Agenda — Fountain Valley City Council, June 2, 2026 (part 6 of 6)

CITY OF FOUNTAIN VALLEY

CITY COUNCIL

COUNCIL ACTION REQUEST
To: Honorable Mayor and Agenda Date: June 2, 2026
Members of the City Council
SUBJECT: Approval of the FY 2026/27 Statement of Investment Policy Three-Year Strategic Goals
☐ Cultivate a welcoming culture and safe environment that makes our community “A Nice Place to Live.”
☐ Ensure long-term 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, plan for, and modernize infrastructure to support the growth and future needs of the City.
☒ Not applicable

EXECUTIVE SUMMARY
The Investment Policy provides the guidelines for prudent investment of the City’s idle or reserve cash and outlines the policies essential to ensuring the safety and financial strength of the City’s investment portfolio. Pursuant to its own terms, the City’s Investment Policy is reviewed on an annual basis for submission and approval by the City Council. Upon review by the City Treasurer and the City’s investment advisors, Chandler Asset Management, updates have been incorporated into the document. Attached for your consideration is the investment policy for the fiscal year 2026/27.

DISCUSSION
The City has employed the use of a third-party investment manager, Chandler Asset Management, since 2015. Chandler Asset Management has been in business since 1988 providing investment management services primarily to public agencies, currently with $35 billion in assets under management. Chandler functions as the City’s investment advisor and provides investment advice to the City, actively manages the City’s pooled investment portfolio, and monitors the portfolio for on-going compliance, regulatory developments, investment strategy review, and performance evaluation. Chandler Asset Management currently partners with the following agencies in Orange County:

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Approval of the FY 2026/27 Statement of Investment Policy June 2, 2026

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The City’s Investment Policy guides the investment of over $100 million in pooled cash and investments. The California Government Code sets specific rules for how public agencies can invest their idle cash and limits the types of investment vehicles public agencies can utilize. The City’s Investment Policy further limits investment choices to a smaller subset of what is allowed by the Government Code. The City’s overriding objectives of the investment program are to preserve principal, provide sufficient liquidity, and manage investment risks, while seeking a market-rate of return. Although the generation of revenues through interest earnings on investments is an appropriate City goal, the primary consideration in the investment of City funds is capital preservation in the overall portfolio. As such, the City’s yield objective is to achieve a reasonable rate of return on City investments rather than the maximum generation of income, which could expose the City to unacceptable levels of risk.

On June 17, 2025, the City Council approved the FY 2025/26 Statement of Investment Policy, which follows best practices recommended by the California Debt and Investment Advisory Commission (CDIAC), California Municipal Treasurers Association (CMTA), and the Government Finance Officers Association (GFOA), with stated objectives of the policy as safety, liquidity, and return. It also affirmed the market benchmark, the Intercontinental Exchange (ICE) Bank of America Merrill Lynch (BAML) 1-5 Year U.S. Treasury/ Agency Index, which remains the same for FY 2025/26.

Consistent with best practices, the Investment Policy (Attachment 1) is reviewed each year and presented to the City Council for adoption. The recommended changes are included in the policy as redline edits, with comments for each change providing further clarification:
 Senate Bill 595
o Extends sunset provisions for Commercial Paper and Zero-Interest US Government Securities to 2031
 Existing law had a provision sunsetting on January 1, 2026, of no more than forty percent (40%) of the portfolio may be invested in commercial paper if the Agency’s assets under management are greater than $100,000,000.  Existing law had a provision sunsetting on January 1, 2026, that permitted securities backed by the U.S. Government that could result in a zero or negative interest accrual to be held to maturity.
 This bill extended both provisions to 1/1/2031.
o Extends maximum maturity for Commercial Paper from 270 to 397 days Cityof Brea Cityof Newport Beach Cityof Westminster
Cityof Buena Park Cityof Orange
Cityof Costa Mesa Cityof San Clemente Countyof Orange
Cityof Fountain Valley Cityof San Juan Capistrano OrangeCountyTransportation Authority(OCTA) Cityof La Habra Cityof Stanton Transportation Corridor Agencies Cityof Mission Viejo Cityof Tustin

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Approval of the FY 2026/27 Statement of Investment Policy June 2, 2026

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 Existing law authorizes investment in prime quality commercial paper issued by entities meeting certain criteria, if the eligible commercial paper has a maximum maturity of 270 days or less.
 This bill revised the maximum maturity periods for the investments in prime quality commercial paper to 397 days.

FISCAL REVIEW
Consistent with State law, the City’s primary objective is to invest in a manner that safeguards principal and maintains liquidity, with the secondary objective of achieving a market rate of return. Investment performance is evaluated by comparing the City’s pooled investment portfolio’s total rate of return with a market benchmark that closely aligns with the City’s investment policy constraints in terms of duration, security types, and credit quality. As reflected in the table below, the City’s “total rate of return” has performed better than the selected benchmark, the Intercontinental Exchange (ICE) Bank of America Merrill Lynch (BAML) 1-5 Year U.S. Treasury/Agency Index.

Total Rate of Return
(as of April 30, 2026)
1 Year 5 Year Since Inception
(2015)
City of Fountain Valley 3.47% 1.90% 1.94%
ICE BAML 1-5 Year U.S. Treasury/ Agency Index 3.01% 1.49% 1.62% The City’s investment advisors, Chandler Asset Management, will present an update of the City’s investment portfolio at the June 2 City Council meeting. Attachment 2 provides an update of the City’s portfolio as of April 30, 2026.

FISCAL REVIEW
There is no fiscal impact related to this item.

PUBLIC NOTIFICATION
Not applicable.

ENVIRONMENTAL IMPACT REVIEW
Not applicable.

ATTORNEY REVIEW
The Attorney(s) for the City have reviewed the attached Statement of Investment Policy.

ALTERNATIVES
Alternative No. 1: Approve the FY 2026/27 Statement of Investment Policy as presented.

Alternative No. 2: Do not approve as presented and provide direction to staff.

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Approval of the FY 2026/27 Statement of Investment Policy June 2, 2026

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RECOMMENDATION
Staff is requesting City Council approval of Alternative No. 1 to approve the FY 2026/27 Statement of Investment Policy as presented.

Prepared by: Robin Harnish, Finance Manager
Reviewed by: Ryan Smith, Finance Director/City Treasurer Reviewed by: Colin Burns, Attorney for the City
Approved by: Maggie Le, City Manager
Attachments:

1. FY 2025/26 Statement of Investment Policy (Redline)

2. Chandler Asset Management – Portfolio Update

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20252026- 20262027
City of Fountain Valley

STATEMENT OF

INVESTMENT POLICY

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CITY OF FOUNTAIN VALLEY

INVESTMENT POLICY

CONTENTS
I. INTRODUCTION ..................................................................................................... 1 II. SCOPE .................................................................................................................. 1 III. PRUDENCE ............................................................................................................ 2 IV. OBJECTIVES .......................................................................................................... 2 V. DELEGATION OF AUTHORITY .................................................................................. 3 VI. ETHICS AND CONFLICTS OF INTEREST ....................................................................... 3 VII. INTERNAL CONTROLS ............................................................................................ 4 VIII. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS ........... 4 IX. AUTHORIZED INVESTMENTS .................................................................................... 5 X. PROHIBITED INVESTMENT VEHICLES AND PRACTICES ............................................... 10 XI. INVESTMENT POOLS/MUTUAL FUNDS .................................................................... 10 XII. COLLATERALIZATION .......................................................................................... 11 XIII. DELIVERY, SAFEKEEPING AND CUSTODY ................................................................ 11 XIV. MAXIMUM MATURITY ......................................................................................... 12 XV. RISK MANAGEMENT AND DIVERSIFICATION ............................................................ 12 XVI. REVIEW OF INVESTMENT PORTFOLIO ..................................................................... 13 XVII. PERFORMANCE EVALUATION ................................................................................ 13 XVIII. REPORTING ......................................................................................................... 13 XIX. REVIEW OF INVESTMENT POLICY ........................................................................... 14 GLOSSARY OF INVESTMENT TERMS ..................................................................................... 14

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City of Fountain Valley 2025-262026-27 Investment Policy 1 I. INTRODUCTION
The purpose of this investment policy is to identify various policies and procedures that will foster a prudent and systematic investment program designed to seek the City of Fountain Valley’s objectives of safety, liquidity and return on investment through a diversified investment portfolio. This policy also serves to organize and formalize the City’s investment-related activities, while complying with all applicable statutes governing the investment of public funds. This policy shall have four primary goals:
 To assure compliance with federal, state, and local laws governing the investment of public monies under the control of the City Treasurer.  To provide sufficient liquidity to meet normal operating and unexpected expenditures.
 To protect the principal monies entrusted to the City.  To generate the maximum amount of investment income within the parameters of prudent risk management as defined in this Investment Policy.

This policy is written to incorporate industry best practices and recommendations from sources such as the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), California Debt and Investment Advisory Commission (CDIAC) and the Association of Public Treasurers (APT).

II. SCOPE
This policy covers all funds and investment activities under the direct authority of the City, as set forth in the State Government Code, Sections 53600 et seq., with the following exceptions:
 Proceeds of debt, which are governed by the investment provisions of their specific bond indentures.
 Pension and Other Post-Employment Benefit (OPEB) Trust Funds, which are invested in accordance with the provisions of the Trust Agreements.  Any other funds specifically exempted by the City Council.

POOLING OF FUNDS
Except for cash in certain restricted and special funds, the City will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.

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City of Fountain Valley 2025-262026-27 Investment Policy 2 III. PRUDENCE
Pursuant to California Government Code, Section 53600.3, all persons authorized to make investment decisions on behalf of the City are trustees and therefore fiduciaries subject to the Prudent Investor Standard:
“…all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the Agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the Agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”
The Treasurer and other authorized persons responsible for managing City funds acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes provided that the Treasurer or other authorized persons acted in good faith. Deviations from expectations of a security’s credit or market risk should be reported to the governing body in a timely fashion and appropriate action should be taken to control adverse developments.

IV. OBJECTIVES
The City’s overall investment program shall be designed and managed with a degree of professionalism worthy of the public trust. The overriding objectives of the program are to preserve principal, provide sufficient liquidity, and manage investment risks, while seeking a market-rate of return.
 SAFETY. Safety of principal is the foremost objective of the investment program.

Investments will be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, the City will diversify its investments by investing funds among a variety of securities with independent returns.  LIQUIDITY. The investment portfolio will remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.  RETURN ON INVESTMENTS. The investment portfolio will be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints for safety and liquidity needs.

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City of Fountain Valley 2025-262026-27 Investment Policy 3 V. DELEGATION OF AUTHORITY
Authority to manage the City’s investment program is derived from California Government Code, Sections 41006 and 53600 et seq.

The City Council is responsible for the management of the City’s funds, including the administration of this investment policy. Management responsibility for the cash management of the City’s funds is hereby delegated to the Treasurer.

The Treasurer will be responsible for all transactions undertaken and will establish a system of procedures and controls to regulate the activities of subordinate officials and employees.

Such procedures will include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Treasurer.

The City may engage the services of one or more external investment advisers, who are registered under the Investment Advisers Act of 1940, to assist in the management of the City’s investment portfolio in a manner consistent with the City’s objectives. External investment advisers may be granted discretion to purchase and sell investment securities in accordance with this investment policy.

If the City Treasurer is unavailable, then the Finance Manager, Deputy City Manager, or the City Manager shall authorize the investment transactions, in writing, prior to execution.

The City's overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The City recognizes that in a diversified portfolio, occasional measured losses may be inevitable and must be considered within the context of the overall portfolio’s return and the cash flow requirements of the City.

VI. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as custodians of the public trust.

Investment officials shall recognize that the investment portfolio is subject to public review and evaluation. Thus employees and officials involved in the investment process shall refrain from personal business activity that could create a conflict of interest or the appearance of a conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions.

Employees and investment officials shall disclose to the City Manager any material interests in financial institutions with which they conduct business, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers shall not undertake any personal investment transactions with the same individual with whom business is conducted on behalf of the Agency.

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City of Fountain Valley 2025-262026-27 Investment Policy 4 VII. INTERNAL CONTROLS
The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. Internal controls shall include but are not limited to: dual authorization of transactions, timely bank reconciliations and custodial safekeeping (investment securities are held by an independent financial institution and are recorded in the City’s name). Annually, an independent auditing firm shall review internal controls in conjunction with the audit of the City’s financial statements.

VIII. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS To the extent practicable, the Treasurer shall endeavor to complete investment transactions using a competitive bid process whenever possible. The City’s Treasurer will determine which financial institutions are authorized to provide investment services to the City. It shall be the City’s policy to purchase securities only from authorized institutions and firms.

The Treasurer shall maintain procedures for establishing a list of authorized broker/dealers and financial institutions which are approved for investment purposes that are selected through a process of due diligence as determined by the City. Due inquiry shall determine whether such authorized broker/dealers, and the individuals covering the City are reputable and trustworthy, knowledgeable and experienced in Public Agency investing and able to meet all of their financial obligations. These institutions may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15c3- 1 (uniform net capital rule).

In accordance with Section 53601.5, institutions eligible to transact investment business with the City include:
 Institutions licensed by the state as a broker-dealer, as defined in Section 25004 of the Corporations Code, with proof of FINRA certification.
 Primary government dealers as designated by the Federal Reserve Bank and nonprimary government dealers.  Nationally or state-chartered banks.
 Savings association or federal association (as defined in Section 5102 of the Financial Code).
 The Federal Reserve Bank.
 Direct issuers of securities eligible for purchase.

Selection of financial institutions and broker/dealers authorized to engage in transactions will be at the sole discretion of the City, except where the City utilizes an external investment adviser in which case the Agency may rely on the adviser for selection.

All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Treasurer with audited financials and a statement certifying that the institution has

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City of Fountain Valley 2025-262026-27 Investment Policy 5 reviewed the California Government Code, Section 53600 et seq. and the City’s investment policy. The Treasurer will conduct an annual review of the financial condition and registrations of such qualified bidders.

Public deposits will be made only in qualified public depositories as established by State law. Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law.

Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded.

If there is no other readily available competitive offering, best efforts will be made to document quotations for comparable or alternative securities. When purchasing original issue instrumentality securities, no competitive offerings will be required as all dealers in the selling group offer those securities at the same original issue price.

IX. AUTHORIZED INVESTMENTS
The City’s investments are governed by California Government Code, Sections 53600 et seq. Within the investments permitted by the Code, the City seeks to further restrict eligible investments to the guidelines listed below. In the event a discrepancy is found between this policy and the Code, the more restrictive parameters will take precedence. Percentage holding limits and minimum credit requirements listed in this section apply at the time the security is purchased.

Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity, and shall be exempt from the current policy. At the time of the investment’s maturity or liquidation, such funds shall be reinvested only as provided in the current policy.

An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified by security type and issuer to avoid incurring unreasonable and avoidable risks regarding specific security types or individual issuers.

1. MUNICIPAL SECURITIES include obligations of the City, the State of California and any local agency within the State of California, provided that:
 The securities are rated in a rating category of “A” or its equivalent or better by at least one nationally recognized statistical rating organization (“NRSRO”).  No more than 5% of the total portfolio may be invested in any single issuer.  No more than 30% of the total portfolio may be in Municipal Securities.  The maximum maturity does not exceed five (5) years.

2. MUNICIPAL SECURITIES (REGISTERED TREASURY NOTES OR BONDS) of any of the other 49 states in addition to California, including bonds payable solely out of the

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City of Fountain Valley 2025-262026-27 Investment Policy 6 revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California.
 The securities are rated in a rating category of “A” or its equivalent or better by at least one nationally recognized statistical rating organization (“NRSRO”).  No more than 5% of the total portfolio may be invested in any single issuer.  No more than 30% of the total portfolio may be in Municipal Securities.  The maximum maturity does not exceed five (5) years.

3. U.S. TREASURIES and other government obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries, provided that:
 The maximum maturity does not exceed five (5) years.

4. FEDERAL AGENCIES or United States Government-Sponsored Enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. There are no limits on the dollar amount or percentage that the City may invest in Federal Agency or Government-Sponsored Enterprises (GSEs), provided that:
 No more than 25% of the total portfolio may be invested in any single Agency/GSE issuer.
 The maximum maturity does not exceed five (5) years.
 The maximum percent of agency callable securities in the total portfolio will be 20%.

5. BANKER’S ACCEPTANCES, provided that:
 They are issued by institutions which have short-term debt obligations rated “A-1” or its equivalent or better by at least one NRSRO; or long-term debt obligations which are rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
 No more than 40% of the total portfolio may be invested in Banker’s Acceptances.  No more than 5% of the total portfolio may be invested in any single issuer.  The maximum maturity does not exceed 180 days.

6. COMMERCIAL PAPER, provided that:
 The issuer is a corporation organized and operating in the United States with assets in excess of $500 million.
 The securities are rated “A-1” or its equivalent or better by at least one NRSRO.  They are issued by corporations which have long-term obligations rated in a rating category of “A” or its equivalent or better by at least one NRSRO.

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City of Fountain Valley 2025-262026-27 Investment Policy 7  City may purchase no more than 10% of the outstanding commercial paper of any single issuer.
 No more than 25% of the total portfolio may be invested in Commercial Paper.

Under a provision sunsetting on January 1, 203126, no more than 40% of the portfolio may be invested in Commercial Paper if the Agency’s investment assets under management are greater than $100,000,000.
 No more than 5% of the total portfolio may be invested in any single issuer.  The maximum maturity does not exceed 397270 days.

7. NEGOTIABLE CERTIFICATES OF DEPOSIT (NCDS), issued by a nationally or statechartered bank, a savings association or a federal association, a state or federal credit union, or by a federally licensed or state-licensed branch of a foreign bank, provided that:
 The amount of the NCD insured up to the FDIC limit does not require any credit ratings.
 Any amount above the FDIC insured limit must be issued by institutions which have short-term debt obligations rated “A-1” or its equivalent or better by at least one NRSRO; or long-term obligations 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 NCDs (combined with CDARS).
 No more than 5% of the total portfolio may be invested in any single issuer.  The maximum maturity does not exceed five (5) years.

8. FEDERALLY INSURED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
 The amount per institution is limited to the maximum covered under federal insurance.
 No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits.
 The maximum maturity does not exceed five (5) years.

9. COLLATERALIZED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized with securities in accordance with California law, provided that:
 No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits.
 The maximum maturity does not exceed five (5) years.

10. PLACEMENT SERVICE DEPOSITS, provided that:
 No more than 30% of the total portfolio may be invested in a combination of qualifying placement service deposits, including CDARS.

Commented [SH1]: Edited for update to CA Code by SB
595 extending maturity from 270 days to 397 days and
extending the sunset provision to 2031.

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City of Fountain Valley 2025-262026-27 Investment Policy 8  The full amount of each deposit along with accrued interest must at all times be insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
 Under a provision sunsetting on January 1, 2031, no more than 50% of the total portfolio may be invested in deposits through a placement service, including Certificates of Deposit, if the Agency is a city, district or local agency that does not pool money with other local agencies.
 The maximum maturity does not exceed five (5) years.

11. COLLATERALIZED BANK DEPOSITS. City’s deposits with financial institutions will be collateralized with pledged securities per California Government Code, Section 53651.

There are no limits on the dollar amount or percentage that the City may invest in collateralized bank deposits, provided that:
 The maximum maturity does not exceed five (5) years.

12. REPURCHASE AGREEMENTS collateralized with securities authorized under California Government Code, maintained at a level of at least 102% of the market value of the Repurchase Agreement. There are no limits on the dollar amount or percentage that the City may invest, provided that:
 Securities used as collateral for Repurchase Agreements will be delivered to an acceptable third party custodian.
 Repurchase Agreements are subject to a Master Repurchase Agreement between the City and the provider of the repurchase agreement. The Master Repurchase Agreement will be substantially in the form developed by the Securities Industry and Financial Markets Association (SIFMA).
 The maximum maturity does not exceed one (1) year.

13. STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF), provided that:
 The City may invest up to the maximum amount permitted by LAIF.  LAIF’s investments in instruments prohibited by or not specified in the City’s policy do not exclude the investment in LAIF itself from the City’s list of allowable investments, provided LAIF’s reports allow the Treasurer to adequately judge the risk inherent in LAIF’s portfolio.

14. CORPORATE MEDIUM TERM NOTES (MTNS), provided that:
 The issuer is a corporation organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States.
 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.

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City of Fountain Valley 2025-262026-27 Investment Policy 9  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.
 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.

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City of Fountain Valley 2025-262026-27 Investment Policy 10 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, 203126, 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.
 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.

Commented [SH2]: Also an edit based upon SB 595 which
is effective 1/1/2026.

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City of Fountain Valley 2025-262026-27 Investment Policy 11  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.

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

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City of Fountain Valley 2025-262026-27 Investment Policy 12 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.
 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.

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City of Fountain Valley 2025-262026-27 Investment Policy 13 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 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

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City of Fountain Valley 2025-262026-27 Investment Policy 14 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. These reports will disclose, at a minimum, the following information about the City’s portfolio:

1. An asset listing showing par value, cost and market value of each security, type of investment, issuer, maturity date and interest rate.

2. Transactions for the period.

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. 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;

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.

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
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:

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City of Fountain Valley 2025-262026-27 Investment Policy 15 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.

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.

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City of Fountain Valley 2025-262026-27 Investment Policy 16 DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.

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.

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.

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.

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City of Fountain Valley 2025-262026-27 Investment Policy 17 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 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,

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City of Fountain Valley 2025-262026-27 Investment Policy 18 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.

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 April 30, 2026 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*
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (05/01/15)
City of Fountain Valley 0.17% 0.24% 0.46% 3.47% 5.43% 4.33% 1.90% 2.02% 1.94% Benchmark Return 0.15% 0.18% 0.34% 3.01% 5.15% 3.83% 1.49% 1.69% 1.62% Average Modified Duration 2.58
Average Coupon 3.80%
Average Purchase YTM 4.27%
Average Market YTM 4.08%
Average Credit Quality* AA
Average Final Maturity 2.96
Average Life 2.83
End Values as of
03/31/2026
End Values as of
04/30/2026
Market Value 62,564,391.56 62,683,128.09
Accrued Interest 487,388.87 473,260.00
Total Market Value 63,051,780.43 63,156,388.09
Income Earned 247,888.56 199,849.41
Cont/WD 5,000,000.00 0.00
Par 62,993,631.28 63,201,918.24
Book Value 61,741,186.18 61,950,795.27
Cost Value 61,741,186.18 61,950,795.27
United States 56.68%
Federal Home Loan Mortgage Corp 7.07%
Federal Home Loan Banks 2.17%
Toyota Motor Corporation 1.31%
U.S. Bancorp 1.31%
State Street Corporation 1.30%
Bank of America Corporation 1.26%
JPMorgan Chase & Co. 1.24%
**Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index *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
Max % (MV) 100.0 7.1 Compliant
Max % Issuer (MV) 25.0 7.1 Compliant
Max Maturity (Years) 5.0 4.7 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 4.9 Compliant
Max % Issuer (MV) 5.0 1.0 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 25.4 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

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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 3.1 Compliant
Max % Issuer (MV) 25.0 2.2 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 0.6 Compliant
Max % Issuer (MV) 20.0 0.6 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

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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 2.3 Compliant
Max % Issuer (MV) 10.0 1.1 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 56.7 Compliant
Max Maturity (Years) 5 4 Compliant

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RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Book Value 61,741,186.18 55,210,857.27
Maturities/Calls (890,000.00) (5,480,000.00)
Principal Paydowns (32,785.19) (512,439.16)
Purchases 2,552,743.78 29,977,035.78
Sales (1,420,372.80) (17,292,231.46)
Change in Cash, Payables, Receivables (4,060.23) (230.05) Amortization/Accretion 0.00 0.00
Realized Gain (Loss) 4,083.53 47,802.88
Ending Book Value 61,950,795.27 61,950,795.27
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Market Value 62,564,391.56 56,115,615.27
Maturities/Calls (890,000.00) (5,480,000.00)
Principal Paydowns (32,785.19) (512,439.16)
Purchases 2,552,743.78 29,977,035.78
Sales (1,420,372.80) (17,292,231.46)
Change in Cash, Payables, Receivables (4,060.23) (230.05) Amortization/Accretion 0.00 0.00
Change in Net Unrealized Gain (Loss) (90,872.55) (172,425.17) Realized Gain (Loss) 4,083.53 47,802.88
Ending Market Value 62,683,128.09 62,683,128.09
Maturities / Calls
Month to Date (890,000.00)
Fiscal Year to Date (5,480,000.00)
Principal Paydowns
Month to Date (32,785.19)
Fiscal Year to Date (512,439.16)
Purchases
Month to Date 2,552,743.78
Fiscal Year to Date 29,977,035.78
Sales
Month to Date (1,420,372.80)
Fiscal Year to Date (17,292,231.46)
Interest Received
Month to Date 220,724.16
Fiscal Year to Date 1,778,760.60
Purchased / Sold Interest
Month to Date (6,745.88)
Fiscal Year to Date (44,019.63)

Page 701 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
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 23,404.88 11/15/20225.21%
23,400.25
23,400.25
100.10

4.02%
23,429.38

54.20 0.04%

29.13 Aaa/AAA
NA

1.30 0.08
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 19,717.32 07/11/20235.47%
19,713.83
19,713.83
100.47

3.78%
19,810.57

17.98 0.03%

96.74 NA/AAA
AAA

1.82 0.27
477920AC6 JDOT 2023-B A3 5.18
03/15/2028 49,113.11 06/21/2023

5.18%
49,104.91
49,104.91
100.47

4.27%
49,344.04
113.07

0.08%
239.12
Aaa/NA
AAA

1.88 0.48
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 88,095.52 11/01/2023

5.74%
88,080.00
88,080.00
100.85

4.07%
88,842.74
138.75

0.14%
762.74
Aaa/NA
AAA

2.14 0.49
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 460,000.00 09/07/2023

5.23%
459,872.49
459,872.49
100.45

3.98%
462,061.26
1,054.93

0.74%
2,188.77
NA/AAA
AAA

2.38 0.36
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 295,000.00 10/08/20253.97%
294,999.17
294,999.17

99.88 4.11%
294,643.35
195.19

0.47%
(355.83)
NA/AAA
AAA

2.41 1.13
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 325,000.00 11/19/2024

4.61%
324,989.57
324,989.57
100.60

3.99%
326,948.70
665.89

0.52%
1,959.13
Aaa/NA
AAA

3.29 0.90
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 265,000.00 03/04/2025

4.23%
264,983.33
264,983.33
100.20

4.14%
265,523.91
498.20

0.42%
540.58
Aaa/NA
AAA

3.38 1.56
44935CAD3 HART 2025-A A3 4.32
10/15/2029 335,000.00 03/04/20254.32%
334,950.59
334,950.59
100.31

4.07%
336,054.58
643.20

0.54%
1,103.99
NA/AAA
AAA

3.46 1.10
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 160,000.00 01/13/20263.94%
159,968.27
159,968.27

99.34 4.32%
158,945.12
279.47

0.25%
(1,023.15)
Aaa/NA
AAA

3.71 1.87
34532BAG6 FORDO 2025-B A3 3.91
04/15/2030 275,000.00 09/23/2025

3.91%
274,970.33
274,970.33

99.56 4.23%
273,792.20
477.89

0.44%
(1,178.13)
Aaa/NA
AAA

3.96 1.51
89231GAD0 TAOT 2025-D A3 3.84
06/17/2030 355,000.00 10/15/20253.84%
354,959.18
354,959.18

99.47 4.21%
353,112.47
605.87

0.56%
(1,846.72)
NA/AAA
AAA

4.13 1.58
47787DAD3 JDOT 2026 A3 3.87 08/15/2030 195,000.00 03/10/2026

3.87%
194,965.45
194,965.45

99.00 4.36%
193,042.20
335.40

0.31%
(1,923.25)
Aaa/NA
AAA

4.29 2.21
89240QAD7 TAOT 2026-B A3 4.13
12/16/2030 230,000.00 04/14/20264.14%
229,951.49
229,951.49

99.84 4.24%
229,632.23
263.86

0.37%
(319.26)
Aaa/AAA
NA

4.63 2.25
Total ABS 3,075,330.82 4.36%
3,074,908.86
3,074,908.86
100.00

4.13%
3,075,182.73
5,343.89

4.91%
273.87

3.36 1.26
AGENCY
3130AWMN7 FEDERAL HOME LOAN BANKS

4.375 06/09/2028 550,000.00 07/26/20234.27%
552,475.00
552,475.00
100.88

3.93%
554,866.40
9,491.32

0.89%
2,391.40
Aa1/AA+
AA+

2.11 1.96

Page 702 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
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 800,000.00 --4.71%
788,265.00
788,265.00
100.85

3.99%
806,770.40
5,152.78

1.29%
18,505.40
Aa1/AA+
AA+

2.36 2.20
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 550,000.00 05/21/2024

4.47%
556,715.50
556,715.50
102.30

3.93%
562,673.10

72.57 0.90%
5,957.60
Aa1/AA+
AA+

3.00 2.78
Total Agency 1,900,000.00 4.51%
1,897,455.50
1,897,455.50
101.28

3.96%
1,924,309.90
14,716.67

3.07%
26,854.40

2.47 2.30

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

99.24 4.15%
833,614.32
2,695.00

1.33%
9,036.19
Aa1/AA+
AAA

2.07 1.87
3137FKUP9 FHMS K-087 A2 3.771
12/25/2028 628,550.54 12/15/20253.76%
627,249.25
627,249.25

98.88 4.17%
621,535.29
1,975.22

0.99%
(5,713.96)
Aa1/AAA
AA+

2.65 2.36
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 600,000.00 07/14/20254.19%
546,867.19
546,867.19

92.62 4.22%
555,741.00
1,034.50

0.89%
8,873.81
Aa1/AA+
AAA

3.74 3.49
3137F83Q4 FHMS K-121 A2 1.547
10/25/2030 650,000.00 01/07/20263.93%
581,927.73
581,927.73

89.01 4.27%
578,567.60
837.96

0.92%
(3,360.13)
Aa1/AA+
AAA

4.49 4.22
3137F8ZV8 FHMS K-123 A2 1.621
12/25/2030 650,000.00 02/10/20263.86%
584,771.49
584,771.49

89.11 4.27%
579,215.65
878.04

0.92%
(5,555.84)
Aa1/AA+
AAA

4.65 4.29
3137F9Z79 FHMS K-125 A2 1.846
01/25/2031 750,000.00 01/23/20264.05%
674,589.84
674,589.84

89.75 4.28%
673,119.00
1,153.75

1.07%
(1,470.84)
Aa1/AA+
AAA

4.74 4.38
3137FXZ35 FHMS K-127 A2 2.108
01/25/2031 650,000.00 02/03/20264.06%
592,109.38
592,109.38

90.79 4.28%
590,149.95
1,141.83

0.94%
(1,959.43)
Aa1/AA+
AAA

4.74 4.37
Total Agency CMBS 4,768,550.54 4.10%
4,432,093.01
4,432,093.01

93.13 4.23%
4,431,942.81
9,716.30

7.07%
(150.20)

3.78 3.48
CASH
CCYUSD Receivable 1,083.66 -- 1,083.66
1,083.66

1.00 1,083.66

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 1,083.66
1,083.66
1,083.66

1.00 1,083.66

0.00 0.00%

0.00 0.00

0.00 CORPORATE
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 400,000.00 03/07/20222.30%
399,924.00
399,924.00

98.55 4.01%
394,192.40
1,175.56

0.63%
(5,731.60)
Aa2/AA
A+

0.87 0.85
023135CF1 AMAZON.COM INC 3.3
04/13/2027 300,000.00 04/25/20223.34%
299,481.00
299,481.00

99.44 3.91%
298,307.70
495.00

0.48%
(1,173.30)
A1/AA
AA0.950.92

Page 703 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
74340XBN0 PROLOGIS LP 2.125 04/15/2027 550,000.00 11/09/2022

5.16%
484,709.50
484,709.50

98.27 3.99%
540,480.05
519.44

0.86%
55,770.55
A2/A
NA

0.96 0.93
61772BAB9 MORGAN STANLEY 1.593
05/04/2027 550,000.00 --

4.99%
491,295.70
491,295.70

99.98 4.48%
549,866.35
4,307.74

0.88%
58,570.65
A1/AA+

1.01 0.01
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 115,000.00 05/16/20223.82%
114,641.20
114,641.20

99.62 4.13%
114,561.39
1,988.54

0.18%
(79.81)
A3/BBB+
A

1.04 0.99
14913R3A3 CATERPILLAR FINANCIAL
SERVICES CORP 3.6 08/12/2027 330,000.00 08/22/20223.81% 326,841.90
326,841.90

99.54 3.97%
328,472.43
2,607.00

0.52%
1,630.53
A1/A
A+

1.28 1.23
931142EX7 WALMART INC 3.95 09/09/2027 250,000.00 --

3.98%
249,702.50
249,702.50
100.02

3.93%
250,043.75
1,426.39

0.40%
341.25
Aa2/AA
AA

1.36 1.30
89115A2M3 TORONTO-DOMINION BANK

5.156 01/10/2028 550,000.00 06/28/20235.27%
547,470.00
547,470.00
101.24

4.39%
556,804.05
8,743.72

0.89%
9,334.05
A2/AAA1.70

1.58 756109AU8 REALTY INCOME CORP 3.65
01/15/2028 525,000.00 05/17/20234.84%
499,275.00
499,275.00

98.86 4.35%
519,013.43
5,642.29

0.83%
19,738.43
A3/ANA

1.71 1.62
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 400,000.00 04/10/20235.53%
382,596.00
382,596.00

99.61 5.04%
398,456.80
4,291.38

0.64%
15,860.80
A1/AAA1.73

0.69 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

99.42 4.66%
695,915.50
5,621.93

1.11%
45,622.50
Aa3/A
AA1.770.74
79466LAF1 SALESFORCE INC 3.7 04/11/2028 700,000.00 10/05/2023

5.20%
658,350.00
658,350.00

98.83 4.33%
691,819.80
1,438.89

1.10%
33,469.80
A2/A+
NA

1.95 1.85
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

99.02 4.22%
445,584.60
8,325.00

0.71%
21,329.10
A1/A
NA

2.00 1.91
037833ET3 APPLE INC 4.0 05/10/2028 95,000.00 05/08/2023

4.04%
94,816.65
94,816.65
100.05

3.97%
95,052.06
1,805.00

0.15%
235.41
Aaa/AA+
NA

2.03 1.89
023135BY1 AMAZON.COM INC 1.65
05/12/2028 450,000.00 10/12/20235.14%
386,653.50
386,653.50

95.28 4.09%
428,778.90
3,485.63

0.68%
42,125.40
A1/AA
AA2.031.95
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 500,000.00 08/17/20235.33%
495,595.00
495,595.00
101.19

4.54%
505,952.50
8,114.58

0.81%
10,357.50
A3/BBB+
A2.192.02
24422EXB0 JOHN DEERE CAPITAL CORP 4.95
07/14/2028 650,000.00 10/12/20235.29%
640,913.00
640,913.00
101.69

4.13%
661,014.25
9,563.13

1.05%
20,101.25
A1/A
A+

2.21 2.04
46647PDG8 JPMORGAN CHASE & CO 4.851
07/25/2028 550,000.00 08/04/20235.68%
541,799.50
541,799.50
100.55

4.93%
553,000.25
7,114.80

0.88%
11,200.75
A1/A
AA2.241.17
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 500,000.00 09/07/2023

5.53%
493,010.00
493,010.00
101.86

4.32%
509,285.50
6,500.00

0.81%
16,275.50
A1/A
AA2.252.08
89236TLB9 TOYOTA MOTOR CREDIT CORP

5.25 09/11/2028 800,000.00 10/12/20235.45%
792,984.00
792,984.00
102.30

4.21%
818,388.00
5,833.33

1.31%
25,404.00
A1/A+
A+

2.37 2.19

Page 704 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
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 675,000.00 01/24/20244.64%
673,899.75
673,899.75
101.20

4.13%
683,118.90
7,848.75

1.09%
9,219.15
A1/A+
NA

2.76 2.53
14913UAJ9 CATERPILLAR FINANCIAL
SERVICES CORP 4.85 02/27/2029 300,000.00 07/26/2024

4.56%
303,522.00
303,522.00
101.70

4.20%
305,097.90
2,586.67

0.49%
1,575.90
A1/A
A+

2.83 2.60
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 200,000.00 08/26/20244.53%
204,174.00
204,174.00
101.14

4.78%
202,274.00
315.58

0.32%
(1,900.00)
A1/AA+2.97

1.85 91159HJM3 US BANCORP 5.775 06/12/2029 550,000.00 06/20/2024

5.26%
559,955.00
559,955.00
102.62

4.83%
564,423.20
12,263.85

0.90%
4,468.20
A3/A
A

3.12 1.94
437076DC3 HOME DEPOT INC 4.75
06/25/2029 235,000.00 06/17/20244.90%
233,484.25
233,484.25
101.55

4.22%
238,638.74
3,906.88

0.38%
5,154.49
A2/A
A

3.15 2.79
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 200,000.00 08/22/20244.61%
197,582.00
197,582.00

99.53 4.72%
199,053.20
2,325.32

0.32%
1,471.20
A1/AAA3.23

2.08 46647PAX4 JPMORGAN CHASE & CO 4.452
12/05/2029 225,000.00 12/09/20244.72%
222,830.99
222,830.99

99.80 4.73%
224,550.45
4,062.45

0.36%
1,719.46
A1/A
AA3.602.38
63743HFX5

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

4.95 02/07/2030
670,000.00 --

4.88%
671,754.90
671,754.90
101.74

4.44%
681,690.83
7,738.50

1.09%
9,935.93
A2/NA
A

3.77 3.30
571748CA8

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

4.72%
647,907.00
647,907.00
100.50

4.51%
653,276.00
3,862.08

1.04%
5,369.00
A3/AA3.87

3.42 857477DB6 STATE STREET CORP 4.834
04/24/2030 800,000.00 --4.57%
808,358.50
808,358.50
101.49

4.42%
811,908.00
751.96

1.30%
3,549.50
Aa3/A
AA3.983.52
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 200,000.00 08/25/20254.61%
191,676.00
191,676.00

95.91 4.70%
191,826.40
1,738.96

0.31%
150.40
A1/AAA4.23

2.99 828807DZ7 SIMON PROPERTY GROUP LP

4.375 10/01/2030 575,000.00 12/08/20254.27%
577,507.00
577,507.00

99.34 4.54%
571,232.03
2,096.35

0.91%
(6,274.98)
A3/A
NA

4.42 3.96
756109AX2 REALTY INCOME CORP 3.25
01/15/2031 250,000.00 03/23/20264.64%
235,145.00
235,145.00

94.12 4.65%
235,303.00
2,392.36

0.38%
158.00
A3/ANA4.71

4.25 09247XAR2 BLACKROCK FINANCE INC 1.9
01/28/2031 850,000.00 03/26/2026

4.51%
754,681.00
754,681.00

89.20 4.45%
758,211.05
4,172.08

1.21%
3,530.05
Aa3/AANA4.75

4.42 91159HJT8 US BANCORP 5.046 02/12/2031 250,000.00 03/26/2026

4.73%
252,780.00
252,780.00
101.51

4.63%
253,770.50
2,768.29

0.40%
990.50
A3/A
A

4.79 3.38
Total Corporate 15,995,000.00 4.88%
15,509,864.34
15,509,864.34

99.68 4.39%
15,929,363.90
147,829.42

25.41%
419,499.56

2.60 2.17

Page 705 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

MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 346,953.22 --

3.27%
346,953.22
346,953.22

1.00 3.27%
346,953.22

0.00 0.55%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 346,953.22 3.27%
346,953.22
346,953.22

1.00 3.27%
346,953.22

0.00 0.55%

0.00 0.00

0.00 SUPRANATIONAL
45950KDD9 INTERNATIONAL FINANCE CORP

4.5 07/13/2028 240,000.00 07/06/20234.53%
239,733.60
239,733.60
101.20

3.92%
242,879.52
3,240.00

0.39%
3,145.92
Aaa/AAA
NA

2.20 2.05
4581X0EN4

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

4.31%
694,246.00
694,246.00
100.49

3.94%
703,415.30
6,095.83

1.12%
9,169.30
Aaa/AAA
NA

2.80 2.59
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

99.69 3.97%
498,435.50
805.00

0.80%
8,850.50
Aaa/AAA
NA

3.46 3.20
Total
Supranational 1,440,000.00 4.36%
1,423,564.60
1,423,564.60
100.33

3.95%
1,444,730.32
10,140.83

2.30%
21,165.72

2.93 2.71

US TREASURY
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 700,000.00 --

1.26%
695,378.91
695,378.91

98.71 3.76%
690,990.30

21.40 1.10%
(4,388.61)
Aa1/AA+
AA+

0.50 0.49
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 650,000.00 07/12/20223.00%
657,566.41
657,566.41

99.36 3.81%
645,836.10
7,061.12

1.03%
(11,730.31)
Aa1/AA+
AA+

1.17 1.12
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 750,000.00 --3.53%
742,482.42
742,482.42

99.06 3.85%
742,939.50
3,948.71

1.19%
457.08
Aa1/AA+
AA+

1.34 1.28
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 600,000.00 10/28/2022

4.20%
598,125.00
598,125.00
100.35

3.87%
602,086.20
2,096.31

0.96%
3,961.20
Aa1/AA+
AA+

1.42 1.36
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,050,000.00 --

3.75%
1,067,035.16
1,067,035.16
100.35

3.88%
1,053,691.80
117.70

1.68%
(13,343.36)
Aa1/AA+
AA+

1.50 1.44
91282CLX7 UNITED STATES TREASURY 4.125
11/15/2027 875,000.00 --3.77%
881,713.86
881,713.86
100.36

3.88%
878,144.75
16,650.98

1.40%
(3,569.11)
Aa1/AA+
AA+

1.54 1.45
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 525,000.00 01/26/2023

3.62%
531,029.30
531,029.30

99.98 3.89%
524,877.15
6,799.98

0.84%
(6,152.15)
Aa1/AA+
AA+

1.67 1.58

Page 706 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
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 700,000.00 12/11/20234.37%
677,113.28
677,113.28

99.35 3.89%
695,433.90
6,091.16

1.11%
18,320.62
Aa1/AA+
AA+

1.76 1.67
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 600,000.00 03/08/20234.37%
557,320.31
557,320.31

98.04 3.89%
588,258.00
3,418.51

0.94%
30,937.69
Aa1/AA+
AA+

1.80 1.72
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 850,000.00 --3.63%
849,814.46
849,814.46

99.51 3.89%
845,816.30
2,609.80

1.35%
(3,998.16)
Aa1/AA+
AA+

1.92 1.83
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 800,000.00 05/19/20233.72%
792,281.25
792,281.25

99.25 3.90%
793,968.80

76.09 1.27%
1,687.55
Aa1/AA+
AA+

2.00 1.91
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 875,000.00 --4.24%
852,414.06
852,414.06

99.46 3.89%
870,317.00
13,245.19

1.39%
17,902.94
Aa1/AA+
AA+

2.08 1.96
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 850,000.00 10/13/20234.67%
826,259.77
826,259.77
100.23

3.89%
851,926.10
11,364.64

1.36%
25,666.33
Aa1/AA+
AA+

2.17 2.03
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 800,000.00 10/13/2023

4.67%
781,375.00
781,375.00
100.49

3.89%
803,937.60
8,204.42

1.28%
22,562.60
Aa1/AA+
AA+

2.25 2.11
91282CCV1 UNITED STATES TREASURY 1.125
08/31/2028 950,000.00 --4.69%
802,849.61
802,849.61

93.85 3.91%
891,590.20
1,800.61

1.42%
88,740.59
Aa1/AA+
AA+

2.34 2.26
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 850,000.00 10/05/20234.69%
847,542.97
847,542.97
101.66

3.90%
864,144.85
3,329.75

1.38%
16,601.88
Aa1/AA+
AA+

2.42 2.26
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 650,000.00 11/17/2023

4.49%
610,720.70
610,720.70

98.12 3.91%
637,787.15
9,370.68

1.02%
27,066.45
Aa1/AA+
AA+

2.54 2.38
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 650,000.00 01/17/2024

4.02%
642,052.73
642,052.73

99.59 3.91%
647,333.70
8,147.44

1.03%
5,280.97
Aa1/AA+
AA+

2.67 2.48
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 750,000.00 02/26/20244.31%
739,599.61
739,599.61
100.22

3.91%
751,670.25
7,458.56

1.20%
12,070.64
Aa1/AA+
AA+

2.76 2.56
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 800,000.00 --4.30%
798,457.03
798,457.03
100.89

3.91%
807,124.80
5,728.26

1.29%
8,667.77
Aa1/AA+
AA+

2.83 2.63
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 850,000.00 --4.61%
832,064.45
832,064.45
100.57

3.92%
854,814.40
2,969.77

1.36%
22,749.95
Aa1/AA+
AA+

2.92 2.72
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 800,000.00 --4.63%
799,640.62
799,640.62
101.98

3.92%
815,812.80
100.54

1.30%
16,172.18
Aa1/AA+
AA+

3.00 2.78
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 600,000.00 06/26/20244.33%
604,406.25
604,406.25
101.66

3.92%
609,961.20
11,274.73

0.97%
5,554.95
Aa1/AA+
AA+

3.08 2.81
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 950,000.00 --3.71%
972,701.17
972,701.17
100.95

3.93%
959,017.40
13,495.51

1.53%
(13,683.77)
Aa1/AA+
AA+

3.17 2.90
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 950,000.00 --3.90%
954,156.26
954,156.26
100.20

3.93%
951,855.35
9,447.51

1.52%
(2,300.91)
Aa1/AA+
AA+

3.25 2.99

Page 707 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
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 1,200,000.00 --3.74%
1,167,544.92
1,167,544.92

97.46 3.94%
1,169,530.80
6,317.93

1.87%
1,985.88
Aa1/AA+
AA+

3.34 3.11
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,200,000.00 --3.75%
1,186,796.88
1,186,796.88

98.59 3.95%
1,183,030.80
3,557.38

1.89%
(3,766.08)
Aa1/AA+
AA+

3.42 3.18
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 1,050,000.00 --4.24%
1,044,560.54
1,044,560.54
100.55

3.95%
1,055,783.40
117.70

1.68%
11,222.86
Aa1/AA+
AA+

3.50 3.23
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,100,000.00 --4.34%
1,089,496.10
1,089,496.10
100.56

3.95%
1,106,187.50
18,947.80

1.76%
16,691.40
Aa1/AA+
AA+

3.59 3.25
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 1,100,000.00 --4.41%
1,098,230.47
1,098,230.47
101.40

3.96%
1,115,425.30
16,085.98

1.78%
17,194.83
Aa1/AA+
AA+

3.67 3.32
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 800,000.00 03/26/20263.99%
807,187.50
807,187.50
100.97

3.97%
807,781.60
8,453.04

1.29%
594.10
Aa1/AA+
AA+

3.76 3.41
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 750,000.00 04/15/2025

3.98%
750,732.42
750,732.42
100.09

3.97%
750,703.50
2,540.98

1.20%
(28.92)
Aa1/AA+
AA+

3.92 3.58
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 650,000.00 05/28/20254.07%
644,287.11
644,287.11

99.62 3.98%
647,511.80

68.44 1.03%
3,224.69
Aa1/AA+
AA+

4.00 3.67
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 700,000.00 06/23/20253.90%
703,062.50
703,062.50
100.06

3.98%
700,437.50
11,692.31

1.12%
(2,625.00)
Aa1/AA+
AA+

4.08 3.67
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 1,000,000.00 07/24/20253.96%
996,054.69
996,054.69

99.57 3.99%
995,703.00
12,952.35

1.59%
(351.69)
Aa1/AA+
AA+

4.17 3.76
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 850,000.00 03/23/2026

3.96%
847,011.72
847,011.72

99.54 3.99%
846,115.50
8,188.88

1.35%
(896.22)
Aa1/AA+
AA+

4.25 3.85
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 700,000.00 09/22/2025

3.69%
698,085.94
698,085.94

98.50 4.01%
689,472.70
4,275.14

1.10%
(8,613.24)
Aa1/AA+
AA+

4.34 3.94
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 700,000.00 10/30/20253.72%
696,937.50
696,937.50

98.48 4.00%
689,390.80
2,149.25

1.10%
(7,546.70)
Aa1/AA+
AA+

4.42 4.02
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 700,000.00 10/30/20253.72%
697,019.53
697,019.53

98.45 4.01%
689,144.40

68.95 1.10%
(7,875.13)
Aa1/AA+
AA+

4.50 4.10
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 700,000.00 12/08/20253.76%
691,906.25
691,906.25

97.89 4.01%
685,234.20
10,230.77

1.09%
(6,672.05)
Aa1/AA+
AA+

4.59 4.12
91282CJQ5 UNITED STATES TREASURY 3.75
12/31/2030 800,000.00 03/26/20264.04%
790,000.00
790,000.00

98.86 4.02%
790,844.00
10,027.62

1.26%
844.00
Aa1/AA+
AA+

4.67 4.18
91282CJX0 UNITED STATES TREASURY 4.0
01/31/2031 850,000.00 03/23/20264.00%
850,033.20
850,033.20

99.88 4.03%
849,003.80
8,453.04

1.35%
(1,029.40)
Aa1/AA+
AA+

4.76 4.25
91282CQD6 UNITED STATES TREASURY 3.5
02/28/2031 750,000.00 03/10/2026

3.70%
743,144.53
743,144.53

97.77 4.01%
733,242.00
4,422.55

1.17%
(9,902.53)
Aa1/AA+
AA+

4.83 4.37

Page 708 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
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 650,000.00 04/10/20263.92%
648,679.69
648,679.69

99.34 4.02%
645,683.35
2,133.37

1.03%
(2,996.34)
Aa1/AA+
AA+

4.92 4.42
Total US Treasury 35,675,000.00 4.00%
35,264,872.08
35,264,872.08

99.61 3.93%
35,529,561.55
285,512.88

56.68%
264,689.47

3.04 2.80
Total Portfolio 63,201,918.24 4.27%
61,950,795.27
61,950,795.27

98.71 4.08%
62,683,128.09
473,260.00
100.00%
732,332.82

2.96 2.58
Total Market Value
+ Accrued 63,156,388.09

Page 709 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 04/01/2026 31846V203 15,513.02 FIRST AMER:GVT OBLG Y 1.000 3.28% (15,513.02) 0.00 (15,513.02) 0.00
Purchase 04/02/2026 31846V203 5,143.89 FIRST AMER:GVT OBLG Y 1.000 3.27% (5,143.89) 0.00 (5,143.89) 0.00
Purchase 04/13/2026 91282CQG9 650,000.00

UNITED STATES
TREASURY 3.875
03/31/2031

99.797 3.92% (648,679.69) (894.64) (649,574.33) 0.00
Purchase 04/15/2026 31846V203 676.55 FIRST AMER:GVT OBLG Y 1.000 3.27% (676.55) 0.00 (676.55) 0.00
Purchase 04/15/2026 31846V203 33,908.06 FIRST AMER:GVT OBLG Y 1.000 3.27% (33,908.06) 0.00 (33,908.06) 0.00
Purchase 04/16/2026 31846V203 2.50 FIRST AMER:GVT OBLG
Y 1.000 3.30% (2.50) 0.00 (2.50) 0.00
Purchase 04/16/2026 31846V203 9,687.50 FIRST AMER:GVT OBLG Y 1.000 3.30% (9,687.50) 0.00 (9,687.50) 0.00
Purchase 04/20/2026 31846V203 899,057.75 FIRST AMER:GVT OBLG Y 1.000 3.27% (899,057.75) 0.00 (899,057.75) 0.00
Purchase 04/21/2026 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 99.979 4.14% (229,951.49) 0.00 (229,951.49) 0.00 Purchase 04/21/2026 31846V203 9,270.78 FIRST AMER:GVT OBLG Y 1.000 3.26% (9,270.78) 0.00 (9,270.78) 0.00
Purchase 04/22/2026 91282CLX7 250,000.00

UNITED STATES
TREASURY 4.125
11/15/2027
100.488 3.80% (251,220.70) (4,501.04) (255,721.74) 0.00 Purchase 04/22/2026 91282CFH9 300,000.00

UNITED STATES
TREASURY 3.125
08/31/2027

99.129 3.79% (297,386.72) (1,350.20) (298,736.92) 0.00
Purchase 04/24/2026 31846V203 19,231.83 FIRST AMER:GVT OBLG Y 1.000 3.28% (19,231.83) 0.00 (19,231.83) 0.00
Purchase 04/27/2026 31846V203 10,198.63 FIRST AMER:GVT OBLG Y 1.000 3.28% (10,198.63) 0.00 (10,198.63) 0.00
Purchase 04/28/2026 31846V203 4,720.92 FIRST AMER:GVT OBLG Y 1.000 3.29% (4,720.92) 0.00 (4,720.92) 0.00

Page 710 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 04/30/2026 31846V203 85,593.75 FIRST AMER:GVT OBLG Y 1.000 3.27% (85,593.75) 0.00 (85,593.75) 0.00
Purchase 04/30/2026 31846V203 32,500.00 FIRST AMER:GVT OBLG Y 1.000 3.27% (32,500.00) 0.00 (32,500.00) 0.00
Total Purchase 2,555,505.18 (2,552,743.78) (6,745.88) (2,559,489.66) 0.00 TOTAL
ACQUISITIONS 2,555,505.18 (2,552,743.78) (6,745.88) (2,559,489.66) 0.00

DISPOSITIONS
Maturity 04/20/2026 4581X0DV7 (890,000.00)

INTER-AMERICAN

DEVELOPMENT BANK

0.875 04/20/2026
100.000 0.97% 890,000.00 0.00 890,000.00 4,076.20
Total Maturity (890,000.00) 890,000.00 0.00 890,000.00 4,076.20 Sale 04/13/2026 31846V203 (631,674.33) FIRST AMER:GVT OBLG Y 1.000 3.25% 631,674.33 0.00 631,674.33 0.00
Sale 04/13/2026 31846V203 (4,288.32) FIRST AMER:GVT OBLG Y 1.000 3.25% 4,288.32 0.00 4,288.32 0.00
Sale 04/21/2026 31846V203 (229,951.49) FIRST AMER:GVT OBLG Y 1.000 3.26% 229,951.49 0.00 229,951.49 0.00
Sale 04/22/2026 31846V203 (554,458.66) FIRST AMER:GVT OBLG Y 1.000 3.26% 554,458.66 0.00 554,458.66 0.00
Total Sale (1,420,372.80) 1,420,372.80 0.00 1,420,372.80 0.00 TOTAL
DISPOSITIONS (2,310,372.80) 2,310,372.80 0.00 2,310,372.80 4,076.20 OTHER

TRANSACTIONS
Coupon 04/01/2026 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 04/01/2026 828807DZ7 0.00

SIMON PROPERTY
GROUP LP 4.375
10/01/2030

4.27% 15,513.02 0.00 15,513.02 0.00

Page 711 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 04/01/2026 3137FRUT6 0.00 FHMS K-106 A2 2.069
01/25/2030 4.19% 1,034.50 0.00 1,034.50 0.00
Coupon 04/01/2026 3137FXZ35 0.00 FHMS K-127 A2 2.108
01/25/2031 4.06% 1,141.83 0.00 1,141.83 0.00
Coupon 04/01/2026 3137F9Z79 0.00 FHMS K-125 A2 1.846
01/25/2031 4.05% 1,153.75 0.00 1,153.75 0.00
Coupon 04/01/2026 3137F83Q4 0.00 FHMS K-121 A2 1.547
10/25/2030 3.93% 837.96 0.00 837.96 0.00
Coupon 04/01/2026 3137F8ZV8 0.00 FHMS K-123 A2 1.621
12/25/2030 3.86% 878.04 0.00 878.04 0.00
Coupon 04/01/2026 3137FKUP9 0.00 FHMS K-087 A2 3.771
12/25/2028 3.76% 1,977.46 0.00 1,977.46 0.00
Coupon 04/11/2026 79466LAF1 0.00 SALESFORCE INC 3.7
04/11/2028 5.20% 12,950.00 0.00 12,950.00 0.00
Coupon 04/13/2026 023135CF1 0.00 AMAZON.COM INC 3.3
04/13/2027 3.34% 4,950.00 0.00 4,950.00 0.00
Coupon 04/15/2026 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 04/15/2026 58768PAC8 0.00 MBART 2022-1 A3 5.21
08/16/2027 5.21% 156.80 0.00 156.80 0.00
Coupon 04/15/2026 477920AC6 0.00 JDOT 2023-B A3 5.18
03/15/2028 5.18% 242.36 0.00 242.36 0.00
Coupon 04/15/2026 74340XBN0 0.00 PROLOGIS LP 2.125
04/15/2027 5.16% 5,843.75 0.00 5,843.75 0.00
Coupon 04/15/2026 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 04/15/2026 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 04/15/2026 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 4.23% 934.13 0.00 934.13 0.00
Coupon 04/15/2026 58770YAD3 0.00 MBALT 2026-A A3 3.93
01/15/2030 3.94% 524.00 0.00 524.00 0.00
Coupon 04/15/2026 34532BAG6 0.00 FORDO 2025-B A3 3.91
04/15/2030 3.91% 896.04 0.00 896.04 0.00

Page 712 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 04/15/2026 47787DAD3 0.00 JDOT 2026 A3 3.87
08/15/2030 3.87% 565.99 0.00 565.99 0.00
Coupon 04/15/2026 89231GAD0 0.00 TAOT 2025-D A3 3.84
06/17/2030 3.84% 1,136.00 0.00 1,136.00 0.00
Coupon 04/15/2026 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.74% 0.34 0.00 0.34 0.00
Coupon 04/16/2026 459058LN1 0.00

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 3.875
10/16/2029

4.36% 9,690.00 0.00 9,690.00 0.00
Coupon 04/20/2026 61747YFD2 0.00 MORGAN STANLEY

5.164 04/20/2029 4.53% 5,164.00 0.00 5,164.00 0.00
Coupon 04/20/2026 4581X0DV7 0.00

INTER-AMERICAN

DEVELOPMENT BANK

0.875 04/20/2026

0.97% 3,893.75 0.00 3,893.75 0.00
Coupon 04/21/2026 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028 5.74% 457.89 0.00 457.89 0.00
Coupon 04/24/2026 857477DB6 0.00 STATE STREET CORP

4.834 04/24/2030 4.57% 19,336.00 0.00 19,336.00 0.00
Coupon 04/25/2026 05592XAD2 0.00 BMWOT 2023-A A3

5.47 02/25/2028 5.47% 105.41 0.00 105.41 0.00
Coupon 04/25/2026 05594HAD5 0.00 BMWLT 2025-2 A3 3.97
09/25/2028 3.97% 975.96 0.00 975.96 0.00
Coupon 04/30/2026 91282CKP5 0.00

UNITED STATES
TREASURY 4.625
04/30/2029

4.63% 18,500.00 0.00 18,500.00 0.00
Coupon 04/30/2026 3133ERDH1 0.00

FEDERAL FARM CREDIT

BANKS FUNDING CORP

4.75 04/30/2029

4.47% 13,062.50 0.00 13,062.50 0.00
Coupon 04/30/2026 91282CLR0 0.00

UNITED STATES
TREASURY 4.125
10/31/2029

4.24% 21,656.25 0.00 21,656.25 0.00

Page 713 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 04/30/2026 91282CMZ1 0.00

UNITED STATES
TREASURY 3.875
04/30/2030

4.07% 12,593.75 0.00 12,593.75 0.00
Coupon 04/30/2026 91282CFU0 0.00

UNITED STATES
TREASURY 4.125
10/31/2027

3.75% 21,656.25 0.00 21,656.25 0.00
Coupon 04/30/2026 91282CPD7 0.00

UNITED STATES
TREASURY 3.625
10/31/2030

3.72% 12,687.50 0.00 12,687.50 0.00
Coupon 04/30/2026 91282CHA2 0.00

UNITED STATES
TREASURY 3.5
04/30/2028

3.72% 14,000.00 0.00 14,000.00 0.00
Coupon 04/30/2026 91282CDG3 0.00

UNITED STATES
TREASURY 1.125
10/31/2026

1.26% 3,937.50 0.00 3,937.50 0.00
Total Coupon 0.00 215,580.27 0.00 215,580.27 0.00
Custody Fee 04/24/2026 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 04/30/2026 31846V203 0.00 FIRST AMER:GVT OBLG
Y 3.27% 1,083.66 0.00 1,083.66 0.00
Total Dividend 0.00 1,083.66 0.00 1,083.66 0.00
Management Fee 04/13/2026 CCYUSD (4,288.32) Cash 0.00% (4,288.32) 0.00 (4,288.32) 0.00 Total
Management Fee (4,288.32) (4,288.32) 0.00 (4,288.32) 0.00 Principal Paydown 04/01/2026 3137FKUP9 711.67 FHMS K-087 A2 3.771 12/25/2028 3.76% 711.67 -- 711.67 1.48
Principal Paydown 04/15/2026 58768PAC8 12,711.36 MBART 2022-1 A3 5.21 08/16/2027 5.21% 12,711.36 -- 12,711.36 2.51
Principal Paydown 04/15/2026 477920AC6 7,031.08 JDOT 2023-B A3 5.18 03/15/2028 5.18% 7,031.08 -- 7,031.08 1.17
Principal Paydown 04/15/2026 47800AAC4 110.22 JDOT 2022-B A3 3.74 02/16/2027 3.74% 110.22 -- 110.22 0.01
Principal Paydown 04/21/2026 438123AC5 8,812.89 HAROT 2023-4 A3 5.67 06/21/2028 5.74% 8,812.89 -- 8,812.89 1.55

Page 714 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 04/25/2026 05592XAD2 3,407.97 BMWOT 2023-A A3

5.47 02/25/2028 5.47% 3,407.97 -- 3,407.97 0.61
Total Principal
Paydown 32,785.19 32,785.19 -- 32,785.19 7.33

TOTAL OTHER
TRANSACTIONS 28,392.70 245,056.63 0.00 245,056.63 7.33

Page 715 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
346,953.22
641,820.84
1,125,505.18
(1,420,372.80)
346,953.22

0.00 5,143.89

0.00 0.00

0.00 5,143.89
5,143.89
CCYUSD Receivable
1,083.66
5,143.89

0.00 0.00
1,083.66

0.00 0.00

0.00 Total Cash & Equivalents 348,036.88
646,964.73
1,125,505.18
(1,420,372.80)
348,036.88

0.00 5,143.89

0.00 0.00

0.00 5,143.89 5,143.89

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
2,866.88

0.00 3,485.63
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
4,620.00
4,950.00
495.00
825.00

0.00 0.00

0.00 825.00
825.00
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
5,979.17

0.00 8,114.58
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
1,488.33

0.00 1,805.00
316.67

0.00 0.00

0.00 316.67
316.67
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028
07/11/2023
07/18/2023
19,717.32
23,121.19

0.00 (3,407.36)
19,713.83

21.08 105.41

17.98 102.30

0.00 0.00

0.00 102.30
102.30

Page 716 ends

0.00 0.00
294,999.17
195.19
975.96
195.19
975.96

0.00 0.00

0.00 975.96
975.96
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
3,016.71

0.00 4,291.38
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
1,613.49

0.00 2,325.32
711.83

0.00 0.00

0.00 711.83
711.83
06051GHV4 BANK OF AMERICA CORP

3.194 07/23/2030
08/25/2025
08/26/2025
200,000.00
191,676.00

0.00 0.00
191,676.00
1,206.62

0.00 1,738.96
532.33

0.00 0.00

0.00 532.33
532.33
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
3,614.10

0.00 5,621.93
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
408.89

0.00 1,175.56
766.67

0.00 0.00

0.00 766.67
766.67
09247XAR2 BLACKROCK FINANCE INC 1.9
01/28/2031
03/26/2026
03/27/2026
850,000.00
754,681.00

0.00 0.00
754,681.00
2,826.25

0.00 4,172.08
1,345.83

0.00 0.00

0.00 1,345.83
1,345.83
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
1,617.00

0.00 2,607.00
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
1,374.17

0.00 2,586.67
1,212.50

0.00 0.00

0.00 1,212.50
1,212.50

Page 717 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
6,881.88

0.00 9,563.13
2,681.25

0.00 0.00

0.00 2,681.25
2,681.25
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
7,486.11

0.00 9,491.32
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
2,236.11

0.00 5,152.78
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
10,957.99
13,062.50

72.57 2,177.08

0.00 0.00

0.00 2,177.08
2,177.08
3137F83Q4 FHMS K-121 A2 1.547
10/25/2030
01/07/2026
01/12/2026
650,000.00
581,927.73

0.00 0.00
581,927.73
837.96
837.96
837.96
837.96

0.00 0.00

0.00 837.96
837.96
3137F8ZV8 FHMS K-123 A2 1.621
12/25/2030
02/10/2026
02/13/2026
650,000.00
584,771.49

0.00 0.00
584,771.49
878.04
878.04
878.04
878.04

0.00 0.00

0.00 878.04
878.04
3137F9Z79 FHMS K-125 A2 1.846
01/25/2031
01/23/2026
01/28/2026
750,000.00
674,589.84

0.00 0.00
674,589.84
1,153.75
1,153.75
1,153.75
1,153.75

0.00 0.00

0.00 1,153.75
1,153.75
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

Page 718 ends

0.00 (710.19)
627,249.25
1,977.46
1,977.46
1,975.22
1,975.22

0.00 0.00

0.00 1,975.22
1,975.22
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030
07/14/2025
07/17/2025
600,000.00
546,867.19

0.00 0.00
546,867.19
1,034.50
1,034.50
1,034.50
1,034.50

0.00 0.00

0.00 1,034.50
1,034.50
3137FXZ35 FHMS K-127 A2 2.108
01/25/2031
02/03/2026
02/06/2026
650,000.00
592,109.38

0.00 0.00
592,109.38
1,141.83
1,141.83
1,141.83
1,141.83

0.00 0.00

0.00 1,141.83
1,141.83
34532BAG6 FORDO 2025-B A3 3.91
04/15/2030
09/23/2025
09/26/2025
275,000.00
274,970.33

0.00 0.00
274,970.33
477.89
896.04
477.89
896.04

0.00 0.00

0.00 896.04
896.04
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
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
2,976.67

0.00 3,906.88
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
88,095.52
96,891.34

0.00 (8,811.34)
88,080.00
152.63
457.89
138.75
444.01

0.00 0.00

0.00 444.01
444.01
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
4581X0DV7

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

0.00 885,923.80

0.00 (885,923.80)

0.00 3,482.74
3,893.75

0.00 411.01

0.00 0.00

0.00 411.01
411.01

Page 719 ends

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
3,689.58

0.00 6,095.83
2,406.25

0.00 0.00

0.00 2,406.25
2,406.25
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
8,880.00
9,690.00
805.00
1,615.00

0.00 0.00

0.00 1,615.00
1,615.00
45950KDD9 INTERNATIONAL FINANCE
CORP 4.5 07/13/2028
07/06/2023
07/13/2023
240,000.00
239,733.60

0.00 0.00
239,733.60
2,340.00

0.00 3,240.00
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
3,227.70

0.00 4,062.45
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
4,891.43

0.00 7,114.80
2,223.38

0.00 0.00

0.00 2,223.38
2,223.38
47787DAD3 JDOT 2026 A3 3.87
08/15/2030
03/10/2026
03/18/2026
195,000.00
194,965.45

0.00 0.00
194,965.45
272.51
565.99
335.40
628.88

0.00 0.00

0.00 628.88
628.88
477920AC6 JDOT 2023-B A3 5.18
03/15/2028
06/21/2023
06/28/2023
49,113.11
56,134.82

0.00 (7,029.91)
49,104.91
129.26
242.36
113.07
226.17

0.00 0.00

0.00 226.17
226.17
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027
07/12/2022
07/20/2022

0.00 110.21

0.00 (110.21)

0.00 0.18

0.34 0.00

0.16 0.00

0.00 0.00

0.16 0.16
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

Page 720 ends

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
1,343.33

0.00 3,862.08
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
23,404.88
36,109.09

0.00 (12,708.85)
23,400.25

83.63 156.80

54.20 127.37

0.00 0.00

0.00 127.37
127.37
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030
01/13/2026
01/21/2026
160,000.00
159,968.27

0.00 0.00
159,968.27
279.47
524.00
279.47
524.00

0.00 0.00

0.00 524.00
524.00
61747YFD2 MORGAN STANLEY 5.164
04/20/2029
08/26/2024
08/27/2024
200,000.00
204,174.00

0.00 0.00
204,174.00
4,618.91
5,164.00
315.58
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
3,577.61

0.00 4,307.74
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
671,754.90

0.00 0.00
671,754.90
4,974.75

0.00 7,738.50
2,763.75

0.00 0.00

0.00 2,763.75
2,763.75
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
5,261.25

0.00 7,848.75
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
5,389.24
5,843.75
519.44
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
6,937.50

0.00 8,325.00
1,387.50

0.00 0.00

0.00 1,387.50
1,387.50

Page 721 ends

0.00 0.00
499,275.00
4,045.42

0.00 5,642.29
1,596.88

0.00 0.00

0.00 1,596.88
1,596.88
756109AX2 REALTY INCOME CORP 3.25
01/15/2031
03/23/2026
03/24/2026
250,000.00
235,145.00

0.00 0.00
235,145.00
1,715.28

0.00 2,392.36
677.08

0.00 0.00

0.00 677.08
677.08
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
4,333.33

0.00 6,500.00
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
12,230.56
12,950.00
1,438.89
2,158.33

0.00 0.00

0.00 2,158.33
2,158.33
828807DZ7 SIMON PROPERTY GROUP LP

4.375 10/01/2030
12/08/2025
12/09/2025
575,000.00
577,507.00

0.00 0.00
577,507.00
15,513.02
15,513.02
2,096.35
2,096.35

0.00 0.00

0.00 2,096.35
2,096.35
857477DB6 STATE STREET CORP 4.834
04/24/2030 800,000.00
808,358.50

0.00 0.00
808,358.50
16,865.29
19,336.00
751.96
3,222.67

0.00 0.00

0.00 3,222.67
3,222.67
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
6,380.55

0.00 8,743.72
2,363.17

0.00 0.00

0.00 2,363.17
2,363.17
89231GAD0 TAOT 2025-D A3 3.84
06/17/2030
10/15/2025
10/23/2025
355,000.00
354,959.18

0.00 0.00
354,959.18
605.87
1,136.00
605.87
1,136.00

0.00 0.00

0.00 1,136.00
1,136.00
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
2,333.33

0.00 5,833.33
3,500.00

0.00 0.00

0.00 3,500.00
3,500.00

Page 722 ends

0.00 229,951.49

0.00 0.00
263.86
263.86

0.00 0.00

0.00 263.86
263.86
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
9,616.98

0.00 12,263.85
2,646.88

0.00 0.00

0.00 2,646.88
2,646.88
91159HJT8 US BANCORP 5.046
02/12/2031
03/26/2026
03/27/2026
250,000.00
252,780.00

0.00 0.00
252,780.00
1,717.04

0.00 2,768.29
1,051.25

0.00 0.00

0.00 1,051.25
1,051.25
9128283W8 UNITED STATES 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
2,051.11

0.00 3,418.51
1,367.40

0.00 0.00

0.00 1,367.40
1,367.40
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
7,687.33

0.00 9,370.68
1,683.36

0.00 0.00

0.00 1,683.36
1,683.36
91282CCV1 UNITED STATES TREASURY

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

0.00 0.00
802,849.61
929.35

0.00 1,800.61
871.26

0.00 0.00

0.00 871.26
871.26
91282CDG3 UNITED STATES TREASURY

1.125 10/31/2026 700,000.00
695,378.91

0.00 0.00
695,378.91
3,306.63
3,937.50

21.40 652.27

0.00 0.00

0.00 652.27
652.27
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
5,310.43

0.00 7,061.12
1,750.69

0.00 0.00

0.00 1,750.69
1,750.69
91282CFH9 UNITED STATES TREASURY

3.125 08/31/2027 750,000.00
445,095.70
297,386.72

0.00 742,482.42
1,222.83
(1,350.20)
3,948.71
1,375.68

0.00 0.00

0.00 1,375.68
1,375.68

Page 723 ends

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

0.00 0.00
1,167,544.92
3,260.87

0.00 6,317.93
3,057.07

0.00 0.00

0.00 3,057.07
3,057.07
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

67.62 0.00
2,096.31
2,028.69

0.00 0.00

0.00 2,028.69
2,028.69
91282CFU0 UNITED STATES TREASURY

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

0.00 0.00
1,067,035.16
18,186.46
21,656.25
117.70
3,587.48

0.00 0.00

0.00 3,587.48
3,587.48
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
5,114.04

0.00 6,799.98
1,685.95

0.00 0.00

0.00 1,685.95
1,685.95
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
4,060.77

0.00 6,091.16
2,030.39

0.00 0.00

0.00 2,030.39
2,030.39
91282CGT2 UNITED STATES TREASURY

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

0.00 0.00
849,814.46

84.19 0.00
2,609.80
2,525.61

0.00 0.00

0.00 2,525.61
2,525.61
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
11,756.91
14,000.00

76.09 2,319.18

0.00 0.00

0.00 2,319.18
2,319.18
91282CHE4 UNITED STATES TREASURY

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

0.00 0.00
852,414.06
10,631.01

0.00 13,245.19
2,614.18

0.00 0.00

0.00 2,614.18
2,614.18
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
8,546.96

0.00 11,364.64
2,817.68

0.00 0.00

0.00 2,817.68
2,817.68

Page 724 ends

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

0.00 0.00
781,375.00
5,469.61

0.00 8,204.42
2,734.81

0.00 0.00

0.00 2,734.81
2,734.81
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
107.41

0.00 3,329.75
3,222.34

0.00 0.00

0.00 3,222.34
3,222.34
91282CJQ5 UNITED STATES TREASURY

3.75 12/31/2030
03/26/2026
03/27/2026
800,000.00
790,000.00

0.00 0.00
790,000.00
7,541.44

0.00 10,027.62
2,486.19

0.00 0.00

0.00 2,486.19
2,486.19
91282CJR3 UNITED STATES TREASURY

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

0.00 0.00
642,052.73
6,127.42

0.00 8,147.44
2,020.03

0.00 0.00

0.00 2,020.03
2,020.03
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
4,972.38

0.00 7,458.56
2,486.19

0.00 0.00

0.00 2,486.19
2,486.19
91282CJX0 UNITED STATES TREASURY 4.0
01/31/2031
03/23/2026
03/24/2026
850,000.00
850,033.20

0.00 0.00
850,033.20
5,635.36

0.00 8,453.04
2,817.68

0.00 0.00

0.00 2,817.68
2,817.68
91282CKD2 UNITED STATES TREASURY

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

0.00 0.00
798,457.03
2,956.52

0.00 5,728.26
2,771.74

0.00 0.00

0.00 2,771.74
2,771.74
91282CKG5 UNITED STATES TREASURY

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

0.00 0.00
832,064.45

95.80 0.00
2,969.77
2,873.98

0.00 0.00

0.00 2,873.98
2,873.98
91282CKP5 UNITED STATES TREASURY

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

0.00 0.00
799,640.62
15,535.91
18,500.00
100.54
3,064.63

0.00 0.00

0.00 3,064.63
3,064.63

Page 725 ends

0.00 0.00
604,406.25
9,049.45

0.00 11,274.73
2,225.27

0.00 0.00

0.00 2,225.27
2,225.27
91282CKX8 UNITED STATES TREASURY

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

0.00 0.00
972,701.17
10,149.52

0.00 13,495.51
3,345.99

0.00 0.00

0.00 3,345.99
3,345.99
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 950,000.00
954,156.26

0.00 0.00
954,156.26
6,298.34

0.00 9,447.51
3,149.17

0.00 0.00

0.00 3,149.17
3,149.17
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
114.75

0.00 3,557.38
3,442.62

0.00 0.00

0.00 3,442.62
3,442.62
91282CLR0 UNITED STATES TREASURY

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

0.00 0.00
1,044,560.54
18,186.46
21,656.25
117.70
3,587.48

0.00 0.00

0.00 3,587.48
3,587.48
91282CLX7 UNITED STATES TREASURY

4.125 11/15/2027 875,000.00
630,493.16
251,220.70

0.00 881,713.86
9,756.99
(4,501.04)
16,650.98
2,392.95

0.00 0.00

0.00 2,392.95
2,392.95
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
15,208.10

0.00 18,947.80
3,739.70

0.00 0.00

0.00 3,739.70
3,739.70
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
12,097.72

0.00 16,085.98
3,988.26

0.00 0.00

0.00 3,988.26
3,988.26
91282CMG3 UNITED STATES TREASURY

4.25 01/31/2030
03/26/2026
03/27/2026
800,000.00
807,187.50

0.00 0.00
807,187.50
5,635.36

0.00 8,453.04
2,817.68

0.00 0.00

0.00 2,817.68
2,817.68

Page 726 ends

0.00 0.00
750,732.42

81.97 0.00
2,540.98
2,459.02

0.00 0.00

0.00 2,459.02
2,459.02
91282CMZ1 UNITED STATES TREASURY

3.875 04/30/2030
05/28/2025
05/29/2025
650,000.00
644,287.11

0.00 0.00
644,287.11
10,575.97
12,593.75

68.44 2,086.23

0.00 0.00

0.00 2,086.23
2,086.23
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030
06/23/2025
06/24/2025
700,000.00
703,062.50

0.00 0.00
703,062.50
9,384.62

0.00 11,692.31
2,307.69

0.00 0.00

0.00 2,307.69
2,307.69
91282CNK3 UNITED STATES TREASURY

3.875 06/30/2030
07/24/2025
07/25/2025
1,000,000.00
996,054.69

0.00 0.00
996,054.69
9,741.02

0.00 12,952.35
3,211.33

0.00 0.00

0.00 3,211.33
3,211.33
91282CNN7 UNITED STATES TREASURY

3.875 07/31/2030
03/23/2026
03/24/2026
850,000.00
847,011.72

0.00 0.00
847,011.72
5,459.25

0.00 8,188.88
2,729.63

0.00 0.00

0.00 2,729.63
2,729.63
91282CNX5 UNITED STATES TREASURY

3.625 08/31/2030
09/22/2025
09/23/2025
700,000.00
698,085.94

0.00 0.00
698,085.94
2,206.52

0.00 4,275.14
2,068.61

0.00 0.00

0.00 2,068.61
2,068.61
91282CPA3 UNITED STATES TREASURY

3.625 09/30/2030
10/30/2025
10/31/2025
700,000.00
696,937.50

0.00 0.00
696,937.50

69.33 0.00
2,149.25
2,079.92

0.00 0.00

0.00 2,079.92
2,079.92
91282CPD7 UNITED STATES TREASURY

3.625 10/31/2030
10/30/2025
10/31/2025
700,000.00
697,019.53

0.00 0.00
697,019.53
10,654.70
12,687.50

68.95 2,101.76

0.00 0.00

0.00 2,101.76
2,101.76
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030
12/08/2025
12/09/2025
700,000.00
691,906.25

0.00 0.00
691,906.25
8,211.54

0.00 10,230.77
2,019.23

0.00 0.00

0.00 2,019.23
2,019.23

Page 727 ends

0.00 0.00
743,144.53
2,282.61

0.00 4,422.55
2,139.95

0.00 0.00

0.00 2,139.95
2,139.95
91282CQG9 UNITED STATES TREASURY

3.875 03/31/2031
04/10/2026
04/13/2026
650,000.00

0.00 648,679.69

0.00 (894.64)
2,133.37
1,238.73

0.00 0.00

0.00 1,238.73
1,238.73
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
1,629.17

0.00 1,988.54
359.38

0.00 0.00

0.00 359.38
359.38
931142EX7 WALMART INC 3.95
09/09/2027 09/09/2022
250,000.00
249,702.50

0.00 0.00
249,702.50
603.47

0.00 1,426.39
822.92

0.00 0.00

0.00 822.92
822.92
Total Fixed Income 62,853,881.36
61,094,221.45
1,427,238.60
(918,701.66)
61,602,758.39
487,388.87
208,834.39
473,260.00
194,705.52

0.00 0.00

0.00 194,705.52 194,705.52
TOTAL PORTFOLIO 63,201,918.24
61,741,186.18
2,552,743.78
(2,339,074.46)
61,950,795.27
487,388.87
213,978.28
473,260.00
199,849.41

0.00 0.00

0.00 199,849.41 199,849.41

Page 728 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount MAY 2026
05/01/2026 Coupon 74456QBU9 0.00 PUBLIC SERVICE ELECTRIC AND GAS CO 3.7 05/01/2028 8,325.00 8,325.00
05/01/2026 Dividend 31846V203 0.00 FIRST AMER:GVT OBLG Y 1,083.66 1,083.66 05/11/2026 Coupon 037833ET3 95,000.00 APPLE INC 4.0 05/10/2028 1,900.00 1,900.00 05/12/2026 Coupon 023135BY1 450,000.00 AMAZON.COM INC 1.65 05/12/2028 3,712.50 3,712.50 05/15/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 05/15/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 05/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 05/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 05/15/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 05/15/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 215.91 215.91 05/15/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 5,955.18 5,955.18 05/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 05/15/2026 Coupon 58768PAC8 23,404.88 MBART 2022-1 A3 5.21 08/16/2027 101.62 101.62 05/15/2026 Principal Paydown 58768PAC8 23,404.88 MBART 2022-1 A3 5.21 08/16/2027 10,056.05 10,056.05 05/15/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 05/15/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 05/15/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 647.07 647.07 05/15/2026 Coupon 9128285M8 650,000.00 UNITED STATES TREASURY 3.125 11/15/2028 10,156.25 10,156.25 05/15/2026 Coupon 91282CLX7 875,000.00 UNITED STATES TREASURY 4.125 11/15/2027 18,046.88 18,046.88 05/15/2026 Coupon 927804GH1 115,000.00 VIRGINIA ELECTRIC AND POWER CO 3.75 05/15/2027 2,156.25 2,156.25
05/21/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 432.78 432.78 05/21/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 7,826.70 7,826.70 05/25/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 100.27 100.27 05/25/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 2,657.76 2,657.76 05/25/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 05/25/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 777.68 777.68 05/26/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 05/26/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 05/26/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75

Page 729 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/26/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 05/26/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,975.22 1,975.22 05/26/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 05/26/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 May 2026 Total 28,357.04 65,130.98 93,488.02
JUNE 2026
06/01/2026 Coupon 91282CHE4 875,000.00 UNITED STATES TREASURY 3.625 05/31/2028 15,859.38 15,859.38 06/01/2026 Coupon 91282CKT7 600,000.00 UNITED STATES TREASURY 4.5 05/31/2029 13,500.00 13,500.00 06/01/2026 Coupon 91282CMA6 1,100,000.00 UNITED STATES TREASURY 4.125 11/30/2029 22,687.50 22,687.50 06/01/2026 Coupon 91282CNG2 700,000.00 UNITED STATES TREASURY 4.0 05/31/2030 14,000.00 14,000.00 06/01/2026 Coupon 91282CPN5 700,000.00 UNITED STATES TREASURY 3.5 11/30/2030 12,250.00 12,250.00 06/05/2026 Coupon 46647PAX4 225,000.00 JPMORGAN CHASE & CO 4.452 12/05/2029 5,008.50 5,008.50 06/09/2026 Coupon 3130AWMN7 550,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 12,031.25 12,031.25
06/12/2026 Coupon 91159HJM3 550,000.00 US BANCORP 5.775 06/12/2029 15,881.25 15,881.25 06/15/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 06/15/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 06/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 06/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 06/15/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 06/15/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 190.20 190.20 06/15/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 3,861.89 3,861.89 06/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 06/15/2026 Coupon 58768PAC8 23,404.88 MBART 2022-1 A3 5.21 08/16/2027 57.96 57.96 06/15/2026 Principal Paydown 58768PAC8 23,404.88 MBART 2022-1 A3 5.21 08/16/2027 9,929.91 9,929.91 06/15/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 06/15/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 06/15/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 06/22/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 395.80 395.80 06/22/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 6,584.49 6,584.49 06/25/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 88.15 88.15 06/25/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 2,610.18 2,610.18

Page 730 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/25/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 06/25/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 06/25/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 06/25/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 06/25/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 06/25/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,972.78 1,972.78 06/25/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 716.80 716.80 06/25/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 06/25/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 06/25/2026 Coupon 437076DC3 235,000.00 HOME DEPOT INC 4.75 06/25/2029 5,581.25 5,581.25 06/30/2026 Coupon 91282CEW7 650,000.00 UNITED STATES TREASURY 3.25 06/30/2027 10,562.50 10,562.50 06/30/2026 Coupon 91282CGC9 525,000.00 UNITED STATES TREASURY 3.875 12/31/2027 10,171.88 10,171.88 06/30/2026 Coupon 91282CHK0 850,000.00 UNITED STATES TREASURY 4.0 06/30/2028 17,000.00 17,000.00 06/30/2026 Coupon 91282CJQ5 800,000.00 UNITED STATES TREASURY 3.75 12/31/2030 15,000.00 15,000.00 06/30/2026 Coupon 91282CJR3 650,000.00 UNITED STATES TREASURY 3.75 12/31/2028 12,187.50 12,187.50 06/30/2026 Coupon 91282CKX8 950,000.00 UNITED STATES TREASURY 4.25 06/30/2029 20,187.50 20,187.50 06/30/2026 Coupon 91282CMD0 1,100,000.00 UNITED STATES TREASURY 4.375 12/31/2029 24,062.50 24,062.50 06/30/2026 Coupon 91282CNK3 1,000,000.00 UNITED STATES TREASURY 3.875 06/30/2030 19,375.00 19,375.00 June 2026 Total 23,703.26 266,220.97 289,924.23
JULY 2026
07/07/2026 Coupon 02665WEM9 500,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 12,812.50 12,812.50
07/10/2026 Coupon 89115A2M3 550,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 14,179.00 14,179.00 07/13/2026 Coupon 45950KDD9 240,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 5,400.00 5,400.00
07/14/2026 Coupon 24422EXB0 650,000.00 JOHN DEERE CAPITAL CORP 4.95 07/14/2028 16,087.50 16,087.50 07/15/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 07/15/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 07/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 07/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 07/15/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 07/15/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 173.53 173.53

Page 731 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/15/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 4,396.15 4,396.15 07/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 07/15/2026 Coupon 58768PAC8 23,404.88 MBART 2022-1 A3 5.21 08/16/2027 14.84 14.84 07/15/2026 Effective Maturity 58768PAC8 23,404.88 MBART 2022-1 A3 5.21 08/16/2027 3,418.92 3,418.92 07/15/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 07/15/2026 Coupon 756109AU8 525,000.00 REALTY INCOME CORP 3.65 01/15/2028 9,581.25 9,581.25 07/15/2026 Coupon 756109AX2 250,000.00 REALTY INCOME CORP 3.25 01/15/2031 4,062.50 4,062.50 07/15/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 07/15/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 07/20/2026 Coupon 06051GGF0 400,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 7,648.00 7,648.00 07/21/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 364.69 364.69 07/21/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 6,438.81 6,438.81 07/23/2026 Coupon 06051GHM4 200,000.00 BANK OF AMERICA CORP 4.271 07/23/2029 4,271.00 4,271.00 07/23/2026 Coupon 06051GHV4 200,000.00 BANK OF AMERICA CORP 3.194 07/23/2030 3,194.00 3,194.00 07/27/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 76.25 76.25 07/27/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 2,559.46 2,559.46 07/27/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 07/27/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 07/27/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 07/27/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 07/27/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 07/27/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,970.52 1,970.52 07/27/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 782.57 782.57 07/27/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 07/27/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 07/27/2026 Coupon 46647PDG8 550,000.00 JPMORGAN CHASE & CO 4.851 07/25/2028 13,340.25 13,340.25 07/28/2026 Coupon 09247XAR2 850,000.00 BLACKROCK FINANCE INC 1.9 01/28/2031 8,075.00 8,075.00 07/31/2026 Coupon 69371RS80 675,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 15,525.00 15,525.00 07/31/2026 Coupon 91282CGH8 700,000.00 UNITED STATES TREASURY 3.5 01/31/2028 12,250.00 12,250.00 07/31/2026 Coupon 91282CHQ7 800,000.00 UNITED STATES TREASURY 4.125 07/31/2028 16,500.00 16,500.00 07/31/2026 Coupon 91282CJW2 750,000.00 UNITED STATES TREASURY 4.0 01/31/2029 15,000.00 15,000.00 07/31/2026 Coupon 91282CJX0 850,000.00 UNITED STATES TREASURY 4.0 01/31/2031 17,000.00 17,000.00

Page 732 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/31/2026 Coupon 91282CLC3 950,000.00 UNITED STATES TREASURY 4.0 07/31/2029 19,000.00 19,000.00 07/31/2026 Coupon 91282CMG3 800,000.00 UNITED STATES TREASURY 4.25 01/31/2030 17,000.00 17,000.00 07/31/2026 Coupon 91282CNN7 850,000.00 UNITED STATES TREASURY 3.875 07/31/2030 16,468.75 16,468.75 July 2026 Total 17,595.90 248,164.67 265,760.57
AUGUST 2026
08/04/2026 Coupon 78016HZS2 500,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 13,000.00 13,000.00 08/07/2026 Coupon 06406RAB3 700,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 12,047.00 12,047.00
08/07/2026 Coupon 63743HFX5 670,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 16,582.50 16,582.50
08/12/2026 Coupon 14913R3A3 330,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 5,940.00 5,940.00
08/12/2026 Coupon 91159HJT8 250,000.00 US BANCORP 5.046 02/12/2031 6,307.50 6,307.50 08/17/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 08/17/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 08/17/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,248.54 1,248.54 08/17/2026 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 844.73 844.73 08/17/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 08/17/2026 Coupon 4581X0EN4 700,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 14,437.50 14,437.50
08/17/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 08/17/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 154.55 154.55 08/17/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 4,368.41 4,368.41 08/17/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 08/17/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 08/17/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 08/17/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 08/17/2026 Coupon 9128283W8 600,000.00 UNITED STATES TREASURY 2.75 02/15/2028 8,250.00 8,250.00 08/21/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 334.27 334.27 08/21/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 6,264.10 6,264.10 08/25/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 64.59 64.59 08/25/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 2,497.74 2,497.74

Page 733 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/25/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 08/25/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 08/25/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 08/25/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 08/25/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 08/25/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,968.06 1,968.06 08/25/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 721.97 721.97 08/25/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 08/25/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 08/27/2026 Coupon 14913UAJ9 300,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 7,275.00 7,275.00
08/31/2026 Coupon 91282CCV1 950,000.00 UNITED STATES TREASURY 1.125 08/31/2028 5,343.75 5,343.75 08/31/2026 Coupon 91282CFH9 750,000.00 UNITED STATES TREASURY 3.125 08/31/2027 11,718.75 11,718.75 08/31/2026 Coupon 91282CFJ5 1,200,000.00 UNITED STATES TREASURY 3.125 08/31/2029 18,750.00 18,750.00 08/31/2026 Coupon 91282CKD2 800,000.00 UNITED STATES TREASURY 4.25 02/28/2029 17,000.00 17,000.00 08/31/2026 Coupon 91282CNX5 700,000.00 UNITED STATES TREASURY 3.625 08/31/2030 12,687.50 12,687.50 08/31/2026 Coupon 91282CQD6 750,000.00 UNITED STATES TREASURY 3.5 02/28/2031 13,125.00 13,125.00 August 2026 Total 14,696.95 183,156.05 197,853.00
SEPTEMBER 2026
09/08/2026 Coupon 3130AWTR1 800,000.00 FEDERAL HOME LOAN BANKS 4.375 09/08/2028 17,500.00 17,500.00
09/09/2026 Coupon 931142EX7 250,000.00 WALMART INC 3.95 09/09/2027 4,937.50 4,937.50 09/11/2026 Coupon 89236TLB9 800,000.00 TOYOTA MOTOR CREDIT CORP 5.25 09/11/2028 21,000.00 21,000.00 09/15/2026 Coupon 084664CZ2 400,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 4,600.00 4,600.00
09/15/2026 Coupon 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 1,978.00 1,978.00 09/15/2026 Effective Maturity 161571HT4 460,000.00 CHAIT 2023-1 A 5.16 09/15/2028 460,000.00 460,000.00 09/15/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 09/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,245.30 1,245.30 09/15/2026 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 12,945.93 12,945.93 09/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 09/15/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50

Page 734 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/15/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 135.70 135.70 09/15/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 4,335.55 4,335.55 09/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 09/15/2026 Coupon 571748CA8 650,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 15,112.50 15,112.50
09/15/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 09/15/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 09/15/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 09/21/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 304.67 304.67 09/21/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 6,134.26 6,134.26 09/25/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 53.20 53.20 09/25/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 2,452.05 2,452.05 09/25/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 09/25/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 09/25/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 09/25/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 09/25/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 09/25/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,965.80 1,965.80 09/25/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 724.43 724.43 09/25/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 09/25/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 09/30/2026 Coupon 91282CFM8 600,000.00 UNITED STATES TREASURY 4.125 09/30/2027 12,375.00 12,375.00 09/30/2026 Coupon 91282CGT2 850,000.00 UNITED STATES TREASURY 3.625 03/31/2028 15,406.25 15,406.25 09/30/2026 Coupon 91282CJA0 850,000.00 UNITED STATES TREASURY 4.625 09/30/2028 19,656.25 19,656.25 09/30/2026 Coupon 91282CKG5 850,000.00 UNITED STATES TREASURY 4.125 03/31/2029 17,531.25 17,531.25 09/30/2026 Coupon 91282CLN9 1,200,000.00 UNITED STATES TREASURY 3.5 09/30/2029 21,000.00 21,000.00 09/30/2026 Coupon 91282CMU2 750,000.00 UNITED STATES TREASURY 4.0 03/31/2030 15,000.00 15,000.00 09/30/2026 Coupon 91282CPA3 700,000.00 UNITED STATES TREASURY 3.625 09/30/2030 12,687.50 12,687.50 09/30/2026 Coupon 91282CQG9 650,000.00 UNITED STATES TREASURY 3.875 03/31/2031 12,593.75 12,593.75 September 2026
Total 486,592.21 210,026.20 696,618.41
OCTOBER 2026

Page 735 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/01/2026 Coupon 828807DZ7 575,000.00 SIMON PROPERTY GROUP LP 4.375 10/01/2030 12,578.13 12,578.13 10/13/2026 Coupon 023135CF1 300,000.00 AMAZON.COM INC 3.3 04/13/2027 4,950.00 4,950.00 10/13/2026 Coupon 79466LAF1 700,000.00 SALESFORCE INC 3.7 04/11/2028 12,950.00 12,950.00 10/15/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 10/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,195.56 1,195.56 10/15/2026 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 17,959.69 17,959.69 10/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 10/15/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 10/15/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 116.98 116.98 10/15/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 4,878.21 4,878.21 10/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 10/15/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 10/15/2026 Coupon 74340XBN0 550,000.00 PROLOGIS LP 2.125 04/15/2027 5,843.75 5,843.75 10/15/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 10/15/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 10/16/2026 Coupon 459058LN1 500,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 9,687.50 9,687.50
10/20/2026 Coupon 61747YFD2 200,000.00 MORGAN STANLEY 5.164 04/20/2029 5,164.00 5,164.00 10/21/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 275.68 275.68 10/21/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 5,922.95 5,922.95 10/26/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 42.02 42.02 10/26/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 2,152.56 2,152.56 10/26/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 10/26/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 10/26/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 10/26/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 10/26/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 10/26/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,963.52 1,963.52 10/26/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 789.83 789.83 10/26/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 10/26/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 10/26/2026 Coupon 857477DB6 800,000.00 STATE STREET CORP 4.834 04/24/2030 19,336.00 19,336.00

Page 736 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/30/2026 Coupon 3133ERDH1 550,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.75 04/30/2029 13,062.50 13,062.50
October 2026 Total 31,703.23 102,109.19 133,812.42
NOVEMBER 2026
11/02/2026 Coupon 74456QBU9 450,000.00 PUBLIC SERVICE ELECTRIC AND GAS CO 3.7 05/01/2028 8,325.00 8,325.00
11/02/2026 Coupon 91282CDG3 700,000.00 UNITED STATES TREASURY 1.125 10/31/2026 3,937.50 3,937.50 11/02/2026 Final Maturity 91282CDG3 700,000.00 UNITED STATES TREASURY 1.125 10/31/2026 700,000.00 700,000.00 11/02/2026 Coupon 91282CFU0 1,050,000.00 UNITED STATES TREASURY 4.125 10/31/2027 21,656.25 21,656.25 11/02/2026 Coupon 91282CHA2 800,000.00 UNITED STATES TREASURY 3.5 04/30/2028 14,000.00 14,000.00 11/02/2026 Coupon 91282CKP5 800,000.00 UNITED STATES TREASURY 4.625 04/30/2029 18,500.00 18,500.00 11/02/2026 Coupon 91282CLR0 1,050,000.00 UNITED STATES TREASURY 4.125 10/31/2029 21,656.25 21,656.25 11/02/2026 Coupon 91282CMZ1 650,000.00 UNITED STATES TREASURY 3.875 04/30/2030 12,593.75 12,593.75 11/02/2026 Coupon 91282CPD7 700,000.00 UNITED STATES TREASURY 3.625 10/31/2030 12,687.50 12,687.50 11/10/2026 Coupon 037833ET3 95,000.00 APPLE INC 4.0 05/10/2028 1,900.00 1,900.00 11/12/2026 Coupon 023135BY1 450,000.00 AMAZON.COM INC 1.65 05/12/2028 3,712.50 3,712.50 11/16/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 11/16/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,126.57 1,126.57 11/16/2026 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 17,607.90 17,607.90 11/16/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,206.00 1,206.00 11/16/2026 Principal Paydown 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 8,365.37 8,365.37 11/16/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 11/16/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 95.92 95.92 11/16/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 5,500.83 5,500.83 11/16/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 11/16/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 11/16/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 11/16/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 11/16/2026 Coupon 9128285M8 650,000.00 UNITED STATES TREASURY 3.125 11/15/2028 10,156.25 10,156.25 11/16/2026 Coupon 91282CLX7 875,000.00 UNITED STATES TREASURY 4.125 11/15/2027 18,046.88 18,046.88 11/16/2026 Coupon 927804GH1 115,000.00 VIRGINIA ELECTRIC AND POWER CO 3.75 05/15/2027 2,156.25 2,156.25

Page 737 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/23/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 247.70 247.70 11/23/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 5,791.57 5,791.57 11/25/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 32.21 32.21 11/25/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 2,055.48 2,055.48 11/25/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 11/25/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 11/25/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 11/25/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 11/25/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 11/25/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,961.04 1,961.04 11/25/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 729.64 729.64 11/25/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 11/25/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 11/30/2026 Coupon 91282CHE4 875,000.00 UNITED STATES TREASURY 3.625 05/31/2028 15,859.38 15,859.38 11/30/2026 Coupon 91282CKT7 600,000.00 UNITED STATES TREASURY 4.5 05/31/2029 13,500.00 13,500.00 11/30/2026 Coupon 91282CMA6 1,100,000.00 UNITED STATES TREASURY 4.125 11/30/2029 22,687.50 22,687.50 11/30/2026 Coupon 91282CNG2 700,000.00 UNITED STATES TREASURY 4.0 05/31/2030 14,000.00 14,000.00 11/30/2026 Coupon 91282CPN5 700,000.00 UNITED STATES TREASURY 3.5 11/30/2030 12,250.00 12,250.00 November 2026
Total 740,050.78 246,031.98 986,082.77
DECEMBER 2026
12/07/2026 Coupon 46647PAX4 225,000.00 JPMORGAN CHASE & CO 4.452 12/05/2029 5,008.50 5,008.50 12/09/2026 Coupon 3130AWMN7 550,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 12,031.25 12,031.25
12/14/2026 Coupon 91159HJM3 550,000.00 US BANCORP 5.775 06/12/2029 15,881.25 15,881.25 12/15/2026 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 12/15/2026 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 1,058.92 1,058.92 12/15/2026 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 16,567.44 16,567.44 12/15/2026 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,175.88 1,175.88 12/15/2026 Principal Paydown 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 18,931.03 18,931.03 12/15/2026 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 12/15/2026 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 72.18 72.18

Page 738 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/15/2026 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 3,750.05 3,750.05 12/15/2026 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 12/15/2026 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 12/15/2026 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 12/15/2026 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 12/21/2026 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 220.33 220.33 12/21/2026 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 5,550.40 5,550.40 12/25/2026 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 22.84 22.84 12/25/2026 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 1,979.02 1,979.02 12/25/2026 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 975.96 975.96 12/25/2026 Principal Paydown 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 2,408.15 2,408.15 12/25/2026 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 12/25/2026 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 12/25/2026 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 12/25/2026 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 12/25/2026 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,958.74 1,958.74 12/25/2026 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 794.79 794.79 12/25/2026 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 12/25/2026 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 12/28/2026 Coupon 437076DC3 235,000.00 HOME DEPOT INC 4.75 06/25/2029 5,581.25 5,581.25 12/31/2026 Coupon 91282CEW7 650,000.00 UNITED STATES TREASURY 3.25 06/30/2027 10,562.50 10,562.50 12/31/2026 Coupon 91282CGC9 525,000.00 UNITED STATES TREASURY 3.875 12/31/2027 10,171.88 10,171.88 12/31/2026 Coupon 91282CHK0 850,000.00 UNITED STATES TREASURY 4.0 06/30/2028 17,000.00 17,000.00 12/31/2026 Coupon 91282CJQ5 800,000.00 UNITED STATES TREASURY 3.75 12/31/2030 15,000.00 15,000.00 12/31/2026 Coupon 91282CJR3 650,000.00 UNITED STATES TREASURY 3.75 12/31/2028 12,187.50 12,187.50 12/31/2026 Coupon 91282CKX8 950,000.00 UNITED STATES TREASURY 4.25 06/30/2029 20,187.50 20,187.50 12/31/2026 Coupon 91282CMD0 1,100,000.00 UNITED STATES TREASURY 4.375 12/31/2029 24,062.50 24,062.50 12/31/2026 Coupon 91282CNK3 1,000,000.00 UNITED STATES TREASURY 3.875 06/30/2030 19,375.00 19,375.00 December 2026
Total 49,980.89 185,295.57 235,276.46
JANUARY 2027

Page 739 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/07/2027 Coupon 02665WEM9 500,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 12,812.50 12,812.50
01/11/2027 Coupon 89115A2M3 550,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 14,179.00 14,179.00 01/13/2027 Coupon 45950KDD9 240,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 5,400.00 5,400.00
01/14/2027 Coupon 24422EXB0 650,000.00 JOHN DEERE CAPITAL CORP 4.95 07/14/2028 16,087.50 16,087.50 01/15/2027 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 01/15/2027 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 995.28 995.28 01/15/2027 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 16,286.71 16,286.71 01/15/2027 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,107.73 1,107.73 01/15/2027 Principal Paydown 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 18,541.41 18,541.41 01/15/2027 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 01/15/2027 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 55.99 55.99 01/15/2027 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 6,264.80 6,264.80 01/15/2027 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 934.13 934.13 01/15/2027 Principal Paydown 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 2,220.38 2,220.38 01/15/2027 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 01/15/2027 Coupon 756109AU8 525,000.00 REALTY INCOME CORP 3.65 01/15/2028 9,581.25 9,581.25 01/15/2027 Coupon 756109AX2 250,000.00 REALTY INCOME CORP 3.25 01/15/2031 4,062.50 4,062.50 01/15/2027 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 01/15/2027 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 01/20/2027 Coupon 06051GGF0 400,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 7,648.00 7,648.00 01/20/2027 Effective Maturity 06051GGF0 400,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 400,000.00 400,000.00 01/21/2027 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 194.11 194.11 01/21/2027 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 5,440.27 5,440.27 01/25/2027 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 13.82 13.82 01/25/2027 Principal Paydown 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 1,948.17 1,948.17 01/25/2027 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 967.99 967.99 01/25/2027 Principal Paydown 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 37,341.54 37,341.54 01/25/2027 Coupon 06051GHM4 200,000.00 BANK OF AMERICA CORP 4.271 07/23/2029 4,271.00 4,271.00 01/25/2027 Coupon 06051GHV4 200,000.00 BANK OF AMERICA CORP 3.194 07/23/2030 3,194.00 3,194.00 01/25/2027 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96

Page 740 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/25/2027 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 01/25/2027 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 01/25/2027 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 01/25/2027 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,956.25 1,956.25 01/25/2027 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 734.88 734.88 01/25/2027 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 01/25/2027 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 01/25/2027 Coupon 46647PDG8 550,000.00 JPMORGAN CHASE & CO 4.851 07/25/2028 13,340.25 13,340.25 01/28/2027 Coupon 09247XAR2 850,000.00 BLACKROCK FINANCE INC 1.9 01/28/2031 8,075.00 8,075.00 January 2027 Total 488,778.15 116,703.75 605,481.90
FEBRUARY 2027
02/01/2027 Coupon 69371RS80 675,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 15,525.00 15,525.00 02/01/2027 Coupon 78016HZS2 500,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 13,000.00 13,000.00 02/01/2027 Coupon 91282CGH8 700,000.00 UNITED STATES TREASURY 3.5 01/31/2028 12,250.00 12,250.00 02/01/2027 Coupon 91282CHQ7 800,000.00 UNITED STATES TREASURY 4.125 07/31/2028 16,500.00 16,500.00 02/01/2027 Coupon 91282CJW2 750,000.00 UNITED STATES TREASURY 4.0 01/31/2029 15,000.00 15,000.00 02/01/2027 Coupon 91282CJX0 850,000.00 UNITED STATES TREASURY 4.0 01/31/2031 17,000.00 17,000.00 02/01/2027 Coupon 91282CLC3 950,000.00 UNITED STATES TREASURY 4.0 07/31/2029 19,000.00 19,000.00 02/01/2027 Coupon 91282CMG3 800,000.00 UNITED STATES TREASURY 4.25 01/31/2030 17,000.00 17,000.00 02/01/2027 Coupon 91282CNN7 850,000.00 UNITED STATES TREASURY 3.875 07/31/2030 16,468.75 16,468.75 02/08/2027 Coupon 06406RAB3 700,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 12,047.00 12,047.00
02/08/2027 Effective Maturity 06406RAB3 700,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 700,000.00 700,000.00
02/08/2027 Coupon 63743HFX5 670,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 16,582.50 16,582.50
02/12/2027 Coupon 14913R3A3 330,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 5,940.00 5,940.00
02/12/2027 Coupon 91159HJT8 250,000.00 US BANCORP 5.046 02/12/2031 6,307.50 6,307.50 02/15/2027 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 02/15/2027 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 932.71 932.71 02/15/2027 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 16,122.96 16,122.96

Page 741 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/15/2027 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 1,040.98 1,040.98 02/15/2027 Principal Paydown 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 18,363.36 18,363.36 02/15/2027 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 02/15/2027 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 28.95 28.95 02/15/2027 Principal Paydown 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 5,219.10 5,219.10 02/15/2027 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 926.30 926.30 02/15/2027 Principal Paydown 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 18,076.94 18,076.94 02/15/2027 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 02/15/2027 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 02/15/2027 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 02/16/2027 Coupon 4581X0EN4 700,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 14,437.50 14,437.50
02/16/2027 Coupon 9128283W8 600,000.00 UNITED STATES TREASURY 2.75 02/15/2028 8,250.00 8,250.00 02/22/2027 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 168.40 168.40 02/22/2027 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 5,350.36 5,350.36 02/25/2027 Coupon 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 4.94 4.94 02/25/2027 Effective Maturity 05592XAD2 19,717.32 BMWOT 2023-A A3 5.47 02/25/2028 1,083.94 1,083.94 02/25/2027 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 844.45 844.45 02/25/2027 Principal Paydown 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 27,642.71 27,642.71 02/25/2027 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 02/25/2027 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 02/25/2027 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 02/25/2027 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 02/25/2027 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,953.94 1,953.94 02/25/2027 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 737.38 737.38 02/25/2027 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 02/25/2027 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 February 2027
Total 792,596.75 223,036.38 1,015,633.13
MARCH 2027
03/01/2027 Coupon 14913UAJ9 300,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 7,275.00 7,275.00

Page 742 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/01/2027 Coupon 91282CCV1 950,000.00 UNITED STATES TREASURY 1.125 08/31/2028 5,343.75 5,343.75 03/01/2027 Coupon 91282CFH9 750,000.00 UNITED STATES TREASURY 3.125 08/31/2027 11,718.75 11,718.75 03/01/2027 Coupon 91282CFJ5 1,200,000.00 UNITED STATES TREASURY 3.125 08/31/2029 18,750.00 18,750.00 03/01/2027 Coupon 91282CKD2 800,000.00 UNITED STATES TREASURY 4.25 02/28/2029 17,000.00 17,000.00 03/01/2027 Coupon 91282CNX5 700,000.00 UNITED STATES TREASURY 3.625 08/31/2030 12,687.50 12,687.50 03/01/2027 Coupon 91282CQD6 750,000.00 UNITED STATES TREASURY 3.5 02/28/2031 13,125.00 13,125.00 03/08/2027 Coupon 3130AWTR1 800,000.00 FEDERAL HOME LOAN BANKS 4.375 09/08/2028 17,500.00 17,500.00
03/09/2027 Coupon 931142EX7 250,000.00 WALMART INC 3.95 09/09/2027 4,937.50 4,937.50 03/11/2027 Coupon 89236TLB9 800,000.00 TOYOTA MOTOR CREDIT CORP 5.25 09/11/2028 21,000.00 21,000.00 03/15/2027 Coupon 084664CZ2 400,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 4,600.00 4,600.00
03/15/2027 Final Maturity 084664CZ2 400,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 400,000.00 400,000.00
03/15/2027 Coupon 34532BAG6 275,000.00 FORDO 2025-B A3 3.91 04/15/2030 896.04 896.04 03/15/2027 Coupon 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 870.77 870.77 03/15/2027 Principal Paydown 34535VAD6 325,000.00 FORDO 2024-D A3 4.61 08/15/2029 15,641.50 15,641.50 03/15/2027 Coupon 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 974.88 974.88 03/15/2027 Principal Paydown 44935CAD3 335,000.00 HART 2025-A A3 4.32 10/15/2029 17,829.27 17,829.27 03/15/2027 Coupon 47787DAD3 195,000.00 JDOT 2026 A3 3.87 08/15/2030 721.50 721.50 03/15/2027 Coupon 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 6.42 6.42 03/15/2027 Effective Maturity 477920AC6 49,113.11 JDOT 2023-B A3 5.18 03/15/2028 1,486.87 1,486.87 03/15/2027 Coupon 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 862.58 862.58 03/15/2027 Principal Paydown 47800DAD6 265,000.00 JDOT 2025 A3 4.23 09/17/2029 13,157.60 13,157.60 03/15/2027 Coupon 571748CA8 650,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 15,112.50 15,112.50
03/15/2027 Coupon 58770YAD3 160,000.00 MBALT 2026-A A3 3.93 01/15/2030 524.00 524.00 03/15/2027 Coupon 89231GAD0 355,000.00 TAOT 2025-D A3 3.84 06/17/2030 1,136.00 1,136.00 03/15/2027 Coupon 89240QAD7 230,000.00 TAOT 2026-B A3 4.13 12/16/2030 808.83 808.83 03/22/2027 Coupon 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 143.12 143.12 03/22/2027 Principal Paydown 438123AC5 88,095.52 HAROT 2023-4 A3 5.67 06/21/2028 5,207.17 5,207.17 03/25/2027 Coupon 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 753.00 753.00

Page 743 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/25/2027 Principal Paydown 05594HAD5 295,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 28,103.77 28,103.77 03/25/2027 Coupon 3137F83Q4 650,000.00 FHMS K-121 A2 1.547 10/25/2030 837.96 837.96 03/25/2027 Coupon 3137F8ZV8 650,000.00 FHMS K-123 A2 1.621 12/25/2030 878.04 878.04 03/25/2027 Coupon 3137F9Z79 750,000.00 FHMS K-125 A2 1.846 01/25/2031 1,153.75 1,153.75 03/25/2027 Coupon 3137FG6X8 840,000.00 FHMS K-077 A2 3.85 05/25/2028 2,695.00 2,695.00 03/25/2027 Coupon 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 1,951.62 1,951.62 03/25/2027 Principal Paydown 3137FKUP9 628,550.54 FHMS K-087 A2 3.771 12/25/2028 926.69 926.69 03/25/2027 Coupon 3137FRUT6 600,000.00 FHMS K-106 A2 2.069 01/25/2030 1,034.50 1,034.50 03/25/2027 Coupon 3137FXZ35 650,000.00 FHMS K-127 A2 2.108 01/25/2031 1,141.83 1,141.83 March 2027 Total 482,352.88 166,439.84 648,792.73
Grand Total 193,011,477.34 3,156,408.04 2,012,315.60 5,168,723.65

Page 744 ends

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.

NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS GUARANTEE THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND LICENSEE’S USE IS AT LICENSEE’S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction 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.

LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.

LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end.

Page 745 ends

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.

Page 746 ends

CITY OF FOUNTAIN VALLEY

CITY COUNCIL

COUNCIL ACTION REQUEST
To: Honorable Mayor and Agenda Date: June 2, 2026
Members of the City Council
SUBJECT: Authorization to Issue a Purchase Order to Stryker Sales, LLC for Five (5) LIFEPAK 35 Monitors-Defibrillators with a contingency, Five (5) Years of Warranty/Service Coverage, and Required Accessory Equipment in the Amount of $318,500.

Three-Year Strategic Goals
☐ Cultivate a welcoming culture and safe environment that makes our community “A Nice Place to Live.”
☐ Ensure long-term 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, plan for, and modernize infrastructure to support the growth and future needs of the City.
☒ Not applicable.

EXECUTIVE SUMMARY
Cardiac monitors/defibrillators are critical, life-saving devices used on every advanced life support (ALS) emergency medical response and must remain reliable, up to date, and compliant with Orange County Emergency Medical Services (OC-EMS) policies and procedures. Staff conducted a field evaluation of the Styker LIFEPAK 35 cardiac monitor and compared its performance to the Department’s current Zoll X-Series monitors during emergency responses. Based on field feedback, paramedic usability, and operational performance, Staff recommends replacing our current monitors with the LIFEPAK 35. Staff is requesting authorization to purchase five (5) LIFEPAK 35 cardiac monitor-defibrillators to replace the Department’s existing Zoll X-Series cardiac monitor-defibrillators, which were purchased in 2019 and have exceeded their intended service life. The recommended purchase with a small contingency can be completed within the existing Fiscal Year 2025/26 Capital Replacement Fund allocation. No additional funding is required.

DISCUSSION
The Fire Department’s current Zoll X-Series cardiac monitors were purchased in 2019 and placed on a five-year replacement cycle. These devices are used daily in a demanding 9-1-1 environment and are essential for cardiac monitoring, defibrillation, transcutaneous pacing, 12- lead ECG acquisition and transmission, capnography, and CPR feedback. Our current cardiac

Page 747 ends

LIFEPAK 35 Monitors-Defibrillators
June 2, 2026

Page 2 ends

monitors have exceeded their intended service life by two (2) years, raising concerns about their effectiveness in high-pressure situations. Staff have concerns about the long-term reliability and technical support of the cardiac monitors as they are currently out of warranty.

The warranty was not extended this year in anticipation of their replacement. The decision not to replace the monitors at the end of the 2024-2025 fiscal year was based on the expectation of securing an Assistance for Firefighters Grant (AFG) to purchase the new equipment, which did not materialize after two attempts.

Staff conducted a field trial of the Stryker LIFEPAK 35 cardiac monitor during live emergency responses and directly compared its performance with the Department’s current Zoll X-Series monitors. The evaluation focused on ease of use, screen visibility, ECG acquisition, defibrillation functionality, and overall usability. Participating paramedics preferred the LIFEPAK 35. Staff also evaluated the new Zoll Zenix Monitor/Defibrillator at a recent EMS conference and found it to be very similar in features and functionality to the LIFEPAK 35.

FISCAL REVIEW
Zoll and Stryker are the two major manufacturers used in Orange County, providing FDAapproved cardiac monitors/defibrillators that meet the fire department's requirements. OCFA and HBFD recently transitioned to the Stryker LIFEPAK 35 monitors. Both agencies border Fountain Valley, and having identical medical equipment will help with interoperability and consistency during mutual aid responses. To ensure the best pricing, staff solicited competitive bids from both Stryker and Zoll. A list of required equipment and warranty/service needs was provided to both vendors. The quotes from both vendors are attached to this staff report.

Cardiac Monitor Total Purchase Price (Including Unit Costs, Accessories, Trade-In Discounts, and Tax)
Stryker LIFEPAK 35 $315,801.62
Zoll Zenix $325,696.18
The current adopted budget includes sufficient funding for this purchase. The current allocation for Fiscal Year 2025/26 within the Capital Replacement Fund 64: Equipment/Paramedics for the purchase of “Cardiac Monitors” is $318,500. After thorough research and due diligence, Staff secured detailed quotes from both vendors. Both quotes encompass not only the acquisition of the new cardiac monitors but also five (5) years of warranty and service, in addition to essential accessory equipment. These upgrades are designed to fully support both the present and anticipated future operational and EMS needs of the fire department.

Importantly, no additional funding will be required to finalize this purchase, as there is a surplus of $2,698.38 that can be used as a contingency if needed.

PUBLIC NOTIFICATION
Not applicable.

Page 748 ends

LIFEPAK 35 Monitors-Defibrillators
June 2, 2026

Page 3 ends

ENVIRONMENTAL IMPACT REVIEW
Not applicable.

ATTORNEY REVIEW
This does not require the Attorney for the City review or approval.

ALTERNATIVES
Alternative No. 1: Approve this action, thereby authorizing the purchase of five (5) LIFEPAK 35 Monitors-Defibrillators, five (5) Years of
Warranty/Service Coverage, and Required Accessory Equipment with a small contingency in the Amount of $318,500.

Alternative No. 2: Do not approve this action and direct staff to research alternatives.

RECOMMENDATION
Staff is requesting City Council approval of Alternative No. 1, thereby authorizing the purchase of five (5) LIFEPAK 35 Monitors-Defibrillators, five (5) Years of Warranty/Service Coverage, and Required Accessory Equipment, with a small contingency, in the Amount of $318,500.

Prepared by: David Dukellis, Battalion Chief, Lauren Lee, EMS Manager and Tim Saiki, Division Chief
Reviewed by: Chris Nigg, Fire Chief
Fiscal Review by: Ryan Smith, Finance Director
Approved by: Maggie Le, City Manager
Attachments:

1. Stryker LIFEPAK 35 Quote

2. Zoll Zenix Quote

Page 749 ends

Quote Summary
Delivery Address Sold To - Shipping

Bill To Account
Name:

FOUNTAIN VALLEY FIRE DEPT Name: FOUNTAIN VALLEY FIRE DEPT Name: FOUNTAIN VALLEY FIRE DEPT Account #:
20040084 Account #: 20040084 Account #: 20040084
Address:
10200 SLATER AVE Address:
10200 SLATER AVE Address:
10200 SLATER AVE

FOUNTAIN VALLEY

California 92708-4736

California 92708-4736
Equipment Products:
# Product Description Qty Sell Price Total

1.0 70335-000042 LP35,EN-US,MAS-SP/CO,MED-CO2,SUN-NIBP,12L,WIFI/

CELL/LN/CPRIN,STD,BT
5 $47,288.00 $236,440.00

2.0 11335-000001 LIFEPAK FLEX Lithium-Ion Battery 10 $850.00 $8,500.00

3.0 11140-000102 LIFEPAK FLEX Battery Charger 2 $2,550.00 $5,100.00

4.0 11140-000131 AC Power Cord (North America, hospital grade) 2 $91.80 $183.60

5.0 11335-000005 LIFEPAK Printer Kit 5 $2,550.00 $12,750.00

6.0 11335-000008 LIFEPAK 35 Storage Bag Kit 5 $510.00 $2,550.00

7.0 11996-000519 LNCS-II Reusable rainbow 8-wavelength Adult Sensor 5 $755.65 $3,778.25

8.0 11996-000520 LNCS-II Reusable rainbow 8-wavelength Pediatric Sensor 5 $831.30 $4,156.50

Equipment Total:
$273,458.35
Trade In Credit:

Product Description Qty Credit Ea.

Total Credit
TR-ZX-LP35 TRADE IN ZOLL X-SERIES FOR LP35 5
-$6,500.00 -$32,500.00
ProCare Products:

LP35

Quote Number:
11032393 Remit to: Stryker Sales, LLC
21343 NETWORK PLACE
CHICAGO IL 60673-1213
USA

Version:
1 Division: Medical
Prepared For:

FOUNTAIN VALLEY FIRE DEPT Rep: Ryan Lovelady

Attn:

Email:
[email protected]

Phone Number:

Quote Date:
05/13/2026

Expiration Date:
06/30/2026

Contract Start:

Contract End:

12/06/2024
12/06/2024

1 This is not an Invoice

Page 750 ends

# Product Description Qty Sell Price Total

9.1 LIFEPK35-FLD-PRO Lifepak35 for LP35,EN-US,MAS-SP/CO,MED-CO2,SUN-NIBP,12L,WIFI/

CELL/LN/CPRIN,STD,BT
12/07/2024 - 12/06/2029
√ Parts, Labor, Travel √ Preventative Maintenance √ Batteries Service

5 $11,030.80 $55,154.00

ProCare Total:
$55,154.00
Price Totals:

Estimated Sales Tax (7.750%):

$18,674.27

Shipping and Handling:

$1,015.00

Grand Total:

$315,801.62
Comments/Terms/Signatures

Comments:

Sourcewell Contract 041823-STY

Prices: In effect for 30 days

Terms: Net 30 Days

LP35

Quote Number:
11032393 Remit to: Stryker Sales, LLC
21343 NETWORK PLACE
CHICAGO IL 60673-1213
USA

Version:
1 Division: Medical
Prepared For:

FOUNTAIN VALLEY FIRE DEPT Rep: Ryan Lovelady

Attn:

Email:
[email protected]

Phone Number:

Quote Date:
05/13/2026

Expiration Date:
06/30/2026

Contract Start:

Contract End:

12/06/2024
12/06/2024

2 This is not an Invoice

Page 751 ends

Shipping & Handling Includes:

Standard freight, special packaging, semi rigging cranes, labor & delivery of equipment to final location, removal of all packaging, pre-delivery site check, education/training

Terms and Conditions:

Deal Consummation: This is a quote and not a commitment. This quote is subject to final credit, pricing, and documentation approval. Legal documentation must be signed before your equipment can be delivered. Documentation will be provided upon completion of our review process and your selection of a payment schedule. Confidentiality Notice: Recipient will not disclose to any third party the terms of this quote or any other information, including any pricing or discounts, offered to be provided by Stryker to Recipient in connection with this quote, without Stryker’s prior written approval, except as may be requested by law or by lawful order of any applicable government agency. A copy of Stryker Medical's terms and conditions can be found at https://techweb.stryker.com/Terms_Conditions/index.html.

LP35

Quote Number:
11032393 Remit to: Stryker Sales, LLC
21343 NETWORK PLACE
CHICAGO IL 60673-1213
USA

Version:
1 Division: Medical
Prepared For:

FOUNTAIN VALLEY FIRE DEPT Rep: Ryan Lovelady

Attn:

Email:
[email protected]

Phone Number:

Quote Date:
05/13/2026

Expiration Date:
06/30/2026

Contract Start:

Contract End:

12/06/2024
12/06/2024

3 This is not an Invoice

Page 752 ends

Quote No: Q-137432 Version: 1

Page 1 of 5 ends

ZOLL Medical Corporation
269 Mill Road
Chelmsford, MA 01824-4105
Federal ID# 04-2711626
Phone: (800) 348-9011
Fax: (978) 421-0015
Email: [email protected]
Fountain Valley Fire Department
PO Box 8030
Fountain Valley, CA 92728
ZOLL Customer No: 7913
Lauren Lee
7143741789
[email protected]
Quote No: Q-137432
Version: 1
Issued Date: April 15, 2026
Expiration Date: June 30, 2026
Terms: Net due in 30 days
FOB: Destination
Freight: Free Freight
Prepared by: Catherine Prophet
EMS Territory Manager
[email protected]
949-436-4369
Item Contract
Reference
Part Number Description Qty List Price Adj. Price Total Price 1 CH-57475 8116-11-41-23101-10-
USA
Zenix Monitor/Defibrillator, EMS, Fire
Configuration
12-lead, Pacing, SpO2, SpCO, EtCO2, NIBP, Real
BVM Help, Real CPR Help - Includes: SurePower 4
Battery, Zenix Power Cord (NA), Zenix MFC Cable,
Zenix 12-lead ECG Cable (AAMI), Masimo RD
Rainbow SET Patient Cable (4 ft, EMS), Zenix ACDC External Power Supply, Zenix Accuvent Z-Link Cable, Zenix NIBP Patient Hose, Zenix NIBP Cuff
(Reusable, Adult Plus), Zenix Z-Fold Paper, Zenix
MFC Self Test Plug Kit, and One (1)-year EMS
warranty.

Parameter Details: Real CPR Help - Dashboard
display of CPR Depth and Rate for Adult and
Pediatric patients, Visual and audio prompts to coach
CPR depth (Adult patient only), Release bar to
ensure adequate release off the chest, Metronome to
coach rate for Adult and Pediatric patients. See-Thru
® CPR artifact filtering • 12-Lead ECG with Inovise
Interpretative Algorithm (Full 12 ECG lead view with
both dynamic and static 12-lead mode display. 12-
Lead ECG cable - includes 4-Lead limb lead cable
and removable precordial 6-Lead set) • ZOLL
Noninvasive Pacing Technology • Real BVM Help:

Dashboard provides real-time ventilation feedback on
both volume and rate for intubated and non-intubated
patients. AccuVent Z-Link Cable included. (Accuvent
disposable sensors sold separately) • SunTech NIBP
technology. 10 foot single lumen hose and SunTech
Reusable Adult Plus Cuff included • Masimo SpO2 &
SpCO with Signal Extraction Technology (SET),
Rainbow SET® •
5 $65,250.00 $53,450.00 $267,250.00
2 CH-57475 8016-000111-01 SurePower 4 Battery 10 $1,180.00 $1,038.40 $10,384.00

Page 753 ends

Fountain Valley Fire Department
Quote No: Q-137432 Version: 1

Page 2 of 5 ends

ZOLL Medical Corporation
269 Mill Road
Chelmsford, MA 01824-4105
Federal ID# 04-2711626
Phone: (800) 348-9011
Fax: (978) 421-0015
Email: [email protected]
Item Contract
Reference
Part Number Description Qty List Price Adj. Price Total Price 3 CH-57475 8016-001000 SurePower 4 Charger Adapter 8 $450.00 $395.00 $3,160.00 4 CH-57475 8050-0030-01 SurePower Charging Station
4 Charging bays, Multiple chemistry compatible, 200
watt capacity, Graphic driven user interface, RS-232
Communication port, Standard one (1) year warranty
2 $3,224.93 $2,567.42 $5,134.84
5 CH-57475 98-0599-4C Zenix NIBP Cuff, Large Adult Plus 5 $30.00 $26.40 $132.00 6 CH-57475 98-0599-4K Zenix NIBP Cuff, Small Adult Plus 5 $30.00 $26.40 $132.00 7 CH-57475 98-0599-41 Zenix NIBP Cuff, Child 5 $20.00 $17.60 $88.00 8 CH-19953 8000-000862 Masimo LNCS-II Rainbow DCI 8λ SpCO Adult Sensor, 3ft
5 $927.00 $676.71 $3,383.55
9 CH-57475 8016-000860-01 Zenix Carry Case, Large 5 $490.00 $430.00 $2,150.00 10 8400-110045 CaseReview Premium Subscription, X Series / Zenix, 5 Year- Hosted
Provides detailed post-case information, including
CPR quality on compression depth, rate, pause time
and release velocity, as well as ECG, shocks, EtCO2
and SpO2 vital signs.
5 $2,616.00 $2,616.00 $13,080.00
11 8778-890055-WF-ZNX Zenix Worry-Free Service Plan - 5 Years - On-Site - At Time of Sale
Includes: Annual preventive maintenance, battery
charger repairs per ZOLL Limited Product Warranty,
SurePower 4 Battery replacement upon verified
failure, accidental damage coverage, on-site service,
and pod replacement upon verified failure. Shipping
and use of a Service Loaner upon request, during
device service, no charge shipping. Service Plan is a
continuation of ZOLL Limited Product Warranty.

Battery replacement and accidental damage
guidelines can be found in the ExpertCare Service
Plan Terms and Conditions on the ZOLL website.
5 $12,190.00 $10,971.00 $54,855.00
12 CH-19953 8000-000467 rainbow® DCI-P SC-400 - SpHb, SpMet, SpO2 Pediatric reusable finger sensor
5 $1,379.17 $1,006.79 $5,033.95
13 6008-9901-61 ZOLL X Series Trade In Allowance (EMS Group) See Trade Unit Considerations.
5 ($7,500.00) ($37,500.00)
Subtotal: $327,283.34
Total: $327,283.34

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Fountain Valley Fire Department
Quote No: Q-137432 Version: 1

Page 3 of 5 ends

ZOLL Medical Corporation
269 Mill Road
Chelmsford, MA 01824-4105
Federal ID# 04-2711626
Phone: (800) 348-9011
Fax: (978) 421-0015
Email: [email protected]
Contract Reference Description
CH-19953 Reflects Service Contract Worry Free X Series Modifier 2023 contract pricing. Notwithstanding anything to the contrary herein, the terms and conditions set forth in Service Contract Worry Free X Series Modifier 2023 shall apply to the customer's purchase of the products set forth on this quote.

CH-57475 Reflects National Purchasing Partners (NPP) contract PS25850 Pricing. Notwithstanding anything to the contrary herein, the terms and conditions set forth in the NPP contract PS25850 shall apply to the customer's purchase of the products set forth on this quote.

Trade Unit Considerations
Trade-In values valid through June 30, 2026 if all equipment purchased is in good operational and cosmetic condition and includes all standard accessories. Trade-In values are dependent on the quantity and configuration of the ZOLL devices listed on this quotation. Customer assumes responsibility for shipping trade-in equipment at the quantities listed on the trade line items in this quotation to ZOLL's Chelmsford Headquarters within 60 days of receipt of new equipment. Customer agrees to pay cash value for trade-in equipment not shipped to ZOLL on a timely basis.

To the extent that ZOLL and Customer, or Customer’s Representative have negotiated and executed overriding terms and conditions (“Overriding T’s & C’s”), those terms and conditions would apply to this quotation. In all other cases, this quote is made subject to ZOLL’s Standard Commercial Terms and Conditions (“ZOLL T’s & C’s”) which for capital equipment, accessories and consumables can be found at https://www.zoll.com/terms-and-conditions-of-sale, for software products can be found at https://www.zoll.com/software-legal, and for ExpertCare Service Plans can be found at https://www.zoll.com/ExpertCare-Service-Terms. Except in the case of overriding T’s and C’s, any Purchase Order (“PO”) issued in response to this quotation will be deemed to incorporate ZOLL T’s & C’s, and any other terms and conditions presented shall have no force or effect except to the extent agreed in writing by ZOLL.

1. Delivery will be made upon availability.

2. This Quote expires on June 30, 2026. Pricing is subject to change after this date.

3. Applicable tax, shipping & handling will be added at the time of invoicing.

4. All purchase orders are subject to credit approval before being accepted by ZOLL.

5. To place an order, please forward the purchase order with a copy of this quotation to [email protected] or via fax to 978-421-0015.

6. All discounts from list price are contingent upon payment within the agreed upon terms.

7. Place your future accessory orders online by visiting the ZOLL web store.

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Fountain Valley Fire Department
Quote No: Q-137432 Version: 1

Page 4 of 5 ends

ZOLL Medical Corporation
269 Mill Road
Chelmsford, MA 01824-4105
Federal ID# 04-2711626
Phone: (800) 348-9011
Fax: (978) 421-0015
Email: [email protected]
Order Information (to be completed by the customer)
[ ] Tax Exempt Entity (Tax Exempt Certificate must be provided to ZOLL) [ ] Taxable Entity (Applicable tax will be applied at time of invoice)

BILL TO ADDRESS SHIP TO ADDRESS
Name/Department: Name/Department:

Address: Address:

City / State / Zip Code: City / State / Zip Code:

Is a Purchase Order (PO) required for the purchase and/or payment of the products listed on this quotation? [ ] Yes PO Number: ____________ PO Amount: ____________ (A copy of the Purchase Order must be included with this Quote when returned to ZOLL) [ ] No (Please complete the below section when submitting this order) For organizations that do not require a PO, ZOLL requires written execution of this order. The person signing below represents and warrants that she or he has the authority to bind the party for which he or she is signing to the terms and prices in this quotation.

Fountain Valley Fire Department
Authorized Signature: _1\
\s1\
Name: \n1\
Title: \t1\
Date: \d1\

Page 756 ends

ALS/BLS Software Solutions Master Software, SaaS and Services Agreement and Addenda Acknowledgement Form
The terms and conditions applicable to ZOLL Medical Corporation’s Software Solutions products can be found at https://www.zoll.com/software-legal. By signing below, the Customer acknowledges and agrees to those terms and conditions. The person signing below represents and warrants that she or he has the authority to bind the Customer to those terms and conditions.

Customer
Signature:
_________________________________________________
Name: ___________________________________________
Title: ____________________________________________
Company: _________________________________________
Company Address: ___________________________________
Date: ____________________________________________
Fountain Valley Fire Department
Quote No: Q-137432 Version: 1

Page 757 ends

Fountain Valley City CouncilJune 2, 2026

Fountain Valley City Council
June 2, 2026