00 Purchase 05/21/2025 31846V203 3,354.39 FIRST AMER:GVT OBLG Y 1.000 3.90% (3,354.39) 0.00 (3,354.39) 0.00 Purchase 05/27/2025 31846V203 5,810.09 FIRST AMER:GVT OBLG Y 1.000 3.89% (5,810.09) 0.00 (5,810.09) 0.00 Purchase 05/27/2025 31846V203 8,171.56 FIRST AMER:GVT OBLG Y 1.000 3.89% (8,171.56) 0.00 (8,171.56) 0.00 Purchase 05/29/2025 63743HFX5 250,000.00

NATIONAL RURAL

UTILITIES COOPERATIVE
FINANCE CORP 4.95
02/07/2030
100.959 4.71% (252,397.50) (3,850.00) (256,247.50) 0.00 Purchase 05/29/2025 91282CMZ1 650,000.00 UNITED STATES TREASURY

3.875 04/30/2030 99.121 4.07% (644,287.11) (1,984.88) (646,271.99) 0.00 Total Purchase 1,444,726.57 (1,441,411.18) (5,834.88) (1,447,246.06) 0.00 TOTAL
ACQUISITIONS 1,444,726.57 (1,441,411.18) (5,834.88) (1,447,246.06) 0.00

DISPOSITIONS
Maturity 05/15/2025 02582JJT8 (385,000.00) AMXCA 2022-2 A 3.39 05/17/2027 100.000 3.40% 0.00 0.00 0.00 0.00
Total Maturity (385,000.00) 0.00 0.00 0.00 0.00
Sale 05/08/2025 31846V203 (2.75) FIRST AMER:GVT OBLG Y 1.000 3.91% 2.75 0.00 2.75 0.00 Sale 05/12/2025 31846V203 (4,049.30) FIRST AMER:GVT OBLG Y 1.000 3.90% 4,049.30 0.00 4,049.30 0.00 Sale 05/23/2025 31846V203 (104.17) FIRST AMER:GVT OBLG Y 1.000 3.89% 104.17 0.00 104.17 0.00 Sale 05/29/2025 31846V203 (626,542.63) FIRST AMER:GVT OBLG Y 1.000 3.93% 626,542.63 0.00 626,542.63 0.00

Page 394 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 05/29/2025 06051GJD2 (275,000.00) BANK OF AMERICA CORP

1.319 06/19/2026 99.769 2.31% 274,364.75 (1,612.11) 275,976.86 (1,556.50) Total Sale (905,698.85) 905,063.60 (1,612.11) 906,675.71 (1,556.50) TOTAL
DISPOSITIONS (1,290,698.85) 905,063.60 (1,612.11) 906,675.71 (1,556.50) OTHER

TRANSACTIONS
Coupon 05/01/2025 74456QBU9 0.00

PUBLIC SERVICE ELECTRIC
AND GAS CO 3.7
05/01/2028

5.10% 8,325.00 0.00 8,325.00 0.00
Coupon 05/01/2025 3137FG6X8 0.00 FHMS K-077 A2 3.85
05/25/2028 4.65% 2,695.00 0.00 2,695.00 0.00
Coupon 05/04/2025 61772BAB9 0.00 MORGAN STANLEY 1.593
05/04/2027 4.99% 4,380.75 0.00 4,380.75 0.00
Coupon 05/07/2025 3135G06G3 0.00

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.5 11/07/2025

0.57% 1,450.00 0.00 1,450.00 0.00
Coupon 05/10/2025 037833ET3 0.00 APPLE INC 4.0
05/10/2028 4.04% 1,900.00 0.00 1,900.00 0.00
Coupon 05/12/2025 023135BY1 0.00 AMAZON.COM INC 1.65
05/12/2028 5.14% 3,712.50 0.00 3,712.50 0.00
Coupon 05/15/2025 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028 5.23% 1,978.00 0.00 1,978.00 0.00
Coupon 05/15/2025 58768PAC8 0.00 MBART 2022-1 A3 5.21
08/16/2027 5.21% 906.38 0.00 906.38 0.00
Coupon 05/15/2025 477920AC6 0.00 JDOT 2023-B A3 5.18
03/15/2028 5.18% 608.27 0.00 608.27 0.00
Coupon 05/15/2025 34535VAD6 0.00 FORDO 2024-D A3 4.61
08/15/2029 4.61% 1,248.54 0.00 1,248.54 0.00
Coupon 05/15/2025 9128285M8 0.00 UNITED STATES TREASURY

3.125 11/15/2028 4.49% 10,156.25 0.00 10,156.25 0.00

Page 395 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 05/15/2025 44935CAD3 0.00 HART 2025-A A3 4.32
10/15/2029 4.32% 1,206.00 0.00 1,206.00 0.00
Coupon 05/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 4.23% 934.13 0.00 934.13 0.00
Coupon 05/15/2025 927804GH1 0.00

VIRGINIA ELECTRIC
AND POWER CO 3.75
05/15/2027

3.82% 2,156.25 0.00 2,156.25 0.00
Coupon 05/15/2025 91282CLX7 0.00 UNITED STATES TREASURY

4.125 11/15/2027 3.76% 12,890.63 0.00 12,890.63 0.00
Coupon 05/15/2025 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.74% 230.58 0.00 230.58 0.00
Coupon 05/15/2025 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/17/2027 3.40% 1,087.63 0.00 1,087.63 0.00
Coupon 05/15/2025 89238FAD5 0.00 TAOT 2022-B A3 2.93
09/15/2026 2.93% 86.32 0.00 86.32 0.00
Coupon 05/15/2025 47787JAC2 0.00 JDOT 2022 A3 2.32
09/15/2026 2.33% 55.48 0.00 55.48 0.00
Coupon 05/15/2025 448977AD0 0.00 HART 2022-A A3 2.22
10/15/2026 2.22% 33.92 0.00 33.92 0.00
Coupon 05/15/2025 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026 1.88% 50.56 0.00 50.56 0.00
Coupon 05/15/2025 91324PEC2 0.00 UNITEDHEALTH GROUP
INC 1.15 05/15/2026 1.40% 3,162.50 0.00 3,162.50 0.00
Coupon 05/16/2025 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.10% 99.56 0.00 99.56 0.00
Coupon 05/16/2025 380146AC4 0.00 GMCAR 2022-1 A3 1.26
11/16/2026 1.26% 10.50 0.00 10.50 0.00
Coupon 05/16/2025 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68% 4.19 0.00 4.19 0.00
Coupon 05/21/2025 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028 5.74% 826.88 0.00 826.88 0.00
Coupon 05/21/2025 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026 0.89% 1.85 0.00 1.85 0.00

Page 396 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 05/25/2025 05592XAD2 0.00 BMWOT 2023-A A3 5.47
02/25/2028 5.47% 320.34 0.00 320.34 0.00
Coupon 05/25/2025 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.21% 64.60 0.00 64.60 0.00
Coupon 05/31/2025 91282CMA6 0.00 UNITED STATES TREASURY

4.125 11/30/2029 4.34% 22,687.50 0.00 22,687.50 0.00
Coupon 05/31/2025 91282CKT7 0.00 UNITED STATES TREASURY

4.5 05/31/2029 4.33% 13,500.00 0.00 13,500.00 0.00
Coupon 05/31/2025 91282CHE4 0.00 UNITED STATES TREASURY

3.625 05/31/2028 4.24% 15,859.38 0.00 15,859.38 0.00
Total Coupon 0.00 112,629.49 0.00 112,629.49 0.00
Custody Fee 05/23/2025 CCYUSD (104.17) Cash 0.00% (104.17) 0.00 (104.17) 0.00 Total Custody Fee (104.17) (104.17) 0.00 (104.17) 0.00
Dividend 05/31/2025 31846V203 0.00 FIRST AMER:GVT OBLG Y 3.94% 1,237.79 0.00 1,237.79 0.00 Total Dividend 0.00 1,237.79 0.00 1,237.79 0.00
Management Fee 05/12/2025 CCYUSD (4,049.30) Cash 0.00% (4,049.30) 0.00 (4,049.30) 0.00 Total
Management Fee (4,049.30) (4,049.30) 0.00 (4,049.30) 0.00 Principal Paydown 05/15/2025 58768PAC8 19,063.85 MBART 2022-1 A3 5.21 08/16/2027 5.21% 19,063.85 -- 19,063.85 3.77
Principal Paydown 05/15/2025 477920AC6 11,991.26 JDOT 2023-B A3 5.18 03/15/2028 5.18% 11,991.26 -- 11,991.26 2.00
Principal Paydown 05/15/2025 47800AAC4 12,734.30 JDOT 2022-B A3 3.74 02/16/2027 3.74% 12,734.30 -- 12,734.30 1.22
Principal Paydown 05/15/2025 02582JJT8 385,000.00 AMXCA 2022-2 A 3.39 05/17/2027 3.40% 385,000.00 -- 385,000.00 85.16
Principal Paydown 05/15/2025 89238FAD5 6,562.06 TAOT 2022-B A3 2.93 09/15/2026 2.93% 6,562.06 -- 6,562.06 0.16
Principal Paydown 05/15/2025 47787JAC2 6,514.08 JDOT 2022 A3 2.32 09/15/2026 2.33% 6,514.08 -- 6,514.08 1.44
Principal Paydown 05/15/2025 448977AD0 5,179.01 HART 2022-A A3 2.22 10/15/2026 2.22% 5,179.01 -- 5,179.01 0.20

Page 397 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Principal Paydown 05/15/2025 43815BAC4 9,291.45 HAROT 2022-1 A3 1.88 05/15/2026 1.88% 9,291.45 -- 9,291.45 1.39
Principal Paydown 05/16/2025 362585AC5 5,691.14 GMCAR 2022-2 A3 3.1 02/16/2027 3.10% 5,691.14 -- 5,691.14 1.18
Principal Paydown 05/16/2025 380146AC4 3,604.30 GMCAR 2022-1 A3 1.26 11/16/2026 1.26% 3,604.30 -- 3,604.30 0.31
Principal Paydown 05/16/2025 362554AC1 3,620.57 GMCAR 2021-4 A3 0.68 09/16/2026 0.68% 3,620.57 -- 3,620.57 0.09
Principal Paydown 05/21/2025 43815GAC3 2,525.66 HAROT 2021-4 A3 0.88 01/21/2026 0.89% 2,525.66 -- 2,525.66 0.55
Principal Paydown 05/25/2025 05592XAD2 5,156.22 BMWOT 2023-A A3 5.47 02/25/2028 5.47% 5,156.22 -- 5,156.22 0.91
Principal Paydown 05/25/2025 05602RAD3 5,745.49 BMWOT 2022-A A3 3.21 08/25/2026 3.21% 5,745.49 -- 5,745.49 0.30
Total Principal
Paydown 482,679.39 482,679.39 -- 482,679.39 98.67

TOTAL OTHER
TRANSACTIONS 478,525.92 592,393.20 0.00 592,393.20 98.67

Page 398 ends

INCOME EARNED
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

CASH & EQUIVALENTS
31846V203 FIRST AMER:GVT OBLG Y
51,149.07
137,121.35
544,726.57
(630,698.85)
51,149.07

0.00 1,461.82

0.00 0.00

0.00 1,461.82
1,461.82
CCYUSD Receivable
53,284.67
1,461.82

0.00 0.00
53,284.67

0.00 0.00

0.00 Total Cash & Equivalents 104,433.74
138,583.17
544,726.57
(630,698.85)
104,433.74

0.00 1,461.82

0.00 0.00

0.00 1,461.82 1,461.82

FIXED INCOME
023135BY1 AMAZON.COM INC 1.65
05/12/2028
10/12/2023
10/16/2023
450,000.00
386,653.50

0.00 0.00
386,653.50
3,485.63
3,712.50
391.88
618.75

0.00 0.00

0.00 618.75
618.75
023135CF1 AMAZON.COM INC 3.3
04/13/2027
04/25/2022
04/27/2022
300,000.00
299,481.00

0.00 0.00
299,481.00
495.00

0.00 1,320.00
825.00

0.00 0.00

0.00 825.00
825.00
02582JJT8 AMXCA 2022-2 A 3.39
05/17/2027
05/17/2022
05/24/2022

0.00 384,914.84

0.00 (384,914.84)

0.00 580.07
1,087.63

0.00 507.56

0.00 0.00

0.00 507.56
507.56
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028
08/17/2023
08/21/2023
500,000.00
495,595.00

0.00 0.00
495,595.00
8,114.58

0.00 10,250.00
2,135.42

0.00 0.00

0.00 2,135.42
2,135.42
037833ET3 APPLE INC 4.0 05/10/2028
05/08/2023
05/10/2023
95,000.00
94,816.65

0.00 0.00
94,816.65
1,805.00
1,900.00
221.67
316.67

0.00 0.00

0.00 316.67
316.67

Page 399 ends

0.00 (5,155.31)
65,107.23

64.07 320.34

59.37 315.64

0.00 0.00

0.00 315.64
315.64
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026
05/10/2022
05/18/2022
18,404.97
24,149.21

0.00 (5,745.19)
18,404.02

12.92 64.60

9.85 61.53

0.00 0.00

0.00 61.53

61.53 06051GGF0 BANK OF AMERICA CORP

3.824 01/20/2028
04/10/2023
04/12/2023
400,000.00
382,596.00

0.00 0.00
382,596.00
4,291.38

0.00 5,566.04
1,274.67

0.00 0.00

0.00 1,274.67
1,274.67
06051GHM4

BANK OF AMERICA CORP

4.271 07/23/2029
08/22/2024
08/23/2024
200,000.00
197,582.00

0.00 0.00
197,582.00
2,325.32

0.00 3,037.16
711.83

0.00 0.00

0.00 711.83
711.83
06051GJD2

BANK OF AMERICA CORP

1.319 06/19/2026
09/16/2021
09/20/2021

0.00 275,921.25

0.00 (275,921.25)

0.00 1,329.99
1,612.11

0.00 282.12

0.00 0.00

0.00 282.12
282.12
06406RAB3

BANK OF NEW YORK MELLON
CORP 3.442 02/07/2028
10/12/2023
10/16/2023
700,000.00
650,293.00

0.00 0.00
650,293.00
5,621.93

0.00 7,629.77
2,007.83

0.00 0.00

0.00 2,007.83
2,007.83
084664CZ2

BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027
03/07/2022
03/15/2022
400,000.00
399,924.00

0.00 0.00
399,924.00
1,175.56

0.00 1,942.22
766.67

0.00 0.00

0.00 766.67
766.67
14913R3A3

CATERPILLAR FINANCIAL
SERVICES CORP 3.6
08/12/2027
08/22/2022
08/24/2022
330,000.00
326,841.90

0.00 0.00
326,841.90
2,607.00

0.00 3,597.00
990.00

0.00 0.00

0.00 990.00
990.00
14913UAJ9

CATERPILLAR FINANCIAL
SERVICES CORP 4.85
02/27/2029
07/26/2024
07/29/2024
300,000.00
303,522.00

0.00 0.00
303,522.00
2,586.67

0.00 3,799.17
1,212.50

0.00 0.00

0.00 1,212.50
1,212.50

Page 400 ends

0.00 0.00
459,872.49
1,054.93
1,978.00
1,054.93
1,978.00

0.00 0.00

0.00 1,978.00
1,978.00
24422EXB0 JOHN DEERE CAPITAL CORP

4.95 07/14/2028
10/12/2023
10/16/2023
650,000.00
640,913.00

0.00 0.00
640,913.00
9,563.13

0.00 12,244.38
2,681.25

0.00 0.00

0.00 2,681.25
2,681.25
3130ATUC9 FEDERAL HOME LOAN BANKS

4.5 12/12/2025
02/08/2023
02/09/2023
800,000.00
806,032.00

0.00 0.00
806,032.00
13,900.00

0.00 16,900.00
3,000.00

0.00 0.00

0.00 3,000.00
3,000.00
3130AWMN7 FEDERAL HOME LOAN BANKS

4.375 06/09/2028
07/26/2023
07/27/2023
550,000.00
552,475.00

0.00 0.00
552,475.00
9,491.32

0.00 11,496.53
2,005.21

0.00 0.00

0.00 2,005.21
2,005.21
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 800,000.00
788,265.00

0.00 0.00
788,265.00
5,152.78

0.00 8,069.44
2,916.67

0.00 0.00

0.00 2,916.67
2,916.67
3133ERDH1
FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75
04/30/2029
05/21/2024
05/22/2024
550,000.00
556,715.50

0.00 0.00
556,715.50

72.57 0.00
2,249.65
2,177.08

0.00 0.00

0.00 2,177.08
2,177.08
3135G04Z3

FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
06/17/2025 875,000.00
874,090.55

0.00 0.00
874,090.55
1,628.47

0.00 1,993.06
364.58

0.00 0.00

0.00 364.58
364.58
3135G05X7

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.375 08/25/2025
08/25/2020
08/27/2020
560,000.00
557,379.20

0.00 0.00
557,379.20
385.00

0.00 560.00
175.00

0.00 0.00

0.00 175.00
175.00
3135G06G3

FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
11/07/2025
11/09/2020
11/12/2020
580,000.00
577,923.60

0.00 0.00
577,923.60
1,401.67
1,450.00
193.33
241.67

0.00 0.00

0.00 241.67
241.67

Page 401 ends

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025 875,000.00
871,885.30

0.00 0.00
871,885.30
911.46

0.00 1,184.90
273.44

0.00 0.00

0.00 273.44
273.44
3137EAEX3

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
09/23/2020
09/25/2020
540,000.00
538,374.60

0.00 0.00
538,374.60
213.75

0.00 382.50
168.75

0.00 0.00

0.00 168.75
168.75
3137FG6X8 FHMS K-077 A2 3.85
05/25/2028
05/24/2023
05/30/2023
840,000.00
824,578.13

0.00 0.00
824,578.13
2,695.00
2,695.00
2,695.00
2,695.00

0.00 0.00

0.00 2,695.00
2,695.00
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029
11/19/2024
11/22/2024
325,000.00
324,989.57

0.00 0.00
324,989.57
665.89
1,248.54
665.89
1,248.54

0.00 0.00

0.00 1,248.54
1,248.54
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026
10/13/2021
10/21/2021
3,781.47
7,401.85

0.00 (3,620.48)
3,781.37

2.10 4.19

1.07 3.16

0.00 0.00

0.00 3.16

3.16 362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027
04/05/2022
04/13/2022
32,848.06
38,531.15

0.00 (5,689.96)
32,841.20

49.78 99.56

42.43 92.21

0.00 0.00

0.00 92.21

92.21 380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026
01/11/2022
01/19/2022
6,398.60
10,002.03

0.00 (3,603.99)
6,398.05

5.25 10.50

3.36 8.61

0.00 0.00

0.00 8.61

8.61 437076DC3 HOME DEPOT INC 4.75
06/25/2029
06/17/2024
06/25/2024
235,000.00
233,484.25

0.00 0.00
233,484.25
3,906.88

0.00 4,837.08
930.21

0.00 0.00

0.00 930.21
930.21
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028
11/01/2023
11/08/2023
175,000.00
174,969.18

0.00 0.00
174,969.18
275.63
826.88
275.63
826.88

0.00 0.00

0.00 826.88
826.88

Page 402 ends

0.00 (9,290.06)
22,977.00

26.97 50.56

19.20 42.80

0.00 0.00

0.00 42.80

42.80 43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026
11/16/2021
11/24/2021

0.00 2,525.11

0.00 (2,525.11)

0.00 0.62

1.85 0.00

1.23 0.00

0.00 0.00

1.23 1.23
448977AD0 HART 2022-A A3 2.22
10/15/2026
03/09/2022
03/16/2022
13,154.82
18,333.12

0.00 (5,178.81)
13,154.31

18.09 33.92

12.98 28.81

0.00 0.00

0.00 28.81

28.81 44935CAD3 HART 2025-A A3 4.32
10/15/2029
03/04/2025
03/12/2025
335,000.00
334,950.59

0.00 0.00
334,950.59
643.20
1,206.00
643.20
1,206.00

0.00 0.00

0.00 1,206.00
1,206.00
4581X0DN5

INTER-AMERICAN
DEVELOPMENT BANK 0.625
07/15/2025
01/13/2021
01/15/2021
335,000.00
336,457.25

0.00 0.00
336,457.25
616.49

0.00 790.97
174.48

0.00 0.00

0.00 174.48
174.48
4581X0DV7

INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
04/13/2021
04/20/2021
890,000.00
885,923.80

0.00 0.00
885,923.80
237.95

0.00 886.91
648.96

0.00 0.00

0.00 648.96
648.96
4581X0EN4

INTER-AMERICAN
DEVELOPMENT BANK 4.125
02/15/2029
02/15/2024
02/20/2024
700,000.00
694,246.00

0.00 0.00
694,246.00
6,095.83

0.00 8,502.08
2,406.25

0.00 0.00

0.00 2,406.25
2,406.25
459058JL8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025 900,000.00
899,717.55

0.00 0.00
899,717.55

37.50 0.00
412.50
375.00

0.00 0.00

0.00 375.00
375.00
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
12/17/2024
12/18/2024
500,000.00
489,585.00

0.00 0.00
489,585.00
807.29

0.00 2,421.88
1,614.58

0.00 0.00

0.00 1,614.58
1,614.58

Page 403 ends

0.00 0.00
239,733.60
3,240.00

0.00 4,140.00
900.00

0.00 0.00

0.00 900.00
900.00
46647PAX4 JPMORGAN CHASE & CO

4.452 12/05/2029
12/09/2024
12/10/2024
225,000.00
222,830.99

0.00 0.00
222,830.99
4,062.45

0.00 4,897.20
834.75

0.00 0.00

0.00 834.75
834.75
46647PDG8 JPMORGAN CHASE & CO

4.851 07/25/2028
08/04/2023
08/08/2023
550,000.00
541,799.50

0.00 0.00
541,799.50
7,114.80

0.00 9,338.18
2,223.38

0.00 0.00

0.00 2,223.38
2,223.38
47787JAC2 JDOT 2022 A3 2.32
09/15/2026
03/10/2022
03/16/2022
22,181.17
28,688.90

0.00 (6,512.64)
22,176.26

29.59 55.48

22.87 48.76

0.00 0.00

0.00 48.76

48.76 477920AC6 JDOT 2023-B A3 5.18
03/15/2028
06/21/2023
06/28/2023
128,920.52
140,888.28

0.00 (11,989.26)
128,899.02
324.41
608.27
296.80
580.66

0.00 0.00

0.00 580.66
580.66
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027
07/12/2022
07/20/2022
61,249.44
73,976.68

0.00 (12,733.08)
61,243.59
122.98
230.58
101.81
209.41

0.00 0.00

0.00 209.41
209.41
47800DAD6 JDOT 2025 A3 4.23
09/17/2029
03/04/2025
03/11/2025
265,000.00
264,983.33

0.00 0.00
264,983.33
498.20
934.13
498.20
934.13

0.00 0.00

0.00 934.13
934.13
571748CA8
MARSH & MCLENNAN COMPANIES INC 4.65
03/15/2030
03/18/2025
03/19/2025
650,000.00
647,907.00

0.00 0.00
647,907.00
3,862.08

0.00 6,380.83
2,518.75

0.00 0.00

0.00 2,518.75
2,518.75
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027
11/15/2022
11/22/2022
189,698.75
208,721.31

0.00 (19,060.08)
189,661.23
483.40
906.38
439.26
862.24

0.00 0.00

0.00 862.24
862.24

Page 404 ends

0.00 0.00
204,174.00
315.58

0.00 1,176.24
860.67

0.00 0.00

0.00 860.67
860.67
61772BAB9 MORGAN STANLEY 1.593
05/04/2027 550,000.00
491,295.70

0.00 0.00
491,295.70
4,307.74
4,380.75
657.11
730.13

0.00 0.00

0.00 730.13
730.13
63743HFX5

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

4.95 02/07/2030 670,000.00
419,357.40
252,397.50

0.00 671,754.90
4,851.00
(3,850.00)
10,502.25
1,801.25

0.00 0.00

0.00 1,801.25
1,801.25
69371RS80
PACCAR FINANCIAL CORP 4.6
01/31/2029
01/24/2024
01/31/2024
675,000.00
673,899.75

0.00 0.00
673,899.75
7,848.75

0.00 10,436.25
2,587.50

0.00 0.00

0.00 2,587.50
2,587.50
74340XBN0 PROLOGIS LP 2.125
04/15/2027
11/09/2022
11/14/2022
550,000.00
484,709.50

0.00 0.00
484,709.50
519.44

0.00 1,493.40
973.96

0.00 0.00

0.00 973.96
973.96
74456QBU9 PUBLIC SERVICE ELECTRIC
AND GAS CO 3.7 05/01/2028
09/06/2023
09/08/2023
450,000.00
424,255.50

0.00 0.00
424,255.50
8,325.00
8,325.00
1,387.50
1,387.50

0.00 0.00

0.00 1,387.50
1,387.50
756109AU8 REALTY INCOME CORP 3.65
01/15/2028
05/17/2023
05/19/2023
525,000.00
499,275.00

0.00 0.00
499,275.00
5,642.29

0.00 7,239.17
1,596.88

0.00 0.00

0.00 1,596.88
1,596.88
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028
09/07/2023
09/11/2023
500,000.00
493,010.00

0.00 0.00
493,010.00
6,500.00

0.00 8,666.67
2,166.67

0.00 0.00

0.00 2,166.67
2,166.67
79466LAF1
SALESFORCE INC 3.7
04/11/2028
10/05/2023
10/10/2023
700,000.00
658,350.00

0.00 0.00
658,350.00
1,438.89

0.00 3,597.22
2,158.33

0.00 0.00

0.00 2,158.33
2,158.33

Page 405 ends

0.00 0.00
249,575.00
1,435.42

0.00 1,841.67
406.25

0.00 0.00

0.00 406.25
406.25
89115A2M3 TORONTO-DOMINION BANK

5.156 01/10/2028
06/28/2023
06/30/2023
550,000.00
547,470.00

0.00 0.00
547,470.00
8,743.72

0.00 11,106.88
2,363.17

0.00 0.00

0.00 2,363.17
2,363.17
89236TJK2

TOYOTA MOTOR CREDIT
CORP 1.125 06/18/2026
06/15/2021
06/18/2021
465,000.00
464,795.40

0.00 0.00
464,795.40
1,932.66

0.00 2,368.59
435.94

0.00 0.00

0.00 435.94
435.94
89236TLB9

TOYOTA MOTOR CREDIT
CORP 5.25 09/11/2028
10/12/2023
10/16/2023
800,000.00
792,984.00

0.00 0.00
792,984.00
5,833.33

0.00 9,333.33
3,500.00

0.00 0.00

0.00 3,500.00
3,500.00
89238FAD5 TAOT 2022-B A3 2.93
09/15/2026
04/07/2022
04/13/2022
28,790.48
35,351.70

0.00 (6,561.90)
28,789.80

46.04 86.32

37.49 77.77

0.00 0.00

0.00 77.77

77.77 91159HJM3 US BANCORP 5.775
06/12/2029
06/20/2024
06/21/2024
550,000.00
559,955.00

0.00 0.00
559,955.00
12,263.85

0.00 14,910.73
2,646.88

0.00 0.00

0.00 2,646.88
2,646.88
9128283W8 UNITED S

TATES TREASURY

2.75 02/15/2028
03/08/2023
03/09/2023
600,000.00
557,320.31

0.00 0.00
557,320.31
3,418.51

0.00 4,831.49
1,412.98

0.00 0.00

0.00 1,412.98
1,412.98
9128285M8 UNITED STATES TREASURY

3.125 11/15/2028
11/17/2023
11/20/2023
650,000.00
610,720.70

0.00 0.00
610,720.70
9,370.68
10,156.25
938.35
1,723.92

0.00 0.00

0.00 1,723.92
1,723.92
912828Z78 UNITED S
TATES TREASURY 1.5
01/31/2027
03/30/2022
03/31/2022
500,000.00
478,320.31

0.00 0.00
478,320.31
1,864.64

0.00 2,506.91
642.27

0.00 0.00

0.00 642.27
642.27

Page 406 ends

1.125 08/31/2028 950,000.00
802,849.61

0.00 0.00
802,849.61
1,800.61

0.00 2,700.92
900.31

0.00 0.00

0.00 900.31
900.31
91282CCW9 UNITED STATES TREASURY

0.75 08/31/2026 700,000.00
696,019.54

0.00 0.00
696,019.54
884.51

0.00 1,326.77
442.26

0.00 0.00

0.00 442.26
442.26
91282CDG3 UNITED STATES TREASURY

1.125 10/31/2026 1,000,000.00
993,398.44

0.00 0.00
993,398.44

30.57 0.00
978.26
947.69

0.00 0.00

0.00 947.69
947.69
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027
09/27/2022
09/28/2022
650,000.00
603,636.72

0.00 0.00
603,636.72
1,376.37

0.00 2,752.73
1,376.37

0.00 0.00

0.00 1,376.37
1,376.37
91282CEN7 UNITED STATES TREASURY

2.75 04/30/2027
06/13/2022
06/14/2022
650,000.00
630,068.36

0.00 0.00
630,068.36

48.57 0.00
1,554.35
1,505.77

0.00 0.00

0.00 1,505.77
1,505.77
91282CEW7 UNITED STATES TREASURY

3.25 06/30/2027
07/12/2022
07/13/2022
650,000.00
657,566.41

0.00 0.00
657,566.41
7,061.12

0.00 8,870.17
1,809.05

0.00 0.00

0.00 1,809.05
1,809.05
91282CFH9 UNITED STATES TREASURY

3.125 08/31/2027
09/08/2022
09/09/2022
450,000.00
445,095.70

0.00 0.00
445,095.70
2,369.23

0.00 3,553.84
1,184.61

0.00 0.00

0.00 1,184.61
1,184.61
91282CFJ5 UNITED STATES TREASURY

3.125 08/31/2029 1,200,000.00
1,167,544.92

0.00 0.00
1,167,544.92
6,317.93

0.00 9,476.90
3,158.97

0.00 0.00

0.00 3,158.97
3,158.97
91282CFM8 UNITED STATES TREASURY

4.125 09/30/2027
10/28/2022
10/31/2022
600,000.00
598,125.00

0.00 0.00
598,125.00
2,096.31

0.00 4,192.62
2,096.31

0.00 0.00

0.00 2,096.31
2,096.31

Page 407 ends

4.125 10/31/2027 1,050,000.00
1,067,035.16

0.00 0.00
1,067,035.16
117.70

0.00 3,766.30
3,648.61

0.00 0.00

0.00 3,648.61
3,648.61
91282CGC9 UNITED STATES TREASURY

3.875 12/31/2027
01/26/2023
01/27/2023
525,000.00
531,029.30

0.00 0.00
531,029.30
6,799.98

0.00 8,542.13
1,742.14

0.00 0.00

0.00 1,742.14
1,742.14
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028
12/11/2023
12/12/2023
700,000.00
677,113.28

0.00 0.00
677,113.28
6,091.16

0.00 8,189.23
2,098.07

0.00 0.00

0.00 2,098.07
2,098.07
91282CGT2 UNITED STATES TREASURY

3.625 03/31/2028 850,000.00
849,814.46

0.00 0.00
849,814.46
2,609.80

0.00 5,219.60
2,609.80

0.00 0.00

0.00 2,609.80
2,609.80
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028
05/19/2023
05/22/2023
800,000.00
792,281.25

0.00 0.00
792,281.25

76.09 0.00
2,434.78
2,358.70

0.00 0.00

0.00 2,358.70
2,358.70
91282CHE4 UNITED STATES TREASURY

3.625 05/31/2028 875,000.00
852,414.06

0.00 0.00
852,414.06
13,245.19

0.00 86.66
(13,158.53)

0.00 0.00

0.00 (13,158.53)
(13,158.53)
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028
10/13/2023
10/16/2023
850,000.00
826,259.77

0.00 0.00
826,259.77
11,364.64

0.00 14,276.24
2,911.60

0.00 0.00

0.00 2,911.60
2,911.60
91282CHQ7 UNITED STATES TREASURY

4.125 07/31/2028
10/13/2023
10/16/2023
800,000.00
781,375.00

0.00 0.00
781,375.00
8,204.42

0.00 11,030.39
2,825.97

0.00 0.00

0.00 2,825.97
2,825.97
91282CJA0 UNITED STATES TREASURY

4.625 09/30/2028
10/05/2023
10/06/2023
850,000.00
847,542.97

0.00 0.00
847,542.97
3,329.75

0.00 6,659.49
3,329.75

0.00 0.00

0.00 3,329.75
3,329.75

Page 408 ends

3.75 12/31/2028
01/17/2024
01/18/2024
650,000.00
642,052.73

0.00 0.00
642,052.73
8,147.44

0.00 10,234.81
2,087.36

0.00 0.00

0.00 2,087.36
2,087.36
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029
02/26/2024
02/27/2024
750,000.00
739,599.61

0.00 0.00
739,599.61
7,458.56

0.00 10,027.62
2,569.06

0.00 0.00

0.00 2,569.06
2,569.06
91282CKD2 UNITED STATES TREASURY

4.25 02/28/2029 800,000.00
798,457.03

0.00 0.00
798,457.03
5,728.26

0.00 8,592.39
2,864.13

0.00 0.00

0.00 2,864.13
2,864.13
91282CKG5 UNITED STATES TREASURY

4.125 03/31/2029 850,000.00
832,064.45

0.00 0.00
832,064.45
2,969.77

0.00 5,939.55
2,969.77

0.00 0.00

0.00 2,969.77
2,969.77
91282CKP5 UNITED STATES TREASURY

4.625 04/30/2029 800,000.00
799,640.62

0.00 0.00
799,640.62
100.54

0.00 3,217.39
3,116.85

0.00 0.00

0.00 3,116.85
3,116.85
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029
06/26/2024
06/27/2024
600,000.00
604,406.25

0.00 0.00
604,406.25
11,274.73

0.00 73.77
(11,200.95)

0.00 0.00

0.00 (11,200.95)
(11,200.95)
91282CKX8 UNITED STATES TREASURY

4.25 06/30/2029 950,000.00
972,701.17

0.00 0.00
972,701.17
13,495.51

0.00 16,953.04
3,457.53

0.00 0.00

0.00 3,457.53
3,457.53
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 950,000.00
954,156.26

0.00 0.00
954,156.26
9,447.51

0.00 12,701.66
3,254.14

0.00 0.00

0.00 3,254.14
3,254.14
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,200,000.00
1,186,796.88

0.00 0.00
1,186,796.88
3,557.38

0.00 7,114.75
3,557.38

0.00 0.00

0.00 3,557.38
3,557.38

Page 409 ends

4.125 10/31/2029 1,050,000.00
1,044,560.54

0.00 0.00
1,044,560.54
117.70

0.00 3,766.30
3,648.61

0.00 0.00

0.00 3,648.61
3,648.61
91282CLX7 UNITED STATES TREASURY

4.125 11/15/2027
04/28/2025
04/29/2025
625,000.00
630,493.16

0.00 0.00
630,493.16
11,893.56
12,890.63
1,190.98
2,188.05

0.00 0.00

0.00 2,188.05
2,188.05
91282CMA6 UNITED STATES TREASURY

4.125 11/30/2029 1,100,000.00
1,089,496.10

0.00 0.00
1,089,496.10
18,947.80

0.00 123.98
(18,823.83)

0.00 0.00

0.00 (18,823.83)
(18,823.83)
91282CMD0 UNITED STATES TREASURY

4.375 12/31/2029 1,100,000.00
1,098,230.47

0.00 0.00
1,098,230.47
16,085.98

0.00 20,207.18
4,121.20

0.00 0.00

0.00 4,121.20
4,121.20
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030
04/15/2025
04/16/2025
750,000.00
750,732.42

0.00 0.00
750,732.42
2,540.98

0.00 5,081.97
2,540.98

0.00 0.00

0.00 2,540.98
2,540.98
91282CMZ1 UNITED STATES TREASURY

3.875 04/30/2030
05/28/2025
05/29/2025
650,000.00

0.00 644,287.11

0.00 (1,984.88)
2,190.22
205.34

0.00 0.00

0.00 205.34
205.34
91324PEC2 UNITEDHEALTH GROUP INC

1.15 05/15/2026 550,000.00
544,142.55

0.00 0.00
544,142.55
2,916.53
3,162.50
281.11
527.08

0.00 0.00

0.00 527.08
527.08
927804GH1 VIRGINIA ELECTRIC AND
POWER CO 3.75 05/15/2027
05/16/2022
05/31/2022
115,000.00
114,641.20

0.00 0.00
114,641.20
1,988.54
2,156.25
191.67
359.38

0.00 0.00

0.00 359.38
359.38
931142ER0 WALMART INC 1.05
09/17/2026
09/08/2021
09/17/2021
110,000.00
109,792.10

0.00 0.00
109,792.10
141.17

0.00 237.42

96.25 0.00

0.00 0.00

96.25 96.25

Page 410 ends

0.00 0.00
249,702.50
1,426.39

0.00 2,249.31
822.92

0.00 0.00

0.00 822.92
822.92
Total Fixed Income 55,858,527.51
54,819,625.62
896,684.61
(758,501.97)
54,957,808.27
390,812.40
56,359.84
441,495.92
107,043.35

0.00 0.00

0.00 107,043.35 107,043.35
TOTAL PORTFOLIO 55,962,961.25
54,958,208.79
1,441,411.18
(1,389,200.82)
55,062,242.01
390,812.40
57,821.66
441,495.92
108,505.17

0.00 0.00

0.00 108,505.17 108,505.17

Page 411 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount JUNE 2025
06/05/2025 Coupon 46647PAX4 225,000.00 JPMORGAN CHASE & CO 4.452 12/05/2029 5,008.50 5,008.50 06/09/2025 Coupon 3130AWMN7 550,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 12,031.25 12,031.25
06/12/2025 Coupon 3130ATUC9 800,000.00 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 18,000.00 18,000.00 06/12/2025 Coupon 91159HJM3 550,000.00 US BANCORP 5.775 06/12/2029 15,881.25 15,881.25 06/16/2025 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 06/16/2025 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 06/16/2025 Coupon 362554AC1 3,781.47 GMCAR 2021-4 A3 0.68 09/16/2026 4.39 4.39 06/16/2025 Principal Paydown 362554AC1 3,781.47 GMCAR 2021-4 A3 0.68 09/16/2026 3,307.64 3,307.64 06/16/2025 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 87.75 87.75 06/16/2025 Principal Paydown 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 5,301.08 5,301.08 06/16/2025 Coupon 380146AC4 6,398.60 GMCAR 2022-1 A3 1.26 11/16/2026 8.06 8.06 06/16/2025 Principal Paydown 380146AC4 6,398.60 GMCAR 2022-1 A3 1.26 11/16/2026 3,225.06 3,225.06 06/16/2025 Coupon 43815BAC4 22,980.45 HAROT 2022-1 A3 1.88 05/15/2026 36.00 36.00 06/16/2025 Principal Paydown 43815BAC4 22,980.45 HAROT 2022-1 A3 1.88 05/15/2026 8,391.11 8,391.11 06/16/2025 Coupon 448977AD0 13,154.82 HART 2022-A A3 2.22 10/15/2026 24.34 24.34 06/16/2025 Principal Paydown 448977AD0 13,154.82 HART 2022-A A3 2.22 10/15/2026 4,773.80 4,773.80 06/16/2025 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 06/16/2025 Coupon 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 44.03 44.03 06/16/2025 Principal Paydown 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 4,486.24 4,486.24 06/16/2025 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 556.51 556.51 06/16/2025 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 5,556.14 5,556.14 06/16/2025 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 190.89 190.89 06/16/2025 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 6,073.47 6,073.47 06/16/2025 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 06/16/2025 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 823.61 823.61 06/16/2025 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 15,590.37 15,590.37 06/16/2025 Coupon 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 70.30 70.30 06/16/2025 Principal Paydown 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 6,026.72 6,026.72 06/17/2025 Coupon 3135G04Z3 875,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 06/17/2025 2,187.50 2,187.50

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/17/2025 Final Maturity 3135G04Z3 875,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 06/17/2025 875,000.00 875,000.00
06/18/2025 Coupon 89236TJK2 465,000.00 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 2,615.63 2,615.63
06/23/2025 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 826.88 826.88 06/25/2025 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 300.89 300.89 06/25/2025 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 4,545.80 4,545.80 06/25/2025 Coupon 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 50.63 50.63 06/25/2025 Principal Paydown 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 5,089.36 5,089.36 06/25/2025 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 06/25/2025 Coupon 437076DC3 235,000.00 HOME DEPOT INC 4.75 06/25/2029 5,581.25 5,581.25 06/30/2025 Coupon 91282CEW7 650,000.00 UNITED STATES TREASURY 3.25 06/30/2027 10,562.50 10,562.50 06/30/2025 Coupon 91282CGC9 525,000.00 UNITED STATES TREASURY 3.875 12/31/2027 10,171.88 10,171.88 06/30/2025 Coupon 91282CHK0 850,000.00 UNITED STATES TREASURY 4.0 06/30/2028 17,000.00 17,000.00 06/30/2025 Coupon 91282CJR3 650,000.00 UNITED STATES TREASURY 3.75 12/31/2028 12,187.50 12,187.50 06/30/2025 Coupon 91282CKX8 950,000.00 UNITED STATES TREASURY 4.25 06/30/2029 20,187.50 20,187.50 06/30/2025 Coupon 91282CMD0 1,100,000.00 UNITED STATES TREASURY 4.375 12/31/2029 24,062.50 24,062.50 June 2025 Total 947,366.79 166,563.18 1,113,929.97
JULY 2025
07/07/2025 Coupon 02665WEM9 500,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 12,812.50 12,812.50
07/10/2025 Coupon 89115A2M3 550,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 14,179.00 14,179.00 07/14/2025 Coupon 24422EXB0 650,000.00 JOHN DEERE CAPITAL CORP 4.95 07/14/2028 16,087.50 16,087.50 07/14/2025 Coupon 45950KDD9 240,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 5,400.00 5,400.00
07/15/2025 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 07/15/2025 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 07/15/2025 Coupon 43815BAC4 22,980.45 HAROT 2022-1 A3 1.88 05/15/2026 22.86 22.86 07/15/2025 Principal Paydown 43815BAC4 22,980.45 HAROT 2022-1 A3 1.88 05/15/2026 8,220.47 8,220.47 07/15/2025 Coupon 448977AD0 13,154.82 HART 2022-A A3 2.22 10/15/2026 15.50 15.50 07/15/2025 Principal Paydown 448977AD0 13,154.82 HART 2022-A A3 2.22 10/15/2026 4,684.55 4,684.55 07/15/2025 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/15/2025 Coupon 4581X0DN5 335,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.625 07/15/2025 1,046.88 1,046.88
07/15/2025 Final Maturity 4581X0DN5 335,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.625 07/15/2025 335,000.00 335,000.00
07/15/2025 Coupon 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 35.35 35.35 07/15/2025 Principal Paydown 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 5,312.65 5,312.65 07/15/2025 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 532.52 532.52 07/15/2025 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 6,705.18 6,705.18 07/15/2025 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 171.97 171.97 07/15/2025 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 5,280.47 5,280.47 07/15/2025 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 07/15/2025 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 755.92 755.92 07/15/2025 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 15,216.08 15,216.08 07/15/2025 Coupon 756109AU8 525,000.00 REALTY INCOME CORP 3.65 01/15/2028 9,581.25 9,581.25 07/15/2025 Coupon 87612EBM7 250,000.00 TARGET CORP 1.95 01/15/2027 2,437.50 2,437.50 07/15/2025 Coupon 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 55.58 55.58 07/15/2025 Principal Paydown 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 5,902.74 5,902.74 07/16/2025 Coupon 362554AC1 3,781.47 GMCAR 2021-4 A3 0.68 09/16/2026 2.52 2.52 07/16/2025 Principal Paydown 362554AC1 3,781.47 GMCAR 2021-4 A3 0.68 09/16/2026 3,177.65 3,177.65 07/16/2025 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 74.05 74.05 07/16/2025 Principal Paydown 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 5,175.41 5,175.41 07/16/2025 Coupon 380146AC4 6,398.60 GMCAR 2022-1 A3 1.26 11/16/2026 4.67 4.67 07/16/2025 Principal Paydown 380146AC4 6,398.60 GMCAR 2022-1 A3 1.26 11/16/2026 3,153.93 3,153.93 07/21/2025 Coupon 06051GGF0 400,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 7,648.00 7,648.00 07/21/2025 Coupon 3137EAEU9 875,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 07/21/2025 1,640.63 1,640.63
07/21/2025 Final Maturity 3137EAEU9 875,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 07/21/2025 875,000.00 875,000.00
07/21/2025 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 826.88 826.88 07/23/2025 Coupon 06051GHM4 200,000.00 BANK OF AMERICA CORP 4.271 07/23/2029 4,271.00 4,271.00 07/25/2025 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 280.17 280.17 07/25/2025 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 4,454.06 4,454.06

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/25/2025 Coupon 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 37.02 37.02 07/25/2025 Principal Paydown 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 4,953.40 4,953.40 07/25/2025 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 07/25/2025 Coupon 46647PDG8 550,000.00 JPMORGAN CHASE & CO 4.851 07/25/2028 13,340.25 13,340.25 07/31/2025 Coupon 69371RS80 675,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 15,525.00 15,525.00 07/31/2025 Coupon 912828Z78 500,000.00 UNITED STATES TREASURY 1.5 01/31/2027 3,750.00 3,750.00 07/31/2025 Coupon 91282CGH8 700,000.00 UNITED STATES TREASURY 3.5 01/31/2028 12,250.00 12,250.00 07/31/2025 Coupon 91282CHQ7 800,000.00 UNITED STATES TREASURY 4.125 07/31/2028 16,500.00 16,500.00 07/31/2025 Coupon 91282CJW2 750,000.00 UNITED STATES TREASURY 4.0 01/31/2029 15,000.00 15,000.00 07/31/2025 Coupon 91282CLC3 950,000.00 UNITED STATES TREASURY 4.0 07/31/2029 19,000.00 19,000.00 July 2025 Total 1,282,236.60 181,346.17 1,463,582.77
AUGUST 2025
08/01/2025 Coupon 78016HZS2 500,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 13,000.00 13,000.00 08/07/2025 Coupon 06406RAB3 700,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 12,047.00 12,047.00
08/07/2025 Coupon 63743HFX5 670,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 16,582.50 16,582.50
08/12/2025 Coupon 14913R3A3 330,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 5,940.00 5,940.00
08/15/2025 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 08/15/2025 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 08/15/2025 Coupon 43815BAC4 22,980.45 HAROT 2022-1 A3 1.88 05/15/2026 9.98 9.98 08/15/2025 Effective Maturity 43815BAC4 22,980.45 HAROT 2022-1 A3 1.88 05/15/2026 6,368.87 6,368.87 08/15/2025 Coupon 448977AD0 13,154.82 HART 2022-A A3 2.22 10/15/2026 6.84 6.84 08/15/2025 Effective Maturity 448977AD0 13,154.82 HART 2022-A A3 2.22 10/15/2026 3,696.47 3,696.47 08/15/2025 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 08/15/2025 Coupon 4581X0EN4 700,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 14,437.50 14,437.50
08/15/2025 Coupon 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 25.08 25.08 08/15/2025 Principal Paydown 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 4,813.52 4,813.52 08/15/2025 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 503.58 503.58 08/15/2025 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 6,506.47 6,506.47

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/15/2025 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 155.51 155.51 08/15/2025 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 4,941.14 4,941.14 08/15/2025 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 08/15/2025 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 689.86 689.86 08/15/2025 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 14,785.17 14,785.17 08/15/2025 Coupon 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 41.17 41.17 08/15/2025 Principal Paydown 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 5,742.97 5,742.97 08/15/2025 Coupon 9128283W8 600,000.00 UNITED STATES TREASURY 2.75 02/15/2028 8,250.00 8,250.00 08/18/2025 Coupon 362554AC1 3,781.47 GMCAR 2021-4 A3 0.68 09/16/2026 0.72 0.72 08/18/2025 Effective Maturity 362554AC1 3,781.47 GMCAR 2021-4 A3 0.68 09/16/2026 1,266.44 1,266.44 08/18/2025 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 60.68 60.68 08/18/2025 Principal Paydown 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 4,848.22 4,848.22 08/18/2025 Coupon 380146AC4 6,398.60 GMCAR 2022-1 A3 1.26 11/16/2026 1.36 1.36 08/18/2025 Effective Maturity 380146AC4 6,398.60 GMCAR 2022-1 A3 1.26 11/16/2026 1,292.48 1,292.48 08/21/2025 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 826.88 826.88 08/21/2025 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 8,539.09 8,539.09 08/25/2025 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 259.87 259.87 08/25/2025 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 4,320.78 4,320.78 08/25/2025 Coupon 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 23.77 23.77 08/25/2025 Principal Paydown 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 4,790.09 4,790.09 08/25/2025 Coupon 3135G05X7 560,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.375 08/25/2025 1,050.00 1,050.00
08/25/2025 Final Maturity 3135G05X7 560,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.375 08/25/2025 560,000.00 560,000.00
08/25/2025 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 08/27/2025 Coupon 14913UAJ9 300,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 7,275.00 7,275.00
August 2025 Total 631,911.71 89,248.94 721,160.65
SEPTEMBER 2025
09/02/2025 Coupon 91282CCV1 950,000.00 UNITED STATES TREASURY 1.125 08/31/2028 5,343.75 5,343.75 09/02/2025 Coupon 91282CCW9 700,000.00 UNITED STATES TREASURY 0.75 08/31/2026 2,625.00 2,625.00 09/02/2025 Coupon 91282CFH9 450,000.00 UNITED STATES TREASURY 3.125 08/31/2027 7,031.25 7,031.25

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/02/2025 Coupon 91282CFJ5 1,200,000.00 UNITED STATES TREASURY 3.125 08/31/2029 18,750.00 18,750.00 09/02/2025 Coupon 91282CKD2 800,000.00 UNITED STATES TREASURY 4.25 02/28/2029 17,000.00 17,000.00 09/08/2025 Coupon 3130AWTR1 800,000.00 FEDERAL HOME LOAN BANKS 4.375 09/08/2028 17,500.00 17,500.00
09/09/2025 Coupon 931142EX7 250,000.00 WALMART INC 3.95 09/09/2027 4,937.50 4,937.50 09/11/2025 Coupon 89236TLB9 800,000.00 TOYOTA MOTOR CREDIT CORP 5.25 09/11/2028 21,000.00 21,000.00 09/15/2025 Coupon 084664CZ2 400,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 4,600.00 4,600.00
09/15/2025 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 09/15/2025 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 09/15/2025 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 09/15/2025 Coupon 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 15.78 15.78 09/15/2025 Principal Paydown 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 4,688.29 4,688.29 09/15/2025 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 475.49 475.49 09/15/2025 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 6,703.25 6,703.25 09/15/2025 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 140.11 140.11 09/15/2025 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 5,144.57 5,144.57 09/15/2025 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 09/15/2025 Coupon 571748CA8 650,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 15,112.50 15,112.50
09/15/2025 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 625.67 625.67 09/15/2025 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 14,490.95 14,490.95 09/15/2025 Coupon 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 27.15 27.15 09/15/2025 Principal Paydown 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 5,617.51 5,617.51 09/16/2025 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 48.16 48.16 09/16/2025 Principal Paydown 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 4,644.97 4,644.97 09/17/2025 Coupon 931142ER0 110,000.00 WALMART INC 1.05 09/17/2026 577.50 577.50 09/22/2025 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 786.53 786.53 09/22/2025 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 10,087.00 10,087.00 09/23/2025 Coupon 3137EAEX3 540,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 1,012.50 1,012.50
09/23/2025 Final Maturity 3137EAEX3 540,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 540,000.00 540,000.00

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/25/2025 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 240.17 240.17 09/25/2025 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 4,231.95 4,231.95 09/25/2025 Coupon 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 10.95 10.95 09/25/2025 Principal Paydown 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 4,059.16 4,059.16 09/25/2025 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 09/30/2025 Coupon 91282CEF4 650,000.00 UNITED STATES TREASURY 2.5 03/31/2027 8,125.00 8,125.00 09/30/2025 Coupon 91282CFM8 600,000.00 UNITED STATES TREASURY 4.125 09/30/2027 12,375.00 12,375.00 09/30/2025 Coupon 91282CGT2 850,000.00 UNITED STATES TREASURY 3.625 03/31/2028 15,406.25 15,406.25 09/30/2025 Coupon 91282CJA0 850,000.00 UNITED STATES TREASURY 4.625 09/30/2028 19,656.25 19,656.25 09/30/2025 Coupon 91282CKG5 850,000.00 UNITED STATES TREASURY 4.125 03/31/2029 17,531.25 17,531.25 09/30/2025 Coupon 91282CLN9 1,200,000.00 UNITED STATES TREASURY 3.5 09/30/2029 21,000.00 21,000.00 09/30/2025 Coupon 91282CMU2 750,000.00 UNITED STATES TREASURY 4.0 03/31/2030 15,000.00 15,000.00 September 2025
Total 599,667.64 235,015.41 834,683.06
OCTOBER 2025
10/14/2025 Coupon 023135CF1 300,000.00 AMAZON.COM INC 3.3 04/13/2027 4,950.00 4,950.00 10/14/2025 Coupon 79466LAF1 700,000.00 SALESFORCE INC 3.7 04/11/2028 12,950.00 12,950.00 10/15/2025 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 10/15/2025 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 10/15/2025 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 10/15/2025 Coupon 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 6.71 6.71 10/15/2025 Effective Maturity 47787JAC2 22,181.17 JDOT 2022 A3 2.32 09/15/2026 3,471.44 3,471.44 10/15/2025 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 446.56 446.56 10/15/2025 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 7,409.87 7,409.87 10/15/2025 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 124.07 124.07 10/15/2025 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 6,021.60 6,021.60 10/15/2025 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 10/15/2025 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 562.75 562.75 10/15/2025 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 13,922.13 13,922.13 10/15/2025 Coupon 74340XBN0 550,000.00 PROLOGIS LP 2.125 04/15/2027 5,843.75 5,843.75 10/15/2025 Coupon 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 13.43 13.43 10/15/2025 Principal Paydown 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 5,394.37 5,394.37

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/16/2025 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 36.16 36.16 10/16/2025 Principal Paydown 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 4,454.70 4,454.70 10/16/2025 Coupon 459058LN1 500,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 9,687.50 9,687.50
10/20/2025 Coupon 4581X0DV7 890,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 3,893.75 3,893.75
10/20/2025 Coupon 61747YFD2 200,000.00 MORGAN STANLEY 5.164 04/20/2029 5,164.00 5,164.00 10/21/2025 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 738.87 738.87 10/21/2025 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 9,662.18 9,662.18 10/27/2025 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 220.88 220.88 10/27/2025 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 4,072.24 4,072.24 10/27/2025 Coupon 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 0.09 0.09 10/27/2025 Effective Maturity 05602RAD3 18,404.97 BMWOT 2022-A A3 3.21 08/25/2026 35.42 35.42 10/27/2025 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 10/28/2025 Coupon 459058JL8 900,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 2,250.00 2,250.00
10/28/2025 Final Maturity 459058JL8 900,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 900,000.00 900,000.00
10/30/2025 Coupon 3133ERDH1 550,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.75 04/30/2029 13,062.50 13,062.50
10/31/2025 Coupon 91282CDG3 1,000,000.00 UNITED STATES TREASURY 1.125 10/31/2026 5,625.00 5,625.00 10/31/2025 Coupon 91282CEN7 650,000.00 UNITED STATES TREASURY 2.75 04/30/2027 8,937.50 8,937.50 10/31/2025 Coupon 91282CFU0 1,050,000.00 UNITED STATES TREASURY 4.125 10/31/2027 21,656.25 21,656.25 10/31/2025 Coupon 91282CHA2 800,000.00 UNITED STATES TREASURY 3.5 04/30/2028 14,000.00 14,000.00 10/31/2025 Coupon 91282CKP5 800,000.00 UNITED STATES TREASURY 4.625 04/30/2029 18,500.00 18,500.00 10/31/2025 Coupon 91282CLR0 1,050,000.00 UNITED STATES TREASURY 4.125 10/31/2029 21,656.25 21,656.25 10/31/2025 Coupon 91282CMZ1 650,000.00 UNITED STATES TREASURY 3.875 04/30/2030 12,593.75 12,593.75 October 2025 Total 954,443.94 170,981.44 1,125,425.38
NOVEMBER 2025
11/03/2025 Coupon 74456QBU9 450,000.00 PUBLIC SERVICE ELECTRIC AND GAS CO 3.7 05/01/2028 8,325.00 8,325.00
11/04/2025 Coupon 61772BAB9 550,000.00 MORGAN STANLEY 1.593 05/04/2027 4,380.75 4,380.75

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/07/2025 Coupon 3135G06G3 580,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 11/07/2025 1,450.00 1,450.00
11/07/2025 Final Maturity 3135G06G3 580,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 11/07/2025 580,000.00 580,000.00
11/10/2025 Coupon 037833ET3 95,000.00 APPLE INC 4.0 05/10/2028 1,900.00 1,900.00 11/12/2025 Coupon 023135BY1 450,000.00 AMAZON.COM INC 1.65 05/12/2028 3,712.50 3,712.50 11/17/2025 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 11/17/2025 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 11/17/2025 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 24.65 24.65 11/17/2025 Principal Paydown 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 4,204.13 4,204.13 11/17/2025 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 11/17/2025 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 414.57 414.57 11/17/2025 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 8,114.79 8,114.79 11/17/2025 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 105.31 105.31 11/17/2025 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 6,412.48 6,412.48 11/17/2025 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 11/17/2025 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 502.31 502.31 11/17/2025 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 13,597.14 13,597.14 11/17/2025 Coupon 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 0.26 0.26 11/17/2025 Effective Maturity 89238FAD5 28,790.48 TAOT 2022-B A3 2.93 09/15/2026 106.17 106.17 11/17/2025 Coupon 9128285M8 650,000.00 UNITED STATES TREASURY 3.125 11/15/2028 10,156.25 10,156.25 11/17/2025 Coupon 91282CLX7 625,000.00 UNITED STATES TREASURY 4.125 11/15/2027 12,890.63 12,890.63 11/17/2025 Coupon 91324PEC2 550,000.00 UNITEDHEALTH GROUP INC 1.15 05/15/2026 3,162.50 3,162.50 11/17/2025 Coupon 927804GH1 115,000.00 VIRGINIA ELECTRIC AND POWER CO 3.75 05/15/2027 2,156.25 2,156.25
11/21/2025 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 693.21 693.21 11/21/2025 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 9,410.44 9,410.44 11/25/2025 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 202.32 202.32 11/25/2025 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 3,753.32 3,753.32 11/25/2025 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 November 2025
Total 625,598.47 58,138.16 683,736.64

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount DECEMBER 2025
12/01/2025 Coupon 91282CHE4 875,000.00 UNITED STATES TREASURY 3.625 05/31/2028 15,859.38 15,859.38 12/01/2025 Coupon 91282CKT7 600,000.00 UNITED STATES TREASURY 4.5 05/31/2029 13,500.00 13,500.00 12/01/2025 Coupon 91282CMA6 1,100,000.00 UNITED STATES TREASURY 4.125 11/30/2029 22,687.50 22,687.50 12/05/2025 Coupon 46647PAX4 225,000.00 JPMORGAN CHASE & CO 4.452 12/05/2029 5,008.50 5,008.50 12/09/2025 Coupon 3130AWMN7 550,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 12,031.25 12,031.25
12/12/2025 Coupon 3130ATUC9 800,000.00 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 18,000.00 18,000.00 12/12/2025 Final Maturity 3130ATUC9 800,000.00 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 800,000.00 800,000.00 12/12/2025 Coupon 91159HJM3 550,000.00 US BANCORP 5.775 06/12/2029 15,881.25 15,881.25 12/15/2025 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 12/15/2025 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 12/15/2025 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 12/15/2025 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 379.54 379.54 12/15/2025 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 6,188.56 6,188.56 12/15/2025 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 85.32 85.32 12/15/2025 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 4,784.25 4,784.25 12/15/2025 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 12/15/2025 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 443.27 443.27 12/15/2025 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 12,959.17 12,959.17 12/16/2025 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 13.79 13.79 12/16/2025 Principal Paydown 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 3,955.79 3,955.79 12/18/2025 Coupon 89236TJK2 465,000.00 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 2,615.63 2,615.63
12/22/2025 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 648.75 648.75 12/22/2025 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 8,924.75 8,924.75 12/25/2025 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 185.21 185.21 12/25/2025 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 3,492.38 3,492.38 12/25/2025 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 12/26/2025 Coupon 437076DC3 235,000.00 HOME DEPOT INC 4.75 06/25/2029 5,581.25 5,581.25 12/31/2025 Coupon 91282CEW7 650,000.00 UNITED STATES TREASURY 3.25 06/30/2027 10,562.50 10,562.50 12/31/2025 Coupon 91282CGC9 525,000.00 UNITED STATES TREASURY 3.875 12/31/2027 10,171.88 10,171.88

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/31/2025 Coupon 91282CHK0 850,000.00 UNITED STATES TREASURY 4.0 06/30/2028 17,000.00 17,000.00 12/31/2025 Coupon 91282CJR3 650,000.00 UNITED STATES TREASURY 3.75 12/31/2028 12,187.50 12,187.50 12/31/2025 Coupon 91282CKX8 950,000.00 UNITED STATES TREASURY 4.25 06/30/2029 20,187.50 20,187.50 12/31/2025 Coupon 91282CMD0 1,100,000.00 UNITED STATES TREASURY 4.375 12/31/2029 24,062.50 24,062.50 December 2025
Total 840,304.89 215,154.17 1,055,459.06
JANUARY 2026
01/07/2026 Coupon 02665WEM9 500,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 12,812.50 12,812.50
01/12/2026 Coupon 89115A2M3 550,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 14,179.00 14,179.00 01/13/2026 Coupon 45950KDD9 240,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 5,400.00 5,400.00
01/14/2026 Coupon 24422EXB0 650,000.00 JOHN DEERE CAPITAL CORP 4.95 07/14/2028 16,087.50 16,087.50 01/15/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 01/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 01/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 01/15/2026 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 352.83 352.83 01/15/2026 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 9,743.33 9,743.33 01/15/2026 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 70.41 70.41 01/15/2026 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 7,914.11 7,914.11 01/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 01/15/2026 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 387.01 387.01 01/15/2026 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 12,741.76 12,741.76 01/15/2026 Coupon 756109AU8 525,000.00 REALTY INCOME CORP 3.65 01/15/2028 9,581.25 9,581.25 01/15/2026 Coupon 87612EBM7 250,000.00 TARGET CORP 1.95 01/15/2027 2,437.50 2,437.50 01/16/2026 Coupon 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 3.57 3.57 01/16/2026 Effective Maturity 362585AC5 32,848.06 GMCAR 2022-2 A3 3.1 02/16/2027 1,381.50 1,381.50 01/20/2026 Coupon 06051GGF0 400,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 7,648.00 7,648.00 01/21/2026 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 606.58 606.58 01/21/2026 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 8,744.65 8,744.65 01/23/2026 Coupon 06051GHM4 200,000.00 BANK OF AMERICA CORP 4.271 07/23/2029 4,271.00 4,271.00 01/26/2026 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 169.29 169.29

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/26/2026 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 3,283.97 3,283.97 01/26/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 01/26/2026 Coupon 46647PDG8 550,000.00 JPMORGAN CHASE & CO 4.851 07/25/2028 13,340.25 13,340.25 January 2026 Total 43,809.31 95,408.35 139,217.66
FEBRUARY 2026
02/02/2026 Coupon 69371RS80 675,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 15,525.00 15,525.00 02/02/2026 Coupon 78016HZS2 500,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 13,000.00 13,000.00 02/02/2026 Coupon 912828Z78 500,000.00 UNITED STATES TREASURY 1.5 01/31/2027 3,750.00 3,750.00 02/02/2026 Coupon 91282CGH8 700,000.00 UNITED STATES TREASURY 3.5 01/31/2028 12,250.00 12,250.00 02/02/2026 Coupon 91282CHQ7 800,000.00 UNITED STATES TREASURY 4.125 07/31/2028 16,500.00 16,500.00 02/02/2026 Coupon 91282CJW2 750,000.00 UNITED STATES TREASURY 4.0 01/31/2029 15,000.00 15,000.00 02/02/2026 Coupon 91282CLC3 950,000.00 UNITED STATES TREASURY 4.0 07/31/2029 19,000.00 19,000.00 02/09/2026 Coupon 06406RAB3 700,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 12,047.00 12,047.00
02/09/2026 Coupon 63743HFX5 670,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 16,582.50 16,582.50
02/12/2026 Coupon 14913R3A3 330,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 5,940.00 5,940.00
02/16/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 02/16/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 02/16/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 02/16/2026 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 310.77 310.77 02/16/2026 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 8,117.78 8,117.78 02/16/2026 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 45.74 45.74 02/16/2026 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 6,613.61 6,613.61 02/16/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 02/16/2026 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 331.69 331.69 02/16/2026 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 12,580.18 12,580.18 02/17/2026 Coupon 4581X0EN4 700,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 14,437.50 14,437.50
02/17/2026 Coupon 9128283W8 600,000.00 UNITED STATES TREASURY 2.75 02/15/2028 8,250.00 8,250.00 02/23/2026 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 565.26 565.26

Page 423 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/23/2026 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 8,606.81 8,606.81 02/25/2026 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 154.32 154.32 02/25/2026 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 3,240.31 3,240.31 02/25/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 02/27/2026 Coupon 14913UAJ9 300,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 7,275.00 7,275.00
February 2026
Total 39,158.69 169,026.45 208,185.13
MARCH 2026
03/02/2026 Coupon 91282CCV1 950,000.00 UNITED STATES TREASURY 1.125 08/31/2028 5,343.75 5,343.75 03/02/2026 Coupon 91282CCW9 700,000.00 UNITED STATES TREASURY 0.75 08/31/2026 2,625.00 2,625.00 03/02/2026 Coupon 91282CFH9 450,000.00 UNITED STATES TREASURY 3.125 08/31/2027 7,031.25 7,031.25 03/02/2026 Coupon 91282CFJ5 1,200,000.00 UNITED STATES TREASURY 3.125 08/31/2029 18,750.00 18,750.00 03/02/2026 Coupon 91282CKD2 800,000.00 UNITED STATES TREASURY 4.25 02/28/2029 17,000.00 17,000.00 03/09/2026 Coupon 3130AWTR1 800,000.00 FEDERAL HOME LOAN BANKS 4.375 09/08/2028 17,500.00 17,500.00
03/09/2026 Coupon 931142EX7 250,000.00 WALMART INC 3.95 09/09/2027 4,937.50 4,937.50 03/11/2026 Coupon 89236TLB9 800,000.00 TOYOTA MOTOR CREDIT CORP 5.25 09/11/2028 21,000.00 21,000.00 03/16/2026 Coupon 084664CZ2 400,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 4,600.00 4,600.00
03/16/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 03/16/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 03/16/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 03/16/2026 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 275.73 275.73 03/16/2026 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 6,871.40 6,871.40 03/16/2026 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 25.13 25.13 03/16/2026 Principal Paydown 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 5,559.44 5,559.44 03/16/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 03/16/2026 Coupon 571748CA8 650,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 15,112.50 15,112.50
03/16/2026 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 277.07 277.07 03/16/2026 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 12,262.21 12,262.21 03/17/2026 Coupon 931142ER0 110,000.00 WALMART INC 1.05 09/17/2026 577.50 577.50

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/23/2026 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 524.59 524.59 03/23/2026 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 8,349.77 8,349.77 03/25/2026 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 139.55 139.55 03/25/2026 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 3,150.22 3,150.22 03/25/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 03/31/2026 Coupon 91282CEF4 650,000.00 UNITED STATES TREASURY 2.5 03/31/2027 8,125.00 8,125.00 03/31/2026 Coupon 91282CFM8 600,000.00 UNITED STATES TREASURY 4.125 09/30/2027 12,375.00 12,375.00 03/31/2026 Coupon 91282CGT2 850,000.00 UNITED STATES TREASURY 3.625 03/31/2028 15,406.25 15,406.25 03/31/2026 Coupon 91282CJA0 850,000.00 UNITED STATES TREASURY 4.625 09/30/2028 19,656.25 19,656.25 03/31/2026 Coupon 91282CKG5 850,000.00 UNITED STATES TREASURY 4.125 03/31/2029 17,531.25 17,531.25 03/31/2026 Coupon 91282CLN9 1,200,000.00 UNITED STATES TREASURY 3.5 09/30/2029 21,000.00 21,000.00 03/31/2026 Coupon 91282CMU2 750,000.00 UNITED STATES TREASURY 4.0 03/31/2030 15,000.00 15,000.00 March 2026 Total 36,193.05 232,874.99 269,068.03
APRIL 2026
04/13/2026 Coupon 023135CF1 300,000.00 AMAZON.COM INC 3.3 04/13/2027 4,950.00 4,950.00 04/13/2026 Coupon 79466LAF1 700,000.00 SALESFORCE INC 3.7 04/11/2028 12,950.00 12,950.00 04/15/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 04/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 04/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 04/15/2026 Coupon 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 246.07 246.07 04/15/2026 Principal Paydown 477920AC6 128,920.52 JDOT 2023-B A3 5.18 03/15/2028 8,254.24 8,254.24 04/15/2026 Coupon 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 7.81 7.81 04/15/2026 Effective Maturity 47800AAC4 61,249.44 JDOT 2022-B A3 3.74 02/16/2027 2,504.31 2,504.31 04/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 04/15/2026 Coupon 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 223.83 223.83 04/15/2026 Principal Paydown 58768PAC8 189,698.75 MBART 2022-1 A3 5.21 08/16/2027 12,535.32 12,535.32 04/15/2026 Coupon 74340XBN0 550,000.00 PROLOGIS LP 2.125 04/15/2027 5,843.75 5,843.75 04/16/2026 Coupon 459058LN1 500,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 9,687.50 9,687.50
04/20/2026 Coupon 4581X0DV7 890,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 3,893.75 3,893.75

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/20/2026 Final Maturity 4581X0DV7 890,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 890,000.00 890,000.00
04/20/2026 Coupon 61747YFD2 200,000.00 MORGAN STANLEY 5.164 04/20/2029 5,164.00 5,164.00 04/21/2026 Coupon 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 485.14 485.14 04/21/2026 Principal Paydown 438123AC5 175,000.00 HAROT 2023-4 A3 5.67 06/21/2028 8,554.16 8,554.16 04/27/2026 Coupon 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 125.19 125.19 04/27/2026 Principal Paydown 05592XAD2 65,118.77 BMWOT 2023-A A3 5.47 02/25/2028 3,237.81 3,237.81 04/27/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 04/30/2026 Coupon 3133ERDH1 550,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.75 04/30/2029 13,062.50 13,062.50
04/30/2026 Coupon 91282CDG3 1,000,000.00 UNITED STATES TREASURY 1.125 10/31/2026 5,625.00 5,625.00 04/30/2026 Coupon 91282CEN7 650,000.00 UNITED STATES TREASURY 2.75 04/30/2027 8,937.50 8,937.50 04/30/2026 Coupon 91282CFU0 1,050,000.00 UNITED STATES TREASURY 4.125 10/31/2027 21,656.25 21,656.25 04/30/2026 Coupon 91282CHA2 800,000.00 UNITED STATES TREASURY 3.5 04/30/2028 14,000.00 14,000.00 04/30/2026 Coupon 91282CKP5 800,000.00 UNITED STATES TREASURY 4.625 04/30/2029 18,500.00 18,500.00 04/30/2026 Coupon 91282CLR0 1,050,000.00 UNITED STATES TREASURY 4.125 10/31/2029 21,656.25 21,656.25 04/30/2026 Coupon 91282CMZ1 650,000.00 UNITED STATES TREASURY 3.875 04/30/2030 12,593.75 12,593.75 April 2026 Total 925,085.83 167,669.95 1,092,755.78
Grand Total 140,679,532.88 6,925,776.92 1,781,427.19 8,707,204.12

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IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).

To obtain a copy 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 in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal 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 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: 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.

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.

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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.

Ratings: 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 high rating by S&P, Moody’s and Fitch respectively.

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BENCHMARK INDEX & DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency
Index
The ICE BofA 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.

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CITY OF FOUNTAIN VALLEY

CITY COUNCIL

COUNCIL ACTION REQUEST
To: Honorable Mayor and Agenda Date: June 17, 2025
Members of the City Council
SUBJECT: Approve the City’s voluntary participation in the Voluntary Rate Range Program (VRRP); authorize the City Manager and/or designee to execute the Intergovernmental Agreement Regarding Transfer of Public Funds between the California Department of Health Care Services (DHCS) and City of Fountain Valley; authorize the City Manager and/or designee to execute the Heath PlanProvider Agreement between CalOptima Health and City of Fountain Valley; authorize the City Manager and/or designee to execute the Heath Plan-Provider Agreement between Kaiser Foundation Health Plan and City of Fountain Valley; and authorize the payment of $530,379 to DHCS with a 2% contingency of $10,000.

Three-Year Strategic Goals
☐ Enhance the culture and environment of “A Nice Place to Live” ☒ Achieve fiscal stability by evaluating processes, and attract and retain revenue producing businesses/opportunities
☐ Attract and retain quality staff through best practices and trends ☐ Maintain, build, and modernize infrastructure to support growth and future needs of the City
☐ Not applicable
EXECUTIVE SUMMARY:

The California Department of Health Care Services (DHCS) offers local units of government that provide health care services, such as ambulance transports, the opportunity to secure additional Medi-Cal dollars to help recover the unreimbursed costs of delivering those services.

This is accomplished through an intergovernmental transfer (IGT) from Fountain Valley to DHCS, which is used to obtain a federal match. The federal match, plus the initial contribution, is then transferred back to the City. For the transfer of funds to DHCS, the City Council is requested to approve and authorize the City Manager to sign the agreement between the California Department of Health Care Services (DHCS) and the City of Fountain Valley and authorize the payment amount of $530,379 to DHCS with a 2% contingency of $10,000. This amount is already in the Fire Department's budget; therefore, the Fire Department is not requesting additional funds. For the transfer of funds back to the City, the City Council is requested to approve and authorize the City Manager to sign the agreements between

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CY 2024 Voluntary Rate Range Program IGT Staff Report
June 17, 2025

Page 2 ends

CalOptima Health and Kaiser Foundation Health Plan and the City of Fountain Valley. Staff recommends participating in both the CalOptima and Kaiser VRRP IGT programs.

DISCUSSION:

The City recovers the costs of delivering emergency medical services (EMS) through user fees established by the City Council. Due to the nature of EMS cost recovery in the healthcare industry, the City has limited control over the actual amount of cost recovery collected.

Adjustments made by various payer sources (i.e., insurance plans, including state and federal insurance programs such as Medi-Cal) result in the City not being fully reimbursed for the services provided.

Welfare and Institutions Code sections 14164 and 14301.4 authorize the California Department of Health Care Services (DHCS) to implement a Voluntary Rate Range Program related to the Medi-Cal managed care capitation rate ranges. The funding amounts under the Voluntary Rate Range Program represent the non-federal share of the difference between the Medi-Cal managed care plans' contracted capitation rates and the top of the plans' actuarially sound rate range, as determined by the Department of Health Care Services (DHCS). This program allows the City to secure additional federal funding to offset previously unreimbursed costs associated with providing emergency medical services (EMS) and ambulance services to CalOptima and Kaiser members who are Medi-Cal patients.

CalOptima was created by the Orange County Board of Supervisors in 1993 and serves as the Medi-Cal managed care plan for Orange County. In 2016, CalOptima allowed fire departments that provide ambulance transport services the ability to participate in the Medi-Cal Managed Care Rate Range IGT Program. Kaiser Foundation Health Plan expanded its Medi-Cal participation with a direct contract with the Department of Health Care Services (DHCS), effective January 1, 2024. The VRRP IGT program is voluntary, and there is no contractual guarantee that the City will receive its initial investment. However, Fountain Valley and other local California governments participating in the VRRP IGT program have previously received their initial investment back, plus the additional IGT funds, resulting in a net revenue/cost recovery increase.

In January of 2025, CalOptima Health and Kaiser Foundation Health Plan contacted the Fire Department to inquire about the City's interest in participating in the next round of VRRP IGT for ambulance services provided in Calendar Year 2024. Due to the success of the previous year's VRR Program with CalOptima, the Fire Department submitted letters of interest to CalOptima and Kaiser.

The City's participation in the program is contingent upon the availability of federal funding and the City's ability to provide the required upfront contribution. The contribution and net cost recovery received annually by the City are also dependent on other factors, such as the number of program participants in the County and the number of Medi-Cal calls for service.

For Calendar Year 2024, more Orange County agencies joined the VRR Program, which is why the projected cost recovery is lower than last year. To participate in the program again, agreements with DHCS, CalOptima, and Kaiser must be approved by the City Council and executed by their designee. The agreement with DHCS outlines the necessary transfer of funds for the service period, including a 20% administrative fee. The contracts with CalOptima

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CY 2024 Voluntary Rate Range Program IGT Staff Report
June 17, 2025

Page 3 ends

and Kaiser outline the terms under which the City is paid for the unreimbursed costs of providing transportation services to Medi-Cal plan members, as well as additional federal funds made available through participation in the IGT program.

If approved and once the required agreements are in place, the City will receive a funds transfer request from DHCS. DHCS estimates that invoicing for agency IGT amounts will occur in October 2025, with a payment collection deadline of November 21, 2025. The Fire Department has already budgeted for the payment amount, and no new funds are being requested.

Staff recommends approval and authorization to execute agreements with DHCS, CalOptima, and Kaiser, as well as authorization to make a payment in the amount of $530,379 to DHCS, with a 2% contingency of $10,000 for any unforeseen changes.

FISCAL REVIEW:

To participate as a funding entity, the City must transfer $530,379 in local funds to the Department of Health Care Services (DHCS). This includes the 20 percent assessment fee of $88,396. DHCS will then use the local funds provided to draw down additional federal funds and assess the highest allowable Medi-Cal reimbursement rate from the federal government.

The total amount returned to Fountain Valley is expected to be $1,119,477. Before distributing the IGT-funded capitation rate increase to the City, CalOptima will retain up to $22,390 (2% of the net cost recovery). From the returned amount, the City expects to be fully reimbursed for the initial contribution and the 20 percent assessment fee, as well as receiving up to $566,710 in new cost recovery from the IGT-funded federal match.

The required upfront payment and subsequent disbursement from CalOptima and Kaiser are calculated below and are based on Medi-Cal managed care services provided by the City during the period from January 1, 2024, to December 31, 2024.

Payment To DHCS
($441,982) Estimated Contribution (Non-Federal Share)
($88,396) 20% DHCS Administration Fee
($530,379) Total Amount that Fountain Valley Pays
Payment Back To Fountain Valley
$1,119,477 Estimated Total Disbursement to Fountain Valley ($22,390) 2% Administration Fee Retained by CalOptima and Kaiser ($530,379) Total Amount that Fountain Valley Paid
$566,710 Estimated Net Cost Recovery that Fountain Valley Receives Historic (CY 2023) VRRP Cost Recovery
($936,815) Actual Contribution (Non-Federal Share + DHCS Admin. Fee)

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CY 2024 Voluntary Rate Range Program IGT Staff Report
June 17, 2025

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$2,352,283 Actual Disbursement Received from CalOptima
$1,415,468 Net Cost Recovery that Fountain Valley Received ATTORNEY REVIEW:

The Attorney(s) for the City has reviewed and approved the agreements.

ALTERNATIVES:

Alternative No. 1: Approve the City’s voluntary participation in the Calendar Year 2024 Voluntary Rate Range Program Intergovernmental Transfer (VRRP IGT); authorize the City Manager and/or designee to execute the Intergovernmental Agreement Regarding Transfer of Public Funds with the California Department of Health Care Services; authorize the City Manager and/or designee to execute the Health Plan-Provider Agreement Intergovernmental Transfer Rate Range Program Agreement with CalOptima Health; authorize the City Manager and/or designee to execute the Health Plan-Provider Agreement Intergovernmental Transfer Rate Range Program Agreement with Kaiser Foundation Health Plan; and authorize the payment of $530,379 to the California Department of Health Care Services (DHCS) with a 2% contingency of $10,000.

Alternative No. 2: Do not approve the City’s voluntary participation in the Calendar Year 2024 Voluntary Rate Range Program Intergovernmental Transfer (VRRP IGT).

RECOMMENDATION:

Staff recommends Alternative No. 1.

Prepared by: Tim Saiki, Battalion Chief
Reviewed by: William McQuaid, Fire Chief
Fiscal review by: Ryan Smith, Finance Director
Approved by: Maggie Le, City Manager
Attachments:

1. Agreement with Department of Heath Care Services (DHCS)

2. Agreement with CalOptima Health

3. Agreement with Kaiser Foundation Health Plan

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CONTRACT # IGT-24-0011
1 Template Version - 4/2025

INTERGOVERNMENTAL AGREEMENT REGARDING

TRANSFER OF PUBLIC FUNDS
This Agreement is entered into between the CALIFORNIA DEPARTMENT OF HEALTH CARE SERVICES (“DHCS”) and CITY OF FOUNTAIN VALLEY (“GOVERNMENTAL FUNDING ENTITY”) with respect to the matters set forth below.

The parties agree as follows:

AGREEMENT

1. Transfer of Public Funds

1.1 The GOVERNMENTAL FUNDING ENTITY agrees to make a transfer of funds to DHCS pursuant to sections 14164 and 14301.4 of the Welfare and Institutions Code.

The amount transferred shall be based on the sum of the applicable rate category per member per month (“PMPM”) contribution increments multiplied by member months, as reflected in Exhibit

1. The GOVERNMENTAL FUNDING ENTITY agrees to initially transfer amounts that are calculated using the Estimated Member Months in Exhibit 1, which will be reconciled to actual enrollment for the service period of January 1, 2024 through December 31, 2024 in accordance with Sub-Section 1.3 of this Agreement. The funds transferred shall be used as described in SubSection 2.2 of this Agreement. The funds shall be transferred in accordance with the terms and conditions, including schedule and amount, established by DHCS.

1.2 The GOVERNMENTAL FUNDING ENTITY shall certify that the funds transferred qualify for Federal Financial Participation pursuant to 42 C.F.R. part 433, subpart B, and are not derived from impermissible sources such as recycled Medicaid payments, Federal money excluded from use as State match, impermissible taxes, and non-bona fide providerPage 433 CONTRACT # IGT-24-0011
2 Template Version - 4/2025
related donations. Impermissible sources do not include patient care or other revenue received from programs such as Medicare or Medicaid to the extent that the program revenue is not obligated to the State as the source of funding.

1.3 DHCS shall reconcile the “Estimated Member Months,” in Exhibit 1, to actual enrollment in HEALTH PLAN(S) for the service period of January 1, 2024 through December 31, 2024 using actual enrollment figures taken from DHCS records. Enrollment reconciliation will occur on an ongoing basis as updated enrollment figures become available.

Actual enrollment figures will be considered final two years after December 31, 2024. If reconciliation results in an increase to the total amount necessary to fund the nonfederal share of the payments described in Sub-Section 2.2, the GOVERNMENTAL FUNDING ENTITY agrees to transfer any additional funds necessary to cover the difference. If reconciliation results in a decrease to the total amount necessary to fund the nonfederal share of the payments described in Sub-Section 2.2, DHCS agrees to return the unexpended funds to the GOVERNMENTAL FUNDING ENTITY. If DHCS and the GOVERNMENTAL FUNDING ENTITY mutually agree, amounts due to or owed by the GOVERNMENTAL FUNDING ENTITY may be offset against future transfers.

2. Acceptance and Use of Transferred Funds

2.1 DHCS shall exercise its authority under section 14164 of the Welfare and Institutions Code to accept funds transferred by the GOVERNMENTAL FUNDING ENTITY pursuant to this Agreement as Intergovernmental Transfer (IGTs), to use for the purpose set forth in Sub-Section 2.2.

2.2 The funds transferred by the GOVERNMENTAL FUNDING ENTITY pursuant to Section 1 and Exhibit 1 of this Agreement shall be used to fund the non-federal share

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CONTRACT # IGT-24-0011
3 Template Version - 4/2025
of Medi-Cal Managed Care actuarially sound capitation rates described in section 14301.4(b)(4) of the Welfare and Institutions Code as reflected in the contribution PMPM and rate categories reflected in Exhibit 1. The funds transferred shall be paid, together with the related Federal Financial Participation, by DHCS to HEALTH PLAN(S) as part of HEALTH PLAN(S)’ capitation rates for the service period of January 1, 2024 through December 31, 2024, in accordance with section 14301.4 of the Welfare and Institutions Code.

2.3 DHCS shall seek Federal Financial Participation for the capitation rates specified in Sub-Section 2.2 to the full extent permitted by federal law.

2.4 The parties acknowledge that DHCS will obtain any necessary approvals from the Centers for Medicare and Medicaid Services.

2.5 DHCS shall not direct HEALTH PLAN(S)’ expenditure of the payments received pursuant to Sub-Section 2.2.

3. Assessment Fee

3.1 DHCS shall exercise its authority under section 14301.4 of the Welfare and Institutions Code to assess a 20 percent fee related to the amounts transferred pursuant to Section 1 of this Agreement, except as provided in Sub-Section 3.2. GOVERNMENTAL FUNDING ENTITY agrees to pay the full amount of that assessment in addition to the funds transferred pursuant to Section 1 of this Agreement.

3.2 The 20-percent assessment fee shall not be applied to any portion of funds transferred pursuant to Section 1 that are exempt in accordance with sections 14301.4(d) or 14301.5(b)(4) of the Welfare and Institutions Code. DHCS shall have sole discretion to determine the amount of the funds transferred pursuant to Section 1 that will not be subject to a

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CONTRACT # IGT-24-0011
4 Template Version - 4/2025
20 percent fee. DHCS has determined that $0.00 of the transfer amounts will not be assessed a 20 percent fee, subject to Sub-Section 3.3.

3.3 The 20-percent assessment fee pursuant to this Agreement is nonrefundable and shall be wired to DHCS simultaneously with the transfer amounts made under Section 1 of this Agreement. If at the time of the reconciliation performed pursuant to SubSection 1.3 of this Agreement, there is a change in the amount transferred that is subject to the 20-percent assessment in accordance with Sub-Section 3.1, then a proportional adjustment to the assessment fee will be made.

4. Amendments

4.1 No amendment or modification to this Agreement shall be binding on either party unless made in writing and executed by both parties.

4.2 The parties shall negotiate in good faith to amend this Agreement as necessary and appropriate to implement the requirements set forth in Section 2 of this Agreement.

5. Notices. Any and all notices required, permitted, or desired to be given hereunder by one party to the other shall either be sent via secure email or submitted in writing to the other party personally or by United States First Class, Certified or Registered mail with postage prepaid, addressed to the other party at the address as set forth below:

To the GOVERNMENTAL FUNDING ENTITY:

Timothy Saiki, Battalion Chief

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CONTRACT # IGT-24-0011
5 Template Version - 4/2025
10200 Slater Avenue
Fountain Valley, CA 92708
(949) 599-5058
[email protected]
With copies to:

William McQuaid, Fire Chief
10200 Slater Avenue
Fountain Valley, CA 92708
(714) 593-4436
[email protected]
To DHCS:

Vivian Beeck
California Department of Health Care Services
Capitated Rates Development Division
1501 Capitol Ave., MS 4413
Sacramento, CA 95814
[email protected]

6. Other Provisions

6.1 This Agreement contains the entire Agreement between the parties with respect to the Medi-Cal payments described in Sub-Section 2.2 of this Agreement that are funded by the GOVERNMENTAL FUNDING ENTITY, and supersedes any previous or contemporaneous oral or written proposals, statements, discussions, negotiations or other agreements between the GOVERNMENTAL FUNDING ENTITY and DHCS relating to the subject matter of this Agreement. This Agreement is not, however, intended to be the sole agreement between the parties on matters relating to the funding and administration of the MediCal program. This Agreement shall not modify the terms of any other agreement, existing or entered into in the future, between the parties.

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CONTRACT # IGT-24-0011
6 Template Version - 4/2025

6.2 The non-enforcement or other waiver of any provision of this Agreement shall not be construed as a continuing waiver or as a waiver of any other provision of this Agreement.

6.3 Sections 2 and 3 of this Agreement shall survive the expiration or termination of this Agreement.

6.4 Nothing in this Agreement is intended to confer any rights or remedies on any third party, including, without limitation, any provider(s) or groups of providers, or any right to medical services for any individual(s) or groups of individuals. Accordingly, there shall be no third party beneficiary of this Agreement.

6.5 Time is of the essence in this Agreement.

6.6 Each party hereby represents that the person(s) executing this Agreement on its behalf is duly authorized to do so. Any required signature(s) on any documents must be in compliance with California Government Code section 16.5 and any other applicable state or federal regulations.

7. State Authority. Except as expressly provided herein, nothing in this Agreement shall be construed to limit, restrict, or modify the DHCS’ powers, authorities, and duties under Federal and State law and regulations.

8. Approval. This Agreement is of no force and effect until signed by the parties.

9. Term. This Agreement shall be effective as of January 1, 2024 and shall expire as of June 30, 2027 unless terminated earlier by mutual agreement of the parties.

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CONTRACT # IGT-24-0011
7 Template Version - 4/2025

SIGNATURES
IN WITNESS WHEREOF, the parties hereto have executed this Agreement, on the date of the last signature below.

CITY OF FOUNTAIN VALLEY:

By: Date: _______________________
(Funding Entity Signer)

THE STATE OF CALIFORNIA, DEPARTMENT OF HEALTH CARE SERVICES:

By: Date: _______________________
Authorized Representative, Department of Health Care Services

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CONTRACT # IGT-24-0011
8 Template Version - 4/2025
Exhibit 1
Health Plan Funding Entity Rating Region Service Period Participation % CalOptima City of Fountain Valley Orange 1/2024 - 12/2024 0.48% Category of Aid SIS/UIS Contribution
PMPM
Estimated Member
Months*
Estimated
Contribution (NonFederal Share)
Child SIS $ 0.02 3,087,562 $ 61,751
Child UIS $ 0.01 189,630 $ 1,896
Adult SIS $ 0.04 999,357 $ 39,974
Adult UIS $ 0.03 614,214 $ 18,426
Adult Expansion SIS $ 0.01 3,264,674 $ 32,647
Adult Expansion UIS $ 0.01 746,598 $ 7,466
SPD SIS $ 0.13 401,788 $ 52,232
SPD UIS $ 0.08 116,938 $ 9,355
SPD Dual SIS $ 0.05 1,241,498 $ 62,075
SPD Dual UIS $ 0.01 10,576 $ 106
LTC SIS $ 0.13 1,997 $ 260
LTC UIS $ 0.08 1,429 $ 114
LTC Dual SIS $ 0.05 26,935 $ 1,347
LTC Dual UIS $ 0.01 302 $ 3
WCM SIS $ 0.17 112,441 $ 19,115
WCM UIS $ 0.06 4,199 $ 252
Est. FE Total 10,820,138 $ 307,019
Health Plan Funding Entity Rating Region Service Period Participation % Kaiser Foundation Health
Plan City of Fountain Valley Orange 1/2024 - 12/2024 3.50% Category of Aid SIS/UIS Contribution
PMPM
Estimated Member
Months*
Estimated
Contribution (NonFederal Share)
Child SIS $ 0.14 288,405 $ 40,377
Child UIS $ 0.05 3,313 $ 166
Adult SIS $ 0.33 109,292 $ 36,066
Adult UIS $ 0.21 16,616 $ 3,489
Adult Expansion SIS $ - 237,771 $ -
Adult Expansion UIS $ - 20,608 $ -
SPD SIS $ 0.70 26,043 $ 18,230
SPD UIS $ 0.56 1,325 $ 742
SPD Dual SIS $ 0.18 103,461 $ 18,623
SPD Dual UIS $ 0.09 805 $ 72
LTC SIS $ 7.86 16 $ 126
LTC UIS $ - - $ -
LTC Dual SIS $ 5.19 880 $ 4,567
LTC Dual UIS $ 0.30 6 $ 2
WCM SIS $ 1.26 9,839 $ 12,397
WCM UIS $ 0.47 225 $ 106
Est. FE Total 818,605 $ 134,963

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CONTRACT # IGT-24-0011
9 Template Version - 4/2025
* Note that Estimated Member Months are subject to variation, and the actual total Contribution (Non-Federal Share) may differ from the amount listed here. * FMAP is a weighted blend of multiple FMAPs.

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HEALTH PLAN-PROVIDER AGREEMENT

INTERGOVERNMENTAL TRANSFER RATE RANGE PROGRAM AGREEMENT This Agreement is made this 1
st day of September, 2025, by and CALOPTIMA
HEALTH, a California public agency hereinafter referred to as "PLAN", and the City of Fountain Valley, a California municipal corporation operating through its Fire Department, hereinafter referred to as "PROVIDER".

RECITALS:

WHEREAS, PLAN is a public agency formed pursuant to California Welfare and Institutions Code Section 14087.54 and Orange County Ordinance No. 3896 as amended by Ordinance Nos. 00-8, 05-008, 06-012, 09-001, 11-013, 14-002 and 16-001, and is party to a Medi-Cal managed care contract with DHCS, entered into pursuant to Welfare and Institutions Code Section 14087.3, under which PLAN arranges and pays for the provision of covered MediCal health care services to eligible Medi-Cal members residing in Orange County; WHEREAS, the City of Fountain Valley is an emergency transport provider who provides transportation on a non-contract basis, including to CalOptima Health Medi-Cal Members;
WHEREAS, PLAN and PROVIDER desire to enter into this Agreement to provide for Medi-Cal managed care capitation rate increases to PLAN as a result of intergovernmental transfers (“IGTs”) from City of Fountain Valley (GOVERNMENTAL FUNDING ENTITY) to the California Department of Health Care Services (“State DHCS”) to maintain the availability of Medi-Cal health care services to Medi-Cal beneficiaries.

NOW, THEREFORE, PLAN and PROVIDER hereby agree as follows:

IGT MEDI-CAL MANAGED CARE CAPITATION RATE RANGE INCREASES

1. IGT Capitation Rate Range Increases to PLAN
A. Payment
Should PLAN receive any Medi-Cal managed care capitation rate increases from State DHCS where the nonfederal share is funded by the GOVERNMENTAL FUNDING ENTITY specifically pursuant to the provisions of the Intergovernmental Agreement Regarding Transfer of Public Funds, CONTRACT# IGT-24-0011, (“Intergovernmental Agreement”) effective for the period of and January 1, 2024 through December 31, 2024 for Intergovernmental Transfer Medi-Cal Managed Care Rate Range Increases (“IGT MMCRRIs”), PLAN shall pay to PROVIDER the amount of the IGT MMCRRIs received from State DHCS, in accordance with paragraph 1.E below regarding the form and timing of Local Medi-Cal Managed Care Rate Range (“LMMCRR”) IGT Payments. LMMCRR IGT Payments paid to PROVIDER shall not replace or supplant any other amounts paid or payable to PROVIDER by PLAN.

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2 B. Health Plan Retention
(1) a. PLAN shall retain two percent (2.0%) of the net proceeds (after reimbursing PROVIDER’s initial contribution for the transaction), from the Medi-Cal managed care rate increases paid to PLAN by DHCS as described in this agreement prior to disbursing LMMCRR IGT Payments to PROVIDER. The retained funds will be expended by PLAN for Covered Services under PLAN’s contract with DHCS for Medi-Cal, in either the State fiscal year received, or in subsequent State fiscal years, as appropriated by the CalOptima Health Board of Directors.

Each provider’s share of the retained funds shall be calculated based on the provider’s proportionate share of the LMMCRR IGT payment made by PLAN in Orange County. b. The amounts referenced in this agreement are estimates. The parties understand and agree that the total amount of the Medi-Cal managed care capitation rate increases paid by DHCS to PLAN may fluctuate as a result of enrollment. The parties further understand and agree that any such fluctuations will likewise affect the amount to be retained by the PLAN and the amount payable to PROVIDER by the same percentage as the variance in the capitation rate increases, if any.
(2) PLAN will not retain any other portion of the IGT MMCRRIs received from the State DHCS other than those mentioned above.

C. Conditions for Receiving Local Medi-Cal Managed Care Rate Range IGT Payments
As a condition for receiving LMMCRR IGT Payments, PROVIDER shall, as of the date the particular LMMCRR IGT Payment is due:
(1) continue to provide emergency transport services to PLAN Members promptly and in a manner which ensures access to care consistent with PROVIDER’s regular business practices for providing such services; and (2) not discriminate against PLAN Members or in any way impose limitations on the acceptance of PLAN Members for care or treatment that are not imposed on other patients of PROVIDER.

D. Schedule and Notice of Transfer of Non-Federal Funds

1. PROVIDER shall provide PLAN with a copy of the schedule regarding the transfer of funds to State DHCS referred to in the Intergovernmental Transfer Agreement within fifteen (15) calendar days of establishing such schedule with State DHCS. Additionally, PROVIDER shall notify PLAN, in writing, no less than seven (7) calendar days prior to any changes to an existing schedule, including but not limited to, changes to the amounts specified therein.

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3 2. PROVIDER shall provide PLAN with written notice of the amount and date of the transfer within seven (7) calendar days after funds have been transferred to State DHCS for use as the nonfederal share of any IGT MMCRRIs.

E. Form and Timing of Payments
PLAN agrees to pay LMMCRR IGT Payments to PROVIDER in the following form and according to the following schedule:
(1) PLAN agrees to pay the LMMCRR IGT Payments to PROVIDER using the same mechanism through which compensation and payments are normally paid to PROVIDER (e.g., electronic transfer).
(2) PLAN will pay the LMMCRR IGT Payments to PROVIDER no later than thirty (30) calendar days after receipt of the IGT MMCRRIs from State DHCS.

F. Consideration
(1) As consideration for the LMMCRR IGT Payments, PROVIDER shall use the LMMCRR IGT Payments for the following purposes and shall treat the LMMCRR IGT Payments in the following manner:
(a) The LMMCRR IGT Payments shall represent compensation for emergency ambulance services rendered to Medi-Cal PLAN members by PROVIDER between January 1, 2024, and December 31, 2024, and shall be used by PROVIDER solely to fund the costs that exceed the fee-for-service rates paid by Medi-Cal PLAN for covered services provided to Medi-Cal PLAN Members during that period.
(b) To the extent that total payments received by PROVIDER for any State fiscal year under this Agreement exceed the cost of Covered Services provided to Medi-Cal PLAN members by PROVIDER during that fiscal year, any remaining LMMCRR IGT Payment amounts shall constitute an overpayment, and shall by returned to Medi-Cal PLAN pursuant to the provisions of Section 1.K., below
(2) Both parties agree that none of these funds, either from the GOVERNMENTAL FUNDING ENTITY or federal matching funds will be recycled back to the GOVERNMENTAL FUNDING ENTITY’S general fund, the State, or any other intermediary organization. Payments made by the health plan to providers under the terms of this Agreement constitute patient care revenues.

G. PLAN’s Oversight Responsibilities
PLAN’s oversight responsibilities regarding PROVIDER’s use of the LMMCRR IGT Payments shall be limited as described in this paragraph. PLAN shall request, within thirty (30) calendar days after the end of each State fiscal year in which LMMCRR IGT Payments were transferred to PROVIDER, a written confirmation that states whether and how PROVIDER complied with the provisions set forth in Paragraph 1.F above. In each instance, PROVIDER

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4 shall provide PLAN with written confirmation of compliance within thirty (30) calendar days of PLAN’s request.

H. Cooperation Among Parties
Should disputes or disagreements arise regarding the ultimate computation or appropriateness of any aspect of the LMMCRR IGT Payments, PROVIDER and PLAN agree to work together in all respects to support and preserve the LMMCRR IGT Payments to the full extent possible on behalf of the safety net in Orange County.

I. Reconciliation
Within one hundred twenty (120) calendar days after the end of each of PLAN’s fiscal years in which LMMCRR IGT Payments were made to PROVIDER, PLAN shall perform a reconciliation of the LMMCRR IGT Payments transmitted to the PROVIDER during the preceding fiscal year to ensure that the supporting amount of IGT MMCRRIs were received by PLAN from State DHCS. PROVIDER agrees to return to PLAN any overpayment of LMMCRR IGT Payments made in error to PROVIDER within thirty (30) calendar days after receipt from PLAN of a written notice of the overpayment error, unless PROVIDER submits a written objection to PLAN. Any such objection shall be resolved in accordance with the dispute resolution process set forth in Section 1.H. The reconciliation processes established under this paragraph are distinct from the indemnification provisions set forth in Paragraph 1.J below.

PLAN agrees to transmit to the PROVIDER any underpayment of LMMCRR IGT Payments within thirty (30) calendar days of PLAN’s identification of such underpayment.

J. Indemnification
PROVIDER agrees to and acknowledges the following: (1) PLAN has no obligation to make any payments hereunder until PLAN has received IGT MMCRRIs from State DHCS; (2) that PLAN is not responsible for State DHCS payments to PLAN, including any mathematical calculations made by DHCS, and (3) PLAN is not responsible for the timing of the payments from DHCS to PLAN (including the conditions precedent to the timing of such payments which includes the timing of DHCS submission to CMS and/or CMS review and approval). In addition, PLAN and PROVIDER agree and acknowledge that nothing herein is intended to create an obligation on the part of PLAN to agree to delays in capitation payment(s) from DHCS in order to accommodate this IGT.

K. Overpayments and CalOptima Health Right to Recover
PROVIDER has an obligation to report any overpayment identified by PROVIDER, and to repay such overpayment to CalOptima Health within sixty (60) days of such identification by PROVIDER, or of receipt of notice of an overpayment identified by CalOptima Health. PROVIDER acknowledges and agrees that, in the event that CalOptima Health determines that an amount has been overpaid or paid in duplicate, or that funds were paid which were not due under this Contract to PROVIDER, CalOptima Health shall have the right to recover such amounts from PROVIDER by recoupment or offset from current or future amounts due from CalOptima Health to PROVIDER, after giving notice and an opportunity to return/pay such amounts. This right to recoupment or offset shall extend to any amounts due from

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5 PROVIDER to CalOptima Health, including, but not limited to, amounts due because of overpayments as described in the provisions of this agreement.

2. Term
The term of this agreement shall commence on January 1, 2024 and shall terminate on June 30, 2027.

SIGNATURES
HEALTH PLAN: CalOptima Health
Date:

By: Yunkyung Kim, Chief Operating Officer
PROVIDER: City of Fountain Valley
Date: _____________
By: Ted Bui, Mayor
ATTEST:
________________________________________________ Date: _____________ Rick Miller, City Clerk
APPROVED AS TO FORM:
________________________________________________ Date: June 9, 2025 Vanessa Lassooy, Attorneys for the City

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Plan-Provider Agreement City of Fountain Valley and Kaiser Foundation Health Plan, Inc.

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HEALTH PLAN-PROVIDER AGREEMENT

BY AND BETWEEN
KAISER FOUNDATION HEALTH PLAN, INC.

AND

CITY OF FOUNTAIN VALLEY

TO IMPLEMENT THE VOLUNTARY RATE RANGE PROGRAM

INTERGOVERNMENTAL TRANSFERS
This Health Plan-Provider Agreement to implement Voluntary Rate Range Program (VRRP) Intergovernmental Transfers (“IGTs”) (“IGT AGREEMENT”) is entered into by and between Kaiser Foundation Health Plan, Inc., a California nonprofit public benefit corporation, on behalf of its Southern California region, hereinafter referred to as “PLAN”, and City of Fountain Valley, hereinafter referred to as “PROVIDER”, and is made effective as of the last date it is signed by the parties (the “Effective Date”).

RECITALS:

WHEREAS, PLAN is a health care service plan licensed under and subject to the KnoxKeene Care Service Plan Act of 1975, as amended, and is a party to a Medi-Cal managed care contract with the California Department of Health Care Services (“DHCS”) pursuant to which PLAN arranges and pays for the provision of covered Medi-Cal health care services to eligible Medi-Cal members, including Medi-Cal members residing in the Orange Rating Region (as defined by DHCS).

WHEREAS, PROVIDER provides emergency ambulance transports to Medi-Cal beneficiaries residing in the Orange Rating Region.

WHEREAS, PROVIDER desires to maintain the availability of Medi-Cal transportation services to Medi-Cal beneficiaries by making annual IGTs to DHCS, enabling DHCS to secure additional federal funds that DHCS will provide PLAN through capitation rate range increases;
WHEREAS, PLAN desires to transfer an applicable portion of such capitation rate range increases from DHCS to PROVIDER; and
WHEREAS, PLAN and PROVIDER desire to enter into an Agreement to document the IGT process applicable to PLAN and PROVIDER, and the total amounts transferred from PLAN to PROVIDER.

NOW, THEREFORE, PLAN and PROVIDER hereby agree as follows:

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Plan-Provider Agreement City of Fountain Valley and Kaiser Foundation Health Plan, Inc.

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1. IGT Capitation Rate Range Increases to PLAN
A. Payment
Should PLAN receive any Intergovernmental Transfer Medi-Cal Managed Care Rate Range Increases (“IGT MMCRRIs”) from DHCS where the nonfederal share is funded by PROVIDER specifically pursuant to the provisions of this IGT AGREEMENT regarding transfer of public funds effective during the applicable rating period, PLAN shall, subject to the conditions set forth in Section 1.B below, make payments to PROVIDER in the amount of the IGT MMCRRIs received from DHCS. Such payments from PLAN to PROVIDER are referred to herein as Local Medi-Cal Managed Care Rate Range (“LMMCRR”) IGT payments and shall be made in accordance with Section 1.C below, subject to reconciliation as described in Section

1.D below. LMMCRR IGT payments paid to PROVIDER shall not replace or supplant any other amounts paid or payable to PROVIDER under any separate contractual agreements.

B. Conditions for Receiving Local Medi-Cal Managed Care Rate Range IGT Payments As a condition of receiving LMMCRR IGT payments under this IGT AGREEMENT, PROVIDER represents and warrants that it shall, as of the date any LMMCRR IGT payment is payable hereunder:
(1) Remain a Medi-Cal enrolled provider for ambulance transport services; (2) Remain in material compliance with its obligations under this IGT AGREEMENT and applicable law.

C. Timing of Payments
Subject to Sections 1.B and E hereof, PLAN agrees to pay to PROVIDER LMMCRR IGT payments no later than forty-five (45) calendar days after PLAN’s receipt of each IGT MMCRRI payment from DHCS.

D. Reconciliation
Within one hundred twenty (120) calendar days after the end of each of PLAN’s fiscal years in which LMMCRR IGT payments were made to PROVIDER, PLAN shall perform a reconciliation of the LMMCRR IGT payments transmitted to the PROVIDER during the preceding fiscal year to ensure that the supporting amount of IGT MMCRRI payments were received by PLAN from DHCS. PROVIDER agrees to return to PLAN any overpayment of LMMCRR IGT payments made in error to PROVIDER within thirty (30) calendar days after receipt from PLAN of a written notice of the overpayment error, unless PROVIDER submits a written objection to PLAN. The reconciliation processes established under this Section are distinct from the indemnification provisions set forth in Section 4 of this IGT AGREEMENT.

PLAN agrees to transmit to the PROVIDER any uncontested underpayment of LMMCRR IGT payments within thirty (30) calendar days of the PLAN’s identification of such underpayment.

Any disputes between the parties regarding overpayments or underpayments shall be resolved in accordance with Section 5 below.

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Plan-Provider Agreement City of Fountain Valley and Kaiser Foundation Health Plan, Inc.

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E. Plan Compensation
(1) As compensation for its administrative services in connection with this IGT AGREEMENT, PLAN shall retain a two percent (2%) administrative fee based on the total amount of each IGT MMCRRI payment received from DHCS. (2) PLAN shall not retain any other portion of the IGT MMCRRI payments received from DHCS other than those specified above.

F. Consideration
(1) As consideration for the LMMCRR IGT payments, PROVIDER shall use the LMMCRR IGT payments solely for the following purposes and shall treat the LMMCRR IGT payments in the following manner:
(a) The LMMCRR IGT payments shall represent compensation for Medi-Cal services rendered to PLAN’s Medi-Cal members by PROVIDER during the State fiscal year to which the LMMCRR IGT payments apply. (b) To the extent total payments received by PROVIDER for a State fiscal year under this IGT AGREEMENT exceed the cost of Medi-Cal services provided to Medi-Cal beneficiaries by PROVIDER during such fiscal year, any remaining LMMCRR IGT payment amounts shall be retained by PROVIDER and shall be expended solely for health care services. Retained LMMCRR IGT payment amounts may be used by the PROVIDER in either the State fiscal year for which the payments are received or subsequent State fiscal years. (2) For purposes of subsection (1)( b) above, if the retained LMMCRR IGT payments, if any, are not used by PROVIDER in the State fiscal year received, retention of funds by PROVIDER will be established by demonstrating that the retained earnings account of PROVIDER at the end of any State fiscal year in which it received LMMCRR IGT payments pursuant to this IGT AGREEMENT, has increased over the unspent portion of the prior State fiscal year’s balance by the amount of LMMCRR IGT payments received, but not used. These retained PROVIDER funds may be commingled with other PROVIDER funds for cash management purposes, provided that such funds are appropriately tracked, and only the depositing facility is authorized to expend them. (3) None of these funds, either from the PLAN or federal matching funds, will be recycled back to the PROVIDER’s general fund, the State, or any other intermediary organization. Payments made under the terms of this IGT AGREEMENT constitute patient care revenues.

2. PLAN’s Oversight Responsibilities
PLAN’s oversight responsibilities regarding PROVIDER’s use of the LMMCRR IGT payments shall be limited as described in this Section. PLAN may request, within thirty (30)

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calendar days after the end of each State fiscal year in which LMMCRR IGT payments were made by PLAN to PROVIDER, that PROVIDER submit a written confirmation to PLAN that states whether and how PROVIDER complied with the provisions set forth in Section 1.F above.

In each instance, PROVIDER shall provide PLAN with written confirmation within thirty (30) calendar days of PLAN’s request.

3. Dispute Resolution
A. Cooperation Among Parties
Should disputes or disagreements arise regarding the ultimate computation or appropriateness of any aspect of the LMMCRR IGT payments, PROVIDER and PLAN agree to work together in all respects to support and preserve the LMMCRR IGT payments to the full extent permitted by law, on behalf of the safety net in the Orange Rating Region in which PROVIDER renders services.

B. Meet and Confer
If a dispute arises between the parties relating to this IGT AGREEMENT, either party may by written notice call a meeting regarding such dispute to be attended by a representative of each party who has the authority to negotiate and bind that party to a resolution. The parties will attempt in good faith to resolve the dispute through this process prior to seeking other available remedies or recourse. In the event such informal efforts at dispute resolution are not successful, either party may seek whatever remedies and/or recourse may be available in accordance with this IGT AGREEMENT and applicable law.

4. Indemnification
PROVIDER shall defend, indemnify and hold PLAN, its affiliated and related entities, and its and their respective officers, employees and agents harmless from and against any and all liability, loss, expense (including reasonable attorney’s fees), or claims from injury or damages arising out of the performance of this IGT AGREEMENT but only in proportion to the extent such liability, loss, expense, attorney’s fees, or claims for injury or damages are caused by or result from the negligent or intentional acts or omissions of PROVIDER, its officers, employees or agents.

PLAN shall defend, indemnify and hold PROVIDER, its officers, employees and agents harmless from and against any and all liability, loss, expense (including reasonable attorney’s fees), or claims for injury or damages arising out of the performance of this IGT AGREEMENT but only in proportion to and to the extent such liability, loss, expense, attorney’s fees, or claims or injury or damages are caused by or result from the negligent or intentional acts or omissions of PLAN, its officers, employees or agents.

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5. Severability
If a court of competent jurisdiction declares any provision of this IGT AGREEMENT or application thereof to any person or circumstances to be invalid or if any provision of this IGT AGREEMENT contravenes any federal, state or county statute, ordinance, or regulation, the remaining provisions of this IGT AGREEMENT or the application thereof shall remain valid and the remaining provisions of this IGT AGREEMENT shall remain in full force and effect, to the extent the provisions of this IGT AGREEMENT are severable.

6. Status of Parties
Each party is, and shall always be deemed to be, an independent contractor and shall be wholly responsible for the manner in which it performs the services required of it by the terms of this IGT AGREEMENT. Each party is entirely responsible for compensating staff, subcontractors, and consultants employed by that party. This IGT AGREEMENT shall not be construed as creating the relationship of employer and employee, or principal and agent, between PLAN and PROVIDER or any of either party’s employees, agents, consultants, or subcontractors. Each party assumes exclusively the responsibility for the acts of its employees, agents, consultants, or subcontractors as they relate to the services to be provided during the course and scope of their employment. Each party, its agents, employees, consultants, or subcontractors shall not be entitled to any rights or privileges of the other party’s employees and shall not be considered in any manner to be employees of the other party.

7. Term and Termination
The term of this IGT AGREEMENT shall commence on the Effective Date and, unless terminated earlier in accordance with this Section 7, will continue until the one-year anniversary of the Effective Date. Thereafter, this IGT AGREEMENT shall automatically renew for successive one-year terms, unless either party terminates this IGT AGREEMENT in accordance with this Section 7. Either party may immediately terminate this IGT AGREEMENT, by giving written notice of termination to the other Party, if (1) participation in the VRRP is no longer desired, or (2) DHCS discontinues VRRP. Notice of termination should be sent to the address set forth below.

8. Amendment
This IGT AGREEMENT may only be amended or modified in writing, executed by both Parties.

9. Notice
Any notice required or desired to be given pursuant to or in connection with this IGT AGREEMENT must be given in writing, addressed to the noticed party at the address set forth below. All notices provided under this IGT AGREEMENT shall be in writing, signed by an authorized signatory, and shall be deemed given upon receipt if sent as follows: (i) personally delivered; (ii) sent by registered U.S. mail, postage prepaid by sender, with confirmed delivery; (iii) sent by a commercial service with confirmed delivery; or (iv) sent by certified

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mail (return receipt requested). Any party may change its address for notice purposes by written notice to the other party.

If to PLAN:

Kaiser Foundation Health Plan, Inc.

Attention: Kaycee Velarde
1 Kaiser Plaza, 25th Floor
Oakland, CA, 94612
Telephone: (626) 639-5374
Email: [email protected]; and
[email protected]
If to PROVIDER:

City of Fountain Valley
Attention: Tim Saiki, Battalion Chief
10200 Slater Avenue
Fountain Valley, CA 92708
Telephone: (714) 593-4436
Email: [email protected]
[SIGNATURE PAGE FOLLOWS]

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Plan-Provider Agreement City of Fountain Valley and Kaiser Foundation Health Plan, Inc.

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SIGNATURES
PLAN: Kaiser Foundation Health Plan, Inc.

By: ___________________________________________ Date________________ Mark A. Southworth
Executive Director, CA & HI Medicaid Finance
Kaiser Foundation Health Plan, Inc.

PROVIDER: City of Fountain Valley
By: ___________________________________________ Date________________ Maggie Le
City Manager
City of Fountain Valley
APPROVED AS TO FORM:

HARPER & BURNS LLP

By: ___________________________________________ Date: June 2, 2025 Attorneys for the City

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CITY OF FOUNTAIN VALLEY

CITY COUNCIL

COUNCIL ACTION REQUEST
To: Honorable Mayor and Agenda Date: June 17, 2025
Members of the City Council
SUBJECT: Acceptance of Proposal and Award of a Contract to Infosend, Inc. for Data Processing, Printing, and Mailing Service in an Amount Not to Exceed $600,000.

Three-Year Strategic Goals
☐ Enhance the culture and environment of “A Nice Place to Live” ☐ Achieve fiscal stability by evaluating processes, and attract and retain revenue producing businesses/opportunities
☐ Attract and retain quality staff through best practices and trends ☐ Maintain, build, and modernize infrastructure to support growth and future needs of the City
☒ Not applicable
EXECUTIVE SUMMARY:

On March 21, 2017, City Council approved a three (3) year agreement with Infosend, Inc. to provide utility billing and special notification services. City Council approved extensions to the contract in 2020, 2022, and 2024. The current contract with Infosend, Inc. will expire June 30, 2025.

In accordance with Purchasing Policy, the contract went out to bid on April 7, 2025. The City issued a Request for Proposals (“RFP”) for Data Processing, Printing, and Mailing Service, which was publicly advertised. The due date for the proposal was May 2, 2025. The City received two (2) proposals that met City requirements. After thorough review and discussion of each bid, City staff recommends the proposal from Infosend, Inc.

Over its previous contract term, Infosend, Inc., provided exceptional services in printing and mailing utility bills and distributing notifications for Planning Committee hearings. They also did an exceptional job helping the utility billing department create a new bill form to conform to its new software system.

DISCUSSION:

In 2017, the City moved the processing of utility billing from an in-house function of the Purchasing/Stores division to an outsourced solution with Infosend. Since that time, Infosend has successfully processed on average 10,000 bills/late notices/statements each month, or 120,000 annually. Additionally, Infosend, Inc. has become our go-to solution for the distribution

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Infosend Contract
June 17, 2025

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of hearing letters for our Planning Commission. The service we receive from Infosend, Inc. has allowed the City to redeploy staff as the demands for our service continue to grow.

PROCUREMENT:

In accordance with the City’s Purchasing Policies, the City of Fountain Valley issued an RFP for Data Processing, Printing, and Mailing Services (RFP 25.004). On April 7, 2025, the RFP was publicly advertised through Planetbids with an invitation through the City’s website.

Eighteen (18) companies showed interest in the RFP and downloaded the RFP. The RFP closed on May 2, 2025, and four (4) proposals were submitted. Prior to Evaluation, two (2) of the Proposals were disqualified for not providing proper documentation. First, each proposal was evaluated on a 10-point system with a weighted score of 750 in three areas, such as:

General Approach/Work Plans, Qualifications and Experience, and Past Performance/References. Next, costs were opened and added to the table with a weighted score of 250. After reviewing the total evaluation and cost scores, the evaluation team concluded that the highest scored proposer is to be awarded a contract.

FISCAL REVIEW:

The FY 2025/26 adopted budget includes sufficient funding for the new agreement. The agreement allocates funding from the Water Utility Fund (500.40.40403.53004) and from the Planning Department General Fund (100.30.30300.53040).

PUBLIC NOTIFICATION:

Not applicable.

ENVIRONMENTAL IMPACT REVIEW:

Not applicable.

ATTORNEY REVIEW:

The City Attorney drafted a contract that provides standard terms and conditions, which were reviewed by staff and approved by the City Attorney.

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Infosend Contract
June 17, 2025

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ALTERNATIVES:

Alternative No. 1: Approve the agreement with Infosend, Inc. to provide Data Processing, Printing, and Mailing Service.

Alternative No. 2: Do not approve entering into the agreement and direct staff to consider other options.

RECOMMENDATION:

Staff recommends that the City Council select Alternative No. 1 to approve the agreement with Infosend, Inc. to provide Data Processing, Printing, and Mailing Service.

Prepared by: Daniel Lopez, Revenue Supervisor
Reviewed by: Robin Harnish, Finance Manager
Procurement Review by: Amanda McCall, Management Analyst Fiscal Review by: Ryan Smith, Finance Director
Approved by: Maggie Le, City Manager
Attachments:

1. Infosend Contract

2. RFP for Data Processing, Printing, and Mailing Services

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IN WITNESS, WHEREOF, the parties hereto have caused this AGREEMENT to be executed the day and year first above written.

CITY OF FOUNTAIN VALLEY
Ted Bui, Mayor
ATTEST:

Rick Miller, City Clerk
Approved as to Form:

HARPER & BURNS LLP
;.:-essalssooy, Attorneys for the City

CONSULTANT
Typed Name
l;'{ec.u::hve 'Vi0 fre�q�
Title -
-- _... . '-:
,. ...

Corporate seal (or attach Notary
acknowledgment)

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Exhibit "A"
Scope of Services
and Payment Terms

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Exhibit "B"
Insurance Specifications

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CITY OF FOUNTAIN VALLEY

CITY COUNCIL

COUNCIL ACTION REQUEST
To: Honorable Mayor and Agenda Date: June 17, 2025
Members of the City Council
SUBJECT: Approve the On-Call List of Qualified Consultants for As-Needed Environmental Programs Support Services for an Amount Not-to-Exceed $600,000 per Contract for a Three (3) Year Term, with the Potential to Extend for Two (2) Additional One (1) Year Extensions.

Three-Year Strategic Goals
☒ Enhance the culture and environment of “A Nice Place to Live” ☐ Achieve fiscal stability by evaluating processes, and attract and retain revenue producing businesses/opportunities
☐ Attract and retain quality staff through best practices and trends ☐ Maintain, build, and modernize infrastructure to support growth and future needs of the City
☐ Not applicable
EXECUTIVE SUMMARY:

Staff issued a Request for Qualifications (RFQ) for Environmental Program Support Services to establish a list of qualified consultants that can assist with compliance efforts toward meeting state and federal water quality regulations. The On-Call consultants will augment technical expertise, as well as provide an on-demand staffing solution during periods of amplified workload.

The recommendation is to award contracts to four (4) qualified consultants for an amount not-to-exceed $600,000 per contract for a three (3) year term, with the option of two (2) additional one (1) year extensions.

Execution of an On-Call contract does not guarantee work. On-Call contracts are unencumbered until a project scope and fee is established; once that is completed a Purchase Order (PO) is issued. Costs incurred for services will comply with the City Council approved budget.

DISCUSSION:

The Public Works Environmental Services Division issued a RFQ for Environmental Program Support Services to assist with the National Pollution Discharge Elimination System (NPDES)

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On-Call Environmental Programs Support Services
June 17, 2025

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Program; Fats, Oils and Grease (FOG) Program; and Trash Order Implementation Planning and Mapping. The RFQ is intended to establish a list of qualified consultants to support Environmental Services for the next three (3) years, with the option to extend up to five (5) years.

Specifically, consultants on the approved On-Call list may be utilized to assist with the following program activities:

A. NPDES Program
 Program Administration
 Program Funding
 Staff Training
 Capital Projects and Programs
 Planning and Land Development
 Industrial, Commercial and Municipal Facility Inspections  Complaint Investigations
 Reporting and Record Keeping
B. FOG Program
 Program Administration
 Inspections and Enforcement
 Meetings Participation
C. Trash Order Implementation Planning and Mapping
 Full Capture System Analysis
 Information Management and Mapping Support
 Project Management and Coordination
The RFQ for Environmental Program Support Services provides the City with the ability to responsibly expand and contract professional services as the program workload fluctuates.

Since the Environmental Services program is managed by one staff member, these services are essential to maintain compliance with state and federal water quality regulations.

PROCUREMENT:

In accordance with City’s Purchasing Policies, The City of Fountain Valley issued a RFQ for On-Call Environmental Program Support Services on April 13, 2025. The RFQ was publicly advertised through PlanetBids with an invitation through the City’s website. Forty-eight (48) companies showed interest and downloaded the RFQ.

The RFQ closed on May 9, 2025, and six (6) vendors submitted proposals. The first round was evaluating the proposals on a 10-point system with a weighted score of 750 in 4 areas:

Qualifications & Experience – The Firm, Qualifications & Experience of the Individuals.

Approach & Schedule, and Past Performance/ Reference

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On-Call Environmental Programs Support Services
June 17, 2025

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After Proposals were reviewed, cost proposals were opened and pricing was evaluated, then highest rated proposals were selected. PlanetBids then calculated the cost scores using the remaining weighted score of 250 for a grand total of 1000.

While all consultants who submitted proposals have some degree of qualification, City staff recommend limiting the list of approved consultants to the four (4) most qualified (90% or above) and capable consultants who can support the specified areas which were indicated within the RFQ. The recommendation to approve multiple consultants helps ensure services will be available and allows the City to confirm competitive pricing by obtaining more than one proposal.

It should be noted that the City reserves the right to cancel any of these contracts for any reason, put them on hold, or move on to a different consultant. Execution of an On-Call contract with the City does not guarantee that a consulting firm will receive work during the On-Call period. It is the intent of the Public Works Department to spread the work amongst the firms and award specific projects to firms that are most suited and available to complete the specific type of project.

FISCAL REVIEW:

Each consultant has a cumulative maximum not-to-exceed limit of $600,000 for the term of the contract.

The following accounts will fund the as-needed Environmental Programs Support Services.  General Fund – Storm Drain Maintenance (100.50.50555.53003)  Sewer Fund – (501.50.50580.53007) and
 Solid Waste Fund (502.50.50590.53003).

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On-Call Environmental Programs Support Services
June 17, 2025

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ATTORNEY REVIEW:

The Attorney for the City has reviewed and approved the four (4) On-Call consultant services contracts.

ALTERNATIVES:

Alternative No. 1: Approve the On-Call List of Qualified Consultants for As-Needed Environmental Programs Support Services for an Amount Not-to-Exceed $600,000 per Contract for a Three (3) Year Term, with the Potential to Extend for Two (2) Additional One (1) Year Extensions.

Alternative No. 2: Do not award the On-Call contracts. This is not the recommended action because without the ability to use the On-Call list of qualified consultants, soliciting consultant services for City projects will take significantly more time and may significantly impact project delivery timelines.

RECOMMENDATION:

It is recommended that the City Council approve Alternative No. 1, which is to: Approve the On-Call List of Qualified Consultants for As-Needed Environmental Programs Support Services for an Amount Not-to-Exceed $600,000 per Contract for a Three (3) Year Term, with the Potential to Extend for Two (2) Additional One (1) Year Extensions.

Prepared by: Lia Gountoumas, Environmental Services Administrator Approved by: Scott Smith, P.E., Director of Public Works Procurement Review: Amanda McCall, Management Analyst/Purchasing Officer Fiscal Review by: Ryan Smith, Finance Director / City Treasurer Approved by: Maggie Le, City Manager
 Attachment 1: RFQ 25-007 On-Call Environmental Programs Support Services  Attachment 2: John L. Hunter & Associates Contract
 Attachment 3: Willdan Engineering Contract
 Attachment 4: WSP USA Inc. Contract
 Attachment 5: CWE Contract

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City of Fountain Valley
Electronic submittal of Request for Qualifications
RFQ 25.007
On-Call Environmental Programs Support Services
Questions Deadline:
4:00 p.m., PST, Thursday, April 24, 2025
Submittal Due Date:
4:00 p.m., PST, Friday, May 9, 2025
City Contact:

Amanda McCall, Mgmt. Analyst / Purchasing Officer
email: [email protected]
Phone No. (714) 593-4413
CITY OF FOUNTAIN VALLEY’S ELECTRONIC BIDDING SITE, PLANETBIDS *Read Upload Instructions*
for important information on the best time to upload proposals (Issued April 13, 2025)

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
1 | Page
Background Information
Background
The City of Fountain Valley (hereinafter referred to as “City”), is a general law city that has operated under the council-manager form of government since its incorporation in 1957. The City is located in Orange County, California, and is located roughly 30 miles southeast of Los Angeles and 90 miles northwest of San Diego. The City has an estimated population of 56,920 and has a land area of 9.75 square miles. The City is a full-service City that offers a range of municipal services that includes but is not limited to: police and fire protection; water and sewer utility operations; building and safety; development services for land use planning, and zoning; housing and community development; and a full range of recreation and cultural activities.

Purpose
The City is pleased to issue this Request for Qualifications (RFQ) for qualified consultant(s) to perform As-needed Design Services for various Environmental Programs Support. Services include and not limited to the: a. National Pollution Discharge Elimination System (NPDEs); b. Fats, Oils and Grease (FOG); and/or c. Trash Order Implementation Planning and Mapping Programs. Qualified firms shall provide consulting services on an “as-needed” basis. The contract(s) will be for a minimum 3-year term. The City reserves the right to extend the contract for up to two (2) additional one (1) year periods upon satisfactory performance.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
2 | Page

PROJECTS/ SCOPE OF WORK OVERVIEW
The City is looking for consultants to provide service for any of the following projects:

A. National Pollution Discharge Elimination System (NPDES) Program Management Support Services.

The City is a co-permittee of the NPDES permit issued by the Santa Ana Regional Water Quality Control Board (SAWQCB) - Order R8-2009-030. The City manages and implements its Municipal Separate Storm Sewer System (MS4)/National Pollutant Discharge Elimination System (NPDES) program in-house and requires assistance with reviewing various program components to improve and advance the program.

The City is seeking the services of qualified consultants with extensive experience working with the MS4/NPDES program requirements. The Santa Ana RWQCB is in the process of renewing the existing NPDES Permit. The City desires an approach that will adequately integrate the various components of the NPDES program to avoid gaps in the program implementation and to prepare the City for the NPDES audits conducted by the SARWQCB. The City is also looking for assistance with reviewing the existing stormwater program implementation efforts, preparing an evaluation of the City’s MS4/NPDES program, reviewing various NPDES municipal codes, assessing and making recommendations related to various other program components as necessary.

The following sections provide further details regarding the City’s needs and requirements:

1. Program Administration
a. Program updates and correspondence
• Provide Program status updates and hold update meetings. Represent the City at various regulatory compliance meetings.
• Act as liaison with various environmentally related resource agencies as it relates to public and private projects within the city. b. Technical assistance
• Be aware, train, and update City staff regarding new technologies, changing mandates, regulations, and NPDES items. The consultant will be knowledgeable of NPDES legislation and recommend implementation of program elements as necessary and required to comply with NPDES regulations.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
3 | Page
c. Assist City staff in preparation for the Regional Board audit. Review City’s Stormwater Program against MS4 permit requirements and identify areas of concern. Conduct mock walkthrough of industrial/commercial, construction, and WQMP post construction inspections. Prepare a Power Point presentation to introduce Regional Board staff to the City’s Stormwater Program. This presentation will be provided on Day 1 of the audit. Present to Regional Board during the 2-day audit.

2. Program Funding
a. Apply for applicable grant funding opportunities. Grant funding opportunities may include but not limited to OCTA M2 Tier 1 Grants.
b. Assist in developing and administering Program fees, budgets, and cost share agreements.

3. Training
a. Hold annual NPDES MS4 training for City staff in-person. b. Obtain proper and pertinent training by attending County-wide training. Countywide training includes but is not limited to: WQMP and Hydromodification Model Training, Stormwater Program Manager Training, Illegal Discharge and Illicit Connection Training Commercial/Industrial/Municipal Inspector Training, and Post-Construction Inspection Training. The consultant shall maintain training records for reporting and auditing requirements.

4. Capital Projects and Programs
a. Provide as-needed assistance in selecting, developing, and implementing any NPDES elements of capital projects.
b. Conduct maintenance inspections for City-owned post-construction BMPs. c. Assist City staff in receiving and terminating coverage under the NPDES Construction General Permit and other applicable NPDES permits.

5. Planning and Land Development
a. Review and approve submittals of Water Quality Management (WQMPs) and Hydrology Plans, and Non-Priority Water Quality Management Plans for City and private development projects.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
4 | Page
b. Review/plan check project plans, specifications, and other documents for compliance with storm water regulations.
c. Collaborate and confer with developers, contractors and engineers on water quality issues related to grading plans and encroachment permits. d. Conduct post-construction BMP verification and maintenance inspections.

6. Industrial/Commercial and Municipal Facility Inspections • Conduct routine stormwater quality inspections for commercial, industrial, and municipal facilities. Work with Public Works staff and the City’s Code Enforcement Officer to bring NPDES issues into compliance. The frequency of the inspections shall be determined based on the prioritization category set in the MS4 Permit and General Industrial Permit. Routine inspections also include the follow-ups for facilities referred to by Orange County Health Care Agency, and Orange County Pollution Prevention Hotline.

When conducting inspections, at the minimum, the following shall be addressed for each Business/Facility Type:
a. Verification of the type (or types) of the commercial and/or industrial activities and facility SIC codes.
b. Compliance with applicable local ordinances and permits related to nonstormwater and stormwater discharges and run-off. c. Observation of actual or potential non-stormwater discharges, potential IC/ID to MS4.
d. Observation of potential discharge of Pollutants in Urban Runoff from areas of material storage, vehicle or equipment fueling, vehicle or equipment maintenance (including washing), Waste handling, Hazardous Materials handling or storage, delivery areas or loading docks, trash area or other outdoor work areas.
e. Ensuring that spill response materials are available onsite. f. Verifying proper storm drain stenciling to storm water inlets onsite. g. Implementation and maintenance of appropriate or minimum BMPs.

h. Qualitative assessment of the effectiveness of the BMPs implemented.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
5 | Page
I. Taking photos of Best Management Practices (BMPs) implemented by the business and/or stormwater violations observed during the inspection.

j. Providing educational materials and educating business regarding strormwater Pollution Prevention.
k. Issuing and completing any Notices of Violation or Notices of Correction as necessary.
l. All inspection reports will be prepared using City’s Forms/apps and they will be submitted to the City on a monthly basis.

7. Investigations.
• Respond as needed to emergency spills and properly document the incidents, including illicit connections and illegal discharges. Communicate with appropriate parties to mitigate incidences and maintain tracking system of all complaints, investigations, and correspondence. Work with code enforcement officers to bring NPDES issues into compliance.

8. Reporting and Record Keeping
a. Prepare the NPDES MS4 Annual Reports for the Santa Ana RWQCB along with providing data to the County of Orange. This includes but is not limited to: legal authority, illicit discharge detection and elimination program, development planning program, construction management program, existing development and management program, public education and participation program, and fiscal analysis.
b. Prepare and submit the City’s quarterly reports for Industrial/Construction Permit facilities.
c. Manage and update inventories to track NPDES activities. Inventory includes tracking of municipal facilities, commercial facilities, industrial facilities, WQMP projects, post-construction BMP maintenance and verification, and construction sites.
d. Review City’s Municipal Codes related to Stormwater (Chapter 14.40 Stormwater Regulations, Chapter 21 Development Code, Chapter 18.06 Grading of the Building Code) for compliance with MS4 Permit, Construction General Permit (CGP), and the Industrial General Permit (IGP).

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
6 | Page
e. Develop policies, and/or Standard Operating Procedures (SOPs) as necessary to comply with current regulations, NPDES Permit requirements and reporting needs with the goal of complying with the NPDES regulations, streamline reporting and preparation for the NPDES audit. This also includes the review of the Construction Program for both public and private developments, the Water Quality Management Plan (WQMP) Program, and the Commercial and Industrial Inspection Program.
f. Review the City’s Local Implementation Plan (LIP) and make necessary revisions to ensure compliance with the latest regulatory requirements. g. Meet as needed with City staff to review progress in performing required tasks.

The consultant should also be available to attend City Council or Planning Commission meetings if needed.

Any tasks that are assumed to be accomplished with the assistance of City staff should be identified and an estimated level of City participation that is expected should be included in the proposal. The Scope of Work, as may be modified through negotiation and/or by written addendum issued by the City, will be made a part of the Agreement.

B. Fats, Oils and Grease (FOG) Program Management Support Services The City of Fountain Valley is requesting proposals from qualified Consultants with extensive Fats, Oils and Grease (FOG) program experience to provide comprehensive program management support with FOG program requirements set forth in the State Water Resources Board’s Statewide Sanitary Sewer Systems General Order 2022- 0103-DWQ. The City seeks assistance with reviewing the FOG ordinance, review existing program implementation efforts, suggestions for improved program implementation and conducting FOG inspections.

When preparing the proposal, firms should consider the following minimum tasks in addition to other items that the firm may determine to be beneficial to the project.

1. Fats, Oils and Grease Program
a. Asses the current ordinance and compare it against the WDR, Sewer System Management Plan (SSMP), and local sewer agencies.
b. Through this assessment, identify potential ordinance revisions.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
7 | Page
c. Assess and review the City’s SSMP and related documents such as the Overflow Emergency Response Plan (OERP), as needed.
d. Consult City staff with their concerns regarding SSMP implementation, and interview staff involved with the applicable sections of the SSMP. e. Complete a self-audit checklist for the applicable sections of the SSMP. f. Provide recommendations for changes and improvements to the SSMP. g. Train key staff in any changes made to the SSMP. Training will include a slide presentation, and all materials will be available to City staff. h. Utilize the City FOG inspection form to conduct inspections and assist with data collection of restaurants required to comply with the FOG program. Inspections will include collecting FOG program related information about the facility (grease interceptor size, location, cleaning frequency, housekeeping practices etc.).

Develop and provide educational materials during inspections and speak to facility representatives about the purpose of the FOG program, the reason of the inspection. Also, provide instructions for corrective actions if any violations being observed during the inspection and issue enforcement actions as needed.

Complete inspection reports and submitted them to the City weekly. Each restaurant is required to be inspected annually.

2. Meetings
Meet as needed with City staff to review progress in performing required tasks. The consultant should also be available to attend City Council or Planning Commission meetings if needed.

C. Trash Order Implementation Planning and Mapping Services The City of Fountain Valley is seeking the services of qualified professional firms (Consultants) to provide a Trash Order Implementation Planning and Mapping project.

On April 7, 2015, the State Water Board adopted an Amendment to the Water Quality Plan for Ocean Waters of California to Control Trash and Part 1 Trash Provision of the Water Quality Control Plan for Inland Surface Waters, Enclosed Bays, and Estuaries.

Together, they are collectively referred to as the Trash Amendments. The objective for the Trash Amendments is to provide statewide consistency for controlling the discharge of trash to state waters, to protect aquatic life and public health beneficial uses and reduce environmental impacts. The control of trash is focused on high trash generating land uses, defined as Priority Land Use areas.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
8 | Page
The City of Fountain Valley submitted a letter to the SARWQCB identifying Track 1 as the City’s selected method of compliance. In selecting Track 1, the co-permittees must install, operate, and maintain State-certified Full Capture System (FCS) devices that capture all trash down to 5 millimeters in size from defined Priority Land Use (PLU) areas. Priority Land Use areas are generally defined as industrial, commercial, mixed urban, high-density residential (10 dwelling units/acre), and public transportation stations. Track 1 requires that the co-permittees develop and submit a final jurisdictional map, which identifies all Priority Land Use areas discharging into the MS4 systems, corresponding MS4 network, proposed locations of all FCS devices, and any proposed equivalent alternate land use areas.

The City will furnish the following available records and information upon request after awarding of contract.
• GIS shape files for
o Zoning,
o Storm-drain system and two (2) storm drain Pump Stations, o Catch basins,
o Bus Stops etc.
• 2003 Drainage Master Plan in a binder for reference
• City’s Street Sweeping information
• City’s storm-drain crew and operations information
In addition to the Track 1 work effort, the City will continue the implementation of existing stormwater program elements that will assist with trash control from several other sources. These existing efforts include public education, creek cleanups, street sweeping, catch basins cleaning, illicit discharge detection and elimination, etc.

Initial costs for complying with the Trash Provisions will depend on the types of FCS devices selected, size (i.e. large vs small), installation costs, and the total number of devices installed. The type and number of FCS devices installed will depend on PLU areas and the stormwater infrastructure that serves those areas. Other long-term cost considerations include maintenance and replacement of the FCS devices which will depend on the qualities of the drainage areas filtering through the devices including acreage, land use and perviousness, flow rates, etc.

The City is working towards achieving full compliance with the regulatory requirements of the Trash Provisions by 20230. Over the next 5 years, the City will continue its ongoing efforts to address the statewide Trash Provisions requirements. The Consultant will be broadly evaluated on the following:

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
9 | Page

1. Understanding and completeness of the scope of work for the City of Fountain Valley.

2. List of successful completion of prior projects with similar scope of work.

3. Describe the proposed staff’s involvement with the projects listed for reference.

4. Effective use of data provided by the City and procurement of other key data.

5. Innovative and well-thought-out approaches and methodologies that the City may not have identified in the scope of work.

The City is seeking consulting services for the following tasks:

Task 1: Project Management and Coordination

1. The Consultant shall be responsible for facilitating meetings/workshops with the Environmental Services Administrator and or other appropriate Public Works members to gather existing infrastructure and operations information.

2. Provide the City an estimated program cost for the remaining 5-year implementation period.

3. Identify funding opportunities and assist the City in applying for stormwaterrelated grants.

4. Consulting with local FCS vendors to solicit FCS pricing for budget estimating purposes.

5. Prepare memorandum describing project timelines, annual capital and O&M costs, and estimated FCS replacement frequencies to keep Department managers of key issues.

6. The Consultant shall meet regularly with the City to discuss the project.

Assumptions:

Coordination meetings are expected to occur on an as-needed basis at the direction of the City. (Meetings can be on-line or in person as agreed upon depending on the topic of the discussion).
• Meetings will include a kick-off meeting and sit-down or online meeting review of redline comments resulting from peer reviews.
• Monthly progress reports, if necessary
• Administration of the contract to control budgets, effort, and avoid cost over-runs.

Deliverables:
• Project schedule and updates.
• Meeting agendas and minutes for all design and coordination meetings.

Task 2: Information Management and Mapping Support

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
10 | Page
The Consultant shall prepare a Final Jurisdictional Map that will comply with Track 1 requirements per Water Code Section 13383 Order and include the following tasks, considerations, and deliverables:

1. Collect and analyze City-provided and other data.

2. Correct mislabeled drainage inlets identified as publicly owned but located on private property.

3. Determine if an Equivalent Alternate Land Use request is needed, particularly for the catch basins on private properties.

4. Identify known drainage inlets of unusual shape, size, or location that may be unsuitable for receiving a Connector Pipe Screen.

5. Prepare an updated final jurisdictional map identifying the following:
a. All Priority Land Use (PLU) areas as defined in the Statewide Trash Provisions policy.
b. The corresponding MS4 network.
c. Proposed locations of all certified Full Capture Systems. d. Storm Drain Inlet Drainage Area Delineations needed to identify inlets receiving from PLUs and locations to install new trash full capture BMPs.

6. Proposals, if any, to substitute Priority Land Uses with other locations or land uses, provided that the total trash generated in other locations or land uses are equivalent to, or greater than, the total trash generated in the Priority Land Uses being substituted.

7. The Consultant will be expected to make recommendations to the City keeping in mind the potential need to switch to Track 2 at a future date within the compliance timeframe.

Deliverable: PLU Map with Potential FCS Device Locations.

Task 3: Full Capture System Analysis

1. Analyze and make recommendations of appropriate trash treatment control devices from the certified full capture system list for each proposed location,

2. Prepare a cost analysis to install, operate, and maintain all the certified trash treatment control devices.

3. A time schedule to achieve full compliance with the installation of all full capture systems.

4. Provide cost estimates for FCS devices and anticipated replacement frequencies available from three commercial vendors. Prepare a draft and final brief memorandum showing the annual program costs and time schedule along with recommendations for selecting a vendor to purchase the FCS devices from the information gathered in this task.

Deliverable: Draft and Final Technical Memorandum with Time Schedule.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
11 | Page
Upon request, the City’s Resources provided to the consultant after the award of the contract:

1. 2003 Drainage Master Plan (Binder available for review at the City Hall Engineering Department).

2. XY-Map GIS information as available to the City (GIS shape file)

CONTENT OF RESPONSES
Responses submitted to the City should include the following components:

1. Cover Letter
a. A cover letter signed by the individual authorized to represent / negotiate on behalf of the responding firm.

2. Firm Qualifications
The information requested in this section must describe the qualifications of the firm and key staff performing projects, preferably within the past seven (7) years in Orange County/Los Angeles County to demonstrate competence in performing these services. Information shall include:

a. An overview of qualifications for the firm, which should include the length of time that your firm has provided the services requested in this Request for Qualifications. Special Note: Consultants shall identify their qualifying area of expertise.
b. The key personnel that have participated on named projects and their specific responsibilities and years of experience with respect to this scope of work.
c. Please provide an organization chart which lists all key individual(s) who will be working on projects and indicates the function that each will perform. d. Please also include the resume(s) / background of all key individuals from the firm who will be working directly and regularly on this initiative with the

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
12 | Page
City as well as their roles. Clearly identify the project manager/lead who will be responsible for the day-to-day management of the contract. e. Please include an outline of current relevant projects being coordinated in the southern California region. Responses should demonstrate specific details relating to items as specified in the scope of work. f. Please provide 5 references from current clients or past clients, preferably Orange County/ Los Angeles County Public Agency, within the last 2 years, that have received similar services from your firm. Please provide the following information to ensure easy contact:
• Including but not limited to, name of project, name, address, email, and phone number of individual(s) to contact for referral.
• Brief Description (i.e. miles of street rehabilitation, construction costs, etc.)
• Project Manager on the project who also is the PM on the Proposal and Key Personnel
• Start/Finish (months and years)

3. Understanding of and Proposed Approach to the RFQ Scope of Work:
a. This section must describe your understanding of the City, the objectives to be accomplished, innovative approaches, and solutions to similar projects that would be undertaken by the City, and detailed descriptions of efforts your firm will undertake to achieve client satisfaction, as outlined on

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4. Estimated Costs
a. In an effort to save time, interested proposers shall concurrently submit a detailed hourly rate schedule, which is to be uploaded under Cost File in PlanetBids.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
13 | Page

SUBMITTAL GUIDELINES
Respondents are required to submit the following:
• Complete written proposals must be submitted electronically in PDF file format via the www.Planetbids.com website no later than 4:00 p.m. (PST) on Friday, May 9, 2025. Proposals will not be accepted after the deadline. Faxed or emailed proposals will not be accepted.
• Please review the How to upload Electronic Proposals prior to due date. This will ensure proper and timely electronic submittal of proposal. • Proposals shall be prepared with sufficient details to allow for thorough evaluation and comparative analysis.
• The RFQ shall not exceed twenty (20) single sided standard size (8.5” X 11”) pages.

Questions about this RFQ must be directed in writing through the Planetbids Q&A tab no later than 4:00 p.m. (PST) on April 24, 2025 for response. All questions regarding this RFQ shall be submitted electronically in PlanetBids up to the Question and Answer (Q&A) deadline. All project correspondence will be posted in PlanetBids. It is the responsibility of the Proposers to check the website regularly for information updates, clarifications, and addenda. At the Agency’s discretion, Proposers requests for clarifications may or may not be responded to.

It is important to note that the City reserves the right to reject any and all responses. The City will not be liable for, nor pay for any costs incurred by responding firms relating to the preparation of the response. An explicit provision of this RFQ is than any oral communication is not binding on the City’s RFQ response process or selection criteria.

SELECTION OF FIRM
RFQ Assessment Process

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
14 | Page
The City will coordinate a review and evaluation of all responses received by the City in response to this RFQ. As part of the assessment process, the City will place particular emphasis on the qualifications / experience of the individuals assigned to the project; directly relevant qualifications / experience of the firm; the ability for the firm to undertake the management of the RFQ scope of work; and each firm’s understanding and proposed approach to the project. The following specific criteria will be used in the evaluation process:

1. The expertise, experience and prior contracting history of the proposer and its key personnel with similar work in similar fields and qualifications and depth of the staff that will perform the aspects of the work.

2. Overall ability to undertake the management of the RFQ scope of work for the City’s Environmental Services Programs.

3. Demonstrate an understanding of key issues involved in successfully meeting the needs of the City’s Environmental programs.

After assessing the responses received, the City plans to enter into an initial 3 year agreement with the selected consultant(s). The City may enter into agreements with several service providers, based on City needs and the qualifications of the responding firms. Additional contract details will be developed with the identified specialist(s), based on the provisions of the response submitted be each responding firm Overall Assessment / Selection Process
After assessing all the responses received, the most qualified respondents will be invited to participate in an interview with City staff. Following that interview process, the City will identify a selected specialist(s) to partner with on this project. The selected specialist(s) will be asked to enter into a Professional Service Contract with the City. The anticipated timeline for these next steps is as follows:

RFQ Submittal Deadline: Friday, May 9, 2025
Interviews w/ Selected
Firms: Tentatively the Week of May 27, 2025
Selection of Firm(s): Tuesday, June 17, 2025
The City makes no guarantee to the amount of work that will be made available. Only recently, has the current “as-needed” list been needed to augment City Staff and to

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
15 | Page
provide services. Compensation for consultant services shall be based on hourly rates, and is typically a negotiated “not to exceed” agreed amount by the Consultant and City prior to the execution of the “As-needed” Consultant Services Agreement (and the overall Consultant Services process as described below). The Consultant Services generally entails agreeing on the staff assigned, work plan, estimated cost, and materials costs.

Payment will not be made until work product is delivered and deemed acceptable by the City.

Disclaimer
This RFQ does not commit the City either to issue a RFP, award a contract, or to pay any costs incurred in the preparation of the RFQ response. The City reserves the right to extend the due date for the RFQ, accept or reject any or all qualifications submittals received as a result of this request, negotiate with any qualified consultant or cancel this RFQ in part or in its entirety without penalty.

Assigned Representatives
The City will assign a responsible representative to administer the contract and to assist the consultant in obtaining information. The consultant shall also assign a responsible representative
(project manager) and an alternate, who shall be identified in the RFQ response. The consultant’s representative will remain in responsible charge of the consultant’s duties from the notice-to proceed through project completion. If the consultant’s primary representative should be unable to continue with the project, then the alternate representative identified in the RFQ response shall become the project manager. Any substitution of representatives or sub-consultants identified in the RFQ response shall first be approved in writing by the City’s representative. The City reserves the right to review and approve/disapprove all key staff and sub-consultant substitution or removal, and may consider such changes not approved to be a breach of contract.

Consultant Services Process
Following the execution of a Consultant Services Agreement on “As-needed” agreement, projects may be assigned on a qualification –based selection process. The City will issue Projects one of two ways depending on 1) specialized work and/or 2) Qualified staff availability.

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CITY OF FOUNTAIN VALLEY
Environmental Programs Support Services RFQ 25.007

Submittal Deadline Friday, May 9, 2025 @ 4:00 p.m.
16 | Page
1) Specialized Work – The City will provide all consultants with a scope of work and desired schedule, and the consultants will be invited to submit work plans, proposed staff, hours and schedule. The City construction manager will review the work plans with the City Project Manager and issue an addendum to the highest quality and qualified consultant response based on the qualifications of staff, schedule, and work plan (ranked by equally weighting the above criteria). 2) Standard Public Works Improvements - City will review the amounts of past task orders and assign task orders to provide work fairly to the firms on the as needed agreements; or on a rotational basis keeping fairness in mind as the top ranked firms are presumed or expected to be highly qualified.

The City will contact Consultant to agree on final scope, schedule and work plan, and not to exceed amount, and deliverables. Upon agreement, the City will issue a Purchase Order which shall be considered as the “Notice to Proceed” and authorizes work. If agreement cannot be reached or a Consultant is not available, the City will approach the next highest ranked response or next consultant deserving a task order.

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Fountain Valley City CouncilJune 17, 2025

Fountain Valley City Council
June 17, 2025