C. With respect to the insurance afforded to these
additional insureds, the following is added to
Section III — Limits Of Insurance:
If coverage provided to the additional insured is
required by a contract or agreement, the most we
will pay on behalf of the additional insured is the
amount of insurance:
1. Required by the contract or agreement; or
2. Available under the applicable Limits of
Insurance shown in the Declarations;
whichever is less.
This endorsement shall not increase the applicable
Limits of Insurance shown in the Declarations.
© Insurance Services Office, Inc., 2012
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 4 of 16 This certificate cancels and supersedes ALL previously issued certificates.
CG 20 10 04 13 812
POLICY NUMBER: DACP0000439-01 COMMERCIAL GENERAL LIABILITY CG 20 37 04 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
ADDITIONAL INSURED - OWNERS, LESSEES OR
CONTRACTORS - COMPLETED OPERATIONS
This endorsement modifies insurance provided under the following:
COMMERCIAL GENERAL LIABILITY COVERAGE PART PRODUCTS/COMPLETED
OPERATIONS LIABILITY COVERAGE PART
SCHEDULE
Name Of Additional Insured Person(s)
Or Organization(s)
Location And Description Of Completed Operations
Any person or organization where required by written
contract.
In respect to any location where the named insured is
performing "your work".
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.
A. Section II — Who Is An Insured is amended to
include as an additional insured the person(s) or
organization(s) shown in the Schedule, but only
with respect to liability for "bodily injury" or
"property damage" caused, in whole or in part, by
"your work" at the location designated and
described in the Schedule of this endorsement
performed for that additional insured and included
in the "products -completed operations hazard".
However:
1. The insurance afforded to such additional
insured only applies to the extent permitted by
law; and
2. If coverage provided to the additional insured
is required by a contract or agreement, the
insurance afforded to such additional insured
will not be broader than that which you are
required by the contract or agreement to
provide for such additional insured.
B. With respect to the insurance afforded to these
additional insureds, the following is added to Section
III — Limits Of Insurance:
If coverage provided to the additional insured is
required by a contract or agreement, the most we will
pay on behalf of the additional insured is the amount
of insurance:
1. Required by the contract or agreement; or
2. Available under the applicable Limits of
Insurance shown in the Declarations;
whichever is less.
This endorsement shall not increase the applicable
Limits of Insurance shown in the Declarations.
CG 20 37 04 13
© Insurance Services Office, Inc., 2012
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 5 of 16 This certificate cancels and supersedes ALL previously issued certificates.
COMMERCIAL GENERAL LIABILITY
CG 20 01 04 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
PRIMARY AND NONCONTRIBUTORY -
OTHER INSURANCE CONDITION
This endorsement modifies insurance provided under the following:
COMMERCIAL GENERAL LIABILITY COVERAGE PART
PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART
The following is added to the Other Insurance
Condition and supersedes any provision to the
contrary:
Primary And Noncontributory Insurance
This insurance is primary to and will not seek
contribution from any other insurance available
to an additional insured under your policy
provided that:
(1) The additional insured is a Named Insured
under such other insurance; and
(2)
You have agreed in
agreement that this
and would not seek
insurance available
writing in a contract or
insurance would be primary
contribution from any other
to the additional insured.
CG 20 01 04 13
© Insurance Services Office, Inc., 2012
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 6 of 16 This certificate cancels and supersedes ALL previously issued certificates.
POLICY NUMBER: DACP0000439-01 COMMERCIAL GENERAL LIABILITY CG 24 04 12 19
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
WAIVER OF TRANSFER OF RIGHTS OF RECOVERY
AGAINST OTHERS TO US (WAIVER OF SUBROGATION)
This endorsement modifies insurance provided under the following:
COMMERCIAL GENERAL LIABILITY COVERAGE PART
ELECTRONIC DATA LIABILITY COVERAGE PART
LIQUOR LIABILITY COVERAGE PART
POLLUTION LIABILITY COVERAGE PART DESIGNATED SITES
POLLUTION LIABILITY LIMITED COVERAGE PART DESIGNATED SITES
PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART
RAILROAD PROTECTIVE LIABILITY COVERAGE PART
UNDERGROUND STORAGE TANK POLICY DESIGNATED TANKS
SCHEDULE
Name Of Person(s) Or Organization(s):
IAny person or organization where required by written contract.
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.
The following is added to Paragraph 8. Transfer Of
Rights Of Recovery Against Others To Us of
Section IV — Conditions:
We waive any right of recovery against the person(s)
or organization(s) shown in the Schedule above
because of payments we make under this Coverage
Part. Such waiver by us applies only to the extent that the insured has waived its right of recovery against
such person(s) or organization(s) prior to loss. This
endorsement applies only to the person(s) or
organization(s) shown in the Schedule above.
90918346 I 962GL/Ay/ 12/19PROF/POLL/LSD/SXL MOL I Ann©I P.r.aro Te6/n6c i0S,4 :2 cA, !ftcp Page 7 of 16 This certificate cancels and supersedes ALL previously issued certificates. 815
BITCO GENERAL INSURANCE CORPORATION
BITCO NATIONAL INSURANCE COMPANY
California Waters Development, Inc.
California Waters LLC
CAP3761151
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
BROADENED COVERAGE - AUTOMOBILES
The following modifies insurance provided under:
BUSINESS AUTO COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions unless modified by this endorsement.
1 - Broad Form Named Insured
2 - Automatic Waiver of Subrogation
3 - Automatic Additional Insured
4 - Primary and Noncontributory - Other
Insurance Condition
Unintentional Failure to Disclose Hazards
5-
6 - Extended Notice of Cancellation,
Non -Renewal
7 - When We Do Not Renew
8 - Notice of Knowledge of Accident or Loss
9 - Employees as Insured
10 - Employee Hired Autos
1. BROAD FORM NAMED INSURED
of the Coverage Form apply
11 - Bodily Injury Extension
12 - Hired Auto Physical Damage
13 - Enhanced Supplementary Payments
14 - Fellow Employee Coverage for Designated
Positions
15 - Physical Damage — Transportation Expenses
16 - Rental Reimbursement Coverage
17 - Loan/Lease Gap Coverage
18 - Accidental Air Bag Discharge Coverage
19 - Glass Repair — Waiver of Deductible
SECTION II. A. 1. -WHO IS AN INSURED - Paragraph d. is added:
d. Any organization you newly acquire or form, except for a partnership, joint venture or limited liability company, and over which you maintain majority ownership or interest (51% or more) or for which you have assumed the active management, will qualify as a Named Insured if there is no other similar insurance available to that organization. However, coverage under this provision is only afforded until the end of the policy period or the 12 -month anniversary of the policy inception date, whichever is earlier.
2. AUTOMATIC WAIVER OF SUBROGATION
Section IV — Business Auto Conditions, Paragraph A.5., Transfer of Rights of Recovery Against Others to Us, is deleted and replaced with the following:
a. If the insured has rights to recover all or part of any payment we have made under this Coverage Form, those rights are transferred to us. The insured must do nothing after loss to impair those rights. At our request, the insured will bring "suit" or transfer those rights to us and help us enforce them.
b. If required by a written contract executed prior to loss, we waive any right of recovery we may have against any person or organization because of payments we make for damages under this coverage form.
AP -0401 (10/17) -1-
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 8 of 16 This certificate cancels and supersedes ALL previously issued certificates.
3. AUTOMATIC ADDITIONAL INSURED
SECTION II - WHO IS AN INSURED, Paragraph A.1, is amended to include as an "insured" any person or organization who is required by written contract or agreement to be an additional insured on your policy, but only with respect to liability arising out of operations performed by you or on your behalf for the additional insured.
4. PRIMARY AND NONCONTRIBUTORY - OTHER INSURANCE CONDITION The following is added to the Other Insurance Condition in the Business Auto Coverage Form and the Other Insurance - Primary And Excess Insurance Provisions in the Motor Carrier Coverage Form and supersedes any provision to the contrary:
This Coverage Form's Covered Autos Liability Coverage is primary to and will not seek contribution from any other insurance available to an "insured" under your policy provided that:
1. Such "insured" is a Named Insured under such other insurance; and
2. You have agreed in writing in a contract or agreement that this insurance would be primary and would not seek contribution from any other insurance available to such "insured".
5. UNINTENTIONAL FAILURE TO DISCLOSE HAZARDS
Although we relied on your representations as to existing and past hazards, if unintentionally you should fail to disclose all such hazards at the inception date of your policy, we will not deny coverage under this Coverage Form because of such failure.
6. EXTENDED NOTICE OF CANCELLATION, NON -RENEWAL
The COMMON POLICY CONDITIONS, Item A.2.b. is deleted and replaced with the following:
A.2.b. 60 days before the effective date of the cancellation if we cancel for any other reason.
7. WHEN WE DO NOT RENEW
SECTION IV - BUSINESS AUTO CONDITIONS, is amended to add Item B.9.:
a. If we choose to nonrenew this policy, we will mail or deliver to the first Named Insured shown in the Declarations written notice of the nonrenewal not less than 60 days before the expiration date.
b. If we do not give notice of our intent to nonrenew as prescribed in a. above, it is agreed that you may extend the period of this policy for a maximum additional sixty (60) days from its scheduled expiration date. Where not otherwise prohibited by law, the existing terms, conditions and rates will remain in effect during that extension period. It is further agreed that so long as it is not otherwise prohibited by law, this one-time sixty-day extension is the sole remedy and liquidated damages available to the insured as a result of our failure to give the notice as prescribed in 9. a. above.
8. NOTICE OF KNOWLEDGE OF ACCIDENT OR LOSS
SECTION IV - BUSINESS AUTO CONDITIONS, Item A.2.a. is deleted and replaced with the following:
2. Duties in the Event of Accident, Claim Suit or Loss:
a. You must see to it that we are notified of an "accident", "claim", "suit" or "loss" which may result in a claim as soon as practicable after the "occurrence" has been reported to you, a partner, a member, an officer, or an employee designated to give notice to us.
Notice should include:
AP -0401 (10/17) -2-
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 9 of 16 This certificate cancels and supersedes ALL previously issued certificates.
(1) How, when and where the "accident" or "loss" occurred; (2) The "insured's" name and address; and
(3) To the extent possible, the names and addresses of any injured persons and witnesses.
9. EMPLOYEES AS INSURED
The following is added to the Section II - Covered Autos Liability Coverage, Paragraph A.1. Who Is An Insured provision:
Any "employee" of yours is an "insured" while using a covered "auto" you don't own, hire or borrow in your business or your personal affairs.
10. EMPLOYEE HIRED AUTOS
A. Changes In Covered Autos Liability Coverage
The following is added to the Who Is An Insured Provision:
An "employee" of yours is an "insured" while operating an "auto" hired or rented under a contract or agreement in an "employee's" name, with your permission, while performing duties related to the conduct of your business.
B. Changes In General Conditions
Paragraph 5.b. of the Other Insurance Condition in the Business Auto Coverage Form and Paragraph 5.f. of the Other Insurance - Primary And Excess Insurance Provisions Condition in the Motor Carrier Coverage Form are replaced by the following:
For Hired Auto Physical Damage Coverage, the following are deemed to be covered "autos" you own:
1. Any covered "auto" you lease, hire, rent or borrow; and
2. Any covered "auto" hired or rented by your "employee" under a contract in an "employee's" name, with your permission, while performing duties related to the conduct of your business.
However, any "auto" that is leased, hired, rented or borrowed with a driver is not a covered "auto".
11. BODILY INJURY EXTENSION
SECTION V - DEFINITIONS, Paragraph C. is deleted and replaced by the following:
C. "Bodily injury" means bodily injury, sickness or disease sustained by a person, including mental anguish or death resulting from any of these, at any time. Mental anguish means any type of mental or emotional illness or disease.
12. HIRED AUTO PHYSICAL DAMAGE
SECTION III.A.4. - Coverage Extensions - Paragraph c. is added:
c. Hired Auto Physical Damage
If Comprehensive, Specified Causes of Loss or Collision coverage is provided under this policy, then Hired Auto Physical Damage is provided for that coverage part subject to the following:
AP -0401 (10/17)
-3- 818
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 10 of 16 This certificate cancels and supersedes ALL previously issued certificates.
(1) The most we will pay for any one "accident" or "loss" under this Hired Auto Physical Damage Coverage is the lesser of:
(a) The any one "Accident" or "Loss" amount of $100,000; (b) The actual cash value; or
(c) Cost of repair.
Our obligation to pay for a loss in c.(1) above will be reduced by a deductible. The deductible will be equal to the largest deductible applicable to any owned "auto" for that coverage. The deductible will be waived for "loss" caused by fire or lightning. (2) Subject to paragraph c.(1). above, we will provide coverage equal to the broadest physical damage coverage applicable to any covered "auto" shown in the declarations. (3)
When you are required by written contract to indemnify a lessor for actual financial loss because of loss of use of a hired "auto" resulting from a covered "accident" or "loss", we will cover that financial loss subject to the limit specified in paragraph c.(1).
13. ENHANCED SUPPLEMENTARY PAYMENTS
SECTION II.A.2.a. COVERAGE EXTENSIONS, Supplementary Payments (2) and (4) are replaced by the following:
(2) Up to $2,500 for the cost of bail bonds (including bonds for related traffic laws violations) required because of an "accident" we cover. We do not have to furnish these bonds. (4) All reasonable expenses incurred by the "insured" at our request, including actual loss of earnings up to $350 a day because of time off from work.
14. FELLOW EMPLOYEE COVERAGE FOR DESIGNATED POSITIONS
The Fellow Employee Exclusion contained in Section II.B.5. does not apply to the following positions or job titles: foreman, supervisor, manager, officer, partner or other senior level "employee". Coverage is excess over all other collectible insurance.
15. PHYSICAL DAMAGE - TRANSPORTATION EXPENSES
SECTION III.A.4.a. Transportation Expenses is replaced by the following:
a. Transportation Expenses
We will pay up to $50 per day to a maximum of $1,500 for temporary transportation expense incurred by you because of the total theft of a covered "auto". We will pay only for those covered "autos" for which you carry either Comprehensive or Specified Cause of Loss Coverage. We will pay for temporary transportation expenses incurred during the period beginning 48 hours after the theft and ending, regardless of the policy's expirations, when the covered "auto" is returned to use or we pay for its "loss".
For autos provided with temporary transportation expense, the following physical damage coverage will apply:
(1) The most we will pay for any one "accident" or "loss" under the temporary transportation expense physical damage coverage is the lessor of:
(a) The any one "Accident" or "Loss" amount of $100,000; (b) The actual cash value; or
AP -0401 (10/17) -4-
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 11 of 16 This certificate cancels and supersedes ALL previously issued certificates.
(c) Cost of repair.
Our obligation to pay for a loss in a.(1) above will be reduced by a deductible. The deductible will be equal to the largest deductible applicable to any owned "auto" for that coverage. The deductible will be waived for "loss" caused by fire or lightning. (2) Subject to paragraph a.(1). above, we will provide coverage equal to the broadest physical damage coverage applicable to any covered "auto" shown in the declarations. (3) When you are required by written contract to indemnify a lessor for actual financial loss because of loss of use of a hired "auto" resulting from a covered "accident" or "loss", we will cover that financial loss subject to the limit specified in paragraph a.(1).
16. RENTAL REIMBURSEMENT COVERAGE
SECTION III.A.4. - Coverage Extensions - Paragraph d. is added. d. If you carry Comprehensive, Specified Causes of Loss or Collision coverage for the damaged covered "auto" as provided under this policy, then Rental Reimbursement Coverage is provided for that coverage part subject to the following:
1. We will pay for rental reimbursement expenses incurred by you for the rental of an "auto" because of "loss" other than theft, to a covered "auto". Payment applies in addition to the otherwise applicable amount of each coverage you have on a covered "auto". No deductibles apply to this coverage.
2. We will only pay for those expenses incurred during the policy period beginning 24 hours after the "loss" and ending, regardless of the policy's expiration, with the lesser of the following number of days:
(a) The number of days reasonably required to repair or replace the covered "auto"; or,
(b) 30 days.
(c) Our payment is limited to the lesser of the following amounts:
(1) Necessary and actual expenses incurred; or
(2) $50 per day.
17. LOAN/LEASE GAP COVERAGE
Physical Damage Coverage is amended by the addition of the following:
In the event of a total "loss" to a covered "auto", we will pay your additional legal obligation for any difference between the actual cash value of the "auto" at the time of the loss and the "outstanding balance" of the loan/lease, not to exceed $2,500 for any one vehicle or $25,000 annually in aggregate.
For the purposes of this endorsement, "outstanding balance" means the amount you owe on the loan/lease at the time of loss less any amounts representing taxes, overdue payments, penalties, interest or charges resulting from overdue payments, additional mileage charges, excess wear and tear charges or lease termination fees, costs for extended warranties, credit Life Insurance; Health, Accident or Disability Insurance purchased with the loan or lease; and carry-over balances from previous loans or leases.
18. ACCIDENTAL AIR BAG DISCHARGE COVERAGE
SECTION III.B.3.a - Exclusions. This exclusion does not apply to the accidental discharge of an air bag.
AP -0401 (10/17)
-5- 820
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 12 of 16 This certificate cancels and supersedes ALL previously issued certificates.
19. GLASS REPAIR - WAIVER OF DEDUCTIBLE
SECTION III.D - Deductible is replaced with the following:
For each covered "auto", our obligation to pay for, repair, return or replace damaged or stolen property will be reduced by the applicable deductible shown in the Declarations. Any Comprehensive Coverage deductible shown in the Declarations does not apply to "loss" caused by fire or lightning. The deductible does not apply to glass damage if the glass is repaired rather than replaced.
AP -0401 (10/17) -6-
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 13 of 16 This certificate cancels and supersedes ALL previously issued certificates.
POLICY NUMBER: CAP3761151
COMMERCIAL AUTO
CA 20 48 10 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
DESIGNATED INSURED FOR
COVERED AUTOS LIABILITY COVERAGE
This endorsement modifies insurance provided under the following:
AUTO DEALERS COVERAGE FORM
BUSINESS AUTO COVERAGE FORM
MOTOR CARRIER COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions of the Coverage Form apply unless modified by this endorsement.
This endorsement identifies person(s) or organization(s) who are "insureds" for Covered Autos Liability Coverage under the Who Is An Insured provision of the Coverage Form. This endorsement does not alter coverage provided in the Coverage Form.
This endorsement changes the policy effective on the inception date of the policy unless another date is indicated below.
Named Insured: California Waters LLC
California Waters Development, Inc.
Endorsement Effective Date: 07/31/2025
SCHEDULE
Name Of Person(s) Or Organization(s):
Any person(s) or organization(s) whom you are required to add as an additional insured on this policy under a written contract or written agreement.
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.
Each person or organization shown in the Schedule is
an "insured" for Covered Autos Liability Coverage, but
only to the extent that person or organization qualifies as an "insured" under the Who Is An Insured
provision contained in Paragraph A.1. of Section II —
Covered Autos Liability Coverage in the Business
Auto and Motor Carrier Coverage Forms and
Paragraph D.2. of Section I — Covered Autos
Coverages of the Auto Dealers Coverage Form.
CA 20 48 10 13
© Insurance Services Office, Inc., 2011 Page 1 of 1
822
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 14 of 16 This certificate cancels and supersedes ALL previously issued certificates.
BITCO GENERAL INSURANCE CORPORATION
BITCO NATIONAL INSURANCE COMPANY
WAIVER OF OUR RIGHT TO RECOVER FROM OTHERS ENDORSEMENT
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
THIS ENDORSEMENT MODIFIES INSURANCE PROVIDED UNDER THE FOLLOWING:
WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY INSURANCE We have the right to recover our payments from anyone liable for an injury covered by this policy. We will not enforce our right against the person or organization named in the Schedule. This agreement applies only to the extent that you perform work under a written contract that requires you to obtain this agreement from us.
This agreement shall not operate directly or indirectly to benefit anyone not named in the Schedule.
Schedule
WHEN REQUIRED BY WRITTEN CONTRACT.
The premium charge for this endorsement is $
Named Insured
California Waters LLC
Ca ifornia Waters Deve opment nc
Policy Number
WC3761152
Endorsement No.
Policy Period
07/31/2025 to 07/31/2026
Endorsement Effective Date:
06/04/2026
Producer's Name:
Acrisure Southwest Partners Insurance Services, LLC
Producer Number:
06/04/2026
AUTHORIZED REPRESENTATIVE
DATE
WC 99 03 ) 5 (09/21 1
90918346 125/26 GL AU/UMB/WC PRO POLL/L D/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 15 of 16 This certificate cancels and supersedes ALL previously issued certificates.
California Waters LLC
California Waters Development, Inc. _
ACCELERANT
Accelerant Specialty Insurance Company
400 Northridge Road
Sandy Springs, GA 30350
SCHEDULE A - SCHEDULE OF UNDERLYING INSURANCE
COMMERCIAL EXCESS LIABILITY COVERAGE
This schedule forms a part of Policy Number: DACPX0000058-01
TYPE OF POLICY LIMITS OF LIABILITY
Controlling Underlying Insurance Policies
Commercial General Liability Occurrence
Company Accelerent Specialty Insurance Company
Policy Number DACP0000439-01
Effective 7/31/2024
Expiration 7/31/2025
General Aggregate Limit $2,000,000
Products -Completed Operations Aggregate Limit $2,000,000 Personal and Advertising Injury Limit $1,000,000
Each Occurence Limit $1,000,000
Contractors Pollution Liability Occurrence
Company Accelerent Specialty Insurance Company
Policy Number DACP0000439-01
Effective 7/31/2024
Expiration 7/31/2025
Aggregate Limit
Each Pollution Condition Limit
Commercial Automobile Liability
Company TBD
Policy Number TBD
Effective 7/31/2025
Expiration 7/31/2026
Employers Liability
$2,000,000
$1,000,000
Combined Single Limit $1,000,000
Company TBD
Policy Number TBD
Effective 7/31/2025
Expiration 7/31/2026
Each Accident
Disease Each Employee
Disease Policy Limit
DACPX 10 00 11 23
Date Created: 9/4/2025
Accelerant Specialty Insurance Company, Limited Copyright 2024 $1,000,000
$1,000,000
$1,000,000
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 16 of 16 This certificate cancels and supersedes ALL previously issued certificates.
/
AC �® CERTIFICATE OF LIABILITY INSURANCE
DATE (MM/DDIYYYY)6/4/2026
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.
If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).
PRODUCER
Acrisure Southwest Partners Insurance Services, LLC
611 Anton Blvd., Suite #1400
Costa Mesa, CA 92626
www.patrisk.com 0K07568
CONTACT
NAME: Annette Romero
PHONE FAX
(A/C, No, Ext):E-M 949-486-7904 (A/C, No):
ADDRESS: A [email protected]
INSURER(S) AFFORDING COVERAGE
NAIC #
INSURER A: Accelerant Specialty Insurance Company
16890
INSURED
California Waters LLC
California Waters Development, Inc.
23311 E. La Palma Avenue
Yorba Linda CA 92887
INSURERB: BITCO General Insurance Corporation
20095
INSURER C : Lloyd's Insurance Company of S.A.
INSURERD: State National Insurance Company, Inc.
12831
INSURER E : Underwriters at Lloyd's London
15792
INSURER F :
COVERAGES
CERTIFICATE NUMBER: 90918346
REVISION NUMBER:
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
INSR
TYPE OF INSURANCE
INSD DDL
NSD
SWUBR
VD
POLICY NUMBER
POLICY EFF
(MM/DDIYYYY)
POLICY EXP
(MM/DD/YYYY)
LIMITS
A
A
✓
COMMERCIAL GENERAL LIABILITY
✓
j
DACP000043901
DACP000043901
7/31/2025
7/31/2025
7/31/2026
7/31/2026
EACH OCCURRENCE
$ 1,000,000
CLAIMS -MADE
✓
OCCUR
DAMAGE TO RENTED
PREMISES (Ea occurrence)
$ 100,000
,/
Ded $10,000 BI & PD Combined
MED EXP (Any one person)
$ 5,000
PERSONAL & ADV INJURY
$ 1,000,000
GEN'L
,/
AGGREGATE
POLICY
OTHER:
✓
POLLUTION
LIMIT APPLIES
z
LIABILITY
PER:
LOC
GENERAL AGGREGATE
$ 2,000,000
PRODUCTS - COMP/OPAGG
$2,000,000
Limit: $1,000,000
$2,000,000 AGG
B
AUTOMOBILE
✓
✓
LIABILITY
ANY AUTO
OWNED
✓
SCHEDULED
AUTOS
AUTOS ONLY
✓
✓
CAP3761151
7/31/2025
7/31/2026
C 0 aBINEDt, SINGLE LIMIT
$ 1,000,000
BODILY INJURY (Per person)
$
BODILY INJURY (Per accident)
$
PROPERTY r DAMAGE
$
$
A
✓
UMBRELLA LIAB
EXCESS LIAB
/
OCCUR
CLAIMS -MADE
,/
DACPX0000058-01
7/31/2025
7/31/2026
EACH OCCURRENCE
$ 5,000,000
AGGREGATE
$ 5,000,000
✓
DED
RETENTION SO
$
B
WORKERS COMPENSATION
AND EMPLOYERS' LIABILITY
ANYPROPRIETOR/PARTNER/EXECUTIVE
OFFICER/MEMBEREXCLUDED?
(Mandatory in NH)
If yes, describe under
DESCRIPTION OF OPERATIONS below
Y / N
N
N / A
j
WC3761152
7/31/2025
7/31/2026
,/
STATUTE
OOTH
E.L. EACH ACCIDENT
$ 1,000,000
E.L. DISEASE - EA EMPLOYEE
$ 1 ,000,000
E.L. DISEASE - POLICY LIMIT
$ 1 ,000,000
C
D
E
Professional Liability RAD - 07/31/22
Cyber Liability
Sexual Abuse & Molestation Liability
SEE ADDENUM FOR LSD-EQPT COV
ANE520808125
EHJADO01449363
B0621PCAL1012425
7/31/2025
7/31/2025
3/26/2025
7/31/2026
7/31/2026
7/31/2026
Ea Occ: $2,000,000/Ded $10,000 Ea Claim
Aggregate Limit: $1,000,000 / Ret. $5,000
Per Claim $1,000,000 / Agg $2,000,000
DESCRIPTION OF OPERATIONS I LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) Re: MAINTENANCE SERVICES FOR PUBLIC SWIMMING POOL AND FOUNTAIN RFP No. PW-26-04 / Multiple Locations:
Whitten Center Community Pool, 900 S. Melrose St.; Gomez Center Community Pool, 1701 Atwood Ave. and City Hall Water Fountain, 401 E. Chapman Ave.
The City of Placentia and its elected and appointed boards, officers, officials, agents, employees, and volunteers are named as Additional Insureds, Coverage includes Primary and Non-contributory and Waiver of subrogation applies and in favor of the additional insureds per endorsements attached as required by written contract. *30 -Day notice of cancellation / 10 -days for non-payment of premium.
CERTIFICATE HOLDER
CANCELLATION
City of Placentia
401 E. Chapman
Placentia CA 92870
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE
THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.
AUTHORIZED REPRESENTATIVE
Dave Jacobson
�c---.e 21? -6-
© 1988-2015 ACORD CORPORATION. All rights reserved.
ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD 90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Pagc 1 of 16 This certificate cancels and supersedes ALL previously issued certificates. 825
AGENCY CUSTOMER ID:
LOC #:
ACORO®
ADDITIONAL REMARKS SCHEDULE
Page of
AGENCY
Acrisure Southwest Partners Insurance Services, LLC
POLICY NUMBER
CARRIER
NAIC CODE
NAMED INSURED
California Waters LLC
California Waters Development, Inc.
23311 E. La Palma Avenue
Yorba Linda CA 92887
EFFECTIVE DATE:
ADDITIONAL REMARKS
THIS ADDITIONAL REMARKS FORM IS A SCHEDULE TO ACORD FORM, FORM NUMBER: 25 FORM TITLE: Certificate of Liability Insurance (03/16) HOLDER: City of Placentia
ADDRESS: 401 E. Chapman Placentia CA 92870
LEASED/RENTED EQUIPMENT
CARRIER: OHIO SECURITY INSURANCE COMPANY
POLICY TERM: 07/31/2025 - 07/31/2026
POLICY NUMBER: BKS66176623
LIMIT: $250,000 / DEDUCTIBLE $500
ACORD 101 (2008/01)
The ACORD name and logo are registered marks of ACORD
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 2 of 16 This certificate cancels and supersedes ALL previously issued certificates. © 2008 ACORD CORPORATION. All rights reserved.
ATTACHM 826
POLICY NUMBER: DACP0000439-01 COMMERCIAL GENERAL LIABILITY CG 20 10 04 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
ADDITIONAL INSURED - OWNERS, LESSEES OR
CONTRACTORS - SCHEDULED PERSON OR
ORGANIZATION
This endorsement modifies insurance provided under the following:
COMMERCIAL GENERAL LIABILITY COVERAGE PART
SCHEDULE
Name Of Additional Insured Person(s)
Or Organization(s)
Location(s) Of Covered Operations
Any person or organization where required by written contract.
In respect to any location where the named insured is
performing "your work".
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.
A. Section II — Who Is An Insured is amended to
include as an additional insured the person(s) or
organization(s) shown in the Schedule, but only
with respect to liability for "bodily injury", "property damage" or "personal and advertising injury"
caused, in whole or in part, by:
1. Your acts or omissions; or
2. The acts or omissions of those acting on your
behalf;
in the performance of your ongoing operations for
the additional insured(s) at the location(s)
designated above.
However:
1. The insurance afforded to such additional
insured only applies to the extent permitted by
law; and
2. If coverage provided to the additional insured is
required by a contract or agreement, the
insurance afforded to such additional insured
will not be broader than that which you are
required by the contract or agreement to provide
for such additional insured.
B. With respect to the insurance afforded to these
additional insureds, the following additional
exclusions apply:
This insurance does not apply to "bodily injury" or
"property damage" occurring after:
1. All work, including materials, parts or equipment
furnished in connection with such work, on the
project (other than service, maintenance or
repairs) to be performed by or on behalf of the
additional insured(s) at the location of the
covered operations has been completed; or
2. That portion of "your work" out of which the
injury or damage arises has been put to its
intended use by any person or organization
other than another contractor or subcontractor
engaged in performing operations for a principal
as a part of the same project.
CG 20 10 04 13
© Insurance Services Office, Inc., 2012
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 3 of 16 This certificate cancels and supersedes ALL previously issued certificates.
C. With respect to the insurance afforded to these
additional insureds, the following is added to
Section III — Limits Of Insurance:
If coverage provided to the additional insured is
required by a contract or agreement, the most we
will pay on behalf of the additional insured is the
amount of insurance:
1. Required by the contract or agreement; or
2. Available under the applicable Limits of
Insurance shown in the Declarations;
whichever is less.
This endorsement shall not increase the applicable
Limits of Insurance shown in the Declarations.
© Insurance Services Office, Inc., 2012
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 4 of 16 This certificate cancels and supersedes ALL previously issued certificates.
CG 20 10 04 13 828
POLICY NUMBER: DACP0000439-01 COMMERCIAL GENERAL LIABILITY CG 20 37 04 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
ADDITIONAL INSURED - OWNERS, LESSEES OR
CONTRACTORS - COMPLETED OPERATIONS
This endorsement modifies insurance provided under the following:
COMMERCIAL GENERAL LIABILITY COVERAGE PART PRODUCTS/COMPLETED
OPERATIONS LIABILITY COVERAGE PART
SCHEDULE
Name Of Additional Insured Person(s)
Or Organization(s)
Location And Description Of Completed Operations
Any person or organization where required by written
contract.
In respect to any location where the named insured is
performing "your work".
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.
A. Section II — Who Is An Insured is amended to
include as an additional insured the person(s) or
organization(s) shown in the Schedule, but only
with respect to liability for "bodily injury" or
"property damage" caused, in whole or in part, by
"your work" at the location designated and
described in the Schedule of this endorsement
performed for that additional insured and included
in the "products -completed operations hazard".
However:
1. The insurance afforded to such additional
insured only applies to the extent permitted by
law; and
2. If coverage provided to the additional insured
is required by a contract or agreement, the
insurance afforded to such additional insured
will not be broader than that which you are
required by the contract or agreement to
provide for such additional insured.
B. With respect to the insurance afforded to these
additional insureds, the following is added to Section
III — Limits Of Insurance:
If coverage provided to the additional insured is
required by a contract or agreement, the most we will
pay on behalf of the additional insured is the amount
of insurance:
1. Required by the contract or agreement; or
2. Available under the applicable Limits of
Insurance shown in the Declarations;
whichever is less.
This endorsement shall not increase the applicable
Limits of Insurance shown in the Declarations.
CG 20 37 04 13
© Insurance Services Office, Inc., 2012
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 5 of 16 This certificate cancels and supersedes ALL previously issued certificates.
COMMERCIAL GENERAL LIABILITY
CG 20 01 04 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
PRIMARY AND NONCONTRIBUTORY -
OTHER INSURANCE CONDITION
This endorsement modifies insurance provided under the following:
COMMERCIAL GENERAL LIABILITY COVERAGE PART
PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART
The following is added to the Other Insurance
Condition and supersedes any provision to the
contrary:
Primary And Noncontributory Insurance
This insurance is primary to and will not seek
contribution from any other insurance available
to an additional insured under your policy
provided that:
(1) The additional insured is a Named Insured
under such other insurance; and
(2)
You have agreed in
agreement that this
and would not seek
insurance available
writing in a contract or
insurance would be primary
contribution from any other
to the additional insured.
CG 20 01 04 13
© Insurance Services Office, Inc., 2012
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 6 of 16 This certificate cancels and supersedes ALL previously issued certificates.
POLICY NUMBER: DACP0000439-01 COMMERCIAL GENERAL LIABILITY CG 24 04 12 19
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
WAIVER OF TRANSFER OF RIGHTS OF RECOVERY
AGAINST OTHERS TO US (WAIVER OF SUBROGATION)
This endorsement modifies insurance provided under the following:
COMMERCIAL GENERAL LIABILITY COVERAGE PART
ELECTRONIC DATA LIABILITY COVERAGE PART
LIQUOR LIABILITY COVERAGE PART
POLLUTION LIABILITY COVERAGE PART DESIGNATED SITES
POLLUTION LIABILITY LIMITED COVERAGE PART DESIGNATED SITES
PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART
RAILROAD PROTECTIVE LIABILITY COVERAGE PART
UNDERGROUND STORAGE TANK POLICY DESIGNATED TANKS
SCHEDULE
Name Of Person(s) Or Organization(s):
IAny person or organization where required by written contract.
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.
The following is added to Paragraph 8. Transfer Of
Rights Of Recovery Against Others To Us of
Section IV — Conditions:
We waive any right of recovery against the person(s)
or organization(s) shown in the Schedule above
because of payments we make under this Coverage
Part. Such waiver by us applies only to the extent that the insured has waived its right of recovery against
such person(s) or organization(s) prior to loss. This
endorsement applies only to the person(s) or
organization(s) shown in the Schedule above.
90918346 I 962GL/Ay/ 12/19PROF/POLL/LSD/SXL MOL I Ann©I P.r.aro Te6/n6c i0S,4 :2 cA, !ftcp Page 7 of 16 This certificate cancels and supersedes ALL previously issued certificates. 831
BITCO GENERAL INSURANCE CORPORATION
BITCO NATIONAL INSURANCE COMPANY
California Waters Development, Inc.
California Waters LLC
CAP3761151
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
BROADENED COVERAGE - AUTOMOBILES
The following modifies insurance provided under:
BUSINESS AUTO COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions unless modified by this endorsement.
1 - Broad Form Named Insured
2 - Automatic Waiver of Subrogation
3 - Automatic Additional Insured
4 - Primary and Noncontributory - Other
Insurance Condition
Unintentional Failure to Disclose Hazards
5-
6 - Extended Notice of Cancellation,
Non -Renewal
7 - When We Do Not Renew
8 - Notice of Knowledge of Accident or Loss
9 - Employees as Insured
10 - Employee Hired Autos
1. BROAD FORM NAMED INSURED
of the Coverage Form apply
11 - Bodily Injury Extension
12 - Hired Auto Physical Damage
13 - Enhanced Supplementary Payments
14 - Fellow Employee Coverage for Designated
Positions
15 - Physical Damage — Transportation Expenses
16 - Rental Reimbursement Coverage
17 - Loan/Lease Gap Coverage
18 - Accidental Air Bag Discharge Coverage
19 - Glass Repair — Waiver of Deductible
SECTION II. A. 1. -WHO IS AN INSURED - Paragraph d. is added:
d. Any organization you newly acquire or form, except for a partnership, joint venture or limited liability company, and over which you maintain majority ownership or interest (51% or more) or for which you have assumed the active management, will qualify as a Named Insured if there is no other similar insurance available to that organization. However, coverage under this provision is only afforded until the end of the policy period or the 12 -month anniversary of the policy inception date, whichever is earlier.
2. AUTOMATIC WAIVER OF SUBROGATION
Section IV — Business Auto Conditions, Paragraph A.5., Transfer of Rights of Recovery Against Others to Us, is deleted and replaced with the following:
a. If the insured has rights to recover all or part of any payment we have made under this Coverage Form, those rights are transferred to us. The insured must do nothing after loss to impair those rights. At our request, the insured will bring "suit" or transfer those rights to us and help us enforce them.
b. If required by a written contract executed prior to loss, we waive any right of recovery we may have against any person or organization because of payments we make for damages under this coverage form.
AP -0401 (10/17) -1-
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 8 of 16 This certificate cancels and supersedes ALL previously issued certificates.
3. AUTOMATIC ADDITIONAL INSURED
SECTION II - WHO IS AN INSURED, Paragraph A.1, is amended to include as an "insured" any person or organization who is required by written contract or agreement to be an additional insured on your policy, but only with respect to liability arising out of operations performed by you or on your behalf for the additional insured.
4. PRIMARY AND NONCONTRIBUTORY - OTHER INSURANCE CONDITION The following is added to the Other Insurance Condition in the Business Auto Coverage Form and the Other Insurance - Primary And Excess Insurance Provisions in the Motor Carrier Coverage Form and supersedes any provision to the contrary:
This Coverage Form's Covered Autos Liability Coverage is primary to and will not seek contribution from any other insurance available to an "insured" under your policy provided that:
1. Such "insured" is a Named Insured under such other insurance; and
2. You have agreed in writing in a contract or agreement that this insurance would be primary and would not seek contribution from any other insurance available to such "insured".
5. UNINTENTIONAL FAILURE TO DISCLOSE HAZARDS
Although we relied on your representations as to existing and past hazards, if unintentionally you should fail to disclose all such hazards at the inception date of your policy, we will not deny coverage under this Coverage Form because of such failure.
6. EXTENDED NOTICE OF CANCELLATION, NON -RENEWAL
The COMMON POLICY CONDITIONS, Item A.2.b. is deleted and replaced with the following:
A.2.b. 60 days before the effective date of the cancellation if we cancel for any other reason.
7. WHEN WE DO NOT RENEW
SECTION IV - BUSINESS AUTO CONDITIONS, is amended to add Item B.9.:
a. If we choose to nonrenew this policy, we will mail or deliver to the first Named Insured shown in the Declarations written notice of the nonrenewal not less than 60 days before the expiration date.
b. If we do not give notice of our intent to nonrenew as prescribed in a. above, it is agreed that you may extend the period of this policy for a maximum additional sixty (60) days from its scheduled expiration date. Where not otherwise prohibited by law, the existing terms, conditions and rates will remain in effect during that extension period. It is further agreed that so long as it is not otherwise prohibited by law, this one-time sixty-day extension is the sole remedy and liquidated damages available to the insured as a result of our failure to give the notice as prescribed in 9. a. above.
8. NOTICE OF KNOWLEDGE OF ACCIDENT OR LOSS
SECTION IV - BUSINESS AUTO CONDITIONS, Item A.2.a. is deleted and replaced with the following:
2. Duties in the Event of Accident, Claim Suit or Loss:
a. You must see to it that we are notified of an "accident", "claim", "suit" or "loss" which may result in a claim as soon as practicable after the "occurrence" has been reported to you, a partner, a member, an officer, or an employee designated to give notice to us.
Notice should include:
AP -0401 (10/17) -2-
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 9 of 16 This certificate cancels and supersedes ALL previously issued certificates.
(1) How, when and where the "accident" or "loss" occurred; (2) The "insured's" name and address; and
(3) To the extent possible, the names and addresses of any injured persons and witnesses.
9. EMPLOYEES AS INSURED
The following is added to the Section II - Covered Autos Liability Coverage, Paragraph A.1. Who Is An Insured provision:
Any "employee" of yours is an "insured" while using a covered "auto" you don't own, hire or borrow in your business or your personal affairs.
10. EMPLOYEE HIRED AUTOS
A. Changes In Covered Autos Liability Coverage
The following is added to the Who Is An Insured Provision:
An "employee" of yours is an "insured" while operating an "auto" hired or rented under a contract or agreement in an "employee's" name, with your permission, while performing duties related to the conduct of your business.
B. Changes In General Conditions
Paragraph 5.b. of the Other Insurance Condition in the Business Auto Coverage Form and Paragraph 5.f. of the Other Insurance - Primary And Excess Insurance Provisions Condition in the Motor Carrier Coverage Form are replaced by the following:
For Hired Auto Physical Damage Coverage, the following are deemed to be covered "autos" you own:
1. Any covered "auto" you lease, hire, rent or borrow; and
2. Any covered "auto" hired or rented by your "employee" under a contract in an "employee's" name, with your permission, while performing duties related to the conduct of your business.
However, any "auto" that is leased, hired, rented or borrowed with a driver is not a covered "auto".
11. BODILY INJURY EXTENSION
SECTION V - DEFINITIONS, Paragraph C. is deleted and replaced by the following:
C. "Bodily injury" means bodily injury, sickness or disease sustained by a person, including mental anguish or death resulting from any of these, at any time. Mental anguish means any type of mental or emotional illness or disease.
12. HIRED AUTO PHYSICAL DAMAGE
SECTION III.A.4. - Coverage Extensions - Paragraph c. is added:
c. Hired Auto Physical Damage
If Comprehensive, Specified Causes of Loss or Collision coverage is provided under this policy, then Hired Auto Physical Damage is provided for that coverage part subject to the following:
AP -0401 (10/17)
-3- 834
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 10 of 16 This certificate cancels and supersedes ALL previously issued certificates.
(1) The most we will pay for any one "accident" or "loss" under this Hired Auto Physical Damage Coverage is the lesser of:
(a) The any one "Accident" or "Loss" amount of $100,000; (b) The actual cash value; or
(c) Cost of repair.
Our obligation to pay for a loss in c.(1) above will be reduced by a deductible. The deductible will be equal to the largest deductible applicable to any owned "auto" for that coverage. The deductible will be waived for "loss" caused by fire or lightning. (2) Subject to paragraph c.(1). above, we will provide coverage equal to the broadest physical damage coverage applicable to any covered "auto" shown in the declarations. (3)
When you are required by written contract to indemnify a lessor for actual financial loss because of loss of use of a hired "auto" resulting from a covered "accident" or "loss", we will cover that financial loss subject to the limit specified in paragraph c.(1).
13. ENHANCED SUPPLEMENTARY PAYMENTS
SECTION II.A.2.a. COVERAGE EXTENSIONS, Supplementary Payments (2) and (4) are replaced by the following:
(2) Up to $2,500 for the cost of bail bonds (including bonds for related traffic laws violations) required because of an "accident" we cover. We do not have to furnish these bonds. (4) All reasonable expenses incurred by the "insured" at our request, including actual loss of earnings up to $350 a day because of time off from work.
14. FELLOW EMPLOYEE COVERAGE FOR DESIGNATED POSITIONS
The Fellow Employee Exclusion contained in Section II.B.5. does not apply to the following positions or job titles: foreman, supervisor, manager, officer, partner or other senior level "employee". Coverage is excess over all other collectible insurance.
15. PHYSICAL DAMAGE - TRANSPORTATION EXPENSES
SECTION III.A.4.a. Transportation Expenses is replaced by the following:
a. Transportation Expenses
We will pay up to $50 per day to a maximum of $1,500 for temporary transportation expense incurred by you because of the total theft of a covered "auto". We will pay only for those covered "autos" for which you carry either Comprehensive or Specified Cause of Loss Coverage. We will pay for temporary transportation expenses incurred during the period beginning 48 hours after the theft and ending, regardless of the policy's expirations, when the covered "auto" is returned to use or we pay for its "loss".
For autos provided with temporary transportation expense, the following physical damage coverage will apply:
(1) The most we will pay for any one "accident" or "loss" under the temporary transportation expense physical damage coverage is the lessor of:
(a) The any one "Accident" or "Loss" amount of $100,000; (b) The actual cash value; or
AP -0401 (10/17) -4-
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 11 of 16 This certificate cancels and supersedes ALL previously issued certificates.
(c) Cost of repair.
Our obligation to pay for a loss in a.(1) above will be reduced by a deductible. The deductible will be equal to the largest deductible applicable to any owned "auto" for that coverage. The deductible will be waived for "loss" caused by fire or lightning. (2) Subject to paragraph a.(1). above, we will provide coverage equal to the broadest physical damage coverage applicable to any covered "auto" shown in the declarations. (3) When you are required by written contract to indemnify a lessor for actual financial loss because of loss of use of a hired "auto" resulting from a covered "accident" or "loss", we will cover that financial loss subject to the limit specified in paragraph a.(1).
16. RENTAL REIMBURSEMENT COVERAGE
SECTION III.A.4. - Coverage Extensions - Paragraph d. is added. d. If you carry Comprehensive, Specified Causes of Loss or Collision coverage for the damaged covered "auto" as provided under this policy, then Rental Reimbursement Coverage is provided for that coverage part subject to the following:
1. We will pay for rental reimbursement expenses incurred by you for the rental of an "auto" because of "loss" other than theft, to a covered "auto". Payment applies in addition to the otherwise applicable amount of each coverage you have on a covered "auto". No deductibles apply to this coverage.
2. We will only pay for those expenses incurred during the policy period beginning 24 hours after the "loss" and ending, regardless of the policy's expiration, with the lesser of the following number of days:
(a) The number of days reasonably required to repair or replace the covered "auto"; or,
(b) 30 days.
(c) Our payment is limited to the lesser of the following amounts:
(1) Necessary and actual expenses incurred; or
(2) $50 per day.
17. LOAN/LEASE GAP COVERAGE
Physical Damage Coverage is amended by the addition of the following:
In the event of a total "loss" to a covered "auto", we will pay your additional legal obligation for any difference between the actual cash value of the "auto" at the time of the loss and the "outstanding balance" of the loan/lease, not to exceed $2,500 for any one vehicle or $25,000 annually in aggregate.
For the purposes of this endorsement, "outstanding balance" means the amount you owe on the loan/lease at the time of loss less any amounts representing taxes, overdue payments, penalties, interest or charges resulting from overdue payments, additional mileage charges, excess wear and tear charges or lease termination fees, costs for extended warranties, credit Life Insurance; Health, Accident or Disability Insurance purchased with the loan or lease; and carry-over balances from previous loans or leases.
18. ACCIDENTAL AIR BAG DISCHARGE COVERAGE
SECTION III.B.3.a - Exclusions. This exclusion does not apply to the accidental discharge of an air bag.
AP -0401 (10/17)
-5- 836
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 12 of 16 This certificate cancels and supersedes ALL previously issued certificates.
19. GLASS REPAIR - WAIVER OF DEDUCTIBLE
SECTION III.D - Deductible is replaced with the following:
For each covered "auto", our obligation to pay for, repair, return or replace damaged or stolen property will be reduced by the applicable deductible shown in the Declarations. Any Comprehensive Coverage deductible shown in the Declarations does not apply to "loss" caused by fire or lightning. The deductible does not apply to glass damage if the glass is repaired rather than replaced.
AP -0401 (10/17) -6-
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 13 of 16 This certificate cancels and supersedes ALL previously issued certificates.
POLICY NUMBER: CAP3761151
COMMERCIAL AUTO
CA 20 48 10 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
DESIGNATED INSURED FOR
COVERED AUTOS LIABILITY COVERAGE
This endorsement modifies insurance provided under the following:
AUTO DEALERS COVERAGE FORM
BUSINESS AUTO COVERAGE FORM
MOTOR CARRIER COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions of the Coverage Form apply unless modified by this endorsement.
This endorsement identifies person(s) or organization(s) who are "insureds" for Covered Autos Liability Coverage under the Who Is An Insured provision of the Coverage Form. This endorsement does not alter coverage provided in the Coverage Form.
This endorsement changes the policy effective on the inception date of the policy unless another date is indicated below.
Named Insured: California Waters LLC
California Waters Development, Inc.
Endorsement Effective Date: 07/31/2025
SCHEDULE
Name Of Person(s) Or Organization(s):
Any person(s) or organization(s) whom you are required to add as an additional insured on this policy under a written contract or written agreement.
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.
Each person or organization shown in the Schedule is
an "insured" for Covered Autos Liability Coverage, but
only to the extent that person or organization qualifies as an "insured" under the Who Is An Insured
provision contained in Paragraph A.1. of Section II —
Covered Autos Liability Coverage in the Business
Auto and Motor Carrier Coverage Forms and
Paragraph D.2. of Section I — Covered Autos
Coverages of the Auto Dealers Coverage Form.
CA 20 48 10 13
© Insurance Services Office, Inc., 2011 Page 1 of 1
838
90918346 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL Annette Romero 6/4/2026 10:44:29 AM (PDT) Page 14 of 16 This certificate cancels and supersedes ALL previously issued certificates.
BITCO GENERAL INSURANCE CORPORATION
BITCO NATIONAL INSURANCE COMPANY
WAIVER OF OUR RIGHT TO RECOVER FROM OTHERS ENDORSEMENT
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
THIS ENDORSEMENT MODIFIES INSURANCE PROVIDED UNDER THE FOLLOWING:
WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY INSURANCE We have the right to recover our payments from anyone liable for an injury covered by this policy. We will not enforce our right against the person or organization named in the Schedule. This agreement applies only to the extent that you perform work under a written contract that requires you to obtain this agreement from us.
This agreement shall not operate directly or indirectly to benefit anyone not named in the Schedule.
Schedule
WHEN REQUIRED BY WRITTEN CONTRACT.
The premium charge for this endorsement is $
Named Insured
California Waters LLC
Ca ifornia Waters Deve opment nc
Policy Number
WC3761152
Endorsement No.
Policy Period
07/31/2025 to 07/31/2026
Endorsement Effective Date:
06/04/2026
Producer's Name:
Acrisure Southwest Partners Insurance Services, LLC
Producer Number:
06/04/2026
AUTHORIZED REPRESENTATIVE
DATE
WC 99 03 ) 5 (09/21 1
90918346 125/26 GL AU/UMB/WC PRO POLL/L D/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 15 of 16 This certificate cancels and supersedes ALL previously issued certificates.
California Waters LLC
California Waters Development, Inc. _
ACCELERANT
Accelerant Specialty Insurance Company
400 Northridge Road
Sandy Springs, GA 30350
SCHEDULE A - SCHEDULE OF UNDERLYING INSURANCE
COMMERCIAL EXCESS LIABILITY COVERAGE
This schedule forms a part of Policy Number: DACPX0000058-01
TYPE OF POLICY LIMITS OF LIABILITY
Controlling Underlying Insurance Policies
Commercial General Liability Occurrence
Company Accelerent Specialty Insurance Company
Policy Number DACP0000439-01
Effective 7/31/2024
Expiration 7/31/2025
General Aggregate Limit $2,000,000
Products -Completed Operations Aggregate Limit $2,000,000 Personal and Advertising Injury Limit $1,000,000
Each Occurence Limit $1,000,000
Contractors Pollution Liability Occurrence
Company Accelerent Specialty Insurance Company
Policy Number DACP0000439-01
Effective 7/31/2024
Expiration 7/31/2025
Aggregate Limit
Each Pollution Condition Limit
Commercial Automobile Liability
Company TBD
Policy Number TBD
Effective 7/31/2025
Expiration 7/31/2026
Employers Liability
$2,000,000
$1,000,000
Combined Single Limit $1,000,000
Company TBD
Policy Number TBD
Effective 7/31/2025
Expiration 7/31/2026
Each Accident
Disease Each Employee
Disease Policy Limit
DACPX 10 00 11 23
Date Created: 9/4/2025
Accelerant Specialty Insurance Company, Limited Copyright 2024 $1,000,000
$1,000,000
$1,000,000
90918346 1 25/26 GL/AU/UMB/WC/PROF/POLL/LSD/SXL MOL I Annette Romero 1 6/4/2026 10:44:29 AM (PDT) I Page 16 of 16 This certificate cancels and supersedes ALL previously issued certificates.
Agenda Item No: 1.0
PLACENTIA CITY COUNCIL AGENDA REPORT
Meeting Date: June 16, 2026
Submitted by: Jerry Griggs
From: Finance
Subject:
AWARD PROFESSIONAL SERVICES AGREEMENT WITH CHANDLER ASSET
MANAGEMENT FOR PROFESSIONAL FINANCIAL ADVISORY SERVICES Financial Impact:
Expense: $45,000 Annual fee
$45,000 Budgeted in FY26-27 Proposed Budget
Summary:
The City Treasurer is responsible for maintaining a prudent investment portfolio for the City's idle funds in accordance with the City's Investment Policy. With the increasing complexity of today's market, a professional fund advisor capable of successfully investing in diverse markets is more advantageous than managing the City's investments by staff generating a higher rate of return on the City's investments while adhering to the City's Investment Policy goals of safety, liquidity, and return. City staff is recommending approving a new agreement with Chandler Asset Management, for a (5) five-year term through June 30, 2031.
Recommended Action:
It is recommended that the City Council:
1. Approve Professional Services Agreement with Chandler Asset Management for Professional Financial Advisory Services; and
2. Authorize the City Administrator and/or her designee to execute all the necessary documents in a form approved by the City Attorney.
Strategic Plan Statement:
This item is consistent with the City Council approved Strategic Goal No. 1 to Ensure Long - Term Fiscal Sustainability but is not tied to a specific Objective.
Discussion:
The City aggregates all funds not immediately required for disbursement in a pool, which is invested in various investment securities and vehicles. The City directly invests in securities issued by the U.S. Treasury, Agencies of the United States and other similarly conservative investments permitted by the City's Investment Policy.
Unlike some local governments, the City does not have a full-time dedicated staff resource, such as a Chief Investment Officer, to manage its investment portfolio. The City's elected City 841
Treasurer, by charter, is the custodian of all public funds and is responsible for maintaining a good investment program based on a sophisticated cash flow analysis.
The City went out to RFP for investment advisory services in May of 2026. The City received eleven bids and after careful evaluation the City has selected Chandler Asset Management.
Financial Summary:
For FY2026/27 estimated expenses for these services are $45,000 which is the amount included in the FY 2026/27 Proposed Budget.
Attachments
City of Placentia RFP_Chandler Asset Management.pdf
Chandler Fee Proposal_City of Placentia.pdf
Chandler Contract.docx
842
Request for Proposals (RFP)
Investment Management and Advisory
Services
CITY OF PLACENTIA
DUE: MAY 28, 2026
CHANDLER ASSET MANAGEMENT, INC.
9255 Towne Centre Drive, Suite 600
San Diego, CA 92121
Direct: 858-546-3737; Toll -Free: 800-317-4747
[email protected] I chandlerasset.com
r
GM
CHANDLER
ASSET MANAGEMENT
May 28, 2026
City of Placentia
Attn: Finance Department
401 E. Chapman Avenue
Placentia, CA 92870
Request for Proposals for
Investment Management and Advisory
Submitted via: https://vendors.planetbids.com/porta1/54600/portal-home
CITY OF PLACENTIA
Re: Request for Proposals (RFP) for Investment Management and Advisory Services Dear City of Placentia City Treasurer, Finance Director, and Staff, On behalf of Chandler Asset Management, Inc. (Chandler or the Firm), we thank you for the opportunity to submit our Firm's proposal and present our qualifications to provide investment management and advisory services for the City of Placentia (the City). Chandler has significant experience managing local government portfolios under California Government Code (State Code) §§53600-53609, including for over 20 cities and other public agencies in Orange County and 170 public agencies statewide as of March 31, 2026. It is our goal to empower the City and its finance team through knowledgeable, timely support and consistent guidance in financial management.
We have outlined our approach to the Scope of Services in our proposal, and believe that your staff will be best served by selecting Chandler as its investment advisor to work together in maintaining the City's strong financial position. Our goal is to act as an extension of your team, similar to hiring additional staff to handle all the heavy lifting and time-consuming tasks needed to manage an investment program efficiently and effectively.
Chandler is an SEC -Registered Investment Adviser. Throughout our 38 -year history, Chandler has kept paramount the common investment objectives of public agencies: safety of principal, liquidity, and above -market returns over an investment cycle. We managed $45.6 billion in client assets as of March 31, 2026, including $14.5 billion for cities in California. Our extensive resources, proposed service team, personalized approach to relationship management, and strong presence in the markets work towards ensuring that the City's funds are thoughtfully managed. In addition, our culture of compliance and the transparency offered through comprehensive reporting will keep the City's Treasurer, Finance Director, and staff apprised of all aspects of its portfolio.
We are submitting our response to the City's Request for Proposal (RFP) as an indication of our formal interest in advising the City on the management of its assets. We utilize investment strategies that conform to all applicable federal laws and State Code regarding qualified investments for public entities. We have reviewed the City's investment policy and current investment holdings and believe that we can add significant value to your investment program through the strategies summarized below, and explained in greater detail in our proposal:
• Confirm that the City's investment policy complies with State Code, encompasses the latest industry's best practices, and meets the City's preferences for maintaining safety and liquidity while enhancing investment return
• Collaborate with City staff to analyze cash requirements to improve the allocation between funds needed for liquidity and funds that can be invested in longer-term investment strategies aimed at maximizing return
• Seek to enhance the diversification of the City's portfolio by safely expanding the investment options permitted by State Code, subject to the City's comfort level • Develop a comprehensive investment strategy that supports the City's financial goals, current budgetary objectives, and long-term general plan. The strategy will seek to increase interest income as well as protect and enhance portfolio market value by actively diversifying sectors, issuers, and maturities. 1'Page
844
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Our commitment to providing personalized client service is equal to our commitment to meeting investment objectives, and is reflected in the following:
We understand your investment perspective. Since its inception, Chandler's foundations have been rooted in the public sector. We understand that the investment program must support the City's financial goals while enhancing safety and liquidity within a framework of legal conformity. Chandler's significant expertise in safeguarding our clients' funds while generating compelling risk-adjusted returns across multiple market cycles strongly qualifies us to meet the needs of this engagement.
We are experts in California public agency investing. Chandler's investment and client service professionals are experts in all applicable federal laws and State Code as they pertain to the investment of public funds. The City's proposed engagement team members, Mia Corral Brown, Regional Director and Karl Otto Meng, CFA, Portfolio Strategist, have decades of public sector investment experience and are active in organizations relevant to public fund investment best practices, including the Government Finance Officers Association (GFOA), the California Society of Municipal Finance Officers (CSMFO), the California Debt and Investment Advisory Commission (CDIAC), and the California Municipal Treasurers Association (CMTA). The engagement will be supported by Chandler's Operation's Investment and Compliance teams. Isabelle Arguelles, Client Service Associate, will also be assigned as the City's Client Service contact to support the onboarding and reporting functions of the City.
We are committed to client success. We are dedicated to our duty as fiduciaries to our clients and understand the public role that your investment staff has in the stewardship of taxpayer funds. The Firm invests in the technology and resources that assist our investment professionals in developing both long-term and short-term strategies that are significant to the overall financial program. Our reports provide transparency, and we commit the Firm's full resources to your success.
We are committed to accepting the terms and conditions in the RFP and the Standard Agreement for Professional Services. We have provided proposed additional terms for agreement and a sample investment services contract in the Appendix.
I certify that I am authorized to submit our proposal and bind the organization named above. I have read, understand, and agree to comply with the terms and conditions specified in this RFP. Further, I certify that all the information provided in our proposal is true, correct, firm, and irrevocable, and shall be valid for a period of at least 90 days from May 28, 2026.
The engagement with the City will be serviced from our headquarters office located at 9255 Towne Centre Drive, Suite 600, San Diego, CA 92121. If you have any questions during your evaluation of our proposal, please contact Mia Corral Brown, Regional Director, at (858) 226-1504, or via email at mcorralPchandlerasset.com. Mia is located at the Firm's San Diego office.
Sincerely
CHANDLER ASSET MANAGEMENT, INC.
Nicole Dragoo, JD
Chief Executive Officer
2IPage
845
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
CONTENTS
Cover Letter 4
Executive Summary & References 4
Project Understanding & Approach 10
Cost Proposal & Schedule 22
Proposed Exceptions 24
CHANDLER APPENDICES
Form ADV, Parts 1 and 2A, and Privacy Notice
Professional Biographies
Global Investment Performance Standards (GIPS®) Composite Reports and Verification Letter Important Disclosures
Sample Client Monthly Statements and Quarterly Reports
Organizational Chart
Proposed Additional Terms for Agreement and Sample Investment Services Contract
REQUIRED FORMS
Cost Proposal (Submitted as a Separate File)
3IPage
846
GM
CHANDLER
ASSET MANAGEMENT
COVER LETTER
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
The cover letter shall be signed by a person authorized by the Proposer to execute a contract with the City. It shall include: the legal name of the company; the name, address and telephone number of the principal person representing the firm; and a summary of the Proposal, including a brief description of the proposed team. It shall make a commitment to accept the terms and conditions in the RFP and the Standard Agreement for Professional Services (Attachment A), including acknowledgment of receipt of all amendments and/or addenda to the RFP. The letter should also identify a single person for possible contact during the RFP review process regarding contract language.
Our cover letter precedes the Table of Contents.
EXECUTIVE SUMMARY & REFERENCES
Describe your firm's and sub -Consultant's (if any) general experience and qualifications as it pertains to projects of similar scope and size. Five years or more prior experience with municipal or local government agencies is a preferred qualification. Identify the services which would be completed by your firm's staff and those that would be provided by sub -consultants. Identify any sub -consultants you propose to utilize to supplement your firm's staff.
Chandler Asset Management, Inc. (Chandler or the Firm) is an SEC- Registered Investment Adviser and provides fixed income investment management services to public agencies navigating complex and volatile markets.
Founded in 1988 by public sector investment professionals, Chandler supports agencies responsible for safeguarding public funds while balancing regulatory requirements, governance responsibilities, and limited internal resources. We leverage market data, economic trends, credit research, and industry developments to help clients navigate volatility with confidence and better anticipate market changes rather than simply respond to them. This approach allows agencies to implement fixed income investment programs tailored to their policies, liquidity needs, and long-term goals. Through a relationship -based service model, Chandler acts as a trusted extension of each client's team, helping public agencies make well-informed decisions and maintain confidence in changing market conditions. A link to our Form ADV, Parts 1 and 2A, has been provided in the Appendix.
Chandler specializes in managing funds for local governments who are guided by the objectives of safety', liquidity, and total return over a market cycle. Our risk management practices and relationship -based approach have led to our Firm's solid growth. We managed $45.6 billion for clients as of March 31, 2026. The City of Placentia (the City)'s funds will be thoughtfully managed through our extensive resources, proposed service team, personalized approach to relationship management, and strong market presence. In addition, our culture of compliance and the transparency offered through comprehensive reporting will keep the City's staff and Council aware of all aspects of its portfolio. We work closely with our clients to address specific investment objectives and risk tolerances as they relate to overall sound financial management, while maintaining the focus and discipline to help guide portfolios through challenging market cycles.
Chandler does not use sub -consultants. All investment management and advisory services are provided by our experienced internal staff.
Fixed Income Investment Expertise Focused on California Local Governments Chandler is an employee -owned California corporation. As a California domiciled firm, we take pride in the depth and strength of the relationships we've cultivated in our home state. We managed over $30 billion for public While our conservative investment approach promotes safety, investing in securities carries varying degrees of risk and we cannot guarantee safety of principal.
4IPage
847
CAt
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
agencies in California alone, including $14.5 billion for California cities as of March 31, 2026. Nationwide, we serve over 220 public agencies and managed $40.4 billion in assets on their behalf as of March 31, 2026. We believe this experience and dedicated focus have given us a unique perspective on helping local governments, including municipalities, to achieve their financial goals.
The City's engagement will be led by Mia Corral Brown, Regional Director, and managed by a tenured team of investment professionals from the Firm's corporate headquarters in San Diego. The Firm's Executive Management team, portfolio management professionals, operations, compliance, and marketing, and client service will all serve your staff from this location.
We work as a fiduciary with clients on every aspect of the investment program, including investment policy development and review, cash flow analysis and forecasting, and portfolio enhancement through the goal of carefully controlling risk. We implement investment strategies that meet each client's risk and return requirements, provide comprehensive investment reporting to save staff time, and conduct education and training for staff enrichment. The result is an investment approach grounded in risk management that is customizable for each of our client's specific objectives and constraints and has resulted in successful investment programs for entities similar in size and scope to the City.
Our experience managing fixed income portfolios spans the yield curve and over multiple interest rate cycles, as evidenced by the inception dates of the strategies most used by our clients:
Chandler Strategy Duration (Years)
Credit Quality Inception Date
Limited Maturity
Short Term Bond
1-3
1-5
A and above
A and above
9/30/1988
9/30/1995
Chandler managed $35.2 billion in client assets for California-based agencies as of March 31, 2026, primarily in the fixed income strategies noted above, reflecting the strength of our long-standing partnerships with neighboring agencies in Orange County and nearby areas.
Orange County Clients
City of Brea
City of Buena Park
City of Costa Mesa
East Orange County WD
City of Fountain Valley
City of Lo Habra
City of Mission Viejo
Moulton Niguel WD
City of Newport Beach
City of Orange
OC Transportation Authority
City of Son Clemente
City of Son Juan Capistrano
Santa Ana Watershed PA
South Coast WO
City of Stanton
Transportation Corridor
Agencies
City of Tustin
City of Westminster
■uu. u..r_ r .ahil:u it' ■ . y_in. r-1L_y cic.. ■h uaur:� City of Riverside City of Bell
City of Beverly Hills
City of Camarillo
Crescents Valley WD
City of El Monte
City of Gardena
City of Lo Mirada
LA County MTA
City of Monterey Park
City of Pico Rivera
City of Pomona
City of Port Hueneme
Three Valleys Muni WO
Upper San Gabriel Muni WD
Walnut Valley WD
City of Chino Hills
Coachella Valley WD
CR5 of Corona
Beaumont Cherry Valley WD
Elsinore Valley Muni WO
City of Indio
City of Jurupa Valley
City of Menifee
City of Moreno Valley
City of Murrieta
City of Palm Springs
City of Perris
Rancho California WD
San Bernardino Muni WD
City of San Jacinto
Temescal Valley WD
West Valley WO
City of Chula Vista
City of Imperial Beach
City of Notional City
City of Oceanside
County of San Diego
(Advisory)
San Diego County
Regional Airport
San Diego County WA
City of San Marcos
City of Solana Beach
San Diego Community
Power
San Diego Unified
School District
A listing of the Firm's clients in the State of California's Inland area, Los Angeles, Orange County and San Diego County as of 3/31/2026. This list only includes clients that have given permission to be listed. It is not known whether the clients listed approve or disapprove of Chandler and the advisory services provided. Includes discretionary and non -discretionary relationships. 5IPage
848
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Comprehensive Investment Management and Reporting Services We provide comprehensive investment management and reporting services as well as Treasury management support for public entity investment programs, including:
Investment Management
• Operating and Pond Funds
• Generth Revenue Funds
• Reserve Funds
+ Capitaf Project Funds
• Oat -Service Funds
Treasury Management Support
0 • Cash flow onalytrs/forecastng
• lnvestmentpolrcydevelopment,
review, and mon storing
• lrwestment policy certfficotion
• Custodial selection and review
• ftetanrrliatian andsefflerri ne with
custodian
Service and Communication
-114,
• Tronsparenty through monthly
statements and quarterly reports
+ GASB 40 and 72 Reports
• confirmation of rornpliance with
investment policy
• Wtr-asset class strategies designed to
meet a return target
• Post,Emplvyment Benefit Trusts/ OPER
• Separately managed portfailasof
indivrduai securities
• [uttomization ofstrotegiesfor
Jndiv;duv�
client needs
• Moir7tainingour fiduciarydbfyCOOlen f$
• Online [handler °lent Porto,
• accounting templates and set-up
asS SConc'e
• Education webrnars and training
• CPEcredrt issuance
• ,.1d hot preentntrant to staff and
stakeholders
▪ Dedicated engogement manager to
oversee satisfaction with services
• Frequent meetings to review partforo
• Olrect contact with investment
professionals
Managing fixed income portfolios for clients beholden to California Government Code (State Code) has been the core of our business since the Firm's founding in 1988. Chandler's professionals are experts in fixed-income investments as they relate to local governments. We will work with the City to understand your unique objectives and maintain the ability to customize solutions based on your specific goals and requirements as determined by your liquidity needs. Chandler is dedicated to working towards ensuring that funds are (1) thoughtfully invested, (2) available when needed to meet capital obligations, (3) achieve competitive returns, and (4) rebalanced appropriately to maintain the desired structure.
The public agencies we serve have been able to navigate complex investment decisions and better protect public funds by leveraging Chandler's:
• Extensive experience serving public agencies. The combined experience of the Firm's senior shareholders as investment officers within large public agencies has shaped their perspectives on leading a Firm focused on managing public funds and assisting public agency staff in fulfilling their fiduciary duties. • Investment and credit review process custom-tailored and with client goals in mind. • Expertise in State Code that govern the investment of public funds. • Track record in establishing and expanding investment programs that support the budgetary goals of our clients.
• Ability to manage fixed income portfolios through changes in the interest rate cycle to the benefit of our clients.
• Comprehensive monthly statements that are accurate, timely, and add transparency to the investment program.
• Dedicated client service team that delivers proactive client communication. 6IPage
849
GM
CHANDLER
ASSET MANAGEMENT
Costs and Dollar Value of Services
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Please refer to the section labeled "Cost Proposal & Schedule." Our cost proposal has been submitted as a separate file. Our proposed fee schedule is all-inclusive for the services that Chandler provides, including full-time investment advisory and portfolio management services, technological resources, onboarding and implementation, online access to our client portal, comprehensive reporting, meetings, in-person visits, educational offerings for your staff, and the additional support services described in our proposal.
Role of Key Staff
A tenured team of senior investment management and client service professionals will manage the engagement.
Karl Otto Meng, CFA, Portfolio Strategist, will be responsible for the overall investment management of the engagement, with support from Mia Corral Brown, Regional Director, and client service support from Isabelle Arguelles, Client Service Associate. They will be supported by other members of Chandler's investment management, client service, operations, compliance, and administrative teams.
Contact Name and Title
Role in Engagement Education
Investment Management
Karl Otto Meng, CFA
Portfolio Strategist
Primary Investment Contact
• Implements portfolio strategies for local
governments
• Monitors alignment with client objectives and
policies
• Member of the Economic and Market Analysis
Committee
B.A. Economics, San Diego State
University, Chartered Financial
Analyst
Series 7, 63, 65 Registrations
Industry Tenure: 20 years 1 Firm Tenure: 4 years
Engagement Management & Client Service
Mia Corral Brown
Regional Director
Isabelle Arguelles
Client Service Associate
Relationship Management
• Serves as direct client contact for the
engagement
• Conducts contracting and onboarding process
• Oversees client service and communications
• Coordinates project deliverables
• Ensures client satisfaction
B.A. Communications,
San Diego State
University
Series 7 and 63 Registrations
Industry Tenure: 29 years 1 Firm Tenure: 22 years
Client Service Contact
• Reporting requirements and Client Portal
• Schedules training and educational
presentations
• Client Onboarding
Biographical information is provided below:
B.S. Accounting with an emphasis
in Public Accounting, Grand
Canyon University.
Industry Tenure: 2 years 1 Firm Tenure: <1 year
7IPage
850
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Karl Otto Meng, CFA, Portfolio Strategist, joined Chandler in 2022, bringing extensive market and economic expertise to the Firm. He is an integral member of the Investment Management team, actively contributing to portfolio management and cultivating client relationships. Karl also serves on the Economic and Market Analysis Committee and provides regular written economic commentary for both internal use and broader distribution.
His primary focus is identifying and communicating key investment themes and trends for integration into client portfolios.
With over 18 years of experience spanning Fixed Income Institutional Sales & Trading and Portfolio Strategies, Karl brings a deep understanding of the fixed income markets. Prior to joining Chandler, he was Vice President at Vining Sparks IBG LP, responsible for establishing and maintaining trading relationships with government entities and institutional asset managers. Karl holds a B.A. in Economics from San Diego State University and currently holds FINRA Series 7, 63, and 65 registrations. He holds the designation of Chartered Financial Analyst.
Mia Corral Brown, Regional Director, has over two decades of experience working alongside institutional and public sector clients to achieve the goals of their investment programs. She is adept at ensuring seamless onboarding and overall client satisfaction. Mia's area of focus is on business development and engagement oversight for Public Sector clients in Southern California which include cities, water districts, counties, special districts and joint power authorities. In her tenure at Chandler, Mia has dedicated the last two decades to working alongside local public agencies to provide comprehensive investment management and client service solutions.
Mia is an active member of the California Society of Municipal Finance Officers (CSMFO), the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), and is a Member of the California Association of California Treasurers and Tax Collectors and several other Associations which support CA Public Agencies. Mia is a founding member and past president of Women in Public Finance, San Diego Chapter.
Mia is a graduate of San Diego State University where she earned her B.A. in communications with an emphasis in business. She holds the FINRA Series 7 and Series 63 registrations.
Isabelle Arguelles, Client Service Associate, joined Chandler in 2026. She serves as a liaison between clients and the Chandler team, coordinating meetings, reporting deliverables, and assisting with onboarding and client portal support while managing the client database. She previously worked as a Client Service Specialist at AlphaTrust Advisors, where she supported client transactions and communication. She holds a B.S. in accounting with an emphasis in public accounting from Grand Canyon University.
All the above professionals are supported by Chandler's investment management, client service, marketing, and operations teams to provide comprehensive service. In addition to the Firm's SEC registration, the following members of Chandler's team are investment adviser representatives:
BIPage
851
GN
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
Chandler Investment Adviser Representatives
Investment Adviser Representative
CRD Number
Stephen Church
Daniel Delaney, CFA
William Dennehy II, CFA
Julie K. Hughes
Genevieve C. Lynkiewicz, CFA
Karl Otto Meng, CFA
Aaron Nail, CFA
Carlos Oblltes
John McDowell, CFA, CMT
Scott D. Prickett, CTP
Kara Hooks, CTP
Alayne Sampson, CTP
Jayson Schmitt, CFA
Kyle Perry
Scott Stitcher, CFA, CM FC
Chris Blackwood
Steven Huntley, CPFO
Rare Williams, CFA
Jason Washburn
Full professional biographies are provided in the Appendix.
Client References
6878939
7378402
2397527
5397196
4462193
5198403
6761656
5350645
5041432
1901448
7615064
5435009
4892847
7304274
2859504
1863353
5538004
6486768
5170702
Chandler Current Client References
CITY OF PLACENTIA
Client
Contact Information
Work Provided
Dates of
Service
AUM*
City of La Habra
110 E. La Habra Boulevard
La Habra, CA 90631
Jack Ponvanit
Deputy Director of Finance
562-383-4051
[email protected]
Discretionary
management of
operating funds
1999 $50 MM
present
City of San Juan Capistrano
32400 Paseo Adelanto
San Juan Capistrano, CA 92675
Ken Al -Imam, CPA
Director of Finance/City Treasurer
(949) 443-6301
[email protected]
Non -Discretionary
management of
operating funds
2018 $28 MM
present
City of Monterey Park
320 West Newmark Ave
Monterey Park, CA 91754
Martha Garcia
Director of Finance
(626) 307-1349
[email protected]
Discretionary
management of
operating funds
2023 $28 MM
present
City of Fountain Valley
10200 Slater Avenue
Fountain Valley, CA 92708
*As of March 31, 2026
Ryan Smith
Finance Director
(714) 593-4501
[email protected]
Discretionary
management of
operating funds
2015 $63 MM
present
9IPage
852
CAt
CHANDLER
ASSET MANAGEMENT
PROJECT UNDERSTANDING & APPROACH
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
This section should demonstrate an understanding of the scope of services. It should describe the general approach, organization, and staffing required for the services requested. Also, describe the firm's understanding of key issues and its approach to resolving those issues. All sub -consultants and their roles must be identified. The consultant shall include an organizational chart identifying key personnel responsible for accomplishing all aspects of the work.
All tasks listed in the Scope of Services will be performed by our staff as described in the previous question. An organizational chart identifying those key personnel responsible for accomplishing all aspects of the work is provided below.
City of Placentia Engagement Team
Scott Prickett
Co -CIO
City of Placentia
Nicole Dragoo, JD
CEO
Alayne Marie Sampson
Portfolio Strategy
Manager
Karl Meng
Portfolio Manager
Ryan Tauber
COO
Mia Corral Brown
Regional Director
7 Kristin Franco
ISS Director
Isabelle Arguelles
Client Services
Assc.
Investment Policy and Objectives
Our methods for developing investment objectives and constraints for the City will be customized after an extensive review and thorough understanding of the City's investment policy, current and expected mandates, cash flow requirements, risk tolerances, permitted securities, credit profile, duration targets, and the maturity structure of the investment portfolio. We will continue to regularly review the investment policy to confirm it continues to provide for your primary objectives of safety, liquidity, and return, and incorporates the latest revisions to state legal requirements.
Chandler's investment professionals have deep experience in State Code and in writing investment policies designed to effectively guide the management of public funds. As your investment adviser, we will commit to reviewing the City's policy annually and when there are changes to State Code or industry best practices. Since having an investment policy is crucial to the development and maintenance of a public agency's investment program, we will begin each relationship with a thorough review of the policy, during which we make recommendations and formalize the investment mandate for each client's portfolio(s). Suggestions are meant to provide clarification, increase return potential, and improve risk management. We have written or revised investment policies for almost all our government clients, and we customize each policy to mirror the client's specific objectives and tolerances.
101 Page
853
GM
CHANDLER
ASSET MANAGEMENT
Our policy reviews will conform to:
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
• State Code
• Specific City directives and management preferences
• Industry best practices as identified by the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), and the California Society of Municipal Finance Officers (CSMFO)
• Chandler's best practices
We provide our clients with education on new products, changing regulations, relevant events in public finance, and changing trends in the capital markets. We stay in front of all developments in State Code affecting public agency investments and advise our clients on revisions that may be relevant to include in their investment policy.
Some recent legislative changes that have occurred are as follows:
January 1, 2021
Senate Bill 998;
Updates to
Commercial Paper
limitations and
zero -interest
securities
January 1,2023
Code clarification;
Forward settlement
date; investment
term to maturity;
and reporting
requirements.
January 1, 2024
Senate Bill 882
Government pass-
through securities
exempt from
securitized product
limitations.
January 1,2026
Senate Bill 595;
Extends max
maturity of prime
Commercial Paper
to 397 days and
extends SB 998
through 1/1/2031
Chandler actively communicates with our clients when there are changes to State Code. For example, effective January 1, 2026, Senate Bill 595 extended certain local government investment authorities, including allowing agencies with more than $100 million in assets under management to continue investing up to 40% of surplus funds in eligible commercial paper and extending the authority to invest in certain U.S. government securities that may result in zero -interest accrual until January 1, 2031. SB 595 also extended the maximum allowed maturities for commercial paper from 270 days to 397 days.
Cash Flow and Maturity Analysis
Chandler's investment team is an advocate of bifurcating portfolios between the liquidity needs of the entity and the residual monies that can be invested with a longer maturity profile and higher level of risk to generate higher total returns over an investment cycle.
At the inception of an engagement with a client, one of Chandler's initial tasks is to conduct a statistical analysis of cash usage. This analysis seeks to incorporate any known budgetary events to project future cash balances.
Additionally, it helps to assess the client's liquidity needs and identify opportunities to enhance investments by allocating to longer -duration investment strategies.
By modeling the City's historical use of cash and developing an understanding of upcoming budgetary needs on cash, we can develop a profile of the cash flows. With staff input, we can then forecast future balances and structure an effective investment program that would serve the City in both predictable and unexpected circumstances. Our objective is to provide enough liquidity for operations and liabilities, while reducing the costly impacts of maintaining excess liquidity in shorter -maturity investments that have historically paid lower yields.
As in the following example, we will identify the funds that are needed in the short term and are unnecessarily being kept liquid. For liquidity purposes, we will explore a solution that may involve utilizing investment pools or segregating into a portfolio of short -duration securities. These will be invested with a short -duration target or aligned with a known cash flow date. We would structure funds for the City's portfolio to align with cash flow needs, and expected project reimbursements, and cash liabilities for each project. Funds not needed for liquidity 111 Page
854
Long -Term Funds
CAt
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
purposes can be structured to safely enhance earnings and long-term capital appreciation through investments in high-quality longer -maturity investments that have historically offered higher returns2.
Sample Illustration of Cash Flow Analysis
Historical Balances
Q ➢•
ILMinimum needed
Phi
Forecast Balances
This sample illustration is being provided to demonstrate the tools on how we analyze cash balances.
As the City continues to grow, we expect there will be additional funds to allocate between the City's liquid and core portfolios. We will continue to assist the City with analysis to project balances into the future to handle fluctuating cash flows. We will maintain ongoing dialogue between us and your staff to understand all issues that may impact future liquidity needs. This allows securities to be structured in advance by maturing concurrently with cash needs and avoiding the sale of securities to raise cash when needed.
Investment Program
Liquid Funds
• Local Government Investment Pool
(LGIP)
• Matching maturities to known
expenditures
Money market instruments
• Agency Discount Notes
• Commercial Paper
• Certificates of Deposit
Target a longer duration to enhance
the potential to increase earnings.
Invest in securities allowed by
Code:
• U.S. Treasury Securities
• U.S. Agency Securities
• High -Grade Credit
• Pass-through Securities
Investment Philosophy
We believe that through effective risk management, we can enhance the potential for higher total returns for risk - conscious clients while maintaining their shared primary objectives of safety, liquidity, and return. Our approach uses investment processes and strategies we have developed over three decades and focuses on:
• Safety of principal'
• Appropriate levels of liquidity
2 Past performance is not indicative of future results. While our conservative investment approach promotes safety, investing in securities carries varying degrees of risk and we cannot guarantee safety of principal. 121 Page
855
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
• Diversification of risk
• Compliance with policies, legal requirements, and risk/return objectives • Active management to generate investment income and total return Our goal is to consistently exceed market benchmarks that reflect the City's overall risk profile over a market cycle. We aim to mitigate risk by diversifying the portfolio across sectors, credit quality, maturity, sub sectors, and issuers.
Chandler's focus stems from our clients' collective philosophy that safety and liquidity are higher priority than chasing returns that may put their principal at increased risk. As a result, we take a risk management approach to all aspects of the investment and portfolio management process.
Investment Process
Our process for establishing investment objectives and constraints for the City is customized after an extensive review and thorough understanding of the investment policy and the current and expected needs of the City, and its financial staff. We believe that a successful investment program focuses on the following elements:
• Duration. We strive to maintain duration (the portfolio's price sensitivity to changes in interest rates) within a defined range that reflects the City's return requirements and acceptable volatility. We will work with City staff to identify a target duration range to limit relative market risk. • Term Structure. Using the market outlook from our Economic and Market Analysis Committee and the output of our Horizon Analysis Model, the term structure for the portfolio is structured to prioritize the protection and return of the portfolio under both anticipated and unanticipated shifts of the yield curve over a six-month horizon. Depending on our outlook and market conditions, the portfolio may have a "laddered" structure, with equal allocations across permitted maturities, a "barbell" structure, with maturities concentrated in short and long maturities, or a "bullet" structure, with maturities concentrated around the target duration. As interest rates evolve, the Chandler team alters the maturity distribution of the portfolio based on the prevailing market conditions. • Diversification. Chandler will develop a well -diversified portfolio based on the City's investment policy.
Our sector allocation strategy provides broad diversification by sector and issuer and works to minimize exposure to credit risk. We can add considerable value through rotating sectors, thus identifying the best relative value at time of purchase. Additionally, if the City takes advantage of all sectors allowed by State Code, we will be able to bring our extensive credit and investment analytic capabilities to diversify the portfolio further and increase potential return.
• Credit Quality. We employ a robust credit analysis process that helps us identify investment opportunities in securities appropriate for the investment of public funds. We believe that each client should establish credit quality constraints that reflect the community's risk preference. These constraints may be more conservative than State Code. Within that framework, we will purchase securities that our credit and value analyses have identified as having value and being appropriate for the City's portfolio. We will limit our investment in corporate securities to highly rated companies, subject to the City's restrictions. • Total Return. We search diligently to add value at every stage in our process. We manage the portfolio to enhance return and long-term growth within the constraints of the City's risk profile and return objectives.
Finally, we strive to find the best execution for each transaction, seeking multiple price quotations on all purchases and sales.
• Security Selection. Chandler employs a proprietary credit analysis process designed to identify stable and improving credits while detecting weak and deteriorating credits to avoid or remove from client portfolios.
It includes both qualitative and quantitative aspects.
131 Page
856
CAt
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
• Periodic Rebalancing. With the passage of time, portfolio characteristics drift away from the desired structure. We rerun the Horizon Analysis Model monthly and rebalance the portfolio as markets and our investment process evolve to support our targeted performance.
Risk Tolerance and Performance Benchmarks
At the inception of the engagement with the City, Chandler's investment professionals will present characteristics of our investment strategies. In addition, they will conduct a benchmark study to analyze the risk and return characteristics of several benchmarks. An appropriate benchmark will reflect the City's investment objectives, permitted investments, risk tolerance, and liquidity requirements. The benchmark should have a similar duration, weighted average maturity, and credit profile as the portfolio. This analysis will help determine a suitable benchmark for performance measurement that aligns with the City's risk tolerance.
Benchmarks that some of our other public agency clients have selected, which may also be appropriate for the City include the Limited Maturity (1-3 year strategy) and the Short Term Bond (1-5 year strategy). While these are possible suggestions, our goal is to select the benchmark that is right for you. As such, we can discuss other possible benchmarks or even customize benchmarks for the City.
Investment Strategies
We have included performance for two of Chandler's composite strategies most commonly used by our public agency clients: Chandler's Limited Maturity (1-3 year strategy) and Short Term Bond (1-5 year strategy). These strategy composites are comprised of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE BofA 1-3 Year US Treasury Index and the ICE BofA 1-5 Year US Treasury & Agency Index, respectively, and a final stated maturity of individual securities of five years.
The performance of each strategy is compared to its appropriate benchmark. Performance statistics are reported based on GIPS. Our GIPS performance composites for both strategies and verification report are provided in the Appendix. These strategies have historically outperformed client benchmarks in rising, falling, and stable rate environments'.
Composite Performance - Gross and Net of Fees
Total Rate of Return as of March 31, 2026
One Three Five Ten Since
Year Years Years Years Inception
Chandler Limited Maturity (Gross)
4.15%
4.51% 2.25% 2.09%
420%
Chandler Limited Maturity (Net)
ICE BofA 1-3 Year U.S. Treasury Index
4.06% 4.42% 2.16% 2.44% 4.11%
3.75%
4.04%
L86%
1.78%
3.89%
Difference (Gross)
O.40% 0.47% 0.39% 0.31% 0.31%
Chandler Short Term Bond (Bross)
4.30% 4.47% 1.90% 2.02%
3.67%
Chandler Short Term Bond (Net)
ICE BofA 1-5 Year U.S. Treasury & Agency Index
4.21% 4.38% L81% 1.93% 3.58%
3.87%
3.93%
L49%
L70%
3.38%
Difference (Gross)
0.43% 0.54% 0.41% 0.32% 0.29%
Based on Chandler's Limited Maturity (1-3 year strategy) and Short Term Bond (1-5 year strategy) composites as of March 31, 2026. Please see the GIPS Composite Reports in the Appendix. Past performance is not indicative of future results. Performance is presented gross and net of investment management fees. *Net returns are for a sample fee of 9 basis points (0.09 of 1%). All investment strategies have the potential for profit or loss. Market conditions or economic factors may alter the performance and results of a portfolio. Performance for periods greater than one year is annualized. For one-on-one presentation only. Please refer to Important Disclosures in the Appendix. 141 Page
857
GN
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Market Analysis and Evaluation of Risk
The investment team employs an integrated multi -committee structure designed to facilitate effective analysis, decision-making, and consistent performance across strategies on an ongoing basis. The underlying committees have broad representation across the overall investment team to oversee breadth of input into the investment process. The entire investment team participates in semi-annual offsite meetings to discuss and evaluate strategic investment topics influencing both our portfolio strategies and our ability to partner with our clients to achieve investment objectives.
Economic and
Market Analysis
Committee
Credit
Committee
Investment Pool
Committee
Multi -Asset
Class Committee
Portfolio Strategy
Committee
Investment Management Team
William Dennehy 11, CFA
Co -Chief Investment Officer
Genny Lynkiewicz, CFA
Senior Portfolio Manager
Scott Stitcher, CFA, CMFC
Senior Portfolio Strategist
Karl Otto Meng, CFA
Portfolio Strategist
Scott Prickett, CTP
Jayson Schmitt, CFA
Co -Chief Investment Officer Co -Chief Investment Officer John McDowell, CFA, CMT
Senior Portfolio Manager
Steve Huntley, CPFO
Senior Portfolio Strategist
Kara Hooks, CTP
Portfolio Strategist
Carlos Oblites
Senior Portfolio & Investment
Pool Strategist
Chris Blackwood
Senior Portfolio & Investment
Pool Strategist
Daniel Delaney, CFA
Deputy Chief Investment
Officer
Alayne Marie Sampson, CTP
Portfolio Strategy Manager
Julie Hughes
Senior Portfolio Strategist
Aaron Nail, CFA Stephen Church
Portfolio Manager Trader
Rare Williams, CFA Kyle Perry
Associate Portfolio Manager Portfolio Strategist
Jason Washburn, CFA
Credit Analyst
• The Investment Risk Committee is the standing decision-making body within the Firm's overall investment governance framework charged with providing Firmwide oversight of portfolio risk, positioning, and strategy.
The Committee receives input from, provides governance over, and coordinates the output of the Firm's underlying sector and discipline specific investment committees (Economic and Market Analysis, Credit, Investment Pool, Multi -Asset Class, and Portfolio Strategy). The Committee establishes Firmwide risk budgets across investment strategies, including duration targets, sector allocation parameters, and term structure guidelines. The Committee monitors market liquidity, idiosyncratic risk across strategies, reviews portfolio and composite level performance, and ultimately provides the overall framework to deliver consistent, risk adjusted total returns over an investment cycle to our clients. • The Economic and Market Analysis Committee assesses the current and forward-looking macroeconomic environment to inform Chandler's tactical and strategic market outlook and support portfolio positioning across Chandler investment strategies. The committee is responsible for periodically updating our interest rate forecast, based on a six-month time horizon, to further support our outlook on markets and as inputs into the proprietary Horizon Analysis Model. Additionally, the committee is responsible for providing Chandler's growth, inflation, and monetary policy outlook to the Portfolio Management Risk Committee. • The Credit Committee evaluates issuers for inclusion, monitoring, and possible removal from the Firm's approved issuer list. In determining the suitability of a security, the Credit Committee analyzes company fundamentals with a focus on relative balance sheet strength and the overall earnings outlook of the issuer, paired with Chandler's view of the forward-looking macroeconomic environment. After determining the fundamental outlook of an issuer, the Credit Committee focuses on the relative value of current and historical spreads of both the issuer and its industry sector. Chandler's internal credit process is designed to identify and evaluate changing fundamentals and the current relative value of issuers versus sector peers. 151 Page
858
CAt
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
• The Local Government Investment Pool (LGIP) Committee oversees the risk management of our LGIP strategy, provides updates on money market indicators, presents key risk metrics, and establishes portfolio targets. The Committee is also responsible for preparing presentation material for pool performance, asset flows, and competitiveness.
• The Portfolio Strategy Committee creates investment topic discussions, attends local and national investment conferences, and provides information on relevant client discussions/questions. The Committee is responsible for communications, webinars, speaking engagements, quarterly reviews, and white papers. • The Multi -Asset Class (MAC) Committee prepares the Firm's capital market assumptions, basing them on the Firm's analysis of the global markets and our forward-looking outlook of the market environment. The committee then develops the Efficient Frontier and reviews and recommends initial and ongoing portfolio asset allocations and fund vehicles for our clients.
Fundamental and Technical Research
Chandler conducts nearly 100% research in-house. We augment our analysis with a variety of private research providers, including BCA Research, CreditSights, S&P IQ, Bloomberg, as well as additional research providers.
Internally developed, proprietary tools such as our Horizon Analysis Model and our credit review/security selection provide the foundation for Chandler's portfolio construction process. The team keeps abreast of sell - side research from a broad group of domestic and international investment banks. These tools not only provide data for our investment processes but allow our clients access to the most current and relevant market information. Chandler's professionals also conduct ad hoc research projects on issues concerning our industry and clients, such as changes in the brokerage world, studies on how legislative changes impact our clients, and research on new sectors or investment structures.
Proprietary Tools and Resources for Portfolio Construction Chandler's proprietary Horizon Analysis Model (the Model) is the quantitative foundation for the portfolio construction process. The Model enables our portfolio management team to integrate their research into the portfolio management process in a disciplined and repeatable way. Inputs to the Model include:
• Current yields on Treasury, agency, and corporate securities • Specific client constraints, such as maturity restrictions and maximum sector exposure • Nine different probability -weighted forecasted interest rate scenarios that may occur at the six-month horizon date. Our analysis of current macroeconomic conditions is one of the factors we consider as we develop the nine scenarios that comprise the third input to the Model.
INPUT AND CLIENT
CONSTRAINTS
J Yield Curves
J Constraints
J Scenarios
•
HORIZON
ANALYSIS MODEL
A combination of
our qualitative
insight and
quantitative
proprietary
algorithms.
Chandler's Investment Process
•
PORTFOLIO
STRUCTURE
J Duration
JTerm Structure
✓ Sector
Allocation
QUALITATIVE AND
QUANTITATIVE -
ANALYSIS AND
REVIEW
AL
SECURITY
SELECTION
✓ Quantitative
Ranking
✓ Qualitative
Analysis
✓ Relative Value
Analysis
161 Page
859
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Through an iterative process, the Model generates the most favorable portfolio structure (duration, maturity distribution, and sector allocation), which we define as the structure we expect will outperform the portfolio's benchmark over a wide range of possible future interest rate movements. The investment team then evaluates the portfolio structure using their expertise and judgment and may adjust as they begin portfolio construction.
This combination of a rigorous quantitative structure and experienced qualitative oversight is a hallmark of all of Chandler's portfolio management activities.
Periodic Rebalancing. Portfolio characteristics tend to drift from the desired structure with the passage of time.
The team reruns the Model each month, reevaluates the portfolio structure, and rebalances to obtain the desired sector allocation and duration target as market conditions change. In addition, the fixed income benchmarks used by our clients for performance measurement are reconstituted monthly; therefore, we realign our portfolios to confirm proper active sector, term structure, and duration allocation relative to the benchmark. As part of our active management approach, we will also adjust positioning when we find securities of superior value in terms of expected return, reduced risk, or adjust the credit quality of a holding for the portfolio.
In addition to our internal research tools and capabilities, the following external systems and software support our trading, portfolio accounting, and client reporting:
• CWAN (Formerly Clearwater Analytics): Provides 24/7 web and mobile access to customizable reports, holdings, transactions, ratings, performance calculations and other data. The City will benefit from a robust performance and accounting platform that will allow for greater transparency of the City's investment program.
• Bloomberg AIM - Order Management System: The compliance system used for pre -trade, post -trade, end -of -day compliance testing, and straight -through processing of investment transactions. The City's investment policy will be integrated into our platform to maintain compliance with State Code. The City will benefit from a holistic approach to compliance across the City's managed portfolio. • Bloomberg AIM - Effects of Security Purchases/Sale: Bloomberg AIM also allows the portfolio manager to test the effects that new securities will have on an existing portfolio. For example, the team can propose a trade in Bloomberg AIM and determine what impact the position will have on the portfolio's overall duration, sector allocation, and credit quality. In addition, we can perform an analysis on how a portfolio will be affected given a specified change in interest rates to monitor that the portfolio will continue to meet the objectives of the client. The City will benefit from our methodical approach to investment management and will have a portfolio that consistently tracks its strategic goals • Salesforce CRM: Contact management, portfolio settings, report distribution settings.
The City is not required to purchase any additional programs or software utilized for services under this engagement, relieving the need to allocate capital for portfolio construction, policy compliance, financial reporting, and other crucial aspects of managing your funds.
Credit Analysis and Review
Members of the Firm's Credit Committee conduct credit research as a team using a proprietary process designed to identify stable and improving credits. Although the Nationally Recognized Statistical Rating Organizations (NRSROs) determine the initial eligibility of a security, Chandler does not rely on these ratings to determine whether a security is suitable for a Chandler portfolio. Chandler's Credit Committee, with input from the entire investment team, further determines the suitability of an investment based on our own internal research and a thorough understanding of each client's investment objectives and risk tolerances. This combination of qualitative and quantitative analysis enables the team to identify and invest in securities consistent with our clients' objectives of safety, liquidity, and return.
171 Page
860
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
The dynamic nature of the process also provides the team with the ability to detect weak and deteriorating credits, which may be removed from client portfolios and Chandler's approved issuer list. In determining the suitability of a security, the Credit Committee analyzes company fundamentals with a focus on relative balance sheet strength and the overall earnings outlook of the issuer, paired with Chandler's view of the forward-looking macroeconomic environment. After determining the fundamental outlook of an issuer, the Credit Committee focuses on the relative value of current and historical spreads of both the issuer and its industry sector.
Chandler's Credit Process
External Inputs
• Issuer -specific fundamental analysis
• Industry research and analysis
• Macro -economic research
Credit
COMMITTEE
• Evaluates fundamentals
• Determines relative value
• Segments issuers into three tiers
• Establishes suitability by strategy
•• Research Reports
• •• Relative Value Analysis
•
• Investment Recommendations
• Approved Issuer List
•
Investment Committee and CIO Review
The Credit Committee meets regularly to rank corporate issuers into three tiers and categorizes those securities based on individual client risk tolerance and policy guidelines. Each sector and issuer are reviewed at least quarterly. The goal is to proactively identify and invest in stable and improving credits, while avoiding deteriorating credits.
Monthly and Quarterly Reporting
Chandler uses CWAN for portfolio accounting and reporting. We provide monthly statements that include a management summary of portfolio characteristics, performance, and full accounting details, including detailed portfolio holdings, transactions, accruals, interest received, original cost, amortized cost, market value, book value, cash flow summary, maturity, ratings breakdown, and more. Monthly statements are available online via the Chandler client portal. Chandler's quarterly investment reports are designed to foster a two-way dialogue between Chandler's investment professionals and your finance staff. They begin with a concise economic update and an overview of key market indicators. Following these pages is a review focusing on investment objectives, performance objectives, and both current and suggested strategies to capture additional yield or provide for cash flow needs. Reports are prepared in accordance with state law and the Governmental Accounting Standards Board (GASB) and are compiled to meet your specific needs. We provide mark -to -market fair value pricing for securities in accordance with GASB 31. Performance for your portfolio will be calculated and reported in compliance with the CFA Institute's Global Investment Performance Standards (GIPS®). We provide 24/7 online access to our portal, which is also designed to be viewed on mobile devices.
Monthly Statements: Monthly statements include a summary of portfolio characteristics, performance, and full accounting details. Chandler's monthly statements conform to reporting standards required under State Code and other guidelines from governing public investments. Statement details include full asset listings including fair market value of investments, issuer, maturity date, interest rate, transactions for the period, and a description of the funds and investment programs. In addition, Chandler offers its clients transparency through a Statement of Compliance with state legal requirements and the investment policy, and a one-page summary with portfolio characteristics and total return for various periods compared to market benchmarks. 181 Page
861
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Portfolio Reports Accounting Reports
Portfolio Characteristics Security Holdings
Account Summary Detail
Sector Allocation
Maturity Distribution
Credit Quality
Total Rate of Return
Transactions
Amortization/Accretion
Interest Income and Accruals
Realized & Unrealized Gains and Losses
GASB 40 & 72 Reporting
In addition, Chandler's reports will detail the following:
• A holdings report, showing security description, par value, cost value, book value, market value, accrued interest, gain/loss, book yield, duration, maturity, Moody's, Fitch, and S&P ratings, and percent of portfolio for each holding.
• A cash flow projection from upcoming maturities and interest payments. • A transaction ledger that reports all acquisitions, dispositions, interest payments, cash contributions and withdrawals, and any other transactions for the period. • An earned interest report, displaying all interest earnings, including accrued and received interest, amortization, and accretion in a detailed form and summarized.
Quarterly Reports: We present quarterly investment reports designed to facilitate discussion between Chandler's investment professionals and the City's staff and stakeholders. The reports provide current economic data, portfolio characteristics, return for both aggregate and individual portfolios, compliance statements, and a summary of accounts under management using graphs, charts, and illustrations. We provide this report for our regular presentations to the City. Sample reports are provided in the Appendix.
Ad -Hoc Reporting: The City will have direct access to a team of dedicated partners at Chandler. If there are ad- hoc reporting requirements, a package can be created for the City that addresses specific needs. Chandler's professionals excel at the type of communication required to provide full transparency of your investment portfolio and to assist with translating the details of the entire investment program efficiently and effectively.
Portfolio Monitoring and Compliance Certification
Chandler uses robust order management (OMS) and portfolio compliance software from Bloomberg AIM for overseeing compliance with client objectives, policies and legal requirements on a pre -trade, post -trade and end - of -day basis. At the inception of an engagement, a member of the compliance team codes each element of the investment policy and guidelines into the Bloomberg system. Since each trade originates in the system, pre -trade compliance testing is generated each time a portfolio manager prepares to execute a transaction. The system prohibits execution of the trade if it does not comply with your investment policy. If an "alert" is triggered for non- compliance, it cannot be overridden by an investment manager and is escalated for review by compliance professionals.
Oversight of portfolio compliance and trade order management is conducted by Chandler's dedicated Compliance Department, headed by Chief Compliance Officer, Michael Rasmussen, JD, and which functions separately from the portfolio management team under the appropriate segregation of duties. As a part of our regular process of policy and guideline monitoring, we provide clients with a monthly detailed Statement of Compliance, based on our complete review of our clients' investments. This report details adherence to requirements such as permitted investments, minimum credit quality, maximum maturities, and concentration limits. This Statement also serves as an effective means of reporting compliance to the governing body. 191 Page
862
GN
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Sample Statement of Compliance
STATEMENT OF COMPLIANCE
Sample Account' Account 5000000 As of December 31, 2025 CM
CHANDLER
ASSET MANAGEMENT
Rules Name
Limit Actual
Compliance Notes
Status
Min Rating (AAA by2)
MORTGAGE-BACKED SECURITIES {NON -AGENCY)
Max % {MV]
Max % Issuer {MV}
Max Maturity (Years(
Min Rating (AA- by 1)
MUNICIPAL SECURITIES {CA, LOCAL AGENCY]
0.0 20.0
5.0 5.0
0.0 0.0
0.0 0.0
0.0 0.0
Compliant
Compliant
Compliant
Compliant
Compliant
Max %{MVS 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 2.0 Compliant
Max % Issuer (MV( 5.0 2.5 Compliant
Max Maturity(Years) 5 1 Compliant
Min Rating (A-by1) 0.0 0.0 Compliant
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 or A-by1if> FDIC Limit( 0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max Maturity(Years) 1.0 0.0 Compliant
SRI PROHIBITED
P rahibited Investments - Frearms 0.0 0.0 Compliant
Pmhihited Investments - Tobacco 0.0 0.0 Compliant
This sample report is being provided for illustrative purposes to demonstrate Chandler's reporting capabilities. Elements of the Compliance Report are representative of investment guidelines promulgated by State Law or the entity's investment policy.
In the event of a compliance violation, the details and actions taken to correct the violation would be detailed in this report.
Further procedures to confirm compliance with state laws, your investment policy, objectives, and directives include:
• A daily reconciliation of transactions and cash balances with custodian information • A month-end review of the portfolio to confirm compliance with the Investment Policy • A comprehensive weekly process to confirm that the credit quality meets your policy standards as well as our strict quality requirements
• A portfolio structure that satisfies liquidity objectives with short -maturity securities and return objectives with higher duration investments
• Frequent communication between our team and yours to help us stay informed of any new developments that may modify your objectives
• Meetings with your staff as frequently as you choose to provide additional opportunities to review portfolio composition and performance at a high level
Through Bloomberg AIM's integration, Chandler enhances its workflow automation and improves synchronicity with our clients' internal accounting and portfolio management systems for more centralized and efficient operations. The Bloomberg AIM system provides seamless data integration that improves trading and compliance, and post -trade automation such as trade and security master file (SMF) data automatically sent to our accounting system. Its compliance monitoring features calculates and monitors asset class exposure, as well as issuer size and concentration.
201 Page
863
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Broker/Dealer Selection and Monitoring
Chandler's investment management team maintains an active, productive relationship with the broker-dealer community to promote an ongoing flow of market information and to execute trades for our clients at competitive prices. Chandler executes security transactions on a transparent and highly competitive basis, in accordance with our commitment to best execution.
On a given day, various factors may combine to generate the best price for a given transaction, including current dealer inventories, dealer profit/loss positions, and individual dealer sentiments about the market. No one dealer will consistently provide best execution. For that reason, we monitor and compare inventories and prices from each of our broker-dealers. Our broker-dealer relationships and competitive bid process provide market access for our clients that they would likely not achieve on their own, resulting in an incremental net financial advantage over time and an additional source of value in selecting Chandler as investment manager. This process includes:
• Working with a broad range of security broker-dealers that provide a high level of market liquidity and product inventory.
• Reviewing the credentials and regulatory background of each broker-dealer firm and their employees with whom we trade using FINRA's online BrokerCheck System.
• Consistently placing several dealers in competition by seeking a minimum of three quotations that are documented on trade tickets made available to clients the same day trades occur.
Meetings
Meetings will be held with the City's staff at least quarterly. Investment professionals and client service team members will review the investment portfolio, discuss any upcoming legislation, and inquire about any internal changes to your requirements. At times, extra meetings are required when City Council members request additional presentations. Chandler's team maintains the flexibility to meet with you as needed and will also attend any ad hoc or special meetings to present on fixed income topics throughout the year.
Depending on the meeting agenda, one or more of following team members will represent the Firm: Karl Otto Meng, CFA, Portfolio Strategist and Mia Corral Brown, Regional Director.
Serve as a General Resource for City Staff
We will keep you fully informed of investment strategies, market conditions, and developments that are relevant to your investment program and could potentially impact you from a risk, opportunity, operational and statutory perspective. We will meet with your staff quarterly either in person or in a secure virtual setting. Our investment professionals will also be available by phone during business hours. Chandler's professionals excel at the communication required to provide full transparency of your investment portfolio and assist with translating the details of the entire investment program efficiently and effectively to the City's finance staff, City Council, and other stakeholders.
We will provide educational presentations based on best practices of public financial management. We have developed educational materials on a wide range of investment topics, including risk, duration, benchmarking and total return, corporate credit analysis, accounting, and others. Learning opportunities are offered quarterly via webinars and are available for continuing professional education (CPE) credits. 211 Page
864
GM
CHANDLER
ASSET MANAGEMENT
COST PROPOSAL & SCHEDULE
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Cost proposals shall be submitted as a separate file and not incorporated into the proposer's response file.
Our cost proposal has been submitted as a separate file.
Our proposed fee schedule is all-inclusive for the services that Chandler provides, including full-time investment advisory and portfolio management services, technological resources, onboarding and implementation, online access to our client portal, comprehensive reporting, meetings, personal visits, educational offerings for your staff, and the additional support services described in Chandler's proposal. Chandler does not charge fees on funds held in Local Government Investment Pools. We charge 1 basis point (0.01%) to report on assets that are not under our direct management. Fees are firm for the entire initial contract term and the City will not be subject to any increases during this period.
Our fee schedule does not include charges the City would incur for third -party custodial services, which, as an important control in the investment process, are not provided by Chandler.
The employees to be assigned are described in the two previous sections. Portfolios are managed on a team basis and we do not assign person -hour costs.
There will be no subcontractors used in this engagement.
Key implementation and engagement tasks are provided below:
Implementation Tasks
Investment Program Implementation from Notice of Award
• Execute investment management agreement
• Complete opening documentation
• Establish or review the custodial relationship
• Determine sources of funding
Strategy Development
• Review investment policy
• Analyze cash needs
• Discuss investment objectives
• Assess risk parameters
• Create a customized investment strategy
• Draft management directive
Preparing to Invest
• Finalize management directive
• Set up read-only access to a custodial account
• Build assets in Chandler trading and accounting systems • Assign Chandler client portal credentials and conduct a portal demonstration • Train City staff on Chandler's reporting portal
• Establish trading rules with the Chandler Compliance team Investment of Funds
• Confirm (if required) with the City and execute the funding strategy for initial purchases • Carry out active, discretionary investment to maintain target portfolio structure • Communicate regularly with staff; provide monthly reports and quarterly formal portfolio reviews
221 Page
865
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Key Engagement Tasks
Investment Policy Review. At the inception of the relationship, Chandler's investment professionals will extensively review the City's investment policy to confirm it encompasses the latest requirements of State Code, industry best practices, and management directives. In addition, we will perform an annual formal review of the City's investment policy for updates to reflect the latest changes to State Code, and incorporate your objectives and cash flow needs that may change over time.
Cash Flow Analysis. Chandler will conduct a statistical analysis of City's cash usage and will factor in any known budgetary events to project future balances and quantify liquidity needs. Additionally, Chandler will identify opportunities to enhance investments by allocating resources to longer -duration strategies within the investment program.
Establish an Appropriate Performance Benchmark. We will identify an appropriate benchmark for operating reserves, capital improvement funds and debt service reserve to measure portfolio outcomes that are in line with an overarching investment strategy designed to meet your risk tolerance and return expectations.
Provide Credit Analysis of Investment Instruments in Portfolio. Before purchasing any securities, Chandler will conduct a thorough credit analysis on every security considered for the City's investment portfolio. We will communicate changes to keep your staff informed of market conditions or significant developments in the City's portfolio.
Comprehensive Investment Management. Chandler will provide discretionary investment management services for the City pursuant to the standard of care required as a fiduciary. We will collaborate with the City's staff to create and deploy customized investment strategies designed to address your specific needs. We will monitor investment opportunities and evaluate investments in the portfolio within the scope of a comprehensive strategy for safety, liquidity needs, and return. We will rebalance the portfolio appropriately to be resilient under changing economic conditions, looking to enhance safety', liquidity, and long-term return.
Regularly communicate and meet with the City's staff and be available for board meetings as needed. Chandler will meet with staff quarterly and be available to address policy makers per the City's requirements. We encourage ongoing discussions with your staff to keep your investment strategy aligned with your understood goals and objectives while remaining flexible enough to propose innovative solutions as your needs evolve.
Compliance Monitoring. We will monitor your portfolio for compliance with your investment policy, state law, and any additional directives. When we begin our relationship with the City, Chandler's compliance personnel will hard -code each specific element of the investment policy and any additional client directives into the system for the portfolio.
Reconciliation with Custodian Records and Settlement. Chandler's operations team performs daily reconciliations of cash balances and positions in all accounts. The team also invests in tools and technology to support the portfolio management process and simplify investment reporting and compliance.
Custodian Bank/Safekeeping Review and Selection. As part of our services, we can assist in setting up custodial and safekeeping arrangements. Your Relationship Manager will review your current custodial arrangement (if any), including contractual arrangement, services provided, your satisfaction with the services, and their cost. We can make recommendations for revisions in your existing relationship or assist in selecting a new custodian that best meets your needs.
Best Execution, Settlement, and Documentation. Chandler executes approved securities transactions on a transparent and highly competitive basis in accordance with our commitment to best execution and documents the quotes we receive. All trades will be settled at the third -party custodian bank using delivery -versus -payment (DVP) procedures.
23 1
866
GM
CHANDLER
ASSET MANAGEMENT
Request for Proposals for
Investment Management and Advisory
CITY OF PLACENTIA
Client Education. We will provide educational presentations based on best practices of public financial management. We have developed educational materials on a wide range of investment topics, including risk, duration, benchmarking and total return, corporate credit analysis, accounting, and others. Learning opportunities are offered quarterly via webinars and are available for continuing professional education (CPE) credits.
Serve as a General Resource for City Staff. We will keep you fully informed of investment strategies, market conditions, and developments that could impact you from a risk, opportunity, operational and/or statutory perspective. We will meet with your staff quarterly either in person or in a secure virtual setting. Our investment professionals will also be available by phone during business hours. Chandler's professionals excel at translating the details of the entire investment program efficiently and effectively to the City's finance staff, City Council, and other stakeholders.
PROPOSED EXCEPTIONS
Describe all proposed exceptions, alterations or amendments to the Scope of Services or other requirements of this RFP, including the Sample Contract (Exhibit A).
Chandler does not have any exceptions to the terms described in the City's sample professional services agreement. However, please refer to the Appendix for our Proposed Additional Terms for Agreement and Sample Investment Services Contract.
241 Page
867
CA%
Chandler Asset Management
Appendices
868
CAS
Form ADV, Parts 1 and 2A and Privacy Notice
869
For additional disclosures (Form ADV), please see https://adviserinfo.sec.gov/firm/summary/107287 .
If you have any further questions, please reach out to your relationship manager. 870
Rev [06/2025]
WHAT DOES CHANDLER ASSET MANAGEMENT, INC. DO
WITH YOUR PERSONAL INFORMATION?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security number and investment experience
• Account balances and transaction history
• Assets and income
When you are no longer our customer, we continue to share your information as described in this notice.
All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Chandler chooses to share; and whether you can limit this sharing.
Reasons we can share your perso
Does Chandler share?
Can you limit this sharing?
For our everyday business purposes—
such as to process your transactions, maintain
your account(s), respond to court orders and legal
investigations, or report to credit bureaus
For our marketing purposes—
to offer our products and services to you
For joint marketing with other third -party financial
companies
For our affiliates' everyday business purposes—
information about your transactions and experiences
For our affiliates' everyday business purposes—
information about your creditworthiness
Yes
Yes
No
Yes
No
For our affiliates to market to you Yes
For non -affiliates to market to you No
Questions?
Call (858) 546-3737 or go to www.chandlerasset.com
No
No
We do not share
No
We do not share
No
We do not share
871
CHANDLER ASSET MANAGEMENT, INC.
What we do
How does Chandler protect my personal To protect your personal information from unauthorized access information? and use, we use security measures that comply with federal law.
These measures include computer safeguards and secured files and buildings.
How does Chandler collect my personal We collect your personal information, for example, when you information?
Why can't I limit all sharing?
■ Open an account or enter into an investment advisory agreement ■ Give us your income information and your contact information ■ Tell us about your investment or retirement portfolio We also collect your personal information from other companies Federal law gives you the right to limit only
■ sharing for affiliates' everyday business purposes—information about your creditworthiness
■ affiliates from using your information to market to you ■ sharing for non -affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. [See below for more on your rights under state law.] Definitions
Affiliates
Non -affiliates
Joint marketing
Companies related by common ownership or control. They can be financial and nonfinancial companies.
■ Chandler Asset Management, Inc. is affiliated with Chandler Distribution Services, LLC, a registered broker-dealer.
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
■ Chandler Asset Management, Inc. does not share with non -affiliates so they can market to you
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
■ Chandler Asset Management, Inc. doesn't jointly market.
NIWIPIMIRMIPPRIPMPRIMMI
Information for Vermont, California and Nevada Customers In response to a Vermont regulation, if we disclose personal information about you to non-affiliated third parties with whom we have joint marketing agreements, we will only disclose your name, address, other contact information, and information about our transactions or experiences with you.
In response to a California law, we automatically treat accounts with California billing addresses as if you do not want to disclose personal information about you to non-affiliated third parties except as permitted by the applicable California law. We will also limit the sharing of personal information about you with affiliates to comply with all California privacy laws that apply to us.
Nevada law requires us to disclose that you may request to be placed on our "do not call" list at any time by calling 1- 831-759-6300. To obtain further information, contact the Bureau of Consumer Protection, Office of the Nevada Attorney General at 555 E. Washington Ave., Suite 3900, Las Vegas, NV 88101; phone 1-702-486-3132; email BCPINFO(cDaq.state.nv.us
872
CM
Professional Biographies
873
William Dennehy II, CFA
Co -Chief Investment Officer
`'„CHANDLER
ASSET MANAGEMENT
William Dennehy II is a Co -Chief Investment Officer at Chandler Asset Management and maintains multiple leadership responsibilities at the firm, including being a member of the Executive Leadership Team since 2016, focused on setting the overall strategic direction of the firm. Specific to the investment team, William co-chairs both the Economic and Market Analysis Committee as well as the Risk Committee and is also a voting member of the firm's Credit Committee and Multi -Asset Class Committee. In addition to his responsibilities in helping to lead the investment team, he is also actively involved with specific client relationships to implement portfolio strategies and securities trading. Of particular emphasis during his time at Chandler, which began in 2011, has been collaborating with clients to expand their investment mandates in an effort to identify more creative and robust investment strategy solutions to meet client goals.
Prior to joining Chandler, William spent 10 years working for Northern Trust Global Investments in Chicago, IL, most recently as a Senior Portfolio Manager and Vice President, with a wide range of responsibilities in asset allocation, quantitative and qualitative analysis, and trading in client accounts. William began his investment career in New York City, working for several financial institutions, including Kidder Peabody, Swiss Bank, and UBS, primarily trading short term interest rate products to support the overall capital market operations of the respective institutions.
William earned his B.S. in Business Administration with an option in Finance from California State University at Chico. He is a member of the CFA Institute and the CFA Society of San Diego and holds the designation of Chartered Financial Analyst (CFA).
Scott Prickett, CTP
Nit Co -Chief Investment Officer
Scott Prickett is a Co -Chief Investment Officer. He is responsible for managing the Portfolio Strategist Team as well as building and maintaining client relationships with a focus upon developing and enhancing client investment programs. Scott actively participates in the portfolio management process and meets with clients on a regular basis to review their accounts, portfolio activity, portfolio strategy and financial markets. Scott started his investment industry career in 1987, with a focus largely on managing short-term fixed income strategies for governmental and institutional non-profit clients.
Prior to joining Chandler, Scott was Managing Director and Portfolio Manager at Davidson Fixed Income Management. Scott was directly responsible for managing over $750 million in client assets and had management responsibilities over multiple business units with combined total assets of over $5 billion. These included taxable and tax-exempt SMA programs, a Local Government Investment Pool (LGIP) and SeaCap Investment Advisors. At ALPS Mutual Fund Services, Scott played a key role in developing two SEC registered mutual funds. Scott also spent two years at Pacific Investment Management Company (PIMCO) as a fixed income Portfolio Specialist for over $1.4 billion in assets.
Scott earned his B.S. in business administration with an emphasis in finance from the University of Northern Colorado. Scott has earned the Association of Financial Professionals designation as a Certified Treasury Professional (CTP) and is a frequent speaker for various local and national organizations. 874
CMCHANDLER
ASSET MANAGEMENT
�.. Y Jayson Schmitt, CFA
Co -Chief Investment Officer
Jayson Schmitt is a Co -Chief Investment Officer at Chandler Asset Management. In addition to his duties as a Co -CIO, he oversees daily trading. He has been instrumental in the development and integration of quantitative analytic tools for the portfolio management process. Jayson co-chairs both the Quantitative Analysis Committee and Multi -Asset Class Committee and is also a member of the Economic and Market Analysis Committee.
Prior to joining Chandler in 1995, Jayson was employed as a Financial Analyst with USA Federal Credit Union in San Diego, managing a $100 million liquidity book. His responsibilities there also included asset/liability management.
Jayson earned his B.A. in economics from San Diego State University. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst.
Cri/: Daniel Delaney, CFA
Deputy Chief Investment Officer
Daniel (Dan) Delaney is a Deputy Chief Investment Officer at Chandler Asset Management. He plays a pivotal role in investment strategy development and portfolio risk management alongside the Co -CIOs and is responsible for implementing portfolio strategy and securities trading in client accounts. Dan is co -Chair of the Sector Committee and a member of both the Credit Committee and the Economic and Market Analysis Committee.
Prior to joining Chandler in 2021, Dan was a Senior Portfolio Manager with Allianz Global Investors, based in New York, responsible for managing Global Credit mandates. He also spent ten years as a Global Credit Analyst and Portfolio Manager with Rogge Global Partners, both in London and New York.
Dan earned a B.A. (Honors) degree in Business Economics from the University of Exeter, UK. He holds the designation of Chartered Financial Analyst (CFA).
Genny Lynkiewicz, CFA
Senior Portfolio Manager
Genny Lynkiewicz, CFA is a Senior Portfolio Manager and joined the firm in 2015. Genny has over 25 years of experience in the finance industry specializing in fixed income investments. She is responsible for implementing portfolio strategy and securities trading in client accounts.
Prior to joining Chandler, Genny worked at BMO Asset Management in Chicago where she managed over $8 billion in taxable 2a-7 money market funds (BMO Prime and Government Money Market Funds), securities lending portfolios, and separately managed accounts. She also served as the asset-backed commercial paper analyst at M&I Investment Management.
Genny earned a B.B.A. in Finance, Investment & Banking, and a Certificate in International Business from the University of Wisconsin, Madison. She holds the designation of Chartered Financial Analyst and is a member of the CFA Society of San Diego. Genny also serves on Chandler's Risk, LGIP, and Economic and Market Analysis Committees.
875
CMCHANDLER
ASSET MANAGEMENT
John McDowell, CFA, CMT
Senior Portfolio Manager
John McDowell is a Senior Portfolio Manager at Chandler Asset Management. He is responsible for implementing portfolio strategy and securities trading in client accounts and contributing to the firm's market outlook.
Prior to joining Chandler in 2023, John spent eleven years performing fundamental company and market research and analysis and portfolio management at an investment management firm in Santa Monica and the Irvine Company in Newport Beach. John was also an equity trader with a private practice for five years.
John earned a B.S. degree in Electrical Engineering from the University of Southern California and an M.B.A. from the New York University Stern School of Business. He holds the designation of Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT).
Chris Blackwood
Senior Portfolio and Investment Pool Strategist
Chris Blackwood joined Chandler in 2024 as a Senior Portfolio and Investment Pool Strategist. He brings more than 25 years of experience in the financial services industry, with a focus on local government investment pools (LGIPs), separately managed accounts and bond proceeds portfolios.
Prior to joining the firm, Chris was a managing director at PFM Asset Management, providing investment advisory services to local governments throughout the Rocky Mountain region. His experience also includes serving as an administrator and/or portfolio manager for three LGIPs; as a research director for several bond underwriting firms; and as a senior economist to the Governor of Colorado. He is the author of four books, including his most recent publication, Investing Public Funds in Colorado, a definitive guide to permitted public investments in the Centennial State.
Chris holds a Bachelor's and Master's degrees in economics from the University of Colorado and has executive education from the University of Denver and the Massachusetts Institute of Technology.
Steve Huntley
Senior Portfolio Strategist
Steve Huntley joined Chandler in March of 2025 as a Senior Portfolio Strategist. His responsibilities include maintaining relationships with clients and helping guide their portfolios through varying market cycles.
Prior to joining Chandler, Steve served as the Director of Finance and Administration at the City of Farmersville in Central California while holding multiple leadership roles in the broader financial industry. He served on the Board and the Executive Committee of Central San Joaquin Valley Risk Management Authority (CSJVRMA) for more than a decade, including a term as President from 2020 to 2022. He also served on the board of the California Affiliated Risk Management Authority (CARMA, an excess liability JPA) from 2019-2025 and helped found CARMA's Captive Insurance Company, California Affiliated Risk Management Authority Captive (CARMAC). Steve has six years of private -sector investment experience from Capital Group and Cambridge Investment Research.
Steve is an active member of the Professional Standards Committee with CSMFO and the Finance Committee with CAJPA. He is also the chair of the Portfolio Strategy Committee at Chandler Asset Management.
Steve graduated from Biola University with his B.S. in Business Administration Management. He holds his FINRA Series 65 registration, is a Certified Public Finance Officer (CPFO) through the Government Finance Officers Association (GFOA), and is a Senior Certified Professional (SCP) through the Public Sector HR Association (PSHRA). When Steve isn't assisting clients, he enjoys hiking, camping, and snowshoeing with friends and family and visiting national parks (nearly 30 and counting!)
876
Julie Hughes
Senior Portfolio Strategist
CMCHANDLER
ASSET MANAGEMENT
Julie Hughes, Senior Portfolio Strategist, has more than 30 years of experience of finance, strategy, and client relationship management experience. Julie works extensively with clients to develop and implement investment strategies for operating funds and bond proceeds. She is a frequent speaker at industry conferences and regularly writes the Firm's economic and market commentary. She is a member of Chandler's Economic and Market Analysis Committee and Qualitative analysis Committee.
Prior to joining Chandler, Julie worked as a fixed income portfolio manager, municipal advisor, and municipal credit analyst for Davidson Fixed Income Capital Management, where she served as a portfolio strategist for the City of Tamarac. She has deep expertise with structured products and hedging interest rate risk for municipal dept. In addition to advising the public sector, Julie has held positions in corporate strategy and management consulting.
Julie earned an M.B.A. from the Wharton School of the University of Pennsylvania and a B.A. in Marketing from the University of Texas of Austin.
Carlos Oblites
Senior Portfolio and Investment Pool Strategist
Carlos Oblites is Senior Portfolio Strategist and Investment Pool Strategist at Chandler Asset Management. He is responsible for building and maintaining client relationships with public agencies along with participating actively in the portfolio management process. Carlos has over 30 years of investment and financial experience, focused largely on managing short-term fixed income and pension strategies for governmental and institutional non-profit clients.
Carlos currently serves on the firm's Local Government Investment Pool Committee. He also serves as a member of the Government Finance Officers Association's (GFOA) Committee on Retirement and Benefits Administration (CORBA), which tracks new industry practices, regulatory and legislative developments, and issues best practices to assist public pension and personnel officers effectively manage state and local retirement funds and employee benefits.
Prior to joining Chandler, Carlos served as the Administrative Services Manager at Central Marin Sanitation Agency (CMSA) and was responsible for all aspects of the Agency's financial, human resources, administrative support, and information systems activities. He also has significant expertise in serving California public agencies, healthcare, and insurance clients through his roles as Director at PFM Asset Management, and as a Principal at Wells Capital Management. Previous responsibilities include managing institutional client relationships and developing, implementing, and monitoring customized investment strategies for operating funds, bond proceeds, pension, and post-retirement funds. Carlos has also worked as a teacher for the Long Beach Unified School District.
Carlos holds a B.A. degree in History from the University of California, Santa Barbara, and earned a M.B.A. from San Francisco State University. He holds the FINRA Series 7, 63, and 65 licenses.
Alayne Marie Sampson, CTP
Portfolio Strategy Manager
Alayne Marie Sampson, CTP, joined Chandler Asset Management in 2022 as a Senior Portfolio Strategist, bringing a dynamic combination of business acumen, market knowledge and insatiable curiosity to the firm. During her 20+ year career, Alayne Marie has held roles in process improvement and systems analysis, marketing, operations and multiple facets of finance, making her a go -to resource for clients and colleagues alike.
One of her favorite ways of supporting clients is helping them understand market conditions and the broader economy so they can put public funds to their best and highest use within communities. She is known for being an excellent presenter and is frequently invited to speak at industry events and educational sessions.
Alayne Marie is a graduate of Cornell University with her B.A. in Women's Studies. She holds the FINRA Series 65 registration and the Certified Treasury Professional (CTP) designation.
877
‘t.
Scott Stitcher, CFA, CMFC
Senior Portfolio Strategist
CMCHANDLER
ASSET MANAGEMENT
Scott Stitcher joined Chandler in 2025 as a Senior Portfolio Strategist in the Clearwater, Florida office. As a member of the Chandler Investment Team, he is responsible for building and maintaining client relationships with public entities, along with participating actively in the portfolio management process.
Scott has 28 years of investment experience, focused largely on working with governmental, corporate and non-profit clients.
Before joining Chandler, Scott was a director at PFM Asset Management (PFMAM), a division of U.S. Bancorp Asset Management, Inc. where his focus was primarily on providing a broad range of investment advisory and consulting services, including developing investment strategies, modeling cash flows; and reviewing portfolio performance and investment policy development for operating, reserve, bond proceed and multi asset class portfolios.
Before joining PFMAM, Scott was a senior investment consultant with the Newport Group, Inc. where he was responsible for institutional retirement plan clients. Prior to the Newport Group, Scott was a senior vice president and director in Institutional Client Management with Evergreen Investments, the asset management division of Wachovia (later Wells Fargo). In that position he worked with clients on the planning, implementation and ongoing supervision of their investment strategies.
Scott graduated from West Virginia University with a degree in Finance with an emphasis on Security Markets and Investments. Scott is a member of the CFA societies of Atlanta and Orlando and holds the designation of Chartered Financial Analyst (CFA). Additionally, he holds the Chartered Mutual Fund Counselor (CMFC) designation previously awarded by the College for Financial Planning, now part of Kaplan, Scott holds the FINRA series 7 and 63 licenses.
Karl Otto Meng, CFA
Portfolio Strategist
Karl Otto Meng joined Chandler Asset Management in 2022 as a Portfolio Strategist, bringing extensive market and economic expertise to the firm. He is an integral member of the Investment Management Team, actively contributing to portfolio management and cultivating client relationships. Karl also serves on the Economic and Market Analysis Committee and provides regular written economic commentary for both internal use and broader distribution. His primary focus is identifying and communicating key investment themes and trends for integration into client portfolios.
With over 18 years of experience spanning Fixed Income Institutional Sales & Trading and Portfolio Strategies, Karl brings a deep understanding of the fixed income markets. Prior to joining Chandler, he was Vice President at Vining Sparks IBG LP, responsible for establishing and maintaining trading relationships with government entities and institutional asset managers. Karl holds a B.A. in Economics from San Diego State University and currently holds FINRA Series 7, 63, and 65 licenses. He holds the designation of Chartered Financial Analyst. 878
Stephen Church
Trader and Assistant Portfolio Manager
CMCHANDLER
ASSET MANAGEMENT
Stephen Church joined Chandler in 2022 as an Assistant Portfolio Manager. He is responsible for supporting the investment management team with portfolio and fixed income research as well as assisting with trading and reporting issues. In addition to assisting with the implementation of portfolio strategies, he is a member of the Quantitative Analysis Committee and the Credit Committee.
Previously, Stephen worked as an Associate Portfolio Manager at Hearthstone Wealth Management where he provided research on economic and market conditions, trends, asset classes, individual investments, and investment strategies as well as assisted in investment model construction, implementation, management, and maintenance. Prior to working at Hearthstone, he worked at Fisher Investments as a Research Analyst within the Portfolio Evaluation Group.
Stephen graduated from the University of Arizona in 2012 with a B.S. in Business Administration. Stephen is currently pursuing the Chartered Financial Analyst® designation.
Aaron Nail, CFA
Portfolio Manager
Aaron Nail joined Chandler in 2022 as an Assistant Portfolio Manager. He is responsible for supporting the investment management team with portfolio and fixed income research as well as assisting with trading and reporting issues. In addition to assisting with the implementation of portfolio strategies, he is a member of the Sector Committee and Credit Committee.
Previously, Aaron worked as a Capital Markets Analyst at Wells Fargo Securities where he was responsible for assisting traders with new issues, repricing current securities, and placing trades with other primary dealers. Aaron was also providing economic and fixed income research to trading, sales and upper management.
Aaron graduated from the University of North Carolina at Charlotte in 2016 with a B.S. in Finance. He holds the FINRA Series 7 and 63 registrations. He is a member of the CFA Institute and the CFA Society of San Diego and holds the designation of Chartered Financial Analyst (CFA).
Kara Hooks , CTP
Portfolio Strategist
Kara Hooks, CTP, joined Chandler Asset Management in 2012 as an administrative assistant and has had a front row seat to the firm's growth ever since.
Within a year of joining the team, she was tapped to help build and grow the firm's client service function, instilling the values of proactive communication, fiduciary responsibility, and doing right by every client into the company's core values.
When she moved from the Client Service Director role to the investment side of the business to become a Portfolio Strategist in 2022, she took those client -centric fundamentals with her. Today, she serves as a primary contact for public agency finance staff across the Western region of the U.S., helping clients understand current market dynamics, choose appropriate investment strategies, update investment policies in line with government code, and build investment programs that benefit their communities.
Kara graduated with her B.A. in communication, emphasis in public relations, from University of the Pacific and earned her M.A. in communication from San Diego State University. Kara was awarded the CFA Institute's Investment Foundations Certificate (formerly Claritas® Investment Certificate) in 2013.
She holds the FINRA Series 65 license and the Certified Treasury Professional (CTP) designation. She is a frequent speaker for various local and national organizations.
879
Kyle Perry
Portfolio Strategist
CMCHANDLER
ASSET MANAGEMENT
KKyle joined Chandler in 2024 as an Associate Portfolio Strategist. He actively participates in the portfolio management process with a focus on building and maintaining client relationships. He is responsible for identifying and communicating key investment themes and trends for implementation into client portfolios.
Prior to joining Chandler, Kyle owned a commercial insurance business and worked as an investment advisor and broker with Farm Bureau. He holds the FINRA SIE and Series 6, 7, and 65 registrations.
Kyle was a Division I football player for the University of Idaho, where he graduated with a B.S. in Finance in 2020, and earned his Master's in Finance from the University of Colorado in 2024. In his spare time, he coached high school football and baseball while studying for his FINRA exams.
Rare Williams, CFA
Associate Portfolio Manager
Rare Williams joined Chandler Asset Management in 2024 as an Associate Portfolio Manager. In this role, he supports the investment management team with portfolio strategy, fixed income research, trading execution, and reporting.
Before joining Chandler, Rare worked as a Trader at Fidelity Investments, where he specialized in executing complex multi -asset class trades, with a focus on options strategies and margin risk management. He also provided analytical support for trade execution, corporate actions, and portfolio strategy implementation.
Rare earned his B.S. in Finance from Central Michigan University in 2017. He holds FINRA Series 7, 63, 65, and 66 licenses and the designation of Chartered Financial Analyst (CFA). He is also a member of the CFA Institute and the CFA Society of San Diego. 880
Ryan Tauber
Chief Operating Officer
CMCHANDLER
ASSET MANAGEMENT
Ryan joined Chandler Asset Management as Managing Director of Business Development in 2020 and was promoted to Chief Operating Officer in 2024. As COO, Ryan is responsible for leveraging new technology, building efficient processes, leading high -performing teams, and spearheading new initiatives that drive business growth and deliver exceptional client experiences. He oversees the Marketing, Client Service, Relationship Management and Operations departments.
Prior to joining Chandler, Ryan worked in business development, strategy and risk management roles for multiple prominent financial institutions, including Morgan Stanley, Bank of America, and Union Bank. He earned his M.B.A. from Pepperdine University and his undergraduate degree in Finance from the University of Southern California.
Stacey Alderson, CTP
Client Service Director
Stacey Alderson joined Chandler Asset Management in 2014 and is the Director of Fund Accounting and Administration. Stacey oversees the daily responsibilities of the Fund Accounting and Administration team including fund accounting, participant communication, reporting, and review/processing of participant account activity. Stacey collaborates with all departments at Chandler to respond to LGIP related questions and changes, as well as coordinates the onboarding process of new participant accounts.
Stacey previously served as the Client Service Director serving as a liaison between clients and the Chandler team to facilitate the onboarding of new client accounts, proactively schedule client meetings, maintain existing client relationships, create and distribute client reports, and respond to client - generated requests. In addition, Stacey has significant expertise in assisting clients with cash flow analysis and in developing and maintaining cash flow projections within their treasury management operations.
Stacey began working in the financial services industry in 1998 through positions in both banking and asset management. She earned her B.A. in business administration with an emphasis in accounting from the University of Montevallo. Stacey has received the AFP designation as a Certified Treasury Professional (CTP).
Hillary Schuler -Jones
Director of Marketing
Hillary Schuler -Jones is a Director of Marketing and joined the firm in 2023. She is responsible for shaping the company's marketing strategy, driving growth in key segments, and ensuring the brand is consistently and effectively represented across all channels.
Hillary has nearly 20 years of experience in marketing, advertising, and public relations. Prior to joining Chandler, she served as Director of Downstream Marketing for a Breg, Inc., where she oversaw corporate communications, events, channel marketing and customer experience. She is a passionate word nerd and grammar fanatic. Prior to Breg, she held roles at The Omidyar Group, Porter Novelli and Sharp HealthCare.
Hillary earned her MBA and dual Bachelor's degrees in Journalism and Political Science from Cal Poly, San Luis Obispo. 881
Mia Corral Brown
Regional Director
CMCHANDLER
ASSET MANAGEMENT
Mia Corral Brown is a Regional Director at Chandler. Leveraging over two decades of experience providing client service to both institutional and public sector clients, Mia's area of focus is on business development and engagement oversight for Public Sector clients in Southern California which include, Cities, Water Districts, Counties, Special Districts and Joint Power Authorities.
In her tenure at Chandler, Mia has served as an Associate, Vice President, Senior Vice President and Sr. Relationship Manager. She is adept at working alongside Public Agencies to provide comprehensive investment management and client service solutions.
Prior to joining Chandler, Mia was employed at Nicholas Applegate Capital Management as an Assistant Marketing Manager and has worked as a Sales Assistant in her early years in the Financial Industry. Mia is an active member of the California Society of Municipal Finance Officers (CSMFO), the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), and is a Member of the California Association of California Treasurers and Tax Collectors and several other Associations which support CA Public Agencies. Mia is a founding member of Women in Public Finance, San Diego Chapter and is a member of our Firm's DEIB Committee.
Mia is a graduate of San Diego State University where she earned her B.A. in communications with an emphasis in business. She currently holds FINRA SIE, Series 7 and Series 65 licenses.
Aneil Murphy
Regional Director
Aneil (Neil) Murthy is a Senior Relationship Manager and joined the firm in 2020. He has over a decade of experience in finance servicing public agency and institutional clients. Neil's area of focus is on the development of client relationships in the public sector and he serves as a relationship manager for existing clients throughout Northern California.
Prior to joining Chandler, Neil was a Relationship Manager for BNY Mellon Corporate Trust's Public -Not -For -Profit segment and was dedicated exclusively to California. Neil's responsibilities included ensuring satisfaction for the bank's high value clients and seeking out new opportunities. In this role, Neil serviced California cities, counties, special districts and transportation authorities and gained a broad understanding of the specific investment needs and financial challenges these entities face. Neil also worked for The Hartford Financial Services and served in a variety of client facing roles.
Neil is a graduate of the University of Connecticut with a B.A. in Political Science and earned an M.B.A. from Post University. Neil holds the FINRA Series 65 license.
882
Victor Shin
Senior Relationship Manager
CMCHANDLER
ASSET MANAGEMENT
Victor Shin joined Chandler in 2025 as a Senior Relationship Manager. With over two decades of experience in the finance industry, Victor's responsibilities at Chandler involve deepening client relationships in the public sector throughout California.
Prior to joining Chandler, Victor was the Director of the Government Banking Division at BMO Bank N.A, where he covered municipalities in Northern California and the Pacific Northwest, providing Treasury Management, Public Finance and Fixed Income strategies. Victor also currently holds the role of Senior Adjunct Professor at Golden Gate University in San Francisco, where he teaches Management and Organizational Leadership.
Outside of work, Victor is the President and Chairman of the Board for the Asian Business League of San Francisco and is active in multiple government associations as well, such as CSMFO, CACTTC (vice chair), CMTA, GFOA, and the Oregon GFOA.
Victor completed his B.A. in Accounting/Management at Sonoma State in 1996 and obtained his Executive M.B.A. at Golden Gate University in San Francisco in 2004.
Lili Arnsdorff
Relationship Manager
Lili Arnsdorff joined Chandler Asset Management in 2023 as a Relationship Manager. She is responsible for the development of institutional client relationships across the southeastern United States including public agencies, healthcare organizations, higher education, insurance funds, and special districts.
Lili has spent her career in the Financial Services Industry and comes from a technological background. Her previous roles include time with Nasdaq, John Hancock, and Backstop Solutions in various client -facing roles based in Atlanta. In her previous roles, she worked with the investment teams for Institutional Investors such as Public Pensions, Endowments, Foundations, and Consultants. She has several professional certifications including FINRA Series 7 and 63, SIE, and as well as a B2 Certification in Spanish Language.
She graduated from the University of Tennessee with a B.S. in Communications with an emphasis in Spanish and Business. 883
Nicole Dragoo, JD
Chief Executive Officer
CMCHANDLER
ASSET MANAGEMENT
Nicole Dragoo is the Chief Executive Officer at Chandler Asset Management. Nicole joined the firm in December 2001 in an operations role. Over her tenure, she has been a core driver in cultivating the culture that makes Chandler unique and has led the expansion of the operations, compliance, legal and administrative functions as the firm has grown. From 2008 to 2021, she served in the roles of Chief Operating and Chief Compliance Officer and as President from 2021-2022.
As CEO, she leads the Executive committee, provides oversight of all aspects of the firm and is responsible for the firm's strategy, culture and administration of resources. She is passionate about cultivating a culture of shared success by building a diverse and talented team of people dedicated to being stewards of the assets and communities entrusted to us.
Nicole started her investment career with Merrill Lynch on the institutional fixed income sales desk. Nicole earned her B.B.A. from the University of San Diego in business economics and her J.D. from the University of San Diego School of Law. She is a member of the State Bar of California. Nicole held the designation of Investment Adviser Certified Compliance Professional (IACCP) from 12/2010 through 12/2022.
In addition to her work at Chandler, Nicole is committed to giving back to the communities the firm serves. She has been a member of the Executive Leadership Team for the San Diego American Heart Association's Heart & Stroke Walk for the past three years and and is an active volunteer and supporter of charitable organizations throughout the San Diego community.
Michael Rasmussen, JD
Chief Compliance Officer and General Counsel
Michael Rasmussen joined Chandler Asset Management in March of 2023 as the firm's Chief Compliance Officer and General Counsel. He leads the compliance team, provides day-to-day guidance and compliance monitoring of the firm's regulatory environment and the legal framework governing SEC - registered investment advisors. Michael also assists the firm's CEO with the oversight functions within the firm and administering all aspects of the compliance program.
Michael began his career in the securities industry as a regulator with the Financial Industry Regulatory Authority (FINRA) and since that time has provided legal and compliance consulting services to hundreds of investment advisers, private fund managers, and broker-dealers. Michael has also served as Chief Compliance Officer and General Counsel for several established investment advisory firms. Michael graduated from Nova Southeastern University Shepard Broad College of Law and is a licensed attorney in Florida and a registered solicitor in the United Kingdom. He has passed the FINRA Series 7, 14, 24, 51, 63, and 65 examinations and has taught several courses on investment adviser compliance.
Martin Cassell, CFA
Chief Financial Officer
Martin Cassell, CFA, is the Chief Financial Officer at Chandler Asset Management and is a principal of the firm. After being CEO for 15 years Martin has changed his role to usher in the next generation of leadership. He will remain part of Chandler's executive team as CFO, corporate advisor, a member of the firm's Executive Committee as well as Chair of the Board.
As CFO, Martin is responsible for the firm's finances and manages the Employee Stock Ownership Plan. He is focused on building and sustaining the financial health of the firm and providing thought leadership and mentoring to the Executive Team. Martin designed the proprietary quantitative models that drive our investment process, establishing duration, structure, and asset allocation throughout client portfolios and continues working with our Chief Investment Officers to continually improve client portfolio outcomes.
Martin joined Chandler in 1991 from the City of San Diego where he managed a $1 billion fixed income portfolio. He began his investment career in 1987 managing portfolios at World Savings and Loan. Martin received his B.S. in Finance from California State University, Hayward. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst®. 884
Michael Ramos
Senior Business Analyst - Investments Technology
CMCHANDLER
ASSET MANAGEMENT
Michael Ramos is the Senior Business Analyst — Investments Technology at Chandler Asset Management. He is responsible for analyzing and advising current and future strategic business needs with investment technology related functions. Mike provides senior level consulting services to senior management and key stakeholders. Mike also provides department level support for business systems functionality, financial data management, and business process improvements. Mike's previous role was Operations Director, where he oversaw the Investment Operations Team, trade processing, trade settlements, portfolio accounting, statement reconciliation, and client reporting. He joined Chandler Asset Management in 2004 as an Operation Associate. His previous experience includes financial accounting and reporting Mike earned his B.S. in business administration with a specialization in finance from California State University, San Marcos in 2003. In 2009, he received his M.B.A. in finance from National University.
Adriana Haefner, SHRM-SCP
Human Resources Director
Adriana Haefner joined Chandler as Human Resources Director and oversees core HR functions including payroll, benefits, performance management, employee relations, and safety. In her role, Adriana also works to enhance Chandler's workplace culture through training, development, and recruiting efforts, as well as spearheads the planning, implementation, and evaluation of employee policies, programs, and practices.
Adriana has over twelve years' experience in Human Resources. Before her role with Chandler, she served as the HR Director for Keller Interiors. Prior positions include HR Manager for the San Diego Convention Center and HR Director for Westcore Properties. Adriana has also served as the HR Manager for El Super Grocery Stores and Target Corporation. Her positions at Target also included Assets Protection Investigator, Logistics Manager, and Operations Manager.
Adriana holds a B.A. from the University of Southern California and has her SHRM Senior Certified Professional designation.
Alex Johnson, CPA
Finance Manager
Alex Johnson joined Chandler Asset Management as Finance Manager in 2025. He is responsible for financial operations, budgeting, reporting and compliance. In addition to supporting the strategic goals of the firm, Alex plays a key role in the administration of the company's Employee Stock Ownership Plan (ESOP), supporting financial audits, annual valuations, and related reporting requirements.
Prior to joining Chandler, Alex worked in corporate finance in a variety of industries with a focus on building GAAP -aligned accounting infrastructures and delivering impactful reporting. He has led transformative initiatives that drive efficiency, strengthen internal control, and provide strategic insight while partnering with cross -functional teams to deliver financials, support capital planning, and strengthen overall operational and financial performance.
Alex holds B.A. degrees in Finance and Accounting from the University of Cincinnati and is a licensed CPA in the state of California. 885
Kristin Franco
Investment Support Services Director
Kristin Franco joined Chandler in 2022 as the Director of Investment Operations. She is responsible for implementing investment operation best practices, supervising the operations team, and managing the supporting accounting/investment systems and processes.
Prior to joining the firm, Kristin served as Vice President and Head of Account Implementation in PIMCO's Municipal SMA Client Service and Operations department. Kristin has over 15 years in the financial industry where she served in various Client Service and Operational roles at Gurtin Municipal Bond Management LLC, Wells Fargo Advisors, LLC and Merrill Lynch.
Kristin is a graduate of Humboldt State University where she earned her B.A in Psychology with an emphasis in Organizational Management. Kristin also received her M..A. in Management from the University of Redlands with an emphasis in Training, Coaching, and Development 886
CM
Global Investment Performance Standards (GIPS®)
Composite Reports and Verification Letter
887
GIPS° Compliant Verification Statement
C," CHANDLER ASSET MANAGEMENT
ACA7
Verification Report
Chandler Asset Management, Inc.
We have verified whether Chandler Asset Management, Inc. (the "Firm") has, for the periods from July 1, 1997 through December 31, 2024, established policies and procedures for complying with the Global Investment Performance Standards (GIPS®) related to composite and pooled fund maintenance and the calculation, presentation, and distribution of performance that are designed in compliance with the GIPS standards, as well as whether these policies and procedures have been implemented on a firm -wide basis. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
The Firm's management is responsible for its claim of compliance with the GIPS standards and the design and implementation of its policies and procedures. Our responsibilities are to be independent from the Firm and to express an opinion based on our verification. We conducted this verification in accordance with the required verification procedures of the GIPS standards, which includes testing performance on a sample basis. We also conducted such other procedures as we considered necessary in the circumstances.
In our opinion, for the periods from July 1, 1997 through December 31, 2024, the Firm's policies and procedures for complying with the GIPS standards related to composite and pooled fund maintenance, as well as the calculation; presentation, and distribution of performance, have been, in all material respects:
• Designed in compliance with the GIPS standards, and
• Implemented on a firm -wide basis.
This report does not relate to or provide assurance on any specific performance report of the Firm or on the operating effectiveness of the Firm's controls or policies and procedures for complying with the GIPS standards.
ACA Group, Performance Services Division
December 9, 2025
GIPS° Composite Report: Limited Maturity
Annual Rates of Return 2015 through 2024
Year
End
Returns
Total Total
Gross Net Index
3 Year Annualized
Standard Deviation
Composite Index
Dispersion ilMir Assets
Asset Wtd Number of Composite % of Firm
Std. Dev. Portfolios (MM) Assets
Firm
(MM)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0.74%
1.11%
0.85%
1.69%
3.87%
3.25%
- 0.48%
- 3.13%
4.79%
4.33%
0.49%
0.86%
0.60%
1.44%
3.61%
3.00%
- 0.73%
- 3.37%
4.53%
4.07%
0.54%
0.88%
0.43%
1.59%
3.55%
3.12%
- 0.55%
- 3.65%
4.26%
4.08%
0.63%
0.74%
0.71%
0.77%
0.84%
0.92%
0.96%
1.52%
1.92%
2.20%
0.56%
0.76%
0.74%
0.85%
0.94%
1.21%
1.19%
1.71%
2.04%
2.33%
0.07%
0.06%
0.08%
0.03%
0.08%
0.12%
0.07%
0.17%
0.08%
0.12%
27 31
32 31
39 39
44 54
59 63
1,328
1,081
1,178
1,905
2,653
2,713
3,189
3,655
4,576
5,077
11.31%
8.39%
8.60%
11.51%
13.57%
12.21%
12.37%
12.76%
12.78%
12.04%
11,747
12,882
13,698
16,551
19,552
22,227
25,785
28,641
35,804
41,585
Chandler Asset Management claims compliance with
the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in
compliance with the GIPS standards.
Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through December 31, 2024. The verification report is available upon request. A Firm that claims
compliance with the GIPS standards must establish
policies and procedures for complying with all the
applicable requirements of the GIPS standards.
Verification provides assurance on whether the firm's
policies and procedures related to composite
maintenance, as well as the calculation, presentation,
and distribution of performance, have been designed
in compliance with the GIPS standards and have been
implemented on a firm -wide basis. Verification does
not provide assurance on the accuracy of any specific
performance report.
1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser's Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm's composites is available upon request.
2. The Limited Maturity Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE BofA 1-3 Year US Treasury Index and a final stated maturity of individual securities of five years. The minimum account size required to be included in this composite is $2 million. This composite was created September 1988 and incepted October 1988. The name of this composite was changed from Short -Term Fixed Income effective September 30, 2009.
3. The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. Indexes are referred to for comparative purposes only and are not intended to parallel the risk or investment style of the portfolios in the Composite. Indexes do not utilize leverage. Index calculations do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. Index data contained herein (and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.
4. Valuations are computed and performance reported in U.S. Dollars.
5. Performance is calculated using a time -weighted total rate of return, which links performance monthly, and is reported gross of investment management fees and custodial fees, but after all trading expenses. Results reflect the reinvestment of income, dividends and other earnings, and include realized and unrealized gains and losses and interest accrued through the last day of each month.
Results do not reflect the potential impact of taxes. Past performance is not indicative of future results. Fees charged by Chandler Asset Management will reduce performance.
6. Net -of -fees performance returns are calculated by reducing the monthly gross performance by one -twelfth 01/12) of the actual maximum applicable fee of 0.25%, which is representative of our current fee schedule for this composite. These monthly returns are then geometrically linked to produce annual returns which are presented before custodial fees but after management fees and all trading expenses. Fees are negotiable and additional information regarding Chandler's fees is included in our Part 2A of Form ADV.
7. Dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For years when less than six portfolios were included in the composite for the full year, no dispersion measure is presented. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36 -month period.
8. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
9. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits the use of ICE Indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representation, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third -party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use is at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.
C," CHANDLER ASSET MANAGEMENT
Firm I
(MM)
GIPS° Composite Report: Short Term Bond
Annual Rates of Return
2015 through 2024
Year Total
End Gross
Returns
Total
Net
3 Year Annualized
Standard Deviation
Index Composite Index
Dispersion - Assets
Asset Wtd Number of Composite % of Firm
Std. Dev. Portfolios (MM) Assets
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1.15%
1.30%
1.08%
1.53%
4.55%
4.43%
- 0.93%
- 4.82%
4.83%
3.86%
0.90%
1.04%
0.83%
1.27%
4.29%
4.17%
-1.17%
-5.06%
4.57%
3.61%
0.96%
1.08%
0.67%
1.55%
4.19%
4.22%
- 1.09%
- 5.25%
4.32%
3.42%
1.11%
1.24%
1.19%
1.22%
1.22%
1.32%
1.33%
2.22%
2.72%
3.10%
1.18%
1.39%
1.34%
1.40%
1.39%
1.70%
1.65%
2.42%
2.86%
3.25%
0.07%
0.05%
0.11%
0.05%
0.19%
0.11%
0.04%
0.15%
0.10%
0.10%
44 49
48 48
55 59
72 75
81 92
3,403
4,131
3,783
3,485
5,199
6,234
7,294
8,221
9,207
10,538
28.97%
32.07%
27.62%
21.06%
26.59%
28.05%
28.29%
28.70%
25.72%
25.34%
11,747
12,882
13,698
16,551
19,552
22,227
25,785
28,641
35,804
41,585
Chandler Asset Management claims compliance with
the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in
compliance with the GIPS standards.
Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through December 31, 2024. The verification report is available upon request. A Firm that claims
compliance with the GIPS standards must establish
policies and procedures for complying with all the
applicable requirements of the GIPS standards.
Verification provides assurance on whether the firm's
policies and procedures related to composite
maintenance, as well as the calculation, presentation,
and distribution of performance, have been designed
in compliance with the GIPS standards and have been
implemented on a firm -wide basis. Verification does
not provide assurance on the accuracy of any specific
performance report.
1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser's Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm's composites is available upon request.
2. The Short Term Bond Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE BofA 1-5 Year US Treasury & Agency Index and a maximum final stated maturity of individual securities of five years. The minimum account size required to be included in this composite is $2 million. This composite was created in September 1995 and incepted September 1995. The name of this composite was changed from 1-5 Year Government Fixed Income effective September 30, 2009. 3 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. Index calculations do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. Index data contained herein (and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.
4. Valuations are computed and performance reported in U.S. Dollars.
5. Performance is calculated using a time -weighted total rate of return, which links performance monthly, and is reported gross of investment management fees and custodial fees, but after all trading expenses. Results reflect the reinvestment of income, dividends and other earnings, and include realized and unrealized gains and losses and interest accrued through the last day of each month.
Results do not reflect the potential impact of taxes. Past performance is not indicative of future results. Fees charged by Chandler Asset Management will reduce performance.
6. Net -of -fees performance returns are calculated by reducing the monthly gross performance by one -twelfth (1/12) of the actual maximum applicable fee of 0.25%, which is reflective of our current fee schedule for this composite. These monthly returns are then geometrically linked to produce annual returns which are presented before custodial fees but after management fees and all trading expenses. Fees are negotiable and additional information regarding Chandler's fees is included in our Part 2A of Form ADV.
7. Dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For years when less than six portfolios were included in the composite for the full year, no dispersion measure is presented. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36 -month period.
8. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
9. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits the use of ICE Indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representation, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third -party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use is at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.
C," CHANDLER ASSET MANAGEMENT
CM
Important Disclosures
891
CA
IMPORTANT DISCLOSURES
ICE BofA 1-3 Year US Treasury Index
The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance.
ICE BofA 1-5 Year 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.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third -party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data, its affiliates or their respective third -party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use is at licensee's own risk. ICE Data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler Asset Management, or any of its products or services.
This report is being provided for informational purposes only. No investment decision should be made based solely on the information provided herein. All investments involve risk, including loss of principal invested. The strategies referenced may not be suitable for all investors. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the strategies. While not guaranteed as to accuracy or completeness, some of the information has been obtained from sources we believe to be reliable. Third -party source information is provided by independent sources deemed to be reliable but is not guaranteed. Opinions expressed herein are subject to change without notice. There can be no assurance that an account or specific investment product will be able to achieve its investment objective. No guarantee of investment performance is being provided and no inference to the contrary should be made.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Fixed income investments are subject to interest, credit, and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Index Descriptions and Disclosures 1 1 P a g e
892
CM
Sample Client Monthly Statements and Quarterly
Reports
893
CMER
CHANDLASSET MANAGEMENT
MONTHLY ACCOUNT STATEMENT
Client Name 1 Account #00000 1 As of September 30, 2024 CHANDLER ASSET MANAGEMENT I chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:
ABC Bank
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. 894
PORTFOLIO SUMMARY
Client Name 1 Account #000001 As of September 30, 2024
Portfolio Characteristics
Average Modified Duration
Average Coupon
Average Purchase YTM
Average Market YTM
Average Quality
Average Final Maturity
Average Life
Sector Allocation
US Treasury
Corporate
Agency 2.96%
Money Mkt Fd o.21%
Agency MBS 0.19%
Cash o.00%
Performance Review
39.21%
57.42%
6.08 3.84%
4.14%
3.97%
AA -
7.30 6.21
Account Summary
Beg. Values as of End Values as of
09/01/2024 09/30/2024
Market Value
Accrued Interest
Total Market Value
Income Earned
C
1,146,548,781.38
10,250,953.97
1,156,799,735.35
2,507,679.99
0.00 1,165,498, 310.22
1,141,144,020.91
1,141,140,370.95
1,162,382,225.38
10,323,055.24
1,172,705,280.62
4,816,436.68
0.00 1,168,514,288.65
1,144,671,371.96
1,144,668,049.60
Maturity D
75%
50%
25%
0%
0.2%
0 11.2%
■ ■ 0.2
30.7%
7%
10 CM
Top Issuers
CHANDLER
ASSET MANAGEMENT
United States
Federal Home Loan Banks
Bank of America Corporation
UnitedHealth Group Incorporated
Toyota Motor Corporation
JPMorgan Chase & Co.
Deere & Company
BlackRock, Inc.
Credit Quality
■ AAA 0.2%
*See Footnote
AA 67.4% • A 32.4%
57.42%
2.20%
1.27%
1.25%
1.20%
1.19%
1.10%
1.09%
Total Rate of Return
1M
3M
YTD
1YR
2YRS
3YRS 5YRS 10YRS
Since Inception
(07/01/13)
Client
Benchmark Return*
1.37%
1.34%
5.46%
5.48%
4.83%
4.89%
11.57%
11.40%
6.17%
5.73%
(0.95%)
0.69%
(1.45%) 0.36%
*Periods over 1 year are annualized.
Benchmark: DNU-ICE BofA 5-10 Year AAA -A US Corporate & Government Index Secondary Benchmark:
The credit quality is a weighted average calculation of the highest of S&P, Moody's' and Fitch Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
1.88%
1.67%
1.83%
1.60%
CONFIDENTIAL 1 :895
STATEMENT OF COMPLIANCE
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Rules Name
Limit Actual Compliance Notes
Status
144A SECURITIES
Max % (MV)
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS)
Max Maturity (WAL)
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)
Max Maturity (WAL)
Min Rating (AAA by 2)
BANKERS' ACCEPTANCES
15.0 10.0
10.0 10.0
2.0 0.0
1.8 0.2
0.0 0.2
0.0 0.0
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
Max % (MV) 25.0 . Compliant
Max % (MV) 50.0 w Compliant
Max % Issuer (MV) 5.0 P Compliant
Max Maturity (Days) 180 1.' .mpliant
Min Rating (A- by 2) 0.0 0.0 Cor .liant
CANADIAN AGENCY SECURITIES
Max % (MV) 25.0 0.0
Max % Issuer (MV) 10.0 0.0 Co t
Max Maturity (Years) 10.0 0.0 CompliA
CANADIAN TREASURY BILLS
Max % (MV)
Max Maturity (Years) 10.0 0.0
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV)
Max % (MV)
Max % Issuer (MV)
Min Rating (A-1 by 2)
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % (MV; Commercial Paper & Corporate) 50.0 39.3 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-2 by 2 & A- Issuer by 2) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
25.0 0.0
25.0 50.0
5.0 0.0
0.0 0.0
0.0 0.0
Commit www.chandlerasset.com 1 800.317.4747
CONFIDENTIAL 1 "896
STATEMENT OF COMPLIANCE
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Rules Name
Limit Actual Compliance Notes
Status
Industry Concentration % (MV)
Max % (MV; Commercial Paper & Corporate)
Max % Issuer (MV)
Max Maturity (Years)
Min Rating (A- by 2)
FEDERAL AGENCIES
25.0 50.0
5.0 10
0.0 6.4
39.3 1.3
9 0.0
Compliant
Compliant
Compliant
Compliant
Compliant
Max % (MV) 50.0 3.0 Compliant
Max % Issuer (MV) 20.0 2.2 Compliant
Max Maturity (Years) 10 9 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0
MONEY MARKET MUTUAL FUNDS
Max % (MV) 100.0 0.2
Min Rating (AAA by 1) 0.0 0.0 t
MORTGAGE-BACKED SECURITIES (NON -AGENCY)
Max % (MV) 20.0 0.0 '' Col fit
Max % Issuer (MV) 5.0 0.0 Compli.
Max Maturity (Years) 5.0 0.0 Co : nt
Min Rating (AA by 1) 0.0 0.0 Com.
MUNICIPAL SECURITIES
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
Min Rating (A- by 2) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 50.0 0.0 Compliant
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-1 by 2) 0.0 0.0 Compliant
NON -US CORPORATE
Max % (MV; Non -U.S.) 25.0 4.6 Compliant
REPURCHASE AGREEMENTS
Compliant
Compliant
CCornnliant
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 ' 897
STATEMENT OF COMPLIANCE
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Rules Name
Limit Actual Compliance Notes
Status
Max % (MV)
SUPRANATIONAL OBLIGATIONS
Max % (MV)
Max % Issuer (MV)
Max Maturity (Years)
Min Rating (AA- by 2)
U.S. TREASURIES
Max % (MV)
Max Maturity (Years)
50.0 25.0
10.0 10
0.0 0.0
0.0 0.0
0.0 0.0
Compliant
Compliant
Compliant
Compliant
Compliant
100.1 57.4 Compliant
10 9 Compliant
10\
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 `898
RECONCILIATION SUMMARY
CSN
Client Name 1 Account #000001 As of September 30, 2024
Maturities / Calls
Month to Date
Fiscal Year to Date
0.00 0.00
Principal Paydowns
Month to Date (35,249.28)
Fiscal Year to Date (82,934.98)
Purchases
Month to Date 27,328,305.52
Fiscal Year to Date 79,976,184.25
Sales
Month to Date (22,555,208.47)
Fiscal Year to Date (67,981,307.23)
Accrual Activity Summary
CHANDLER
ASSET MANAGEMENT
Month to Date
Fiscal Year to Date
(07/01/2024)
Beginning Book Value
Maturities/Calls
Principal Paydowns
Pur
han: 'n Cash, P. ables, Receivables
Am.r - = —" tion
Realized Gain
Ending Book
Fair Market Activity
1,141,144,020.92
0.00 (35,249.28)
1,133,373,493.67
0.00 (82,934.98)
27,328,305.52 79,976,184.25
(22,555,208.47) (67,981,307.23)
(1,168,491.19) (484,436.29)
0.00 0.00
(42,005.54) (129,627.46)
1,144,671,371.96 1,144,671,371.96
Beginning Market Value 1,146,548,781.38 1,101,222,272.80 Maturities/Calls 0.00 0.00
Interest Received Principal Paydowns (35,249.28) (82,934.98) Month to Date 4,753,201.86 Purchases 27,328,305.52 79,976,184.25 Fiscal Year to Date 12,270,123.51 Sales (22,555,208.47) (67,981,307.23) Change in Cash, Payables, Receivables (1,168,491.19) (484,436.29) Amortization/Accretion 0.00 0.00
Purchased / Sold Interest Change in Net Unrealized Gain (Loss) 12,306,092.96 49,862,074.29 Month to Date (8,866.45) Realized Gain (Loss) (42,005.54) (129,627.46) Fiscal Year to Date (194,131.12) Ending Market Value 1,162,382,225.38 1,162,382,225.38 Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 E 899
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Cusip Security Description
Par Value/ Purchase Date Cost Value Mkt Price
Units Purchase Yield Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
AGENCY
3135G05Y5
3130AEB25
3130AGDY8
3135G05Q2
3130AV4X7
3130AVWG3
3130B0X87
FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.75 10/08/2027
FEDERAL HOME LOAN BANKS
3.25 06/09/2028
FEDERAL HOME LOAN BANKS
2.75 06/08/2029
FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.875 08/05/2030
FEDERAL HOME LOAN BANKS
4.375 03/11/2033
FEDERAL HOME LOAN BANKS 4.0
06/10/2033
FEDERAL HOME LOAN BANKS
4.75 03/10/2034
5,000,000.00
5,000,000.00
2,725,000
5,00
5,000,0
5,000,000.00
7,500,000.00
10/27/2020 5,000,450.00 91.96 4,597,909.85 0.40% Aaa/AA+ 3.02
0.75% 5,000,450.00 3.58% 18,020.83 (402,540.15) AA+ 2.93 -- 4,943,980.00 98.89 4,944,358.65 0.43% Aaa/AA+ 3.69
3.39% 4,943,980.00 3.57% 50,555.56 378.65 AA+ 3.41
06/21/2019 2,804,651.75 96.11 2,619,020.47 0.23% Aaa/AA+ 4.69
2.42% 2,804,651.75 3.66% 23,522.05 (185,631.28) AA+ 4.31 -- 4,954,299.70 85.19 4,259,673.40 0.37% Aaa/AA+ 5.85
0.97% 4,954,299.70 3.72% 6,805.56 (694,626.30) AA+ 5.58 023 5,137,800.00 102.59 5,129,323.70 0.44% Aaa/AA+ 8.44 .03% 5,137,800.00 4.01% 12,152.78 (8,476.30) AA+ 7.01
4,869,100.00 99.69 4,984,472.75 0.43% Aaa/AA+ 8.69
4,869,100.00 4.04% 61,666.67 115,372.75 AA+ 7.19
/ 0 586,700.00 105.53 7,914,721.05 0.68% Aaa/AA+ 9.44
4.. % / ,5:6,700.00 4.04% 20,781.25 328,021.05 AA+ 7.60
1.45 98.25 34,449,479.87 2.96% Aaa/AA+ 6.70
Total Agency 35,225,000.00 3.17% f L 45 3.84% 193,504.69 (847,501.58) AA+ 5.73
AGENCY MBS
3138WHCP5 FN AS7277 3.0 05/01/2031 433,951.92
3128NHXW8 FH 1J1593 6.639 04/01/2037 68,938.48
3128S4ME4 FH 1Q0357 6.853 11/01/2037 14,778.93
36225FF79 G2 082889 3.625 07/20/2041 100,371.77
36225FJE0 G2 082960 3.75 10/20/2041 90,127.54
36225FJZ3 G2 082979 3.75 11/20/2041 79,123.91
36179MN71 G2 MA0414 3.625 09/20/2042 26,273.89
36179QB67 G2 MA1861 4.875 04/20/2044 13,156.61
06/28/2016 456 .26 97.41 422,730.66 0.04% Aaa/AA+ 6.58
2.56% 4 57.26 00 1,084.88 (33,826.60) AA+ 2.44
10/22/2009 68, .32 03. - 71,504.79 0.01% Aaa/AA+ 12.50
5.36% 72,18 .6 4% 381.40 (683.88) AA+ 0.65
08/13/2009 15,663.8 10 .45 14,993.77 0.00% Aaa/AA+ 13.09
5.25% 15,663.81 .82% 84.40 (670.04) AA+ 1.00
03/14/2012 107,084.14 101.24 101,614.83 0.01% Aaa/AA+ 16.80
3.62% 107,084.14 5.14% 303.21 (5,469.31) AA+ 5.71
05/03/2012 95,845.03 100.74 90,790.09 0.01% Aaa/AA+ 17.05
3.16% 95,845.03 5.19% 281.65 (5,054.94) AA+ 5.87
-- 84,143.29 100.74 79,708.83 0.01% Aaa/AA+ 17.14
3.16% 84,143.29 4.97% 247.26 (4,434.47) AA+ 3.61
09/11/2012 27,250.99 101.52 26,674.18 0.00% Aaa/AA+ 17.97
1.83% 27,250.99 5.01% 79.37 (576.82) AA+ 4.83
06/03/2014 13,411.83 100.48 13,219.74 0.00% Aaa/AA+ 19.56
1.91% 13,411.83 5.41% 53.45 (192.09) AA+ 8.14
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 ) 900
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Cusip
Security Description
Par Value/ Purchase Date
Units Purchase Yield
Cost Value Mkt Price
Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
31418CN E0
3128MJ2T6
314016GR2
31401G6L4
Total Agency MBS
CASH
CCYUSD
Total Cash
CORPORATE
20030NCA7
404280BK4
79466LAH7
037833EH9
40139LBE2
46647PAM8
91159HJK7
58933YAX3
717081ET6
FN MA3088 4.0 08/01/2047
FH G08785 4.0 10/01/2047
FN BM2007 4.0 09/01/2048
FN BN0874 4.0 11/01/2048
Receivable
COMCAST CORP 3.15
02/15/2028
HSBC HOLDINGS PLC 4.041
03/13/2028
SALESFORCE INC 1.5 07/15/2028
APPLE INC 1.408/05/2028
GUARDIAN LIFE GLOBAL
FUNDING 1.625 09/16/2028
JPMORGAN CHASE & CO 3.509
01/23/2029
US BANCORP 4.653 02/01/2029
MERCK & CO INC 3.4 03/07/2029
PFIZER INC 3.45 03/15/2029
334, 610.40
422,469.39
321,890.28
384.62
2,290,
08/27/2018
3.86%
09/18/2018
3.92%
02/25/2019
3.85%
06/10/2019
3.80%
7%
341, 616.24
341,616.24
427,370.68
427,370.68
329,233.41
329,233.41
397,241.92
397,241.92
2,364,284.92
2,367,607.28
19,849.64
19,849.64
2,000,000.00
2,500,000.00
2,340,000.00
2,000,000.00
5,070,000.00
2,000,000.00
4,000,000.00
3,000,000.00
1,500,000.00
19,849.64
19,849.64
849.64
9.64 10/25/2019
2.46%
11/25/2019
3.08%
06/29/2021
1.58%
1.45%
09/13/2021
1.63%
2.66%
03/09/2023
5.37%
2.97%
06/12/2019
2.93%
97.27 4.46%
97.08 4.51%
97.27 4.45%
97.27 4.45%
98.01 4.50%
1.00 0.00%
1.00 0.00%
2,099,56 97.11
2,099 .00 4.07%
2,6 25.00
2,655, .00
2,327,92 .. 66
2,327,925.6 3.:
1,993,900.00 91.75
1,993,900.00 3.72%
5,067,008.70 90.81
5,067,008.70 4.17%
2,121, 594.11 97.66
2,121, 594.11 4.61%
3,877,840.00 100.97
3,877,840.00 4.71%
3,107,740.00 97.72
3,107,740.00 3.97%
1,564,020.00 97.99
1,564,020.00 3.95%
325,468.41
1,115.37
410,116.02
1,408.23
313,094.90
1,072.97
374,111.70
1,282.07
2,244,027.91
7,394.26
19,849.64
0.00 19,849.64
0.00 1,942,264.96
8,050.00
2,474,266.43
5,051.25
2,144,919.75
7,410.00
1,834,910.78
4,355.56
4,604,015.84
3,432.81
1,953,232.90
13,256.22
4,038,715.20
31,020.00
2,931,612.00
6,800.00
1,469,816.55
2,300.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.03%
(16,147.83)
0.04%
(17,254.66)
0.03%
(16,138.51)
0.03%
(23,130.22)
0.19%
(123,579.37)
0.00%
0.00 0.00%
0.00 0.17%
(157,295.04)
0.21%
(181,358.58)
0.18%
(183,005.85)
0.16%
(158,989.22)
0.40%
(462,992.86)
0.17%
(168,361.21)
0.35%
160,875.20
0.25%
(176,128.00)
0.13%
(94,203.45)
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AAA
AAA
Aaa/AAA
AAA
A3/A-
A-
A3/A-
A+
A1/A+
NA
Aaa/AA+
NA
Aa1/AA+
NA
Al/A-
AA-
A3/A
A
A1/A+
WR
A2/A
WR
22.84 5.78
23.00 5.88
23.92 5.90
24.09 5.94
18.98 4.94
0.00 0.00
0.00 0.00
3.38 3.15
3.45 2.30
3.79 3.61
3.85 3.67
3.96 3.76
4.31 3.07
4.34 3.04
4.43 4.06
4.45 4.08
CONFIDENTIAL 1 f 901
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Cusip
Security Description
Par Value/ Purchase Date
Units Purchase Yield
Cost Value Mkt Price
Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
87612EBH8
693475AW5
09247XAP6
665859AU8
808513BA2
437076BY7
24422EUY3
30231GBE1
822582CD2
06417XAP6
756109BR4
TARGET CORP 3.375 04/15/2029
PNC FINANCIAL SERVICES
GROUP INC 3.45 04/23/2029
BLACKROCK INC 3.25
04/30/2029
NORTHERN TRUST CORP 3.15
05/03/2029
CHARLES SCHWAB CORP 3.25
05/22/2029
HOME DEPOT INC 2.95
06/15/2029
JOHN DEERE CAPITAL CORP 2.8
07/18/2029
EXXON MOBIL CORP 2.44
08/16/2029
SHELL INTERNATIONAL FINANCE
BV 2.375 11/07/2029
BANK OF NOVA SCOTIA 4.85
02/01/2030
REALTY INCOME CORP 4.85
03/15/2030
3,000,000.00
2,000,000.00
2,500,000.00
1,500 00
1,50
1,500,000.
2,000,000.00
3,000,000.00
2,000,000.00
5,000,000.00
4,000,000.00
2,000,000.00
5,000,000.00
5,000,000.00
1,500,000.00
2,000,000.00
5,500,000.00
5,000,000.00
911312BY1
89236TGY5
UNITED PARCEL SERVICE INC
4.45 04/01/2030
TOYOTA MOTOR CREDIT CORP
3.375 04/01/2030
822582CG5
SHELL INTERNATIONAL FINANCE
BV 2.75 04/06/2030
665859AV6
NORTHERN TRUST CORP 1.95
05/01/2030
037833EU0
APPLE INC 4.15 05/10/2030
747525BK8
06051GHV4
QUALCOMM INC 2.15
05/20/2030
BANK OF AMERICA CORP 3.194
07/23/2030
04/23/2019
3.27%
2.61%
06/05/2019
2.96%
12/05/2019
2.52%
06/24/2019
5%
2019
2.96°/
3,025,020.00
3,025,020.00
2,138,025.00
2,138,025.00
2,560,250.00
2,560,250.00
1,576,680.00
1,576,680.00
1,550,340.00
1,550,340.00
1,498,455.00
1,498,455.00
2,084,160.00
,084,160.00
,0 3,560.00
60.00 00
08 '/2
2 11/05/201
2.53%
10/23/2023
6.38%
4.98%
09/27/2022
4.98%
4,6
4,608,
3,9
3,96
1,934,52 .0
1,934,520.1. 4..
4,493,920.00 95.91
4,493,920.00 4.22%
4,758,960.00 93.14
4,758,960.00 4.16%
1,581,525.00 89.13
1,581,525.00 4.15%
1,994,580.00 102.48
1,994,580.00 3.66%
5,436,382.86 90.47
5,436,382.86 4.06%
4,826,210.00 94.65
4,826,210.00 4.70%
5.12%
3.61%
07/22/2020
1.34%
05/08/2023
4.20%
2.51%
4.14%
97.70 3.93%
97.18 4.13%
97.10 3.95%
96.45 4.00%
96.11 4.18%
95.48 4.01%
94.71 4.02%
93.61 3.89%
92.68 .00_ 3.97%
102.33
4.35%
.00
60.00 X0.00
8 .98
2,930,963.97
46,687.50
1,943,575.74
30,283.33
2,427,431.18
34,079.86
1,446,810.69
19,425.00
1,441,602.80
17,468.75
1,432,158.47
13,029.17
1,894,110.52
11,355.56
2,808,196.26
9,150.00
1,853,692.58
19,000.00
5,116,692.20
40,416.67
4,099,253.64
8,622.22
2,039,565.58
44,500.00
4,795,422.40
84,375.00
4,656,842.30
66,840.28
1,337,007.68
12,187.50
2,049,618.38
32,508.33
4,976,094.09
43,029.86
4,732,468.65
30,165.56
0.25%
(94,056.03)
0.17%
(194,449.26)
0.21%
(132,818.83)
0.12%
(129,869.31)
0.12%
(108,737.21)
0.12%
(66,296.54)
0.16%
(190,049.48)
0.24%
(235,363.74)
0.16%
(118,887.42)
0.44%
508,242.20
0.35%
129,793.64
0.18%
105,045.58
0.41%
301,502.40
0.40%
(102,117.70)
0.12%
(244,517.33)
0.18%
55,038.38
A2/A
A
A3/A-
A
Aa3/AA-
NA
A2/A+
A+
A2/A-
A
A2/A
A
Al/A
A+
Aa 2/AA-
NA
Aa2/A+
AA-
A2/A-
AA-
A3/A-
NA
A2/A
NA
A1/A+
A+
Aa2/A+
AA-
A2/A+
A+
Aaa/AA+
NA
4.54 4.10
4.56 4.10
4.58 4.15
4.59 4.16
4.64 4.20
4.71 4.30
4.80 4.40
4.88 4.51
5.10 4.68
5.34 4.63
5.45 4.63
5.50 4.65
5.50 4.95
5.51 4.96
5.58 5.14
5.61 4.77
0.43%
(460,288.77)
0.41%
(93,741.35)
A2/A
NA
Al/A-
AA-
5.64 5.17
5.81 4.36
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 902
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Par Value/ Purchase Date Cost Value Mkt Price
Units Purchase Yield Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
171239AG1
797440BZ6
084664CW9
20030NDMO
756109AX2
828807DM6
CHUBB INA HOLDINGS LLC 1.375
09/15/2030
SAN DIEGO GAS & ELECTRIC CO
1.7 10/01/2030
BERKSHIRE HATHAWAY FINANCE
CORP 1.45 10/15/2030
COMCAST CORP 1.95
01/15/2031
REALTY INCOME CORP 3.25
01/15/2031
SIMON PROPERTY GROUP LP 2.2
02/01/2031
17275RBS0
46647PBJ4
6174468P7
46647PBL9
023135BZ8
064159469
717081FB4
CISCO SYSTEMS INC 4.95
02/26/2031
JPMORGAN CHASE & CO 4.493
03/24/2031
MORGAN STANLEY 3.622
04/01/2031
JPMORGAN CHASE & CO 2.522
04/22/2031
AMAZON.COM INC 2.1
05/12/2031
BANK OF NOVA SCOTIA 2.15
08/01/2031
3,000,000.00
3,000,000.00
3,000,000.00
1,000 00
3,00
2,500,000.
8,000,000.00
3,000,000.00
5,000,000.00
2,000,000.00
4,670,000.00
7,000,000.00
PFIZER INC 1.75 08/18/2031 2,000,000.00
89114TZJ4
713448FE3
78016EYH4
25731VAA2
26444HAK7
TORONTO -DOMINION BANK 2.0
09/10/2031
PEPSICO INC 1.95 10/21/2031
ROYAL BANK OF CANADA 2.3
11/03/2031
DOMINION ENERGY SOUTH
CAROLINA INC 2.3 12/01/2031
DUKE ENERGY FLORIDA LLC 2.4
12/15/2031
3,000,000.00
3,000,000.00
3,500,000.00
4,000,000.00
2,000,000.00
1.41%
03/08/2021
2.33%
1.50%
01/13/2021
1.84%
09/19/2022
1%
2021
2.20°/
2,989,083.12 85.74
2,989,083.12 4.10%
2,839,620.00 86.52
2,839,620.00 4.27%
2,986,390.40 86.49
2,986,390.40 3.99%
1,009,430.00 86.82
1,009,430.00 4.37%
2,644,890.00 93.29
2,644,890.00 4.49%
2,499,975.00 87.72
2,499,975.00 4.45%
7,991,466.50 104.52
,991,466.50 4.14%
,8 0,150.00 100.54
50.00 4.93%
- 440, .00 96.02
5.52% ' 0, .00 4.93%
02/14/2022 1,9 1 ., . 2 90.83
3.10% 1,906, .00 4.75%
05/10/2021 4,6 59.40
2.10% 4,66 , .40
- - 6,334,1 .0
3.55% 6,334,190.
11/16/2021 1, 931, 500.00
2.14% 1,931,500.00
09/17/2021 2,985,720.00
2.05% 2,985,720.00
-- 2,981,718.20
2.02% 2,981,718.20
11/12/2021 3,504,620.00
2.29% 3,504,620.00
- - 3,990,882.64
2.33% 3,990,882.64
- - 1,895,405.00
3.07% 1,895,405.00
2,572,196.55
1,833.33
2,595,505.59
25,500.00
2,594,758.14
20,058.33
868,234.57
4,116.67
2,798,655.27
20,583.33
2,192,922.00
9,166.67
8,361,888.08
38,500.00
3,016,084.71
2,620.92
4,800,827.40
90,550.00
1,816,619.24
22,277.67
2 4,134,002.34
37,865.92
.57 6,059,983.44
4. % 25,083.33
85.82 1,716,488.02
4.14% 4,180.56
86.70 2,600,850.27
4.23% 3,500.00
86.85 2,605,376.91
4.12% 26,000.00
87.48 3,061,633.16
4.37% 33,094.44
86.43 3,457,117.48
4.54% 30,666.67
87.60 1,752,091.30
4.43% 14,133.33
0.22%
(416,886.57)
0.22%
(244,114.41)
0.22%
(391,632.26)
0.07%
(141,195.43)
0.24%
153,765.27
0.19%
(307,053.00)
0.72%
370,421.58
0.26%
185,934.71
0.41%
360,552.40
0.16%
(90,000.76)
0.36%
(535,157.06)
0.52%
(274,206.56)
0.15%
(215,011.98)
0.22%
(384,869.73)
0.22%
(376,341.29)
0.26%
(442,986.85)
0.30%
(533,765.16)
0.15%
(143,313.70)
A3/A
A
Al/A
A
Aa2/AA
A+
A3/A-
A-
A3/A-
WR
A3/A-
NA
Al/AA-
NA
Al/A-
AA-
A1/A-
A+
Al/A-
AA-
A1/AA
AA-
A2/A-
AA-
A2/A
WR
Al/A
AA-
A1/A+
NA
Al/A
AA-
A2/A
A+
Al/A
NA
5.96 5.60
6.00 5.58
6.04 5.62
6.29 5.76
6.29 5.55
6.34 5.76
6.41 5.33
6.48 4.81
6.50 4.92
6.56 5.03
6.61 6.00
6.84 6.19
6.88 6.33
6.94 6.33
7.06 6.39
7.09 6.33
7.17 6.40
7.21 6.42
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 1( 903
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Par Value/ Purchase Date Cost Value Mkt Price
Units Purchase Yield Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
808513CA1 CHARLES SCHWAB CORP 2.9 3,000,000.00
03/03/2032
12572QAK1 CME GROUP INC 2.65 5,000,000.00
03/15/2032
084664DA6 BERKSHIRE HATHAWAY FINANCE 7,000,000.00
CORP 2.875 03/15/2032
91324PEJ7 UNITEDHEALTH GROUP INC 4.2 4,500 00
05/15/2032
747525BQ5 QUALCOMM INC 4.25 3,00
05/20/2032
89115A2E1 TORONTO -DOMINION BANK 9,000,000.
4.456 06/08/2032
4.93%
3.79%
4.43%
4.36%
713448FM5 PEPSICO INC 3.9 07/18/2032 9,000,000.00
037833EP1 APPLE INC 3.35 08/08/2032 3,500,000.00
2,560,635.00
2,560,635.00
4,583,388.40
4,583,388.40
6,210,120.00
6,210,120.00
4,452,775.00
4,452,775.00
2,945,505.00
2,945,505.00
8,312,940.00
8,312,940.00
8,304,380.00
,304,380.00
,2 3,415.00
15.00 00
931142EY5 WALMART INC 4.15 09/09/2032 2,000,000.00
24422EWL9 JOHN DEERE CAPITAL CORP 4.35 4,000,000.00
09/15/2032
437076CS9 HOME DEPOT INC 4.5 7,500,000.00
09/15/2032
756109BP8 REALTY INCOME CORP 5.625 3,000,000.00
10/13/2032
023135CR5 AMAZON.COM INC 4.7 6,000,000.00
12/01/2032
89236TKR5 TOYOTA MOTOR CREDIT CORP 5,000,000.00
4.7 01/12/2033
26442CBJ2 DUKE ENERGY CAROLINAS LLC 5,000,000.00
4.95 01/15/2033
4 09/20/202
4.45%
4.64%
4.95%
10/19/2023
6.56%
89.83 4.53%
90.35 4.17%
92.32 4.08%
99.21 4.32%
99.94 4.26%
99.35 4.56%
98.40 4.14%
95.51 4.02%
101.17
00 3.98%
3,91 , 0 100.71
3,911, .00 4.24%
7,2 35.00
7,26 , .00
2,811,9
2,811,960.
6,073,270.00
6,073,270.00
5,038,315.00
5,038,315.00
4.54%
4.60%
2,694,944.22
6,766.67
4,517,263.40
5,888.89
6,462,364.30
8,944.44
4,464,633.65
71,400.00
2,998,324.35
46,395.83
8,941,444.29
125,882.00
8,856,155.43
71,175.00
3,342,911.04
17,261.81
2,023,313.72
5,072.22
4,028,537.44
7,733.33
8 7,671,117.23
15,000.00
.29 3,188,633.85
4.. % 78,750.00
03.96 6,237,467.64
4.12% 94,000.00
101.96 5,097,782.15
4.41% 51,569.44
87612EBQ8 TARGET CORP 4.4 01/15/2033 7,000,000.00
NATIONAL RURAL UTILITIES
637432PA7 COOPERATIVE FINANCE CORP
5.8 01/15/2033
7,000,000.00
0.23% A2/A-
134,309.22 A
0.39% Aa3/AA-
(66,125.00) AA -
0.56% Aa2/AA
252,244.30 A+
0.38% A2/A+
11,858.65 A
0.26% A2/A
52,819.35 NA
0.77% Al/A
628,504.29 NA
0.76% A1/A+
551,775.43 NA
0.29% Aaa/AA+
89,496.04 NA
0.17% Aa2/AA
71,053.72 AA
0.35% Al/A
117,132.44 A+
0.66% A2/A
410,582.23 A
0.27% A3/A-
376,673.85 NA
0.54% Al/AA
164,197.64 AA -
0.44% A1/A+
59,467.15 A+
-- 5,007,380.00 103.09 5,154,293.20 0.44% Aa3/A
4.93% 5,007,380.00 4.50% 52,250.00 146,913.20 NA
6,942,200.00 100.91 7,063,688.03 0.61% A2/A
4.51% 6,942,200.00 4.27% 65,022.22 121,488.03 A
7.42 6.52
7.46 6.63
7.46 6.59
7.62 6.36
7.64 6.37
7.69 6.35
7.80 6.60
7.86 6.77
7.94 6.52
7.96 6.66
7.96 6.46
8.04 6.16
8.17 6.50
8.28 6.75
8.29 6.54
8.29 6.66
6,821,460.00 108.33 7,582,798.72 0.65% A1/A- 8.29
6.17% 6,821,460.00 4.58% 85,711.11 761,338.72 A+ 6.23
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 17904
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Par Value/ Purchase Date Cost Value Mkt Price
Units Purchase Yield Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
78016FZX5
ROYAL BANK OF CANADA 5.0
02/01/2033
COMCAST CORP 4.65
02/15/2033
438516CK0 HONEYWELL INTERNATIONAL 10,000,000.00
INC 5.0 02/15/2033
532457CF3 ELI LILLY AND CO 4.7 02/27/2033 7,000 00
8,000,000.00
20030N EC1 5,000,000.00
911312628 UNITED PARCEL SERVICE INC 5,00
4.875 03/03/2033
0091586F2 AIR PRODUCTS AND CHEMICALS 8,500,000.
INC 4.8 03/03/2033
828807DU8 SIMON PROPERTY GROUP LP 5.5 4,500,000.00
03/08/2033
57636QAX2 MASTERCARD INC 4.85 3,000,000.00
03/09/2033
74456QCL8 PUBLIC SERVICE ELECTRIC AND 8,000,000.00
GAS CO 4.65 03/15/2033
59217GFP9 METROPOLITAN LIFE GLOBAL 5,000,000.00
FUNDING 15.15 03/28/2033
341081GL5 FLORIDA POWER & LIGHT CO 5.1 7,000,000.00
04/01/2033
7,735,430.00 103.47
5.47% 7,735,430.00 4.49%
4,986,780.00 101.43
4.68% 4,986,780.00 4.44%
9,934,460.00 104.53
5.10% 9,934,460.00 4.35%
7,032,030.00 102.88
4.64% 7,032,030.00 4.29%
- 5,036,405.00 103.48
78% 5,036,405.00 4.38%
8,521,575.00 103.30
4.77°/ 8,521,575.00 4.33%
4,491,950.00 105.63
,491,950.00 4.68%
06 /2 ' ,0 ' 2,750.00 103.93
4 3 50.00 4.29%
.00 101.42
5.09% ' 8, • ' .00 4.45%
4,9: , 4 103.79
5.20% 4,981, .00 4.61%
7,1 90.00
4.77% 7,17 , 0.00
- 4,945,7
4.23% 4,945,725.
- 9,798,905.00
4.77% 9,798,905.00
- 6,592,710.00
5.45% 6,592,710.00
7,105,085.00
5.33% 7,105,085.00
05/10/2023 2,514,750.00
4.23% 2,514,750.00
05/12/2023 1, 924, 940.00
4.94% 1,924,940.00
3,192,540.00
6.02% 3,192,540.00
931142FD0 WALMART INC 4.1 04/15/2033 5,000,000.00
91324PEV0 UNITEDHEALTH GROUP INC 4.5 10,000,000.00
04/15/2033
46647PDC7 JPMORGAN CHASE & CO 4.586 7,000,000.00
04/26/2033
06051GKQ1 BANK OF AMERICA CORP 4.571 7,500,000.00
04/27/2033
037833EV8 APPLE INC 4.3 05/10/2033 2,500,000.00
8574776U6 STATE STREET CORP 4.421 2,000,000.00
05/13/2033
20030NEE7 COMCAST CORP 4.8 05/15/2033 3,500,000.00
8,277,891.92
66,666.67
5,071,500.05
29,708.33
10,452,877.30
63,888.89
7,201,379.78
31,072.22
5,173,756.65
18,958.33
8,780,275.52
31,733.33
4,753,317.56
15,812.50
3,118,018.35
8,891.67
8,113,311.04
16,533.33
5,189,650.25
2,145.83
1 7,322,649.60
178,500.00
.28 5,014,247.40
4. . % 94,527.78
00.45 10,044,500.80
4.44% 207,500.00
100.02 7,001,482.74
4.79% 138,216.94
99.52 7,463,976.08
4.85% 146,652.92
103.13 2,578,340.05
3.87% 42,104.17
99.42 1,988,381.16
4.70% 33,894.33
101.97 3,569,096.51
4.52% 63,466.67
0.71% A1/A
542,461.92 AA -
0.44% A3/A-
84,720.05 A-
0.90% A2/A
518,417.30 A
0.62% A1/A+
169,349.78 NA
0.45% A2/A
137,351.65 NA
0.76% A2/A
258,700.52 NA
0.41% A3/A-
261,367.56 NA
0.27% Aa3/A+
75,268.35 NA
0.70% Al/A
364,623.04 NA
0.45% Aa3/AA-
208,310.25 AA -
0.63% Aa2/A+
146,059.60 AA -
0.43% Aa2/AA
68,522.40 AA
0.86% A2/A+
245,595.80 A
0.60% A1/A-
408,772.74 AA -
0.64% A1/A-
358,891.08 AA -
0.22% Aaa/AA+
63,590.05 NA
0.17% Al/A
63,441.16 AA -
0.31% A3/A-
376,556.51 A-
8.34 6.74
8.38 6.68
8.38 6.62
8.41 6.72
8.42 6.69
8.42 6.71
8.44 6.57
8.44 6.72
8.45 6.76
8.49 6.86
8.50 6.72
8.54 6.84
8.54 6.72
8.57 6.21
8.57 6.21
8.61 6.88
8.62 6.29
8.62 6.73
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 1`
905
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Cusip Security Description
Par Value/ Purchase Date Cost Value Mkt Price
Units Purchase Yield Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
30303M8N5
META PLATFORMS INC 4.95
05/15/2033
5,000,000.00
58933YBK0 MERCK & CO INC 4.5 05/17/2033 5,000,000.00
PFIZER INVESTMENT
716973AE2 ENTERPRISES PTE LTD 4.75 7,500,000.00
05/19/2033
747525BS1 QUALCOMM INC 5.4 05/20/2033 4,00
09247XAT8
74340XCE9
61747YEU5
857477BV4
404280DH9
05565ECF0
24422EXE4
06406RBM8
89236TLM5
02665 W EZ0
26442CBM5
29379VCF8
74340XCJ8
BLACKROCK INC 4.75
05/25/2033
PROLOGIS LP 4.75 06/15/2033
MORGAN STANLEY 4.889
07/20/2033
STATE STREET CORP 4.164
08/04/2033
HSBC HOLDINGS PLC 5.402
08/11/2033
BMW US CAPITAL LLC 5.15
08/11/2033
JOHN DEERE CAPITAL CORP 5.15
09/08/2033
BANK OF NEW YORK MELLON
CORP 5.834 10/25/2033
TOYOTA MOTOR CREDIT CORP
4.8 01/05/2034
AMERICAN HONDA FINANCE
CORP 4.9 01/10/2034
DUKE ENERGY CAROLINAS LLC
4.85 01/15/2034
ENTERPRISE PRODUCTS
OPERATING LLC 4.85 01/31/2034
PROLOGIS LP 5.0 03/15/2034
10/18/2023
5.84%
05/11/2023
4.33%
4,675,300.00
4,675,300.00
5,065,650.00
5,065,650.00
104.96
4.26%
101.64
4.27%
5,248,220.15
93,500.00
5,081,935.25
83,750.00
7,265,650.00 101.93 7,644,735.38
5.18% 7,265,650.00 4.48% 130,625.00
4,055,920.00 107.74 4,309,762.92
5.21% 4,055,920.00 4.32% 78,600.00
9, 783, 89 5.00 102.90 10,289,869.50
.04% 9,783,895.00 4.34% 166,250.00
6,624,720.00 101.35 7,094,567.83
6,624,720.00 4.56% 97,902.78
/ - 1, ,800,950.00 101.25 5,062,480.45
5.4 /o ,800,950.00 4.90% 48,210.97
10/30/ 60.00 97.29 1,945,716.10
6.43% ,699, x.00 4.77% 13,186.00
09/26/2024 :8,' .00 103.59 2,589,757.35
4.85% 2,5:., 5 5.11% 18,756.94
-- 7,786, .00 103.11 8,248,655.60
5.52% 7,7 0.00 . % 57,222.22
3,80 , 0.00 05.. 4,224,822.60
5.80% 3,806,0 . 0 38% 13,161.11
-- 9,740,660. r. 1 s .: 2 10,831,629.60
6.22% 9,740,660.00 4.47% 252,806.67
02/07/2024 3,961,600.00 01.97 4,078,618.80
4.92% 3,961,600.00 4.54% 45,866.67
-- 8,381,005.00 101.71 8,645,748.48
5.08% 8,381,005.00 4.67% 93,712.50
01/17/2024 2,945,190.00 102.28 3,068,438.31
5.09% 2,945,190.00 4.55% 30,716.67
-- 4,783,850.00 101.45 5,072,308.05
5.43% 4,783,850.00 4.66% 41,090.28
-- 4,911,330.00 102.54 5,127,228.10
5.23% 4,911,330.00 4.66% 11,111.11
10,000,
7,000,000.00
5,000,000.00
2,000,000.00
2,500,000.00
8,000,000.00
4,000,000.00
10,000,000.00
4,000,000.00
8,500,000.00
3,000,000.00
5,000,000.00
5,000,000.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.45% Aa3/AA-
572,920.15 NA
0.44% A1/A+
16,285.25 NA
8.62 6.73
8.63 6.82
0.66% A2/A 8.63
379,085.38 WR 6.76
0.37% A2/A 8.64
253,842.92 NA 6.65
0.89% Aa3/AA- 8.65
505,974.50 NA 6.79
0.61% A3/A 8.71
469,847.83 NA 6.82
0.44% Al/A- 8.80
261,530.45 A+ 6.38
0.17% A1/A 8.84
246,156.10 AA- 6.56
0.22% A3/A- 8.86
832.35 A+ 6.34
0.71% A2/A 8.86
462,375.60 NA 6.88
0.36% Al/A 8.94
418,762.60 A+ 7.15
0.93% Al/A 9.07
1,090,969.60 AA- 6.32
0.35% A1/A+ 9.27
117,018.80 A+ 7.35
0.74% A3/A- 9.28
264,743.48 NA 7.33
0.26% Aa3/A 9.29
123,248.31 NA 7.21
0.44% A3/A- 9.34
288,458.05 A- 7.24
0.44% A3/A 9.45
215,898.10 NA 7.33
CONFIDENTIAL 1 1: 906
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Cusip
Security Description
Par Value/ Purchase Date
Units Purchase Yield
Cost Value Mkt Price
Book Value Mkt YTM
Market Value
Accrued Int.
of Port. Moody's/ Maturity
Gain/Loss S&P/ Duration
Fitch
171239AK2
05565ECK9
61747YFE0
06051GLHO
191216DR8
24422EXU8
Total Corporate
MONEY MARKET
FUND
CHUBB INA HOLDINGS LLC 5.0
03/15/2034
BMW US CAPITAL LLC 5.15
04/02/2034
MORGAN STANLEY 5.25
04/21/2034
BANK OF AMERICA CORP 5.288
04/25/2034
COCA-COLA CO 5.0 05/13/2034
JOHN DEERE CAPITAL CORP 5.05
06/12/2034
665278404 NORTHERN INST:US GVT SHS
Total Money
Market Fund
US TREASURY
9128286B1
91282CEE7
912828672
91282CES6
91282CEV9
UNITED STATES
02/15/2029
UNITED STATES
03/31/2029
UNITED STATES
05/15/2029
UNITED STATES
05/31/2029
UNITED STATES
06/30/2029
TREASURY 2.625
TREASURY 2.375
TREASURY 2.375
TREASURY 2.75
TREASURY 3.25
7,000,000.00
3,000,000.00
2,500,000.00
2,500 00
5,00
2,500,000.
4.95%
05/16/2024
5.28%
04/18/2024
5.84%
04/16/2024
5.87%
05/14/2024
1%
2024
5.21%
458,080,000.00
2,399,124.32
2,399,124.32
5,000,000.00
3,000,000.00
5,000,000.00
7,500,000.00
30,000,000.00
7,025,160.00
7,025,160.00
2,970,330.00
2,970,330.00
2,398,075.00
2,398,075.00
2,399,025.00
2,399,025.00
4,997,650.00
4,997,650.00
2,469,875.00
2,469,875.00
446,640,642.93
4 • 640,642.93
103.85 7,269,240.86 0.63%
4.50% 15,555.56 244,080.86
102.05 3,061,434.84 0.26%
4.88% 76,820.83 91,104.84
103.28 2,581,972.53 0.22%
4.94% 58,333.33 183,897.53
103.97 2,599,194.10 0.22%
4.89% 57,286.67 200,169.10
105.37 5,268,703.30 0.45%
4.31% 95,833.33 271,053.30
104.41 2,610,268.85 0.22%
4.48% 38,576.39 140,393.85
99.83 455,776,130.31 39.21%
4.40% 4,672,503.51 9,135,487.38
4.78%
4.78%
3.05%
04/19/2022
2.93%
06/26/2019
2.05%
3.88%
3.72%
1.00 4.78%
4,926,728.51
4,926,728.51
2,895,117.19
2,895,117.19
5,145,117.19
5,145,117.19
7,006,582.03
7,006,582.03
29,223,437.51
29,223,437.51
2,399,124.32
0.00 2,399,124.32
0.00 0.21%
0.00 A3/A
A
A2/A
NA
A1/A-
A+
Al/A-
AA-
A1/A+
NA
Al/A
A+
Al/A
A+
Aaa/
AAAm
NA
Aaa/
0.21% AAAm
0.00 NA
96.15 4,807,617.20 0.41%
3.58% 16,762.91 (119,111.31)
95.01 2,850,351.57 0.25%
3.59% 195.74 (44,765.62)
94.91 4,745,312.50 0.41%
3.58% 44,853.94 (399,804.69)
96.43 7,232,519.55 0.62%
3.59% 69,313.52 225,937.52
98.56 29,567,578.20 2.54%
3.58% 246,399.46 344,140.69
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
9.45 7.35
9.50 7.14
9.56 6.72
9.57 6.72
9.62 7.35
9.70 7.55
7.68 6.18
0.00 0.00
0.00 0.00
4.38 4.07
4.50 4.21
4.62 4.28
4.67 4.29
4.75 4.32
CONFIDENTIAL 1 1z 907
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Cusip
Security Description
Par Value/ Purchase Date
Units Purchase Yield
Cost Value Mkt Price
Book Value Mkt YTM
Market Value
Accrued Int.
% of Port. Moody's/ Maturity
Gain/Loss F& h Duration
91282CFJ5
912828YS3
91282CFY2
91282CGJ4
912828Z94
91282CGQ8
91282CGS4
912828ZQ6
91282CHF1
91282CHR5
91282CAE1
91282CHZ7
91282CJG7
91282CAV3
91282CBL4
UNITED STATES
08/31/2029
UNITED STATES
11/15/2029
UNITED STATES
11/30/2029
UNITED STATES
01/31/2030
UNITED STATES
02/15/2030
UNITED STATES
02/28/2030
UNITED STATES
03/31/2030
UNITED STATES
05/15/2030
UNITED STATES
05/31/2030
UNITED STATES
07/31/2030
UNITED STATES
08/15/2030
UNITED STATES
09/30/2030
UNITED STATES
10/31/2030
UNITED STATES
11/15/2030
TREASURY 3.125
TREASURY 1.75
TREASURY 3.875
TREASURY 3.5
TREASURY 1.5
TREASURY 4.0
TREASURY 3.625
TREASURY 0.625
TREASURY 3.75
TREASURY 4.0
TREASURY 0.625
TREASURY 4.625
TREASURY 4.875
TREASURY 0.875
30,000,000.00
10,000,000.00
20,000,000.00
35,000 00
10,00
35,000,000.
35,000,000.00
5,000,000.00
30,000,000.00
20,000,000.00
2,500,000.00
20,000,000.00
20,000,000.00
5,000,000.00
-- 28,595,039.07
28,595,039.07
10,346,875.00
10,346,875.00
20,037,304.69
20,037,304.69
34,055,078.14
34,055,078.14
10,417,732.56
6% 10,417,732.56
34,940,820.33
34,940,820.33
34,477,343.76
,477,343.76
,9 2,890.63
90.63 97
3.93%
UNITED STATES TREASURY 1.125
02/15/2031
10,000,000.00
1.38%
3.85%
3.95%
4.03°/
3.87%
4.67%
0.76%
19,23
19,230,
2,4 0.31
2,46 0.31
- - 19,622,6
4.95% 19,622,656.
- - 20,944,921.88
4.08% 20,944,921.88
4,938,632.81
1.01% 4,938,632.81
9,731,298.84
1.42% 9,731,298.84
97.92 3.59%
91.61 3.56%
101.31
3.59%
99.50 3.60%
89.79 3.61%
101.92
3.61%
100.07
3.61%
84.92 3.61%
100.66
97_ 3.62%
101.96
8 3.62%
29,375,390.70 2.53%
80,283.15 780,351.63
9,161,328.10 0.79%
66,100.54 (1,185,546.90)
20,261,718.80 1.74%
260,450.82 224,414.11
34,825,000.00 3.00%
206,385.87 769,921.86
8,979,296.90 0.77%
19,157.61 (1,438,435.66)
35,671,289.15 3.07%
119,889.50 730,468.82
35,023,242.10 3.01%
3,485.58 545,898.34
4,246,093.75 0.37%
11,803.67 (716,796.88)
30,198,046.80 2.60%
378,073.77 413,378.83
20,391,406.20 1.75%
134, 782.61 1,160, 546.82
7 2,106,835.95 0.18%
1,995.58 (360,234.36)
21,063,281.20 1.81%
2,541.21 1, 440, 624.95
21,346,875.00 1.84%
408,016.30 401,953.12
4,255,468.75 0.37%
16,525.14 (683,164.06)
8,599,218.80 0.74%
14,368.21 (1,132,080.04)
3. .32
%
06.73 3.63%
85.11 3.61%
85.99 3.60%
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
4.92 4.50
5.13 4.79
5.17 4.59
5.34 4.79
5.38 5.07
5.41 4.82
5.50 4.94
5.62 5.41
5.67 5.00
5.83 5.14
5.87 5.66
6.00 5.23
6.08 5.17
6.13 5.83
6.38 6.03
91282CKN0
91282CCB5
91282CCS8
UNITED STATES TREASURY 4.625
04/30/2031
UNITED STATES TREASURY 1.625
05/15/2031
UNITED STATES TREASURY 1.25
08/15/2031
7,500,000.00
2,500,000.00
5,000,000.00
05/30/2024
4.57%
07/23/2021
1.31%
1.36%
7,525,781.25
7,525,781.25
2,572,656.25
2,572,656.25
4,948,144.54
4,948,144.54
105.64
3.65%
88.16 3.65%
85.40 3.67%
7,923,339.83 0.68%
145,159.65 397,558.58
2,204,003.90 0.19%
15,344.77 (368,652.35)
4,270,117.20 0.37%
7,982.34 (678,027.34)
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
6.58 5.57
6.62 6.12
6.87 6.45
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 1.908
HOLDINGS REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Cusip
Security Description
Par Value/ Purchase Date
Units Purchase Yield
Cost Value Mkt Price
Book Value Mkt YTM
Market Value
Accrued Int.
% of Port. Moody's/ Maturity
Gain/Loss F& h Duration
91282CEP2
91282CFF3
91282CFV8
91282CGM7
91282CHC8
91282CHT1
91282CJJ 1
91282CJZ5
91282CKQ3
91282CLF6
Total US Treasury
Total Portfolio
Total Market
Value + Accrued
UNITED STATES
05/15/2032
UNITED STATES
08/15/2032
UNITED STATES
11/15/2032
UNITED STATES
02/15/2033
UNITED STATES
05/15/2033
UNITED STATES
08/15/2033
UNITED STATES
11/15/2033
UNITED STATES
02/15/2034
UNITED STATES
05/15/2034
UNITED STATES
08/15/2034
TREASURY 2.875
TREASURY 2.75
TREASURY 4.125
TREASURY 3.5
TREASURY 3.375
TREASURY 3.875
TREASURY 4.5
TREASURY 4.0
TREASURY 4.375
TREASURY 3.875
25,000,000.00
25,000,000.00
35,000,000.00
30,000 00
40,00
3.45%
3.75%
4.03%
3.89%
00.0 40,000,000.
25,000,000.00
30,000,000.00
45,000,000.00
22,500,000.00
23,876,875.01
23,876,875.01
22,993,457.03
22,993,457.03
35,324,511.73
35,324,511.73
29,046,679.70
29,046,679.70
37,882,324.23
5% 37,882,324.23
37,253,906.26
37,253,906.26
25,966,992.19
,966,992.19
,079,687.52
87.52 94
4.76°/
670,500,000.00
1,168,514,288.65
4.37%
3.76%
.94
22,70
22,706, • .63
657,9 . 66.33
3.87% 657,94 , ..33
4.14%
94.52 23,630,859.50 2.03%
3.71% 271,484.38 (246,015.51)
93.45 23,361,328.00 2.01%
3.72% 87,805.71 367,870.97
102.86 36,002,148.35 3.10%
3.71% 545,329.48 677,636.62
98.26 29,477,343.60 2.54%
3.74% 134,103.26 430,663.90
97.22 38,889,062.40 3.35%
3.75% 509,918.48 1,006,738.17
100.80 40,321,875.20 3.47%
3.77% 197,961.96 3,067,968.94
105.61 26,401,367.25 2.27%
3.77% 424,932.07 434,375.06
101.72 30,515,625.00 2.63%
3.78% 153,260.87 1,435,937.48
104.73 47,130,468.75 4.05%
3.78% 743,631.11 2,111,132.81
100.70 22,658,203.13 1.95%
3.79% 111,353.60 (48,437.51)
7 667,493,613.32 57.42%
5,449,652.79 9,546,446.99
1,144,668,049.6 9 •4 1,162,382,225.38
1,144,671,371.96 3.97% 10,323,055.24 17,710,853.42 AA
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
100.00% Aa3/AA-
1,172,705,280.62
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
7.62 6.67
7.88 6.95
8.13 6.77
8.38 7.15
8.62 7.30
8.87 7.42
9.13 7.37
9.38 7.74
9.62 7.73
9.87 8.11
7.05 6.06
7.30 6.08
CONFIDENTIAL 1 1E 909
TRANSACTION LEDGER
Client Name 1 Account #000001 As of September 30, 2024
`/"CHANDLER
ASSET MANAGEMENT
Transaction
Type
Settlement CUSIP
Date
Quantity Security Description
S
c
Price Aq/Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/Loss
ACQUISITIONS
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Total Purchase
TOTAL
ACQUISITIONS
OTHER
Sale
09/03/2024 665278404
09/09/2024 665278404
09/10/2024 665278404
09/11/2024 665278404
09/13/2024 665278404
09/16/2024 665278404
09/17/2024 665278404
09/18/2024 91282CLF6
09/20/2024
09/24/2024
09/25/2024
09/27/2024
09/30/2024
665278404
665278404
665278404
404280DH9
665278404
09/17/2024 9128286B1
NORTHERN INST:US GVT
1,556,844.05
HS
S NORTHERN INST:US GVT
392,000.00
HS
172,500.00 NORTHERN INST:US GVT
109,375.00
50,512.
1,142,038.79
9,764,894.70
10,000,000.00
9,647.60
67,395.00
27,766.63
2,500,000.00
1,261,250.00
27,054,224.27
27,054,224.27
SH
NORTHER
SHS
UNITED STAT S T
3.875 08/15/20
NORTHERN INST:US
SHS
NORTHERN INST:US GVT
SHS
NORTHERN INST:US GVT
SHS
HSBC HOLDINGS PLC
5.402 08/11/2033
NORTHERN INST:US GVT
SHS
N INST:US GVT
HERN INST:US GVT
:US GVT
1.000 5.11% (1,556,844.05)
1.000 5.09% (392,000.00)
1.000 5.08% (172,500.00)
1.000 5.07% (109,375.00)
1.000 5.24% (50,512.50)
1.000 5.07% (1,142,038.79)
1.000 5.05% (9,764,894.70)
3.65% (10,185,156.25)
4.84% (9,647.60)
1.000 4.75% (67,395.00)
1.0 4.75° (27,766.63)
103.557 :5% (2,588,925.00)
1.000 4.74°0 (1,261,250.00)
(27,328,305.52)
(7,500,000.00) UNITED STATES TREASURY 96.691
2.625 02/15/2029
3.68%
(27,328,305.52)
0.00 (1,556,844.05)
0.00 (392,000.00)
0.00 (172,500.00)
0.00 (109,375.00)
0.00 (50,512.50)
0.00 (1,142,038.79)
0.00 (9,764,894.70)
(35,801.63) (10,220,957.88)
0.00 (9,647.60)
0.00 (67,395.00)
0.00 (27,766.63)
(17,256.39) (2,606,181.39)
0.00 (1,261,250.00)
(53,058.02) (27,381,363.54)
(53,058.02) (27,381,363.54)
7,251,855.47 (17,654.55)
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 7,269,510.02 (138,237.30)
CONFIDENTIAL 1 910
TRANSACTION LEDGER
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Transaction
Type
Settlement CUSIP
Date
Quantity
Security Description
c
Price Aq/Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/Loss
Sale
Sale
Sale
09/17/2024 9128285M8
09/18/2024 665278404
09/26/2024 665278404
(2,500,000.00)
(10,220,957.88)
(7,366.07)
Sale 09/27/2024 665278404 (2,606,181.39)
(22,834,505.
(22,834,505.34
Coupon 09/01/2024 3138WHCP5 0.00
Coupon 09/01/2024 36225FF79 0.00
Coupon 09/01/2024 36225FJE0 0.00
Coupon 09/01/2024 36225F123 0.00
Coupon 09/01/2024 36179MN71 0.00
Coupon 09/01/2024 3140JG6L4 0.00
Coupon 09/01/2024 3140J6GR2 0.00
Coupon 09/01/2024 31418CNE0 0.00
Coupon 09/01/2024 3128M12T6 0.00
Coupon 09/01/2024 36179QB67 0.00
Total Sale
TOTAL OTHER
TRANSACTIONS
OTHER
UNITED STATES TREASURY
3.125 11/15/2028
NORTHERN INST:US GVT
SHS
NORTHERN INST:US GVT
SHS
N/JLTHERN INST:US GVT
98.754 4.24% 2,468,847.66
1.000 5.09% 10,220,957.88
1.000 4.78% 7,366.07
1.000 4.75%
FN AS7277
05/01/20
G2 082889
07/20/2041
G2 082960 3.75
10/20/2041
G2 082979 3.75
11/20/2041
G2 MA0414 3.625
09/20/2042
FN BN0874 4.0
11/01/2048
FN BM2007 4.0
09/01/2048
FN MA3088 4.0
08/01/2047
FH G08785 4.0
10/01/2047
G2 MA1861 4.875
04/20/2044
2.56%
3.10%
3.25%
.25%
3.33%
2,606,181.39
22,555,208.47
22,555,208.47
3.8 3.86%
3.92%
4.70%
1,100.40
308.34
282.70
266.30
80.86 1,295.80
1,083.07
1,123.49
1,421.32
53.59 (26,537.02)
0.00 0.00
0.00 (44,191.57)
(44,191.57)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 2,495,384.68
10,220,957.88
7,366.07
97,721.36
0.00 0.00
2,606,181.39 0.00
22,599,400.04 (40,515.94)
22,599,400.04 (40,515.94)
1,100.40 0.00
308.34 0.00
282.70 0.00
266.30 0.00
80.86 0.00
1,295.80 0.00
1,083.07 0.00
1,123.49 0.00
1,421.32 0.00
53.59 0.00
CONFIDENTIAL 1 1E 911
TRANSACTION LEDGER
Client Name 1 Account #000001 As of September 30, 2024
`/"CHANDLER
ASSET MANAGEMENT
Transaction Settlement CUSIP
Type Date
Quantity Security Description
c
Price Aq/Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/Loss
Coupon
09/03/2024 009158BF2
Coupon 09/03/2024 911312BZ8
Coupon 09/03/2024 808513CA1
Coupon 09/07/2024 58933YAX3
Coupon 09/08/2024 828807DU8
Coupon 09/08/2024 24422EXE4
Coupon 09/09/2024 931142EY5
Coupon 09/09/2024 57636QAX2
Coupon 09/10/2024 89114TZJ4
Coupon 09/10/2024 3130B0X87
Coupon 09/11/2024 3130AV4X7
Coupon 09/13/2024 404280BK4
Coupon 09/15/2024 171239AG1
Coupon 09/15/2024 717081ET6
Coupon 09/15/2024 12572QAK1
Coupon 09/15/2024 084664DA6
AIR PRODUCTS AND
0.00 CHEMICALS INC 4.8
03/03/2033
0.00 UNITED PARCEL SERVICE
INC 4.875 03/03/2033
0.00 CHARLES SCHWAB CORP
2.9 03/03/2032
0.00 _ COINC3.4
�'" 29
ROPERTY GROUP
3 0.00 JO ii�r ' ITAL
CO ' 5. 'T .8/20
0.00 WALMART
09/09/20
0.00 MASTERCAR► IN
03/09/2033
0.00 TORONTO-DOMINIO
BANK 2.0 09/10/2031
0.00 FEDERAL HOME LOAN
BANKS 4.75 03/10/2034
0.00 FEDERAL HOME LOAN
BANKS 4.375 03/11/2033
0.00 HSBC HOLDINGS PLC
4.041 03/13/2028
0.00 CHUBB INA HOLDINGS
LLC 1.375 09/15/2030
0.00 PFIZER INC 3.45
03/15/2029
0.00 CME GROUP INC 2.65
03/15/2032
BERKSHIRE HATHAWAY
0.00 FINANCE CORP 2.875
03/15/2032
4.77% 204,000.00 0.00 204,000.00
0.00 4.78% 121,875.00 0.00 121,875.00 0.00
4.93% 43,500.00 0.00 43,500.00 0.00
2.97% 51,000.00 0.00 51,000.00 0.00
5.52% 123,750.00 0.00 123,750.00 0.00
5.80% 103,000.00 0.00 103,000.00 0.00
4.45% 41,500.00 0.00 41,500.00 0.00
4.66% 72,750.00 0.00 72,750.00 0.00
2.05% 30,000.00 0.00 30,000.00 0.00
4.60% 142,500.00 0.00 142,500.00 0.00
4.03°/ 109,375.00 0.00 109,375.00 0.00
50,512.50 0.00 50,512.50 0.00
1.41'. 20,625.00 0.00 20,625.00 0.00
2.93% 25,875.00 0.00 25,875.00 0.00
3.79% 66,250.00 0.00 66,250.00 0.00
4.43% 100,625.00 0.00 100,625.00 0.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 1 912
TRANSACTION LEDGER
Client Name 1 Account #000001 As of September 30, 2024
`/"CHANDLER
ASSET MANAGEMENT
Transaction Settlement CUSIP
Type Date
Quantity Security Description
c
Price Aq/Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/Loss
Coupon
Coupon
Coupon
Coupon
09/15/2024 24422EWL9
09/15/2024 171239AK2
09/15/2024 437076CS9
09/15/2024 756109BR4
Coupon 09/15/2024 74456QCL8
Coupon 09/15/2024 74340XCJ8
Coupon 09/16/2024 40139LBE2
Coupon 09/24/2024 46647PBJ4
Coupon 09/28/2024 59217GFP9
Coupon 09/30/2024 91282CEE7
Coupon 09/30/2024 91282CGS4
Coupon 09/30/2024 91282CHZ7
Total Coupon
Dividend 09/30/2024 665278404
Total Dividend
Principal 09/01/2024 3138WHCP5
Paydown
Principal 09/01/2024 36225FF79
Paydown
0.00 0.00
0.00 0.00
JOHN DEERE CAPITAL
CORP 4.35 09/15/2032
CHUBB INA HOLDINGS
LLC 5.0 03/15/2034
HOME DEPOT INC 4.5
09/15/2032
R TY INCOME CORP
15/2030
RVICE ELECTRIC
CO 4.65
0.00 PR
03 5/2
GUARDIA
0.00 FUNDING
09/16/2028
0.00 JPMORGAN CHA
4.493 03/24/2031
METROPOLITAN LIFE
0.00 GLOBAL FUNDING 1 5.15
03/28/2033
0.00 UNITED STATES TREASURY
2.375 03/31/2029
0.00 UNITED STATES TREASURY
3.625 03/31/2030
0.00 UNITED STATES TREASURY
4.625 09/30/2030
4.64%
87,000.00
4.95% 182,777.78
168,750.00
4.98% 97,000.00
4.95%
0.00 87,000.00
0.00 182,777.78 0.00
0.00 168,750.00 0.00
0.00 97,000.00 0.00
0.00 5.09% 186,000.00 0.00 186,000.00 0.00
5.23% 159,722.22 0.00 159,722.22 0.00
1.63% 41,193.75 0.00 41,193.75 0.00
5.37% 67,395.00 0.00 67,395.00 0.00
0% 128,750.00 0.00 128,750.00 0.00
2.93°/ 35,625.00 0.00 35,625.00 0.00
0.00 0.00
0.00 6,209.73
1,699.33
NORTHERN INST:US GVT
SHS
FN AS7277 3.0
05/01/2031
G2 082889 3.625
07/20/2041
634,375.00 0.00
634,375.00 0.00
4.9 462,500.00 0.00 462,500.00 0.00
3,565,242.12 0.00 3,565,242.12 0.00
4.91% 12,483.59 0.00 12,483.59 0.00
12,483.59 0.00 12,483.59 0.00
2.56% 6,209.73 -- 6,209.73 (323.48)
3.10% 1,699.33 -- 1,699.33 (113.65)
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 2` 913
TRANSACTION LEDGER
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Transaction
Type
Settlement CUSIP
Date
Quantity Security Description
c
Price Aq/Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/Loss
Principal
Paydown
Principal
Paydown
Principal
Paydown
Principal
Paydown
Principal
Paydown
Principal
Paydown
Principal
Paydown
Principal
Paydown
Total Principal
Paydown
TOTAL OTHER
TRANSACTIONS
09/01/2024 36225FJE0
09/01/2024 36225FJZ3
09/01/2024 36179MN71
09/01/2024 3140JG6L4
09/01/2024 314016GR2
09/01/2024 31418CNE0
09/01/2024 3128MJ2T6
09/01/2024 36179QB67
336.66
6,090.91
493.93
4,119.82
3,030
2,437.3
G2 082960 3.75
10/20/2041
G2 082979 3.75
11/20/2041
G2 MA0414 3.625
09/20/2042
F 0874 4.0
48 7 4.0
48 08
3,926.94 FH 087
10/01/204
34.98 G2 MA18
04/20/2044
28,380.55
28,380.55
3.25%
3.28%
3.33%
3.80%
3.85%
3.86%
3.92%
4.70%
336.66
6,090.91
493.93
4,119.82
3,030.95
2,437.30
3,926.94
34.98 28,380.55
3,606,106.26
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 336.66
6,090.91
493.93
4,119.82
3,030.95
2,437.30
3,926.94
34.98 (21.36)
(386.41)
(18.36)
(135.18)
(69.15)
(51.03)
(45.56)
(0.68)
28,380.55 (1,164.86)
0.00 3,606,106.26 (1,164.86)
CONFIDENTIAL 1 2] 9,14
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
665278404
CCYUSD
CCYUSD
Total Cash & Equivalents
FIXED INCOME
NORTHERN INST:US GVT SHS
Cash
Receivable
AIR PRODUCTS AND
009158BF2 CHEMICALS INC 4.8
03/03/2033
023135BZ8
023135CR5
02665 W EZ0
AMAZON.COM INC 2.1
05/12/2031
AMAZON.COM INC 4.7
12/01/2032
AMERICAN HONDA FINANCE
CORP 4.9 01/10/2034
2,399,124.32
679,405.39
14,554,224.27
(12, 834,505.34)
2,399,124.32
0.00 0.00
0.00 0.00
1,188, 340.83
0.00 0.00
19,849.64
6.22 19,849.64
2,418,973.97
8,500,000.00
05/10/2021
05/12/2021
4,670,000.00
6,000,000.00
8,500,000.00
0.00 18,719.05
0.00 18,719.05
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 18,719.05
0.00 18,719.05
8,521,575. 201,733.33
0. 04, 000.00
0.0 ' 733.33
8,521,575.00 3 ,000.00
4,669,159.40 29,693.42
0.00 0.00
0.00 37,865.92
4,669,159.40 8,172.50
6,073,270.00 70,500.00
0.00 0.00
0.00 94,000.00
6,073,270.00 23,500.00
8,381,005.00 59,004.17
0.00 0.00
0.00 93,712.50
8,381,005.00 34,708.33
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 18,719.05
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 18,719.05
0.00 0.00
0.00 34,000.00
0.00 0.00
0.00 8,172.50
0.00 0.00
0.00 23,500.00
0.00 0.00
0.00 34,708.33
18,719.05
0.00 0.00
18,719.05
34,000.00
8,172.50
23,500.00
34,708.33
CONFIDENTIAL 1 2: 915
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
037833EH9
APPLE INC 1.4 08/05/2028
2,000,000.00
1,993,900.00
0.00 0.00
1,993,900.00
2,022.22
0.00 4,355.56
2,333.33
0.00 0.00
0.00 2,333.33
2,333.33
037833EP1 APPLE INC 3.35 08/08/2032
037833EU0
037833EV8
05565ECF0
05565ECK9
06051G H V4
06051GKQ1
06051GLHO
APPLE INC 4.15 05/10/2030
APPLE INC 4.3 05/10/2033
BMW US CAPITAL LLC 5.15
08/11/2033
BMW US CAPITAL LLC 5.15
04/02/2034
BANK OF AMERICA CORP
3.194 07/23/2030
BANK OF AMERICA CORP
4.571 04/27/2033
BANK OF AMERICA CORP
5.288 04/25/2034
0.0 05/10/2023
05/12/2023
2,500,000.00
8,000,000.00
05/16/2024
05/20/2024
3,000,000.00
5,000,000.00
7,500,000.00
3,253,415.00
0.00 0.00
3,253,415.00
7,490.97
0.00 17,261.81
9,770.83
0.00 0.00
0.00 9,770.83
9,770.83
1,994,580.00 25,591.67
0.00 0.00
0.00 32,508.33
,994,580.00 6,916.67
2,514,750.00 33,145.83
0.00 0.00
0 42,104.17
8,958.33
22,888.89
0.00 57,222.22
7,786,280.0. 34,333.33
2,970,331 . 63,945.83
0. t . 0.00
0.00 ,820.83
2,970,330.00 12,875.00
4,826,210.00 16,857.22
0.00 0.00
0.00 30,165.56
4,826,210.00 13,308.33
7,105,085.00
0.00 0.00
7,105,085.00
04/16/2024
04/18/2024
2,500,000.00
2,399,025.00
0.00 0.00
2,399,025.00
118,084.17
0.00 146,652.92
28,568.75
46,270.00
0.00 57,286.67
11,016.67
0.00 0.00
0.00 6,916.67
0.00 0.00
0.00 8,958.33
6,916.67
8,958.33
0.00 0.00
0.00 34,333.33
34,333.33
0.00 0.00
0.00 12,875.00
12,875.00
0.00 0.00
0.00 13,308.33
13,308.33
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 28,568.75
28,568.75
0.00 0.00
0.00 11,016.67
11,016.67
CONFIDENTIAL 1 2:. 916
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
06406RBM8
064159469
06417XAP6
084664CW9
084664DA6
09247XAP6
09247XAT8
12572QAK1
171239AG1
BANK OF NEW YORK MELLON
CORP 5.834 10/25/2033
BANK OF NOVA SCOTIA 2.15
08/01/2031
BANK OF NOVA SCOTIA 4.85
02/01/2030
BERKSHIRE HATHAWAY
FINANCE CORP 1.45
10/15/2030
10,000,000.00
9,740,660.00
0.00 0.00
9,740,660.00
6,334,190.00
0.00 0.00
6,334,190.00
204,190.00
0.00 252,806.67
48,616.67
0.00 0.00
0.00 48,616.67
12,541.67
0.00 25,083.33
12,541.67
0.00 0.00
0.00 12,541.67
4,608,450.00 20,208.33 0.00
0.00 0.00 0.00
0.00 40,416.67 0.00
,608,450.00 20,208.33 20,208.33
2,986,390.40 16,433.33 0.00
0.00 0.00 0.00
0 20,058.33 0.00
3,625.00 3,625.00
3,000,000.00
BERKSHIRE HATHAWAY
FINANCE CORP 2.875
03/15/2032 7,000,000.00
BLACKROCK INC 3.25 06/05/2019
04/30/2029 06/07/2019
2,500,000.00
BLACKROCK INC 4.75
05/25/2033
CME GROUP INC 2.65
03/15/2032
CHUBB INA HOLDINGS LLC
1.375 09/15/2030
10,000,000.00
5,000,000.00
3,000,000.00
92,798.61 0.00
100,625.00 0.00
0. 8,944.44 0.00
6,210,120.0 1 16,770.83 16,770.83
2,560,25 27,309.03 0.00
0. , . 0.00 0.00
0.00 ,079.86 0.00
2,560,250.00 6,770.83 6,770.83
9,783,895.00
0.00 0.00
9,783,895.00
4,583,388.40
0.00 0.00
4,583,388.40
2,989,083.12
0.00 0.00
2,989,083.12
126,666.67
0.00 166,250.00
39,583.33
61,097.22
66,250.00
5,888.89
11,041.67
19,020.83
20,625.00
1,833.33
3,437.50
0.00 0.00
0.00 39,583.33
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 11,041.67
0.00 0.00
0.00 3,437.50
48,616.67
12,541.67
20,208.33
3,625.00
16,770.83
6,770.83
39,583.33
11,041.67
3,437.50
CONFIDENTIAL 1 2z 917
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
171239AK2
17275RBS0
191216DR8
20030NCA7
20030N DM 0
20030N EC1
20030NEE7
24422EUY3
24422 E W L9
CHUBB INA HOLDINGS LLC
5.0 03/15/2034
CISCO SYSTEMS INC 4.95
02/26/2031
COCA-COLA CO 5.0
05/13/2034
COMCAST CORP 3.15
02/15/2028
COMCAST CORP 1.95
01/15/2031
COMCAST CORP 4.65
02/15/2033
COMCAST CORP 4.8
05/15/2033
JOHN DEERE CAPITAL CORP
2.8 07/18/2029
JOHN DEERE CAPITAL CORP
4.35 09/15/2032
7,000,000.00
05 ./
5,000,0 .00
10/25/2019
10/29/2019
2,000,000.00
01/13/2021
01/15/2021
1,000,000.00
5,000,000.00
3,500,000.00
08/27/2019
08/29/2019
2,000,000.00
4,000,000.00
7,025,160.00
0.00 0.00
7,025,160.00
7,991,466.50
0.00 0.00
7,991,466.50
4,997,650.00
0.00 0.00
,997,650.00
2,099,560.00
0.00 169,166.67
182,777.78
15,555.56
29,166.67
5,500.00
0.00 38,500.00
33,000.00
75,000.00
0.00 95,833.33
20,833.33
2,800.00
0.00 0 8,050.00
5,250.00
2,491.67
0.00 0.'' 4,116.67
1,009,430.0 ' 1,625.00
4,986,78 10,333.33
0. ' . 0.00
0.00 ,708.33
4,986,780.00 19,375.00
3,192, 540.00 49,466.67
0.00 0.00
0.00 63,466.67
3,192, 540.00 14,000.00
2,084,160.00 6,688.89
0.00 0.00
0.00 11,355.56
2,084,160.00 4,666.67
3,911,405.00 80,233.33
0.00 87,000.00
0.00 7,733.33
3,911,405.00 14,500.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 29,166.67
0.00 0.00
0.00 33,000.00
0.00 0.00
0.00 20,833.33
0.00 0.00
0.00 5,250.00
0.00 0.00
0.00 1,625.00
0.00 0.00
0.00 19,375.00
0.00 0.00
0.00 14,000.00
0.00 0.00
0.00 4,666.67
0.00 0.00
0.00 14,500.00
29,166.67
33,000.00
20,833.33
5,250.00
1,625.00
19,375.00
14,000.00
4,666.67
14,500.00
CONFIDENTIAL 1 25 918
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
24422EXE4
24422EXU8
25731VAA2
26442CB12
26442CBM5
26444HAK7
29379VCF8
30231GBE1
30303M8N5
JOHN DEERE CAPITAL CORP
5.15 09/08/2033
JOHN DEERE CAPITAL CORP
5.05 06/12/2034
DOMINION ENERGY
SOUTH CAROLINA INC 2.3
12/01/2031
DUKE ENERGY CAROLINAS
LLC 4.95 01/15/2033
DUKE ENERGY CAROLINAS
LLC 4.85 01/15/2034
DUKE ENERGY FLORIDA LLC
2.4 12/15/2031
4,000,000.00
06/1 124
06/
0 11 •/
4,000,0 '.00
5,000,000.00
01/17/2024
01/19/2024
3,000,000.00
2,000,000.00
ENTERPRISE PRODUCTS
OPERATING LLC4.85
01/31/2034 5,000,000.00
EXXON MOBIL CORP 2.44 08/20/2019
08/16/2029 08/22/2019
3,000,000.00
META PLATFORMS INC 4.95 10/18/2023
05/15/2033 10/20/2023
5,000,000.00
3,806,060.00
0.00 0.00
3,806,060.00
2,469,875.00
0.00 0.00
2,469,875.00
3,990,882.64
0.00 0.00
,990,882.64
5,007,380.00
0.00 98,994.44
103,000.00
13,161.11
17,166.67
28,055.56
0.00 38,576.39
10,520.83
23,000.00
0.00 30,666.67
7,666.67
31,625.00
0.00 0 52,250.00
20,625.00
18,591.67
0.00 0. ' ' 30,716.67
2,945,190.0 12,125.00
1,895,40 10,133.33
0. 0.00
0.00 ,133.33
1,895,405.00 4,000.00
4,783,850.00 20,881.94
0.00 0.00
0.00 41,090.28
4,783,850.00 20,208.33
3,043,560.00 3,050.00
0.00 0.00
0.00 9,150.00
3,043,560.00 6,100.00
4,675,300.00 72,875.00
0.00 0.00
0.00 93,500.00
4,675,300.00 20,625.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 17,166.67
0.00 0.00
0.00 10,520.83
0.00 0.00
0.00 7,666.67
0.00 0.00
0.00 20,625.00
0.00 0.00
0.00 12,125.00
0.00 0.00
0.00 4,000.00
0.00 0.00
0.00 20,208.33
0.00 0.00
0.00 6,100.00
0.00 0.00
0.00 20,625.00
17,166.67
10,520.83
7,666.67
20,625.00
12,125.00
4,000.00
20,208.33
6,100.00
20,625.00
CONFIDENTIAL 1 2E 919
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
3128MJ2T6
3128NHXW8
3128S4ME4
3130AEB25
3130AGDY8
3130AV4X7
3130AVWG3
3130B0X87
3135G05Q2
FH G08785 4.0 10/01/2047
FH 1J1593 6.639 04/01/2037
09/18/2018
09/20/2018
422,469.39
431,343.18
0.00 (3,972.50)
427,370.68
1,421.32
1,421.32
1,408.23
1,408.23
10/2 '09
10/
6 2
8.4 79, 306.95
0.00 (7,118.28)
72,188.67
417.87
419.63
381.40
383.16
FH 1Q0357 6.853 11/01/2037 08
14, .93
FEDERAL HOME LOAN BANKS
3.25 06/09/2028
5,000,000.00
FEDERAL HOME LOAN BANKS 06/21/2019
2.75 06/08/2029 06/25/2019
2,725,000.00
FEDERAL HOME LOAN BANKS 04/26/2023
4.375 03/11/2033 04/27/2023
5,000,000.00
FEDERAL HOME LOAN BANKS 07/20/2023
4.0 06/10/2033 07/21/2023
5,000,000.00
FEDERAL HOME LOAN BANKS 06/26/2024
4.75 03/10/2034 06/27/2024
7,500,000.00
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.875 08/05/2030
5,000,000.00
15,739.00
0.00 (75.19)
15,663.81
79.45 71.06
84.40 76.01
0.00 0.00
0.00 1,408.23
0.00 0.00
0.00 383.16
4,943,980.00 37,013.89
0.00 0.00
0 50,555.56
13,541.67
17,277.26
0.00 0.1 1 23,522.05
2,804,651.7 6,244.79
5,137,801 103,298.61
0. ' . ,375.00
0.00 ,152.78
5,137,800.00 18,229.17
4,869,100.00 45,000.00
0.00 0.00
0.00 61,666.67
4,869,100.00 16,666.67
7,586,700.00 133,593.75
0.00 142,500.00
0.00 20,781.25
7,586,700.00 29,687.50
4,954,299.70 3,159.72
0.00 0.00
0.00 6,805.56
4,954,299.70 3,645.83
0.00 0.00
0.00 76.01
0.00 0.00
0.00 13,541.67
0.00 0.00
0.00 6,244.79
0.00 0.00
0.00 18,229.17
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 16,666.67
0.00 0.00
0.00 29,687.50
0.00 0.00
0.00 3,645.83
1,408.23
383.16
76.01 13,541.67
6,244.79
18,229.17
16,666.67
29,687.50
3,645.83
CONFIDENTIAL 1 2, 920
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
3135G05Y5
3138WHCP5 FN AS7277 3.0 05/01/2031
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.75 10/08/2027
3140J6GR2 FN BM2007 4.0 09/01/2048
3140JG6L4 FN BN0874 4.0 11/01/2048
31418CNE0 FN MA3088 4.0 08/01/2047
341081GL5 FLORIDA POWER & LIGHT CO
5.1 04/01/2033
36179MN71 G2 MA0414 3.625
09/20/2042
36179QB67 G2 MA1861 4.875
04/20/2044
36225FF79
10/27/2020
10/28/2020
5,000,000.00
06/2: 116
06/
3 5,000,450.00
0.00 0.00
5,000,450.00
463,090.47
0.00 (6,533.21)
456,557.26
332,333.51
0.00 (3,100.10)
329,233.41
401,496.92
0.00 0)
02 /
321,8' . .28
06/10/2019
06/13/2019
384,621.55
08/27/2018
08/29/2018
334, 610.40
7,000,000.00
09/11/2012
09/11/2012
26,273.89
06/03/2014
06/03/2014
13,156.61
03/14/2012
G2 082889 3.625 07/20/2041 03/14/2012
100,371.77
14,895.83
0.00 18,020.83
3,125.00
1,100.40
1,100.40
1,084.88
1,084.88
1,083.07
1,083.07
1,072.97
1,072.97
1,295.80
1,295.80
1,282.07
1,282.07
1,123.49
1,123.49
(2,488.3 1,115.37
341, 616.2 1,115.37
7,176,591 . 148,750.00
O. 0.00
0.00 1 ,500.00
7,176, 590.00 29,750.00
27,763.28 80.86
0.00 80.86
(512.29) 79.37
27,250.99 79.37
13,447.49 53.59
0.00 53.59
(35.66) 53.45
13,411.83 53.45
108,897.12 308.34
0.00 308.34
(1,812.98) 303.21
107,084.14 303.21
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 3,125.00
0.00 0.00
0.00 1,084.88
0.00 0.00
0.00 1,072.97
0.00 0.00
0.00 1,282.07
0.00 0.00
0.00 1,115.37
0.00 0.00
0.00 29,750.00
0.00 0.00
0.00 79.37
0.00 0.00
0.00 53.45
0.00 0.00
0.00 303.21
3,125.00
1,084.88
1,072.97
1,282.07
1,115.37
29,750.00
79.37 53.45
303.21
CONFIDENTIAL 1 2E 921
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
36225FJE0
36225FJZ3
40139LBE2
404280BK4
404280DH9
437076BY7
437076CS9
438516CK0
46647PAM8
G2 082960 3.75 10/20/2041
G2 082979 3.75 11/20/2041
GUARDIAN LIFE GLOBAL
FUNDING 1.625 09/16/2028
HSBC HOLDINGS PLC 4.041
03/13/2028
HSBC HOLDINGS PLC 5.402
08/11/2033
HOME DEPOT INC 2.95
06/15/2029
HOME DEPOT INC 4.5
09/15/2032
HONEYWELL INTERNATIONAL
INC 5.0 02/15/2033
JPMORGAN CHASE & CO
3.509 01/23/2029
05/03/2012
05/03/2012
90,127.54
09/3/
5,070,0 1.00
11/25/2019
11/27/2019
2,500,000.00
09/26/2024
09/27/2024
2,500,000.00
06/11/2019
06/17/2019
1,500,000.00
7,500,000.00
10,000,000.00
2,000,000.00
96, 203.05
0.00 (358.02)
95,845.03
90,620.61
0.00 (6,477.32)
84,143.29
5,067,008.70
0.00 0.00
,067,008.70
2,655,625.00
0.00 282.70
282.70
281.65
281.65
266.30
266.30
247.26
247.27
37,760.94
41,193.75
3,432.81
6,865.63
47,145.00
50,512.50
0 5,051.25
8,418.75
0.00 (17,256.39)
18,756.94
2,588,925.0 1,500.55
1,498,45 9,341.67
0. 0.00
0.00 ,029.17
1,498,455.00 3,687.50
7,260,535.00 155,625.00
0.00 168,750.00
0.00 15,000.00
7,260,535.00 28,125.00
9,934,460.00 22,222.22
0.00 0.00
0.00 63,888.89
9,934,460.00 41,666.67
2,121, 594.11 7,407.89
0.00 0.00
0.00 13,256.22
2,121,594.11 5,848.33
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 281.65
0.00 0.00
0.00 247.27
0.00 0.00
0.00 6,865.63
0.00 0.00
0.00 8,418.75
0.00 0.00
0.00 1,500.55
0.00 0.00
0.00 3,687.50
0.00 0.00
0.00 28,125.00
0.00 0.00
0.00 41,666.67
0.00 0.00
0.00 5,848.33
281.65
247.27
6,865.63
8,418.75
1,500.55
3,687.50
28,125.00
41,666.67
5,848.33
CONFIDENTIAL 1 2`-922
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
46647PBJ4
46647PBL9
46647PDC7
532457CF3
57636QAX2
58933YAX3
58933YBK0
59217GFP9
6174468P7
JPMORGAN CHASE & CO
4.493 03/24/2031
JPMORGAN CHASE & CO
2.522 04/22/2031
JPMORGAN CHASE & CO
4.586 04/26/2033
ELI LILLY AND CO 4.7
02/27/2033
MASTERCARD INC 4.85
03/09/2033
MERCK & CO INC 3.4
03/07/2029
MERCK & CO INC 4.5
05/17/2033
METROPOLITAN LIFE GLOBAL
FUNDING 1 5.15 03/28/2033
MORGAN STANLEY 3.622
04/01/2031
3,000,000.00
02/14 •22
02/
0 7,000,0►. .00
7,000,000.00
06/13/2023
06/15/2023
3,000,000.00
3,000,000.00
05/11/2023
05/17/2023
5,000,000.00
5,000,000.00
5,000,000.00
2,830,150.00
0.00 0.00
2,830,150.00
1,906,620.00
0.00 0.00
1,906,620.00
6,592,710.00
0.00 0.00
,592,710.00
7,032,030.00
0.00 58,783.42
67,395.00
2,620.92
11,232.50
18,074.33
0.00 22,277.67
4,203.33
111,465.28
0.00 138,216.94
26,751.67
3,655.56
0.00 0 31,072.22
27,416.67
69,516.67
72,750.00
0. ' ' 8,891.67
3,042, 750.0 ' 12,125.00
3,107,74 49,300.00
0. , . ,000.00
0.00 ,800.00
3,107, 740.00 8,500.00
5,065,650.00 65,000.00
0.00 0.00
0.00 83,750.00
5,065,650.00 18,750.00
4,981,340.00 109,437.50
0.00 128,750.00
0.00 2,145.83
4,981,340.00 21,458.33
4,440,275.00 75,458.33
0.00 0.00
0.00 90,550.00
4,440,275.00 15,091.67
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 11,232.50
0.00 0.00
0.00 4,203.33
0.00 0.00
0.00 26,751.67
0.00 0.00
0.00 27,416.67
0.00 0.00
0.00 12,125.00
0.00 0.00
0.00 8,500.00
0.00 0.00
0.00 18,750.00
0.00 0.00
0.00 21,458.33
0.00 0.00
0.00 15,091.67
11,232.50
4,203.33
26,751.67
27,416.67
12,125.00
8,500.00
18,750.00
21,458.33
15,091.67
CONFIDENTIAL 1 3( 923
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
61747YEU5
61747YFE0
637432PA7
665859AU8
665859AV6
693475AW5
MORGAN STANLEY 4.889
07/20/2033
MORGAN STANLEY 5.25
04/21/2034
06/16/2023
06/21/2023
5,000,000.00
4,800,950.00
0.00 0.00
4,800,950.00
04/1: X24
04/
0 NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP
5.8 01/15/2033
NORTHERN TRUST CORP 3.15
05/03/2029
NORTHERN TRUST CORP 1.95
05/01/2030
PNC FINANCIAL SERVICES
GROUP INC 3.45 04/23/2029
713448FE3 PEPSICO INC 1.95 10/21/2031
713448FM5 PEPSICO INC 3.9 07/18/2032
PFIZER INVESTMENT
716973AE2 ENTERPRISES PTE LTD 4.75
05/19/2033
7,000,0. .00
12/05/2019
12/09/2019
1,500,000.00
07/22/2020
07/24/2020
1,500,000.00
2,000,000.00
3,000,000.00
9,000,000.00
7,500,000.00
27,840.14
0.00 48,210.97
20,370.83
0.00 0.00
0.00 20,370.83
2,398,075.00
0.00 0.00
2,398,075.00
47,395.83
0.00 58,333.33
10,937.50
0.00 0.00
0.00 10,937.50
6,821,460.00
0.00 0.00
,821,460.00
51,877.78
0.00 85,711.11
33,833.33
0.00 0.00
0.00 33,833.33
1,576,680.00 15,487.50
0.00 0.00
0 19,425.00
3,937.50
9,750.00
0.00 0.1 1 12,187.50
1,581,525.0 2,437.50
2,138,025 24,530.00
O. 0.00
0.00 283.33
2,138,025.00 5,750.00
2,981,718.20 21,125.00
0.00 0.00
0.00 26,000.00
2,981,718.20 4,875.00
8,304,380.00
0.00 0.00
8,304,380.00
7,265,650.00
0.00 0.00
7,265,650.00
41,925.00
0.00 71,175.00
29,250.00
100,937.50
0.00 130,625.00
29,687.50
0.00 0.00
0.00 3,937.50
0.00 0.00
0.00 2,437.50
0.00 0.00
0.00 5,750.00
0.00 0.00
0.00 4,875.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 29,250.00
0.00 0.00
0.00 29,687.50
20,370.83
10,937.50
33,833.33
3,937.50
2,437.50
5,750.00
4,875.00
29,250.00
29,687.50
CONFIDENTIAL 1 31924
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
717081ET6
717081FB4
74340XCE9
PFIZER INC 3.45 03/15/2029
PFIZER INC 1.75 08/18/2031
PROLOGIS LP 4.75
06/15/2033
74340XCJ8 PROLOGIS LP 5.0 03/15/2034
74456QCL8
747525BK8
747525BQ5
747525BS1
756109AX2
PUBLIC SERVICE ELECTRIC
AND GAS CO 4.65
03/15/2033
QUALCOMM INC 2.15
05/20/2030
QUALCOMM INC 4.25
05/20/2032
QUALCOMM INC 5.4
05/20/2033
REALTY INCOME CORP 3.25
01/15/2031
06/12/2019
06/14/2019
1,500,000.00
11/1. 121
11/
0 7,000,0►. .00
5,000,000.00
8,000,000.00
5,500,000.00
3,000,000.00
4,000,000.00
09/19/2022
09/21/2022
3,000,000.00
1,564,020.00
0.00 0.00
1,564,020.00
1,931,500.00
0.00 0.00
1,931,500.00
6,624,720.00
0.00 0.00
,624,720.00
4,911,330.00
0.00 23,862.50
25,875.00
2,300.00
4,312.50
1,263.89
0.00 4,180.56
2,916.67
70,194.44
0.00 97,902.78
27,708.33
150,000.00
159,722.22
0 11,111.11
20,833.33
171,533.33
186,000.00
0. ' ' 16,533.33
7,748,688.0 31,000.00
5,436,382 33,175.69
0. 0.00
0.00 ,029.86
5,436,382.86 9,854.17
2,945,505.00 35,770.83
0.00 0.00
0.00 46,395.83
2,945,505.00 10,625.00
4,055,920.00 60,600.00
0.00 0.00
0.00 78,600.00
4,055,920.00 18,000.00
2,644,890.00 12,458.33
0.00 0.00
0.00 20,583.33
2,644,890.00 8,125.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 4,312.50
0.00 0.00
0.00 2,916.67
0.00 0.00
0.00 27,708.33
0.00 0.00
0.00 20,833.33
0.00 0.00
0.00 31,000.00
0.00 0.00
0.00 9,854.17
0.00 0.00
0.00 10,625.00
0.00 0.00
0.00 18,000.00
0.00 0.00
0.00 8,125.00
4,312.50
2,916.67
27,708.33
20,833.33
31,000.00
9,854.17
10,625.00
18,000.00
8,125.00
CONFIDENTIAL 1 3: 925
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
756109BP8
756109BR4
78016EYH4
78016FZX5
79466LAH7
797440BZ6
808513BA2
808513CA1
822582CD2
REALTY INCOME CORP 5.625
10/13/2032
10/19/2023
10/23/2023
3,000,000.00
2,811,960.00
0.00 0.00
2,811,960.00
64,687.50
0.00 78,750.00
14,062.50
0.00 0.00
0.00 14,062.50
REALTY INCOME CORP 4.85
03/15/2030
ROYAL BANK OF CANADA 2.3
11/03/2031
ROYAL BANK OF CANADA 5.0
02/01/2033
SALESFORCE INC 1.5
07/15/2028
SAN DIEGO GAS & ELECTRIC
CO 1.7 10/01/2030
CHARLES SCHWAB CORP 3.25
05/22/2029
CHARLES SCHWAB CORP 2.9
03/03/2032
3,969,460.00
0.00 0.00
3,969,460.00
3,504,620.00
0.00 0.00
,504,620.00
7,735,430.00
0.00 8,000,000.00
06/29/2021
07/12/2021
2,340,000.00
03/08/2021
03/10/2021
3,000,000.00
06/24/2019
06/26/2019
1,500,000.00
3,000,000.00
89,455.56
97,000.00
8,622.22
16,166.67
0.00 0.00
0.00 16,166.67
26,386.11
0.00 33,094.44
6,708.33
33,333.33
0.00 66,666.67
33,333.33
0.00 0.00
0.00 6,708.33
0.00 0.00
0.00 33,333.33
4,485.00 0.00
0.00 0.00
0. ' ' 7,410.00 0.00
2,327,925.6 ' 2,925.00 2,925.00
SHELL INTERNATIONAL 11/05/2019
FINANCE BV 2.375 11/07/2019
11/07/2029 2,000,000.00
2,839,62 21,250.00
0. ' . 0.00
0.00 ,500.00
2,839,620.00 4,250.00
1,550,340.00 13,406.25
0.00 0.00
0.00 17,468.75
1,550,340.00 4,062.50
2,560,635.00 43,016.67
0.00 43,500.00
0.00 6,766.67
2,560,635.00 7,250.00
1,972,580.00 15,041.67
0.00 0.00
0.00 19,000.00
1,972,580.00 3,958.33
0.00 0.00
0.00 4,250.00
14,062.50
16,166.67
6,708.33
33,333.33
2,925.00
4,250.00
0.00 0.00
0.00 4,062.50
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 7,250.00
0.00 0.00
0.00 3,958.33
4,062.50
7,250.00
3,958.33
CONFIDENTIAL 1 3.926
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Trade Date
Cusip Security Description 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
822582CG5
828807DM6
828807DU8
857477BU6
857477BV4
87612EBH8
SHELL INTERNATIONAL
FINANCE BV 2.75 04/06/2030
SIMON PROPERTY GROUP LP
2.2 02/01/2031
SIMON PROPERTY GROUP LP
5.5 03/08/2033
STATE STREET CORP 4.421
05/13/2033
STATE STREET CORP 4.164
08/04/2033
TARGET CORP 3.375
04/15/2029
87612EBQ8 TARGET CORP 4.4 01/15/2033
89114TZJ4
89115A2E1
TORONTO -DOMINION BANK
2.0 09/10/2031
TORONTO -DOMINION BANK
4.456 06/08/2032
5,000,000.00
4,500,0. x.00
05/12/2023
05/16/2023
2,000,000.00
10/30/2023
11/01/2023
2,000,000.00
04/23/2019
04/25/2019
3,000,000.00
7,000,000.00
09/17/2021
09/21/2021
3,000,000.00
9,000,000.00
4,758,960.00
0.00 0.00
4,758,960.00
2,499,975.00
0.00 0.00
2,499,975.00
55,381.94
0.00 66,840.28
11,458.33
4,583.33
0.00 9,166.67
4,583.33
0.00 0.00
0.00 11,458.33
11,458.33
0.00 0.00
0.00 4,583.33
4,583.33
4,491,950.00 118,937.50
0.00 123,750.00
0.00 15,812.50
,491,950.00 20,625.00
1,924,940.00 26,526.00
0.00 0.00
0 33,894.33
7,368.33
6,246.00
0.00 0. ' ' 13,186.00
1,699, 560.0 . 6,940.00
3,025,021 38,250.00
0. t . 0.00
0.00 ,687.50
3,025,020.00 8,437.50
6,942,200.00 39,355.56
0.00 0.00
0.00 65,022.22
6,942,200.00 25,666.67
2,985,720.00
0.00 0.00
2,985,720.00
28,500.00
30,000.00
3,500.00
5,000.00
8,312,940.00 92,462.00
0.00 0.00
0.00 125,882.00
8,312,940.00 33,420.00
0.00 0.00
0.00 20,625.00
20,625.00
0.00 0.00
0.00 7,368.33
0.00 0.00
0.00 6,940.00
7,368.33
6,940.00
0.00 0.00
0.00 8,437.50
8,437.50
0.00 0.00
0.00 25,666.67
25,666.67
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 5,000.00
0.00 0.00
0.00 33,420.00
5,000.00
33,420.00
CONFIDENTIAL 1 3' 927
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
89236TGY5
89236TKR5
89236TLM5
911312BY1
911312BZ8
91159HJK7
9128285M8
9128286B1
9128286T2
TOYOTA MOTOR CREDIT
CORP 3.375 04/01/2030
TOYOTA MOTOR CREDIT
CORP 4.7 01/12/2033
TOYOTA MOTOR CREDIT
CORP 4.8 01/05/2034
5,000,000.00
4,493,920.00
0.00 0.00
4,493,920.00
70,312.50
0.00 84,375.00
14,062.50
0.00 0.00
0.00 14,062.50
UNITED PARCEL SERVICE INC
4.45 04/01/2030
UNITED PARCEL SERVICE INC
4.875 03/03/2033
US BANCORP 4.653
02/01/2029
UNITED STATES TREASURY
3.125 11/15/2028
UNITED STATES TREASURY
2.625 02/15/2029
UNITED STATES TREASURY
2.375 05/15/2029
5,038,315.00
0.00 0.00
5,038,315.00
31,986.11
0.00 51,569.44
19,583.33
0.00 0.00
0.00 19,583.33
3,961,600.00
0.00 0.00
,961,600.00
1,934,520.00
0.00 02
4,000,0. .00
09/27/2022
09/29/2022
2,000,000.00
5,000,000.00
03/09/2023
03/13/2023
4,000,000.00
0.00 5,000,000.00
0 0.
5,036,405.0
3,877,84
0.I.
0.00 3,877,840.00
2,371,126.30
0.00 (2,371,126.30)
0.00 29,866.67
0.00 45,866.67
16,000.00
37,083.33
0.00 44, 500.00
7,416.67
120,520.83
121,875.00
18,958.33
20,312.50
15,510.00
0.00 !020.00
15,510.00
12,316,821.29
0.00 (7,390,092.77)
4,926,728.51
06/26/2019
06/27/2019
5,000,000.00
5,145,117.19
0.00 0.00
5,145,117.19
23,140.29
26,537.02
0.00 3,396.73
15,157.95
17,654.55
16,762.91
19,259.51
35,173.23
0.00 44,853.94
9,680.71
0.00 0.00
0.00 16,000.00
0.00 0.00
0.00 7,416.67
0.00 0.00
0.00 20,312.50
0.00 0.00
0.00 15,510.00
0.00 0.00
0.00 3,396.73
0.00 0.00
0.00 19,259.51
14,062.50
19,583.33
16,000.00
7,416.67
20,312.50
15,510.00
3,396.73
19,259.51
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 9,680.71
9,680.71
CONFIDENTIAL 1 3.928
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Trade Date
Cusip Security Description 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
912828YS3
912828Z94
912828ZQ6
91282CAE1
91282CAV3
91282CBL4
91282CCB5
91282CCS8
91282CEE7
UNITED STATES TREASURY
1.75 11/15/2029
UNITED STATES TREASURY 1.5
02/15/2030
UNITED STATES TREASURY
0.625 05/15/2030
UNITED STATES TREASURY
0.625 08/15/2030
UNITED STATES TREASURY
0.875 11/15/2030
UNITED STATES TREASURY
1.125 02/15/2031
UNITED STATES TREASURY
1.625 05/15/2031
UNITED STATES TREASURY
1.25 08/15/2031
UNITED STATES TREASURY
2.375 03/31/2029
10,000,000.00
5,000,0 i.00
2,500,000.00
5,000,000.00
10,000,000.00
07/23/2021
07/26/2021
2,500,000.00
5,000,000.00
04/19/2022
04/20/2022
3,000,000.00
10,346,875.00
0.00 0.00
10,346,875.00
10,417,732.56
0.00 0.00
10,417,732.56
4,962,890.63
0.00 0.00
,962,890.63
2,467,070.31
0.00 51,834.24
0.00 66,100.54
14,266.30
6,929.35
0.00 19,157.61
12,228.26
9,256.11
0.00 11,803.67
2,547.55
721.81
0.00 0 1,995.58
1,273.78
4,9 12,958.56
0.00 0. ' ' 16,525.14
4,938,632.8 3,566.58
9,731,29 5,197.01
0. 0.00
0.00 ,368.21
9,731,298.84 9,171.20
2,572,656.25 12,032.95
0.00 0.00
0.00 15,344.77
2,572,656.25 3,311.82
4,948,144.54 2,887.23
0.00 0.00
0.00 7,982.34
4,948,144.54 5,095.11
2,895,117.19 29,979.51
0.00 35,625.00
0.00 195.74
2,895,117.19 5,841.23
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 14,266.30
0.00 0.00
0.00 12,228.26
0.00 0.00
0.00 2,547.55
0.00 0.00
0.00 1,273.78
0.00 0.00
0.00 3,566.58
0.00 0.00
0.00 9,171.20
0.00 0.00
0.00 3,311.82
0.00 0.00
0.00 5,095.11
0.00 0.00
0.00 5,841.23
14,266.30
12,228.26
2,547.55
1,273.78
3,566.58
9,171.20
3,311.82
5,095.11
5,841.23
CONFIDENTIAL 1 3E 929
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Trade Date
Cusip Security Description 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
91282CEP2
91282CES6
91282CEV9
91282CFF3
91282CFJ5
91282CFV8
91282CFY2
91282CGJ4
91282CGM7
UNITED STATES TREASURY
2.875 05/15/2032
UNITED STATES TREASURY
2.75 05/31/2029
UNITED STATES TREASURY
3.25 06/30/2029
UNITED STATES TREASURY
2.75 08/15/2032
UNITED STATES TREASURY
3.125 08/31/2029
UNITED STATES TREASURY
4.125 11/15/2032
UNITED STATES TREASURY
3.875 11/30/2029
UNITED STATES TREASURY 3.5
01/31/2030
UNITED STATES TREASURY 3.5
02/15/2033
25,000,000.00
23,876,875.01
0.00 0.00
23,876,875.01
7,006,582.03
0.00 0.00
7,006,582.03
29,223,437.51
0.00 0.00
,223,437.51
2,993,457.03
0.00 30,000,0 .00
25,000,000.00
30,000,000.00
35,000,000.00
20,000,000.00
35,000,000.00
30,000,000.00
212,890.63
0.00 271,484.38
58,593.75
52,407.79
0.00 69,313.52
16,905.74
166,915.76
0.00 246,399.46
79,483.70
31,759.51
0.00 0 87,805.71
56,046.20
2,589.78
468,750.00
80,283.15
28,595,039.07 546,443.37
35,324,511 427,632.47
0. 0.00
0.00 5 ,329.48
35,324,511.73 117,697.01
20,037,304.69 196,926.23
0.00 0.00
0.00 260,450.82
20,037,304.69 63,524.59
34,055,078.14 106,521.74
0.00 0.00
0.00 206,385.87
34,055,078.14 99,864.13
29,046,679.70 48,505.43
0.00 0.00
0.00 134,103.26
29,046,679.70 85,597.83
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 58,593.75
0.00 0.00
0.00 16,905.74
0.00 0.00
0.00 79,483.70
0.00 0.00
0.00 56,046.20
0.00 0.00
0.00 546,443.37
0.00 0.00
0.00 117,697.01
0.00 0.00
0.00 63,524.59
0.00 0.00
0.00 99,864.13
0.00 0.00
0.00 85,597.83
58,593.75
16,905.74
79,483.70
56,046.20
546,443.37
117, 697.01
63,524.59
99,864.13
85,597.83
CONFIDENTIAL 1 3' 930
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Trade Date
Cusip Security Description 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
91282CGQ8
91282CGS4
91282CHC8
91282CH F1
91282CH R5
91282CHT1
91282CHZ7
91282CJG7
91282CJJ1
UNITED STATES TREASURY 4.0
02/28/2030
UNITED STATES TREASURY
3.625 03/31/2030
UNITED STATES TREASURY
3.375 05/15/2033
UNITED STATES TREASURY
3.75 05/31/2030
35,000,000.00
34,940,820.33
0.00 0.00
34,940,820.33
3,867.40
700,000.00
119,889.50
816,022.10
0.00 0.00
0.00 816,022.10
816,022.10
UNITED STATES TREASURY 4.0
07/31/2030
UNITED STATES TREASURY
3.875 08/15/2033
UNITED STATES TREASURY
4.625 09/30/2030
UNITED STATES TREASURY
4.875 10/31/2030
UNITED STATES TREASURY 4.5
11/15/2033
34,477,343.76 533,845.63
0.00 634,375.00
0.00 3,485.58
34,477,343.76 104,014.95
37,882,324.23 399,864.13
0.00 0.00
0.00 509,918.48
,882,324.23 110,054.35
9,784,667.97 285,860.66
0.00 0.00
0 378,073.77
92,213.11
69,565.22
0.00 O. 134,782.61
19,230,859.3 65,217.39
37,253,90 71,603.26
0. 0.00
0.00 1• ,961.96
37,253,906.26 126,358.70
19,622,656.25 389,207.65
0.00 462,500.00
0.00 2,541.21
19,622,656.25 75,833.56
40,000,0. .00
30,000,000.00
20,000,000.00
40,000,000.00
20,000,000.00
20,000,000.00
25,000,000.00
0.00 0.00
0.00 104,014.95
0.00 0.00
0.00 110,054.35
104,014.95
110,054.35
0.00 0.00
0.00 92,213.11
0.00 0.00
0.00 65,217.39
92,213.11
65,217.39
0.00 0.00
0.00 126,358.70
126,358.70
0.00 0.00
0.00 75,833.56
75,833.56
20,944,921.88
0.00 0.00
20,944,921.88
25,966,992.19
0.00 0.00
25,966,992.19
328,532.61
0.00 408,016.30
79,483.70
333,220.11
0.00 424,932.07
91,711.96
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747
0.00 0.00
0.00 79,483.70
0.00 0.00
0.00 91,711.96
79,483.70
91,711.96
CONFIDENTIAL 1 3E 931
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CSN
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
91282CJZ5
91282CKN0
91282CKQ3
91282CLF6
91324PEJ7
91324PEV0
931142EY5
931142FD0
UNITED STATES TREASURY 4.0
02/15/2034
UNITED STATES TREASURY
4.625 04/30/2031
UNITED STATES TREASURY
4.375 05/15/2034
UNITED STATES TREASURY
3.875 08/15/2034
UNITEDHEALTH GROUP INC
4.2 05/15/2032
UNITEDHEALTH GROUP INC
4.5 04/15/2033
WALMART INC 4.15
09/09/2032
WALMART INC 4.1
04/15/2033
30,000,000.00
29,079,687.52
0.00 0.00
29,079,687.52
55,434.78
0.00 153,260.87
97,826.09
0.00 0.00
0.00 97,826.09
05/3! 424
05/ 21.
0' 40.01
7,525,781.25
0.00 0.00
7,525,781.25
116,881.79
0.00 145,159.65
28,277.85
0.00 0.00
0.00 28,277.85
45,019,335.94
0.00 0.00
,019,335.94
22,500,000.00
4,500,000.00
10,000,000.00
09/20/2022
09/22/2022
2,000,000.00
5,000,000.00
Total Fixed Income 1,166,095,314.69
583,135.19
0.00 743,631.11
160,495.92
0.00 0.00
0.00 160,495.92
22,376.02
(35,801.63)
111,353.60
53,175.95
4,4 5.00 55,650.00
0.00 71,400.00
4,452,775.0(]/ 15,750.00
9,798,900. 170,000.00
0. 0.00
0.00 2 ,500.00
9,798,905.00 37,500.00
1,952,260.00 39,655.56
0.00 41, 500.00
0.00 5,072.22
1,952,260.00 6,916.67
4,945,725.00
0.00 0.00
4,945,725.00
1,139,276,274.69
12,774,081.25
(9,797,957.95)
1,142,252,397.99
77,444.44
0.00 94,527.78
17,083.33
10,250,953.97
4,725,616.36
10,323,055.24
4,797,717.63
0.00 0.00
0.00 53,175.95
0.00 0.00
0.00 15,750.00
0.00 0.00
0.00 37,500.00
0.00 0.00
0.00 6,916.67
0.00 0.00
0.00 17,083.33
0.00 0.00
0.00 4,797,717.63
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 97,826.09
28,277.85
160,495.92
53,175.95
15,750.00
37,500.00
6,916.67
17,083.33
4,797,717.63
CONFIDENTIAL 1 3` 932
INCOME EARNED
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Trade Date
Cusip Security Description 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
TOTAL PORTFOLIO
1,168,514,288.66
1,141,144,020.92
27,328,305.52
(22,632,463.29)
1,144,671,371.96
10,250,953.97
4,744,335.41
10,323,055.24
4,816,436.68
0.00 0.00
0.00 4,816,436.68
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 4,816,436.68
CONFIDENTIAL 1 4( 933
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
OCTOBER 2024
10/01/2024
10/01/2024
10/01/2024
10/01/2024
10/01/2024
10/01/2024
10/02/2024
10/07/2024
Dividend
Coupon
Coupon
Coupon
665278404
341081GL5
6174468P7
797440BZ6
10/08/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/15/2024
10/20/2024
10/21/2024
10/21/2024
10/21/2024
10/21/2024
10/21/2024
10/21/2024
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
89236TGY5
911312BY1
05565ECK9
822582CG5
3135G05Y5
084664CW9
3128MJ2T6
3128MJ2T6
3128NHXW8
3128NHXW8
3128S4ME4
3128S4ME4
756109BP8
87612EBH8
91324PEV0
931142FD0
36179MN71
36179QB67
36179QB67
36225FF79
36225FF79
36225FJE0
36225FJE0
0.00 0.00 FLORIDA POWER & LIGHT CO 5.104/01/2033
0.00 MORGAN STANLEY 3.622 04/01/2031
0.00 SAN DIEGO GAS & ELECTRIC CO 1.7 10/01/2030
0.00 TOYOTA MOTOR CREDIT CORP 3.375
04/01/2030
0 UNITED PARCEL SERVICE INC 4.45 04/01/2030
0 BMW US CAPITAL LLC 5.15 04/02/2034
LL INTERNATIONAL FINANCE BV 2.75
06/2030
5,000,000.
3,000,000.
DERA ATIONAL MORTGAGE ASSOCIATION
/2027
E HATHAWAY FINANCE CORP 1.45
422,469.39
422,469.39
68,938.48
68,938.48
14,778.93
14,778.93
3,000,000.00
3,000,000.00
10,000,000.00
5,000,000.00
26,273.89
13,156.61
13,156.61
100,371.77
100,371.77
90,127.54
90,127.54
FH
FH G087
FH 111593
FH 111593 6.639 04
FH 1Q0357 6.853 11/0 37
FH 1Q0357 6.853 11 /2037
REALTY INCOME CORP 5 10
12,483.59
178,500.00
90,550.00
25,500.00
84,375.00
44,500.00
77,250.00
68,750.00
18,750.00
21,750.00
12,483.59
178,500.00
90,550.00
25,500.00
84,375.00
44,500.00
77,250.00
68,750.00
18,750.00
21,750.00
3,703.16
6,797.79
70.94 1,408.23
417.87
79.45 TARGET CORP 3.375 04/1
UNITEDHEALTH GROUP INC 4. ' /15 033
WALMART INC 4.1 04/15/2033
G2 MA0414 3.625 09/20/2042
G2 MA1861 4.875 04/20/2044
G2 MA1861 4.875 04/20/2044
G2 082889 3.625 07/20/2041
G2 082889 3.625 07/20/2041
G2 082960 3.75 10/20/2041
G2 082960 3.75 10/20/2041
/
84,375.00
50,625.00
225,000.00
102,500.00
79.37 53.45
317.89
747.84
555.38
303.21
281.65
1,408.23
3,703.16
417.87
6,797.79
79.45 70.94
84,375.00
50,625.00
225,000.00
102,500.00
79.37 53.45
317.89
303.21
747.84
281.65
555.38
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 41 934
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
10/21/2024
10/21/2024
10/21/2024
10/21/2024
10/22/2024
10/23/2024
10/25/2024
10/25/2024
10/25/2024
10/25/2024
10/25/2024
10/25/2024
10/25/2024
10/25/2024
10/25/2024
10/25/2024
10/28/2024
10/28/2024
10/30/2024
10/31/2024
10/31/2024
October 2024
Total
NOVEMBER 2024
11/01/2024
11/04/2024
11/04/2024
11/07/2024
11/12/2024
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
36225E123
36225E123
61747YFE0
713448FE3
46647PBL9
693475AW5
06051GLH0
06406RBM8
3138WHCP5
3138WHCP5
3140J6GR2
3140J6GR2
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
06051GKQ1
46647PDC7
09247XAP6
91282CJG7
91282CKN0
665859AV6
665859AU8
78016EYH4
822582CD2
023135628
79,123.91
79,123.91
2,500,000.00
3,000,000.00
2,000,000.00
2,000 000.00
2,
4 0
00 G2 082979 3.75 11/20/2041
G2 082979 3.75 11/20/2041
MORGAN STANLEY 5.25 04/21/2034
PEPSICO INC 1.95 10/21/2031
JPMORGAN CHASE & CO 2.522 04/22/2031
PNC FINANCIAL SERVICES GROUP INC 3.45
04/23/2029
BANK OF AMERICA CORP 5.288 04/25/2034
BANK OF NEW YORK MELLON CORP 5.834
25/2033
AS7277 3.0 05/01/2031
AS7 3.0 05/01/2031
4.0 09/01/2048
07 4.0 09/01/2048
. /01/2048
FN . i:7 a, 048
FN MA .: 4 ' 01/ 7
FN MA3087
321,890.2
321,890.
384,621.55
384,621.55
334, 610.40
334, 610.40
7,500,000.00
7,000,000.00
2,500,000.00
20,000,000.00
7,500,000.00
BANK OF AMERICA CORP 1 04/27/2033
JPMORGAN CHASE & .586 04/26 2033
BLACKROCK INC 3.2 30/2029
UNITED STATES TREASU.87
UNITED STATES TREASURY 4.
031
1,500,000.00 NORTHERN TRUST CORP 1.95 05/01/2030
1,500,000.00 NORTHERN TRUST CORP 3.15 05/03/2029
3,500,000.00 ROYAL BANK OF CANADA 2.3 11/03/2031
2,000,000.00 SHELL INTERNATIONAL FINANCE BV 2.375
11/07/2029
4,670,000.00 AMAZON.COM INC 2.1 05/12/2031
1,524.31
8,083.23
2,758.98
3,284.86
2,950.43
43,278.41
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 247.26
65,625.00
29,250.00
25,220.00
34,500.00
66,100.00
291,700.00
1,084.88
1,072.97
1,282.07
1,115.37
171,412.50
160,510.00
40,625.00
487,500.00
173,437.50
2,625,730.78
14,625.00
23,625.00
40,250.00
23,750.00
49,035.00
247.26
1,524.31
65,625.00
29,250.00
25,220.00
34, 500.00
66,100.00
291,700.00
1,084.88
8,083.23
1,072.97
2,758.98
1,282.07
3,284.86
1,115.37
2,950.43
171,412.50
160,510.00
40,625.00
487,500.00
173,437.50
2,669,009.19
14,625.00
23,625.00
40,250.00
23,750.00
49,035.00
CONFIDENTIAL 1 4-935
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Payment Date Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income Total Amount
11/12/2024
11/12/2024
11/13/2024
11/13/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/15/2024
11/18/2024
11/19/2024
11/20/2024
11/20/2024
11/20/2024
11/20/2024
11/20/2024
11/20/2024
11/20/2024
Coupon 037833EU0
Coupon 037833EV8
Coupon 191216DR8
Coupon 857477BU6
Coupon 20030NEE7
Coupon 30303M8N5
Coupon 3128MJ2T6
Principal Paydown 3128MJ2T6
Coupon 3128NHXW8
Coupon 3128S4ME4
Principal Paydown 3128S4ME4
Coupon 9128286T2 5,001,000.
Coupon 912828YS3 10,000,000.0
Coupon 912828Z0.6 5,000,000.
Coupon 91282CAV3 5,000,000.00
Coupon 91282CCB5 2,500,000.00
Coupon 91282CEP2 25,000,000.00
Coupon 91282CFV8 35,000,000.00
Coupon 91282CHC8 40,000,000.00
Coupon 91282CJJ1 25,000,000.00
Coupon 91282CKQ3 45,000,000.00
Coupon 91324PEJ7 4,500,000.00
Coupon 58933YBK0 5,000,000.00
Coupon 716973AE2 7,500,000.00
2,000,000.00 APPLE INC 4.15 05/10/2030
2,500,000.00 APPLE INC 4.3 05/10/2033
5,000,000.00 COCA-COLA CO 5.0 05/13/2034
2,000,000.00 STATE STREET CORP 4.421 05/13/2033
3,500,000.00 COMCAST CORP 4.8 05/15/2033
5,000,000.00 META PLATFORMS INC 4.95 05/15/2033
39 FH G08785 4.0 10/01/2047
9 FH G08785 4.0 10/01/2047
48 FH 1J1593 6.639 04/01/2037
Q0357 6.853 11/01/2037
1Q0357 6.853 11/01/2037
TES TREASURY 2.375 05/15/2029
ATES TREASURY 1.75 11/15/2029
Coupon 36179MN71 26,273.89
Principal Paydown 36179MN71 26,273.89
Coupon 36179QB67 13,156.61
Principal Paydown 36179QB67 13,156.61
Coupon 36225FF79 100,371.77
Principal Paydown 36225FF79 100,371.77
Coupon 36225FJE0 90,127.54
EASURY 0.625 05/15/2030
l� ' E • URY 0.875 11/15/2030
UNI DS j ' 1.625 05/15/2031
UNITES AT ASU' 87505/15/2032
UNITED ST STR 4 11/15/2032
UNITED STATES TREASU .375 05/15/2033
UNITED STATES TREA 4.5 11/15 '33
UNITED STATES TREA Y 4.375 4
UNITEDHEALTH GROUP 1 4 r]. 203
MERCK & CO INC 4.5 05/17
PFIZER INVESTMENT ENTERPRI •TE LTD
4.75 05/19/2033
G2 MA0414 3.625 09/20/2042
G2 MA0414 3.625 09/20/2042
G2 MA1861 4.875 04/20/2044
G2 MA1861 4.875 04/20/2044
G2 082889 3.625 07/20/2041
G2 082889 3.625 07/20/2041
G2 082960 3.75 10/20/2041
3,676.08
318.16
391.29
283.32
705.65
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 41,500.00
53,750.00
125,000.00
44, 210.00
84,000.00
123,750.00
1,395.89
381.40
84.40 59,375.00
87,500.00
15,625.00
21,875.00
20,312.50
359,375.00
721,875.00
675,000.00
562,500.00
984,375.00
94,500.00
112,500.00
178,125.00
78.41 52.16
300.95
279.91
41,500.00
53,750.00
125,000.00
44, 210.00
84,000.00
123,750.00
1,395.89
3,676.08
381.40
84.40 318.16
59,375.00
87, 500.00
15,625.00
21,875.00
20,312.50
359,375.00
721,875.00
675,000.00
562,500.00
984,375.00
94,500.00
112,500.00
178,125.00
78.41 391.29
52.16 283.32
300.95
705.65
279.91
CONFIDENTIAL 1 a 936
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
11/20/2024
11/20/2024
11/20/2024
11/20/2024
11/20/2024
11/20/2024
11/22/2024
11/25/2024
11/25/2024
11/25/2024
11/25/2024
11/25/2024
11/25/2024
11/25/2024
11/25/2024
11/25/2024
November 2024
Total
DECEMBER 2024
12/02/2024
12/02/2024
12/02/2024
12/02/2024
12/02/2024
12/09/2024
12/09/2024
12/09/2024
12/10/2024
12/12/2024
12/16/2024
12/16/2024
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
36225FJE0
36225FJZ3
36225FJZ3
747525BK8
747525BQ5
747525BS1
808513BA2
09247XAT8
3138WHCP5
3138WHCP5
3140J6GR2
3140J6GR2
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
90,127.54 G2 082960 3.75 10/20/2041
79,123.91 G2 082979 3.75 11/20/2041
79,123.91 G2 082979 3.75 11/20/2041
5,500,000.00 QUALCOMM INC 2.15 05/20/2030
3,000,000.00 QUALCOMM INC 4.25 05/20/2032
4,000,000.00 QUALCOMM INC 5.4 05/20/2033
1, ' '.00 CHARLES SCHWAB CORP 3.25 05/22/2029
10, `0,0' '0 BLACKROCK INC 4.75 05/25/2033
92 FN AS7277 3.0 05/01/2031
51.92 57277 3.0 05/01/2031
BM2007 4.0 09/01/2048
32,890. BM 4.0 09/01/2048
384,621.5 N ^ 4 4.0 11/01/2048
384,621. .74 4. ' 01/2048
334,610.40 N 8/ 2047
334,610.40 FN '30% .0 47
023135CR5
25731VAA2
91282CES6
91282CFY2
91282CH F1
3130AEB25
3130AGDY8
89115A2E1
3130AVWG3
24422EXU8
26444HAK7
3128MJ2T6
639.55
347.14
1,338.55
6,000,000.00
4,000,000.00
7,500,000.00
20,000,000.00
30,000,000.00
5,000,000.00
2,725,000.00
9,000,000.00
5,000,000.00
2,500,000.00
2,000,000.00
422,469.39
AMAZON.COM INC 4. /01/2032
DOMINION ENERGY TH CARO
12/01/2031
UNITED STATES TREASURY 2.
UNITED STATES TREASURY 3.8
2.3 29
/30/2029
UNITED STATES TREASURY 3.75 05]1/2030
FEDERAL HOME LOAN BANKS 3.25 06/09/2028
FEDERAL HOME LOAN BANKS 2.75 06/08/2029
TORONTO -DOMINION BANK 4.456 06/08/2032
FEDERAL HOME LOAN BANKS 4.0 06/10/2033
JOHN DEERE CAPITAL CORP 5.05 06/12/2034
DUKE ENERGY FLORIDA LLC 2.4 12/15/2031
FH G08785 4.0 10/01/2047
8,010.77
2,739.21
3,261.33
2,928.81
24,292.72 5,016,607.85
59,125.00
63,750.00
108,000.00
24,375.00
237,500.00
1,064.67
1,063.77
1,271.12
1,105.53
141,000.00
46,000.00
103,125.00
387,500.00
562,500.00
81,250.00
37,468.75
200,520.00
100,000.00
63,475.69
24,000.00
1,383.63
639.55
347.14
1,338.55
59,125.00
63,750.00
108,000.00
24,375.00
237,500.00
1,064.67
8,010.77
1,063.77
2,739.21
1,271.12
3,261.33
1,105.53
2,928.81
5,040,900.57
141,000.00
46,000.00
103,125.00
387,500.00
562,500.00
81, 250.00
37,468.75
200,520.00
100,000.00
63,475.69
24,000.00
1,383.63
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 4` 937
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
`/"CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
12/16/2024
12/16/2024
12/16/2024
12/16/2024
12/16/2024
12/16/2024
12/16/2024
12/20/2024
12/20/2024
12/20/2024
12/20/2024
12/20/2024
12/20/2024
12/20/2024
12/20/2024
12/20/2024
12/20/2024
12/26/2024
12/26/2024
12/26/2024
12/26/2024
12/26/2024
12/26/2024
12/26/2024
12/26/2024
12/31/2024
December 2024
Total
JANUARY 2025
01/06/2025
01/10/2025
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
3128M12T6
3128NHXW8
3128NHXW8
3128S4ME4
3128S4ME4
437076BY7
74340XCE9
36179MN71
36179MN71
36179QB67
36179QB67
36225FF79
36225FF79
36225E1E0
36225E1E0
36225FJZ3
36225FJZ3
3138WHCP5
3138WHCP5
314016GR2
314016GR2
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
91282CEV9
89236TLM5
02665WEZ0
422,469.39
68,938.48
68,938.48
14,778.93
14,778.93
1,500,000.00
7,r 0.00
9 2 .89
56.61 1001,371.
100,371.7
90,127.
90,127.54
79,123.91
79,123.91
433,951.92
FH G08785 4.0 10/01/2047
FH 1J1593 6.639 04/01/2037
FH 1J1593 6.639 04/01/2037
FH 1Q0357 6.853 11/01/2037
FH 1Q0357 6.853 11/01/2037
HOME DEPOT INC 2.95 06/15/2029
PROLOGIS LP 4.75 06/15/2033
G2 MA0414 3.625 09/20/2042
G2 MA0414 3.625 09/20/2042
A1861 4.875 04/20/2044
MA1861 4.875 04/20/2044
3.625 07/20/2041
3.625 07/20/2041
/20/2041
0/ ./2041
G2 ':297• . 5 • 141
G2 082
FN AS7277
433,951.92
321,890.28
321,890.28
384,621.55
384,621.55
334,610.40
334,610.40
30,000,000.00
0 05/0
FN AS7277 3.0 05/01/20
FN BM2007 4.0 09/048
FN BM2007 4.0 09/0
FN BN0874 4.0 11/01/20
FN BN0874 4.0 11/01/2048
FN MA3088 4.0 08/01/2047
FN MA3088 4.0 08/01/2047
UNITED STATES TREASURY 3.25 06/30/2029
4,000,000.00 TOYOTA MOTOR CREDIT CORP 4.8 01/05/2034
8,500,000.00 AMERICAN HONDA FINANCE CORP 4.9
01/10/2034
3,649.18
1,062.09
283.56
366.44
261.49
679.87
615.29
1,742.75
7,938.86
2,719.57
3,237.96
2,907.34
374.91
83.28 22,125.00
166,250.00
77.23 51.01
298.82
277.91
341.15
1,044.64
1,054.64
1,260.25
1,095.77
487,500.00
25,464.40 2,430,057.68
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 96,000.00
208,250.00
3,649.18
374.91
1,062.09
83.28 283.56
22,125.00
166,250.00
77.23 366.44
51.01 261.49
298.82
679.87
277.91
615.29
341.15
1,742.75
1,044.64
7,938.86
1,054.64
2,719.57
1,260.25
3,237.96
1,095.77
2,907.34
487, 500.00
2,455,522.08
96,000.00
208,250.00
CONFIDENTIAL 1 45. 938
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/13/2025
01/15/2025
01/15/2025
Coupon
Coupon
89236TKR5
20030N D MO
Coupon
26442CBJ2
5,000,000.00 TOYOTA MOTOR CREDIT CORP 4.7 01/12/2033
1,000,000.00 COMCAST CORP 1.95 01/15/2031
DUKE ENERGY CAROLINAS LLC 4.95
5,000,000.00
01/15/2033
117,500.00
9,750.00
123,750.00
117,500.00
9,750.00
123,750.00
DUKE ENERGY CAROLINAS LLC 4.85
01/15/2025 Coupon 26442CBM5 3,000,000.00 01/15/2034
72,750.00
72,750.00
01/15/2025 Coupon 3128MJ2T6 4 69.39 FH G08785 4.0 10/01/2047 1,371.47 1,371.47 01/15/2025 Principal Paydown 3128MJ2T6 2,4. 39 FH G08785 4.0 10/01/2047 3,622.47 3,622.47 01/15/2025 Coupon 3128NHXW8 9 8 FH 1J1593 6.639 04/01/2037 369.03 369.03 01/15/2025 Principal Paydown 3128NHXW8 6. 38.48 F. 1J1593 6.639 04/01/2037 1,372.31 1,372.31 01/15/2025 Coupon 3128S4ME4 ,7 Q0357 6.853 11/01/2037 81.63 81.63 01/15/2025 Principal Paydown 3128S4ME4 1Q0 6.853 11/01/2037 316.25 316.25 01/15/2025 Coupon 637432PA7 7,000,000.0 RURAL UTILITIES COOPERATIVE 203,000.00 203,000.00 CORP 5.8 01/15/2033
01/15/2025 Coupon 756109AX2 3,000,000.00 A IN • RP 3.25 01/15/2031 48,750.00 48,750.00 01/15/2025 Coupon 79466LAH7 2,340,000.00 SA C 15/2028 17,550.00 17,550.00 01/15/2025 Coupon 87612EBQ8 7,000,000.00 TARGET ' P r33 154,000.00 154,000.00 01/20/2025 Coupon 36179MN71 26,273.89 G2 MA041' .2 • 04 76.12 76.12 01/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09 0/ 331.09 331.09 01/20/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/ 044 49.94 49.94 01/20/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 0 /2044 231.54 231.54 01/20/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/2 41 296.76 296.76 01/20/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/20 641.10 641.10 01/20/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 275.99 275.99 01/20/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 578.77 578.77 01/20/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 333.35 333.35 01/20/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,540.71 1,540.71 01/21/2025 Coupon 24422EUY3 2,000,000.00 JOHN DEERE CAPITAL CORP 2.8 07/18/2029 28,000.00 28,000.00 01/21/2025 Coupon 61747YEU5 5,000,000.00 MORGAN STANLEY 4.889 07/20/2033 122,225.00 122,225.00 01/21/2025 Coupon 713448FM5 9,000,000.00 PEPSICO INC 3.9 07/18/2032 175,500.00 175,500.00 01/23/2025 Coupon 06051GHV4 5,000,000.00 BANK OF AMERICA CORP 3.194 07/23/2030 79,850.00 79,850.00 01/23/2025 Coupon 46647PAM8 2,000,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029 35,090.00 35,090.00 Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 14(939
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
01/27/2025
01/27/2025
01/27/2025
01/27/2025
01/27/2025
01/27/2025
01/27/2025
01/27/2025
01/31/2025
01/31/2025
01/31/2025
January 2025 Total
FEBRUARY 2025
02/03/2025
02/03/2025
02/03/2025
02/03/2025
02/03/2025
02/04/2025
02/05/2025
02/05/2025
02/10/2025
02/11/2025
02/11/2025
02/17/2025
02/17/2025
02/17/2025
02/17/2025
02/18/2025
02/18/2025
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
3138WHCP5
3138WHCP5
3140J6GR2
3140J6GR2
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
29379VCF8
91282CGJ4
91282CHR5
433,951.92 FN AS7277 3.0 05/01/2031
433,951.92 FN AS7277 3.0 05/01/2031
321,890.28 FN BM2007 4.0 09/01/2048
321,890.28 FN BM2007 4.0 09/01/2048
384,621.55 FN BN0874 4.0 11/01/2048
384,621.55 FN BN0874 4.0 11/01/2048
40 FN MA3088 4.0 08/01/2047
0 FN MA3088 4.0 08/01/2047
ENTERPRISE PRODUCTS OPERATING LLC 4.85
1/2034
TED STATES TREASURY 3.5 01/31/2030
7,867.49
2,700.06
3,214.74
2,886.02
1,024.80
1,045.58
1,249.46
1,086.08
064159469
06417XAP6
78016FZX5
828807DM6
91159HJK7
857477BV4
037833EH9
Coupon
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
20,0x.,'00..7 ITED TES TREASURY 4.0 07/31/2030
3135G05Q2
037833EP1
05565ECF0
404280DH9
3128NHXW8
3128NHXW8
312854 E4
312854 E4
20030NCA7
20030NEC1
7,000,000.00
5,000,000.00
8,000,000.00
2,500,000.00
4,000,000.00
2,000,000.00
2,000,000.00
5,000,000.00
3,500,000.00
8,000,000.00
2,500,000.00
68,938.48
68,938.48
14,778.93
14,778.93
2,000,000.00
5,000,000.00
AN O
BA
ROYAL
SIMON PR c RTY
US BANCORP 4.653 02/0
STATE STREET CORP 4
APPLE INC 1.4 08/05
FEDERAL NATIONAL MO
0.875 08/05/2030
APPLE INC 3.35 08/08/2032
BMW US CAPITAL LLC 5.15 08/11 3
HSBC HOLDINGS PLC 5.402 08/11/2033
FH 1J1593 6.639 04/01/2037
FH 1J1593 6.639 04/01/2037
FH 1Q0357 6.853 11/01/2037
FH 1Q0357 6.853 11/01/2037
COMCAST CORP 3.15 02/15/2028
COMCAST CORP 4.65 02/15/2033
A 2.15 08/01/2031
.85 02/01/2030
.0 02/01/2033
LP 2 02/01/2031
29 08/04/203
8 25,302.55
121,250.00
612,500.00
400,000.00
2,632,975.22
CIA
75,250.00
121,250.00
200,000.00
27,500.00
93,060.00
41,640.00
14,000.00
21,875.00
58,625.00
206,000.00
67,525.00
361.44
1,024.80
7,867.49
1,045.58
2,700.06
1,249.46
3,214.74
1,086.08
2,886.02
121,250.00
612,500.00
400,000.00
2,658,277.77
1,129.74
79.82 257.43
31,500.00
116,250.00
75,250.00
121,250.00
200,000.00
27,500.00
93,060.00
41,640.00
14,000.00
21,875.00
58,625.00
206,000.00
67,525.00
361.44
1,129.74
79.82 257.43
31,500.00
116,250.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 14 940
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/18/2025
02/18/2025
02/18/2025
02/18/2025
Coupon
Coupon
Principal Paydown
30231GBE1
3128MJ2T6
3128MJ2T6
3,000,000.00 EXXON MOBIL CORP 2.44 08/16/2029
422,469.39 FH G08785 4.0 10/01/2047
422,469.39 FH G08785 4.0 10/01/2047
HONEYWELL INTERNATIONAL INC 5.0
Coupon 438516CK0 10,000,000.00
02/15/2033
02/18/2025 Coupon 717081FB4
02/18/2025 Coupon 9128286B1
02/18/2025 Coupon 912828Z94
02/18/2025 Coupon 91282CAE1
02/18/2025 Coupon 91282CBL4
02/18/2025 Coupon 91282CCS8
02/18/2025 Coupon 91282CFF3 25,0s.,I00.
02/18/2025 Coupon 91282CGM7 30,000,000.0
02/18/2025 Coupon 91282CHT1 40,000,000.
02/18/2025 Coupon 91282CJZ5 30,000,000.00
02/18/2025 Coupon 91282CLF6 22,500,000.00
02/20/2025 Coupon 36179MN71 26,273.89
02/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA041 02/20/2025 Coupon 36179QB67 13,156.61
02/20/2025 Principal Paydown 36179QB67 13,156.61
02/20/2025 Coupon 36225FF79 100,371.77
02/20/2025 Principal Paydown 36225FF79 100,371.77
02/20/2025 Coupon 36225FJE0 90,127.54
02/20/2025 Principal Paydown 36225FJE0 90,127.54
02/20/2025 Coupon 36225FJZ3 79,123.91
02/20/2025 Principal Paydown 36225FJZ3 79,123.91
02/25/2025 Coupon 3138WHCP5 433,951.92
02/25/2025 Principal Paydown 3138WHCP5 433,951.92
02/25/2025 Coupon 3140J6GR2 321,890.28
02/25/2025 Principal Paydown 3140J6GR2 321,890.28
02/25/2025 Coupon 3140JG6L4 384,621.55
02/25/2025 Principal Paydown 3140JG6L4 384,621.55
2,000,000.00 PFIZER INC 1.75 08/18/2031
5,'' " ' '0.00 UNITED STATES TREASURY 2.625 02/15/2029
10, X0,01 '0 UNITED STATES TREASURY 1.5 02/15/2030
00 UNITED STATES TREASURY 0.625 08/15/2030
TED STATES TREASURY 1.125 02/15/2031
TED STATES TREASURY 1.25 08/15/2031
TES TREASURY 2.75 08/15/2032
ATES TREASURY 3.5 02/15/2033
TATES ' EASURY 3.875 08/15/2033
E URY 4.0 02/15/2034
UN I S S T' 'Y 3.875 08/15/2034
G2 MA c 4 09/2. 042
0 G2 MA1861 4.875 04/20 4
G2 MA1861 4.875 04 2044
G2 082889 3.625 07 041
G2 082889 3.625 07/20 1
G2 082960 3.75 10/20/2041
G2 082960 3.75 10/20/2041
G2 082979 3.75 11/20/2041
G2 082979 3.75 11/20/2041
FN AS7277 3.0 05/01/2031
FN AS7277 3.0 05/01/2031
FN BM2007 4.0 09/01/2048
FN BM2007 4.0 09/01/2048
FN BN0874 4.0 11/01/2048
FN BN0874 4.0 11/01/2048
3,595.94
343.21
240.29
658.07
594.80
1,594.06
7,796.67
2,680.68
3,191.68
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 36,600.00
1,359.40
250,000.00
17,500.00
65,625.00
75,000.00
7,812.50
56,250.00
31,250.00
343,750.00
525,000.00
775,000.00
600,000.00
435,937.50
75.12 49.00
294.83
274.18
326.46
1,005.13
1,036.57
1,238.74
36,600.00
1,359.40
3,595.94
250,000.00
17, 500.00
65,625.00
75,000.00
7,812.50
56,250.00
31,250.00
343,750.00
525,000.00
775,000.00
600,000.00
435,937.50
75.12 343.21
49.00 240.29
294.83
658.07
274.18
594.80
326.46
1,594.06
1,005.13
7,796.67
1,036.57
2,680.68
1,238.74
3,191.68
CONFIDENTIAL 1 4E 941
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/25/2025
02/25/2025
02/26/2025
02/27/2025
02/28/2025
02/28/2025
February 2025
Total
MARCH 2025
03/03/2025 Coupon
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
03/03/2025 Coupon
03/03/2025 Coupon
03/07/2025 Coupon
03/10/2025 Coupon
03/10/2025 Coupon
03/10/2025 Coupon
03/10/2025 Coupon
03/10/2025 Coupon
03/10/2025 Coupon
03/11/2025 Coupon
03/13/2025 Coupon
03/17/2025 Coupon
03/17/2025 Coupon
03/17/2025 Coupon
03/17/2025 Coupon
03/17/2025 Coupon
03/17/2025 Coupon
03/17/2025 Principal Paydown
03/17/2025 Coupon
31418CNE0
31418CNE0
17275RBS0
532457CF3
91282CFJ5
91282CGQ8
334,610.40 FN MA3088 4.0 08/01/2047
334,610.40 FN MA3088 4.0 08/01/2047
8,000,000.00 CISCO SYSTEMS INC 4.95 02/26/2031
7,000,000.00 ELI LILLY AND CO 4.7 02/27/2033
30,000,000.00 UNITED STATES TREASURY 3.125 08/31/2029
35,000,000.00 UNITED STATES TREASURY 4.0 02/28/2030
0091586F2 PRODUCTS AND CHEMICALS INC 4.8
03/2033
808513CA1 3,01 ,.Il. ARLE CHWAB CORP 2.9 03/03/2032
911312BZ8 5,000,000.0' NIT' RCEL SERVICE INC 4.875 03/03/2033 58933YAX3 3,000,000.1 i CO IN 3.4 03/07/2029
24422EXE4 4,000,000.00 • H i E • i' AL CORP 5.15 09/08/2033 3130B0X87 7,500,000.00 FE I E ' NKS 4.75 03/10/2034
57636QAX2 3,000,000.00 MASTE RD 4.85 09/2033
828807DU8 4,500,000.00 SIMON PR' 'T ' • LP 5 03/08/2033 89114TZJ4 3,000,000.00 TORONTO -DOMINION B .009/10/2031 931142EY5 2,000,000.00 WALMART INC 4.15 0 /2032
3130AV4X7 5,000,000.00 FEDERAL HOME LOA NKS 4.37
03/11/2033
404280BK4 2,500,000.00 HSBC HOLDINGS PLC 4.041
084664DA6 7,000,000.00 BERKSHIRE HATHAWAY FINAN ORP .875 03/15/2032
12572QAK1 5,000,000.00 CME GROUP INC 2.65 03/15/2032
171239AG1 3,000,000.00 CHUBB INA HOLDINGS LLC 1.375 09/15/2030 171239AK2 7,000,000.00 CHUBB INA HOLDINGS LLC 5.0 03/15/2034 24422EWL9 4,000,000.00 JOHN DEERE CAPITAL CORP 4.35 09/15/2032 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047
3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047
3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037
2,864.85
24,947.41
3,569.59
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 1,076.46
198,000.00
164,500.00
468,750.00
700,000.00
1,076.46
2,864.85
198,000.00
164, 500.00
468,750.00
700,000.00
5,832,627.15 5,857,574.57
204,000.00
43,500.00
121,875.00
51,000.00
103,000.00
178,125.00
72,750.00
123,750.00
30,000.00
41, 500.00
109,375.00
50,512.50
100,625.00
66,250.00
20,625.00
175,000.00
87,000.00
1,347.41
355.19
204,000.00
43, 500.00
121,875.00
51,000.00
103,000.00
178,125.00
72,750.00
123,750.00
30,000.00
41,500.00
109,375.00
50,512.50
100,625.00
66,250.00
20,625.00
175,000.00
87,000.00
1,347.41
3,569.59
355.19
CONFIDENTIAL 1 4`-942
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
03/17/2025
03/17/2025
03/17/2025
03/17/2025
Principal Paydown
Coupon
Principal Paydown
3128NHXW8
3128S4ME4
3128S4ME4
Coupon
40139LBE2
68,938.48 FH 1J1593 6.639 04/01/2037
14,778.93 FH 1Q0357 6.853 11/01/2037
14,778.93 FH 1Q0357 6.853 11/01/2037
5,070,000.00 GUARDIAN LIFE GLOBAL FUNDING 1.625
09/16/2028
1,399.28
1,399.28
78.34 78.34
320.44
320.44
41,193.75
41,193.75
03/17/2025
03/17/2025
03/17/2025
03/17/2025
Coupon
Coupon
Coupon
437076CS9
717081ET6
74340XCJ8
03/17/2025
03/20/2025
03/20/2025
03/20/2025
03/20/2025
03/20/2025
03/20/2025
03/20/2025
03/20/2025
03/20/2025
03/20/2025
03/24/2025
03/25/2025
03/25/2025
03/25/2025
03/25/2025
03/25/2025
03/25/2025
03/25/2025
03/25/2025
03/28/2025
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
7,500,000.00 HOME DEPOT INC 4.5 09/15/2032
1, ' - ' $0.00 PFIZER INC 3.45 03/15/2029
5, 10,01 $0 PROLOG'S LP 5.0 03/15/2034
IN 00 PUBLIC SERVICE ELECTRIC AND GAS CO 4.65
0 15/2033
74456QCL8
756109BR4
36179MN71
36179MN71
36179QB67
36179QB67
36225FF79
36225FF79
36225FJE0
36225FJE0
36225FJZ3
36225FJZ3
46647PBJ4
3138WHCP5
3138WHCP5
3140J6GR2
3140J6GR2
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
59217GFP9
26, 273.8
13,156.
13,156.61
100,371.77
100,371.77
90,127.54
90,127.54
79,123.91
79,123.91
3,000,000.00
433,951.92
433,951.92
321,890.28
321,890.28
384,621.55
384,621.55
334,610.40
334,610.40
5,000,000.00
LTY INCOME CORP 4.85 03/15/2030
MAO4 3.625 09/20/2042
4 3.625 09/20/2042
04/20/2044
04 20/2044
2041
41 G2082960 51b 1
G2 082960 3.75 10/20/2
G2 082979 3.75 11/2Q'41
G2 082979 3.75 11/
JPMORGAN CHASE & C 93 ' x/20
FN AS7277 3.0 05/01/2031
FN AS7277 3.0 05/01/2031
FN BM2007 4.0 09/01/2048
FN BM2007 4.0 09/01/2048
FN BN0874 4.0 11/01/2048
FN BN0874 4.0 11/01/2048
FN MA3088 4.0 08/01/2047
FN MA3088 4.0 08/01/2047
METROPOLITAN LIFE GLOBAL FUNDING 1 5.15
03/28/2033
351.55
245.83
670.81
606.86
1,625.81
168,750.00
25,875.00
125,000.00
186,000.00
97,000.00
74.09 48.03
292.84
168,750.00
25,875.00
125,000.00
272.32
319.33
67,395.00
985.64
7,726.38
2,661.43
3,168.78
2,843.83
1,027.64
1,228.10
1,066.91
128,750.00
186,000.00
97,000.00
74.09 351.55
48.03 245.83
292.84
670.81
272.32
606.86
319.33
1,625.81
67,395.00
985.64
7,726.38
1,027.64
2,661.43
1,228.10
3,168.78
1,066.91
2,843.83
128,750.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management I [email protected] I www.chandlerasset.com 1800.317.4747 CONFIDENTIAL 1 5( 943
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Payment Date Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
03/31/2025
03/31/2025
03/31/2025
March 2025 Total
APRIL 2025
04/01/2025
04/01/2025
04/01/2025
04/01/2025
04/01/2025
04/02/2025
04/07/2025
04/08/2025
04/14/2025
04/15/2025
04/15/2025
04/15/2025
04/15/2025
04/15/2025
04/15/2025
04/15/2025
04/15/2025
04/15/2025
04/15/2025
04/21/2025
04/21/2025
04/21/2025
04/21/2025
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
91282CEE7
91282CGS4
91282CHZ7
341081GL5
6174468P7
797440BZ6
89236TGY5
911312BY1
05565ECK9
822582CG5
3135G05Y5
756109BP8
084664CW9
3128MJ2T6
3128MJ2T6
3128NHXW8
3128NHXW8
3128S4ME4
3128S4ME4
87612EBH8
91324PEV0
931142FD0
36179MN71
36179MN71
36179QB67
36179QB67
3,000,000.00 UNITED STATES TREASURY 2.375 03/31/2029
35,000,000.00 UNITED STATES TREASURY 3.625 03/31/2030
20,000,000.00 UNITED STATES TREASURY 4.625 09/30/2030
7,000,000.00
5,► 0.00
0 FLORIDA POWER & LIGHT CO 5.1 04/01/2033
MORGAN STANLEY 3.622 04/01/2031
SAN DIEGO GAS & ELECTRIC CO 1.7 10/01/2030
TOYOTA MOTOR CREDIT CORP 3.375
1/2030
TED PARCEL SERVICE INC 4.45 04/01/2030
PITAL LLC 5.15 04/02/2034
RNATIONAL FINANCE BV 2.75
5,000,000.00
3,000,000.00
3,000,000.00
422,469.39
422,469.39
68,938.48
68,938.48
14,778.93
14,778.93
3,000,000.00
10,000,000.00
5,000,000.00
26,273.89
26,273.89
13,156.61
13,156.61
D
0.7 REALTY • •RP 510/13/2032
BERKSHIRE H • eY . ANGE CORP 1.45
10/15/2030
FH G08785 4.0 10/01/
FH G08785 4.0 10/0047
FH 111593 6.639 04/01
FH 111593 6.639 04/01/2d3
FH 1Q0357 6.853 11/01/203
FH 1Q0357 6.853 11/01/2037
TARGET CORP 3.375 04/15/2029
UNITEDHEALTH GROUP INC 4.5 04/15/2033
WALMART INC 4.1 04/15/2033
G2 MA0414 3.625 09/20/2042
G2 MA0414 3.625 09/20/2042
G2 MA1861 4.875 04/20/2044
G2 MA1861 4.875 04/20/2044
MORTGAGE ASSOCIATION
25,190.60
3,543.43
1,255.12
285.21
368.66
258.22
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 35,625.00 35,625.00
634,375.00 634,375.00
462,500.00 462,500.00
3,558,447.08 3,583,637.68
178, 500.00 178, 500.00
90,550.00 90,550.00
25,500.00 25,500.00
84,375.00 84,375.00
44,500.00 44,500.00
77,250.00 77,250.00
68,750.00 68,750.00
18,750.00 18,750.00
84,375.00 84,375.00
21,750.00 21,750.00
1,335.51 1,335.51
3,543.43
347.45 347.45
1,255.12
76.50 76.50
285.21
50,625.00 50,625.00
225,000.00 225,000.00
102, 500.00 102, 500.00
73.02 73.02
368.66
47.03 47.03
258.22
CONFIDENTIAL 1 5] 944
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
`/"CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
04/21/2025
04/21/2025
04/21/2025
04/21/2025
04/21/2025
04/21/2025
04/21/2025
04/21/2025
04/22/2025
04/23/2025
04/25/2025
04/25/2025
04/25/2025
04/25/2025
04/25/2025
04/25/2025
04/25/2025
04/25/2025
04/25/2025
04/25/2025
04/28/2025
04/28/2025
04/30/2025
04/30/2025
04/30/2025
April 2025 Total
MAY 2025
05/01/2025
05/05/2025
05/05/2025
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
36225FF79
36225FF79
36225E1E0
36225FJE0
36225FJZ3
36225FJZ3
61747YFE0
713448FE3
46647PBL9
693475AW5
06051GLHO
06406RBM8
3138WHCP5
3138WHCP5
3140J6GR2
3140J6GR2
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
06051GKQ1
46647PDC7
09247XAP6
91282CJG7
91282CKN0
665859AV6
665859AU8
78016EYH4
100,371.77 G2 082889 3.625 07/20/2041
100,371.77 G2 082889 3.625 07/20/2041
90,127.54 G2 082960 3.75 10/20/2041
90,127.54 G2 082960 3.75 10/20/2041
79,123.91 G2 082979 3.75 11/20/2041
79,123.91 G2 082979 3.75 11/20/2041
2, 0.00 MORGAN STANLEY 5.25 04/21/2034
3, X0,00 10 PEPSICO INC 1.95 10/21/2031
00 JPMORGAN CHASE & CO 2.522 04/22/2031
FINANCIAL SERVICES GROUP INC 3.45
23/2029
,5S ,I00..'V NK O ! MERICA CORP 5.288 04/25/2034
EW YORK MELLON CORP 5.834
33 433,951.92
433,951.92
321,890.28
321,890.28
384,621.55
384,621.55
334,610.40
334,610.40
7,500,000.00
7,000,000.00
2,500,000.00
20,000,000.00
7,500,000.00
2031
FN 77 .05 X31
FN BM
FN BM200
FN BN0874 4.0 11/01/20
FN BN0874 4.0 11/01 8
FN MA3088 4.0 08/. 047
FN MA3088 4.0 08/01/
BANK OF AMERICA CORP 4. 04/2 ' '33
JPMORGAN CHASE & CO 4.586 . 26/2033
BLACKROCK INC 3.25 04/30/2029
UNITED STATES TREASURY 4.875 10/31/2030
UNITED STATES TREASURY 4.625 04/30/2031
1,500,000.00 NORTHERN TRUST CORP 1.95 05/01/2030
1,500,000.00 NORTHERN TRUST CORP 3.15 05/03/2029
3,500,000.00 ROYAL BANK OF CANADA 2.3 11/03/2031
694.42
629.16
1,701.86
7,656.63
2,642.32
3,146.03
2,822.95
25,004.01
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 290.81
270.43
312.06
65,625.00
29,250.00
25,220.00
34,500.00
66,100.00
291,700.00
966.32
1,018.77
1,217.54
1,057.43
171,412.50
160,510.00
40,625.00
487,500.00
173,437.50
2,625,317.87
14,625.00
23,625.00
40,250.00
290.81
694.42
270.43
629.16
312.06
1,701.86
65,625.00
29,250.00
25,220.00
34, 500.00
66,100.00
291,700.00
966.32
7,656.63
1,018.77
2,642.32
1,217.54
3,146.03
1,057.43
2,822.95
171,412.50
160, 510.00
40,625.00
487, 500.00
173,437.50
2,650,321.87
14,625.00
23,625.00
40,250.00
CONFIDENTIAL 1 5` 945
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Payment Date Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income Total Amount
05/07/2025
Coupon
822582CD2
05/12/2025 Coupon 023135BZ8
05/12/2025 Coupon 037833EU0
05/12/2025 Coupon 037833EV8
05/13/2025 Coupon 191216DR8
05/13/2025 Coupon 857477BU6
05/15/2025 Coupon 20030NEE7
05/15/2025 Coupon 30303M8N5
05/15/2025 Coupon 3128MJ2T6
05/15/2025 Principal Paydown 3128MJ2T6
05/15/2025 Coupon 3128NHXW8
05/15/2025 Principal Paydown 3128NHXW8
05/15/2025 Coupon 3128S4ME4
05/15/2025 Principal Paydown 3128S4ME4
05/15/2025 Coupon 9128286T2
05/15/2025 Coupon 912828YS3
05/15/2025 Coupon 912828ZQ6
05/15/2025 Coupon 91282CAV3
05/15/2025 Coupon 91282CCB5
05/15/2025 Coupon 91282CEP2
05/15/2025 Coupon 91282CFV8
05/15/2025 Coupon 91282CHC8
05/15/2025 Coupon 91282CJJ1
05/15/2025 Coupon 91282CKQ3
05/15/2025 Coupon 91324PEJ7
05/19/2025 Coupon 58933YBK0
05/19/2025
05/20/2025
05/20/2025
05/20/2025
2,000,000.00 SHELL INTERNATIONAL FINANCE BV 2.375
11/07/2029
4,670,000.00 AMAZON.COM INC 2.1 05/12/2031
2,000,000.00 APPLE INC 4.15 05/10/2030
2,500,000.00 APPLE INC 4.3 05/10/2033
5,000,000.00 COCA-COLA CO 5.0 05/13/2034
2,•' " • 10.00 STATE STREET CORP 4.421 05/13/2033
3, '0,01 00 COMCAST CORP 4.8 05/15/2033
00 META PLATFORMS INC 4.95 05/15/2033
08785 4.0 10/01/2047
G08785 4.0 10/01/2047 3,517.45
, • 38.7 1J 15 • ' 6.639 04/01/2037 340.50
68,938.4 H 6.639 04/01/2037 1,227.73
14,778.• F •' .57 6.8 11/01/2037 74.86
14,778.93 H . •� • 11 01/2037 277.71
5,000,000.00 UN • S S T' 'Y 2.375 05/15/2029 59,375.00
10,000,000.00 UNITE • AT ASU' .7511/15/2029 87,500.00
5,000,000.00 UNITED ST- 5 TR' 0 05/15/2030 15,625.00
5,000,000.00 UNITED STATES TREASU . 75 11/15/2030 21,875.00 2,500,000.00 UNITED STATES TREA 1.625 05/ 2031 20,312.50 25,000,000.00 UNITED STATES TREA Y 2.875 •' '32 359,375.00 35,000,000.00 UNITED STATES TREASU .1 5/2. 721,875.00
40,000,000.00 UNITED STATES TREASURY 3. 05/ 033 675,000.00 25,000,000.00 UNITED STATES TREASURY 4.5 1 . ' 5/2033 562,500.00 45,000,000.00 UNITED STATES TREASURY 4.375 0 15/2034 984,375.00 4,500,000.00 UNITEDHEALTH GROUP INC 4.2 05/15/2032 94,500.00 5,000,000.00 MERCK & CO INC 4.5 05/17/2033 112,500.00
PFIZER INVESTMENT ENTERPRISES PTE LTD
Coupon 716973AE2 7,500,000.00 4.75 05/19/2033 178,125.00 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 71.91 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 352.67 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 49.88 23,750.00
49,035.00
41,500.00
53,750.00
125,000.00
44, 210.00
84,000.00
123,750.00
1,323.70
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 23,750.00
49,035.00
41,500.00
53,750.00
125,000.00
44, 210.00
84,000.00
123,750.00
1,323.70
3,517.45
340.50
1,227.73
74.86 277.71
59,375.00
87,500.00
15,625.00
21,875.00
20,312.50
359,375.00
721,875.00
675,000.00
562,500.00
984,375.00
94,500.00
112,500.00
178,125.00
71.91 352.67
49.88 CONFIDENTIAL 1 5.946
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
05/20/2025
05/20/2025
05/20/2025
05/20/2025
05/20/2025
05/20/2025
05/20/2025
05/20/2025
05/20/2025
05/20/2025
05/22/2025
05/27/2025
05/27/2025
05/27/2025
05/27/2025
05/27/2025
05/27/2025
05/27/2025
05/27/2025
05/27/2025
May 2025 Total
JUNE 2025
06/02/2025
06/02/2025
06/02/2025
06/02/2025
06/02/2025
06/09/2025
06/09/2025
06/09/2025
06/10/2025
Principal Paydown 36179QB67
Coupon 36225FF79
Principal Paydown 36225FF79
Coupon 36225FJE0
Principal Paydown 36225FJE0
Coupon 36225FJZ3
Principal Paydown 36225FJZ3
Coupon 747525BK8
Coupon 747525BQ5
Coupon 747525BS1
Coupon 808513BA2
Coupon 09247XAT8
Coupon 3138WHCP5
Principal Paydown 3138WHCP5
Coupon 3140J6GR2
Principal Paydown 3140J6GR2
Coupon 3140JG6L4
Principal Paydown 3140JG6L4
Coupon 31418CNE0
Principal Paydown 31418CNE0
Coupon 023135CR5
Coupon 25731VAA2
13,156.61 G2 MA1861 4.875 04/20/2044
100,371.77 G2 082889 3.625 07/20/2041
100,371.77 G2 082889 3.625 07/20/2041
90,127.54 G2 082960 3.75 10/20/2041
90,127.54 G2 082960 3.75 10/20/2041
79,123.91 G2 082979 3.75 11/20/2041
91 G2 082979 3.75 11/20/2041
5, '0,0s '0 QUALCOMM INC 2.15 05/20/2030
.00 QUALCOMM INC 4.25 05/20/2032
LCO M M INC 5.4 05/20/2033
ARLES SCHWAB CORP 3.25 05/22/2029
INC 4.75 05/25/2033
3.0 05/01/2031
01/2031
9/. 2048
48 242.92
288.71
678.29
268.46
614.00
304.44
1,605.08
Coupon 91282CES6
Coupon 91282CFY2
Coupon 91282CHF1
Coupon 3130AEB25
Coupon 3130AG DY8
Coupon 89115A2E1
Coupon 3130AVWG3
1,
10,00 1,000.
433,951.9
433,951.
321,890.28
321,890.28
384,621.55
384,621.55
334,610.40
334,610.40
6,000,000.00
4,000,000.00
7,500,000.00
20,000,000.00
30,000,000.00
5,000,000.00
2,725,000.00
9,000,000.00
5,000,000.00
N
FN 20
FN BNO
FN BN087011
FN MA3088 4.0 08/01/2
FN MA3088 4.0 08/0
47 AMAZON.COM INC 4.7 12/0
DOMINION ENERGY SOUTH CA
12/01/2031
A INC 2.3
UNITED STATES TREASURY 2.75 05/31/2029
UNITED STATES TREASURY 3.875 11/30/2029
UNITED STATES TREASURY 3.75 05/31/2030
FEDERAL HOME LOAN BANKS 3.25 06/09/2028
FEDERAL HOME LOAN BANKS 2.75 06/08/2029
TORONTO -DOMINION BANK 4.456 06/08/2032
FEDERAL HOME LOAN BANKS 4.0 06/10/2033
7,587.40
2,623.33
3,123.44
2,802.21
24,652.22
59,125.00
63,750.00
108,000.00
24,375.00
237,500.00
947.18
1,009.96
1,207.05
1,048.02
5,016,117.19
141,000.00
46,000.00
242.92
288.71
678.29
268.46
614.00
304.44
1,605.08
59,125.00
63,750.00
108,000.00
24,375.00
237,500.00
947.18
7,587.40
1,009.96
2,623.33
1,207.05
3,123.44
1,048.02
2,802.21
5,040,769.41
141,000.00
46,000.00
103,125.00
387,500.00
562,500.00
81,250.00
37,468.75
200,520.00
100,000.00
103,125.00
387,500.00
562,500.00
81,250.00
37,468.75
200,520.00
100,000.00
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 15L 947
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
`/"CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
06/12/2025
06/16/2025
06/16/2025
06/16/2025
06/16/2025
06/16/2025
06/16/2025
06/16/2025
06/16/2025
06/16/2025
06/20/2025
06/20/2025
06/20/2025
06/20/2025
06/20/2025
06/20/2025
06/20/2025
06/20/2025
06/20/2025
06/20/2025
06/25/2025
06/25/2025
06/25/2025
06/25/2025
06/25/2025
06/25/2025
06/25/2025
06/25/2025
06/30/2025
June 2025 Total
JULY 2025
07/07/2025
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
24422EXU8
26444HAK7
3128 MJ2T6
3128MJ2T6
3128NHXW8
3128NHXW8
3128S4ME4
3128S4ME4
437076BY7
74340XCE9
36179MN71
36179MN71
36179QB67
36179QB67
36225FF79
36225FF79
36225FJE0
36225FJE0
36225FJZ3
36225FJZ3
3138WHCP5
3138WHCP5
3140J6GR2
3140J6GR2
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
91282CEV9
89236TLM5
2,500,000.00 JOHN DEERE CAPITAL CORP 5.05 06/12/2034
2,000,000.00 DUKE ENERGY FLORIDA LLC 2.4 12/15/2031
422,469.39 FH G08785 4.0 10/01/2047
422,469.39 FH G08785 4.0 10/01/2047
68,938.48 FH 1J1593 6.639 04/01/2037
68,938.48 FH 1J1593 6.639 04/01/2037
93 FH 1Q0357 6.853 11/01/2037
3 FH 1Q0357 6.853 11/01/2037
00 HOME DEPOT INC 2.95 06/15/2029
LOGIS LP 4.75 06/15/2033
MA0414 3.625 09/20/2042
2.,273.: 2 MA► 3.625 09/20/2042
1 4.875 04/20/2044
04/20/2044
0/2041
288 .62 / 041
1 13,156.6
13,156.
100,371.77
100,371.77
90,127.54
90,127.54
79,123.91
79,123.91
433,951.92
433,951.92
321,890.28
321,890.28
384,621.55
384,621.55
334,610.40
334,610.40
30,000,000.00
G2
G2 082
G2 082960 . 5 10 _ .4
G2 082979 3.75 11/20/2
G2 082979 3.75 11/
FN AS7277 3.0 05/01
FN AS7277 3.0 05/01/20
FN BM2007 4.0 09/01/2048
FN BM2007 4.0 09/01/2048
FN BN0874 4.0 11/01/2048
FN BN0874 4.0 11/01/2048
FN MA3088 4.0 08/01/2047
FN MA3088 4.0 08/01/2047
UNITED STATES TREASURY 3.25 06/30/2029
41 4,000,000.00 TOYOTA MOTOR CREDIT CORP 4.8 01/05/2034 3,491.64
1,263.02
282.96
330.77
221.50
654.57
591.66
1,480.43
7,518.70
2,604.48
3,101.00
2,781.62
487,500.00
24,322.36 2,429,194.36
96,000.00
63,125.00
24,000.00
1,311.97
310.50
73.27 22,125.00
166,250.00
70.85 48.81
286.66
266.54
297.26
928.21
1,001.22
1,196.64
1,038.68
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 63,125.00
24,000.00
1,311.97
3,491.64
310.50
1,263.02
73.27 282.96
22,125.00
166,250.00
70.85 330.77
48.81 221.50
286.66
654.57
266.54
591.66
297.26
1,480.43
928.21
7,518.70
1,001.22
2,604.48
1,196.64
3,101.00
1,038.68
2,781.62
487, 500.00
2,453,516.72
96,000.00
CONFIDENTIAL 1 5` 948
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/10/2025
Coupon
02665W EZ0
8,500,000.00 AMERICAN HONDA FINANCE CORP 4.9
01/10/2034
208,250.00
208,250.00
07/14/2025 Coupon 89236TKR5 5,000,000.00 TOYOTA MOTOR CREDIT CORP 4.7 01/12/2033 07/15/2025 Coupon 20030NDMO 1,000,000.00 COMCAST CORP 1.95 01/15/2031 07/15/2025 Coupon 26442CBJ2 5,000,000.00 DUKE ENERGY CAROLINAS LLC 4.95 01/15/2033
117,500.00
9,750.00
123,750.00
07/15/2025 Coupon 26442CBM5 3,� , ' x.0DUKE ENERGY CAROLINAS LLC 4.85 0 01/15/2034
72,750.00
117,500.00
9,750.00
123,750.00
72,750.00
07/15/2025 Coupon 3128MJ2T6 4. :9 FH G08785 4.0 10/01/2047 1,300.33 1,300.33 07/15/2025 Principal Paydown 3128MJ2T6 42 69.39 F G08785 4.0 10/01/2047 3,466.02 3,466.02 07/15/2025 Coupon 3128NHXW8 .,93: ' J1593 6.639 04/01/2037 304.00 304.00 07/15/2025 Principal Paydown 3128NHXW8 • - : 1J15 6.639 04/01/2037 1,278.07 1,278.07 07/15/2025 Coupon 3128S4ME4 14,778.9 + H 1• ' 6.853 11/01/2037 71.64 71.64 07/15/2025 Principal Paydown 3128S4ME4 14,778. F. • 7 6.853 11/01/2037 285.40 285.40 07/15/2025 Coupon 637432PA7 7,000,000.00 TITILITIES COOPERATIVE 203,000.00 203,000.00 FIN • .8 ' 5/2033
07/15/2025 Coupon 756109AX2 3,000,000.00 REALTY • M • RP 01/15/2031 48,750.00 48,750.00 07/15/2025 Coupon 79466LAH7 2,340,000.00 SALESFO'C. 07 /2028 17,550.00 17,550.00 07/15/2025 Coupon 87612EBQ8 7,000,000.00 TARGET CO' P 4.4 01 2 154,000.00 154,000.00 07/18/2025 Coupon 24422EUY3 2,000,000.00 JOHN DEERE CAPITAL 2.8 07/18/2029 28,000.00 28,000.00 07/18/2025 Coupon 713448FM5 9,000,000.00 PEPSICO INC 3.9 07/ 2032 175,500.00 175,500.00 07/21/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/ 042 69.85 69.85 07/21/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/ 0 310.36 310.36 07/21/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/204 47.84 47.84 07/21/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 204.86 204.86 07/21/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 413.30 413.30 07/21/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 584.84 584.84 07/21/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 264.69 264.69 07/21/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 570.58 570.58 07/21/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 290.64 290.64 07/21/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,366.14 1,366.14 07/21/2025 Coupon 61747YEU5 5,000,000.00 MORGAN STANLEY 4.889 07/20/2033 122,225.00 122,225.00 Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 5E 949
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
07/23/2025
07/23/2025
07/25/2025
07/25/2025
07/25/2025
07/25/2025
07/25/2025
07/25/2025
07/25/2025
07/25/2025
07/31/2025
07/31/2025
07/31/2025
July 2025 Total
AUGUST 2025
08/01/2025
08/01/2025
08/01/2025
08/01/2025
08/01/2025
08/04/2025
08/05/2025
08/05/2025
08/08/2025
08/11/2025
08/11/2025
08/15/2025
08/15/2025
08/15/2025
08/15/2025
Coupon 06051GHV4
Coupon 46647PAM8
Coupon 3138WHCP5
Principal Paydown 3138WHCP5
Coupon 3140J6GR2
Principal Paydown 3140J6GR2
Coupon 3140JG6L4
Principal Paydown 3140JG6L4
Coupon 31418CNE0
Principal Paydown 31418CNE0
5,000,000.00 BANK OF AMERICA CORP 3.194 07/23/2030
2,000,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029
433,951.92 FN AS7277 3.0 05/01/2031
433,951.92 FN AS7277 3.0 05/01/2031
321,890.28 FN BM2007 4.0 09/01/2048
321,890.28 FN BM2007 4.0 09/01/2048
55 FN BN0874 4.0 11/01/2048
clusil,
5 FN BN0874 4.0 11/01/2048
40 FN MA3088 4.0 08/01/2047
10.40 A3088 4.0 08/01/2047
5,0- ERPRISE PRODUCTS OPERATING LLC 4.85
/31/ 4
35,000,000.0e NI ATES TREASURY 3.5 01/31/2030
20,000,000.1 TATES EASURY 4.0 07/31/2030
Coupon 29379VCF8
79,850.00
35,090.00
909.41
Coupon 91282CGJ4
Coupon 91282CHR5
Coupon 0641594B9
Coupon 06417XAP6
Coupon 78016FZX5
Coupon 828807DM6
Coupon 91159HJK7
Coupon 857477BV4
Coupon 037833EH9
Coupon 3135G05Q2
Coupon 037833EP1
Coupon 05565ECF0
Coupon 404280DH9
Coupon 20030NCA7
Coupon 20030NEC1
Coupon 3128MJ2T6
Principal Paydown 3128MJ2T6
7,000,000.00
5,000,000.00
8,000,000.00
2,500,000.00
4,000,000.00
2,000,000.00
2,000,000.00
5,000,000.00
3,500,000.00
8,000,000.00
2,500,000.00
2,000,000.00
5,000,000.00
422,469.39
422,469.39
BANK
BANK OF 'A SC
ROYAL BANK OF CANAD
SIMON PROPERTY G
US BANCORP 4.653
STATE STREET CORP 4.1
5 08/01/2031
01/2030
02/01/2033
LP 2.2 02/./2031
1/2029
8/
7,450.53
2,585.75
3,078.71
2,761.17
992.53
1,186.31
1,029.41
79,850.00
35,090.00
909.41
7,450.53
992.53
2,585.75
1,186.31
3,078.71
1,029.41
2,761.17
23,942.42
121,250.00
612,500.00
400,000.00
2,632,594.95
75,250.00
121,250.00
612,500.00
400,000.00
2,656,537.37
75,250.00
APPLE INC 1.4 08/05/2028
FEDERAL NATIONAL MORTGAGSOCIATION
0.875 08/05/2030
APPLE INC 3.35 08/08/2032
BMW US CAPITAL LLC 5.15 08/11/2033
HSBC HOLDINGS PLC 5.402 08/11/2033
COMCAST CORP 3.15 02/15/2028
COMCAST CORP 4.65 02/15/2033
FH G08785 4.0 10/01/2047
FH G08785 4.0 10/01/2047
121,250.00
200,000.00
27,500.00
93,060.00
41,640.00
14,000.00
21,875.00
58,625.00
206,000.00
67,525.00
31,500.00
116,250.00
1,288.78
3,440.57
121,250.00
200,000.00
27,500.00
93,060.00
41,640.00
14,000.00
21,875.00
58,625.00
206,000.00
67,525.00
31,500.00
116,250.00
1,288.78
3,440.57
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 5%950
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
ER
CHANDLASSET MANAGEMENT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/15/2025
08/15/2025
08/15/2025
08/15/2025
08/15/2025
Coupon
Principal Paydown
Coupon
Principal Paydown
3128NHXW8
3128NHXW8
3128S4ME4
3128S4ME4
68,938.48 FH 1J1593 6.639 04/01/2037
68,938.48 FH 1J1593 6.639 04/01/2037
14,778.93 FH 1Q0357 6.853 11/01/2037
14,778.93 FH 1Q0357 6.853 11/01/2037
Coupon 438516CK0 10,000,000.00 HONEYWELL INTERNATIONAL INC 5.0 02/15/2033
08/15/2025 Coupon 9128286B1
08/15/2025 Coupon 912828Z94
08/15/2025 Coupon 91282CAE1
08/15/2025 Coupon 91282CBL4
08/15/2025 Coupon 91282CCS8
08/15/2025 Coupon 91282CFF3 25,0..,'00.
08/15/2025 Coupon 91282CGM7 30,000,000.0
08/15/2025 Coupon 91282CHT1 40,000,000.
08/15/2025 Coupon 91282CJZ5 30,000,000.00
08/15/2025 Coupon 91282CLF6 22,500,000.00
08/18/2025 Coupon 30231GBE1 3,000,000.00
08/18/2025 Coupon 717081FB4 2,000,000.00
08/20/2025 Coupon 36179MN71 26,273.89
08/20/2025 Principal Paydown 36179MN71 26,273.89
08/20/2025 Coupon 36179QB67 13,156.61
08/20/2025 Principal Paydown 36179QB67 13,156.61
08/20/2025 Coupon 36225FF79 100,371.77
08/20/2025 Principal Paydown 36225FF79 100,371.77
08/20/2025 Coupon 36225FJE0 90,127.54
08/20/2025 Principal Paydown 36225FJE0 90,127.54
08/20/2025 Coupon 36225FJZ3 79,123.91
08/20/2025 Principal Paydown 36225FJZ3 79,123.91
08/25/2025 Coupon 3138WHCP5 433,951.92
08/25/2025 Principal Paydown 3138WHCP5 433,951.92
08/25/2025 Coupon 314016GR2 321,890.28
08/25/2025 Principal Paydown 314016GR2 321,890.28
5, '' " ' '0.00 UNITED STATES TREASURY 2.625 02/15/2029 10, '0,0' '0 UNITED STATES TREASURY 1.5 02/15/2030
00 UNITED STATES TREASURY 0.625 08/15/2030
TED STATES TREASURY 1.125 02/15/2031
TED STATES TREASURY 1.25 08/15/2031
TES TREASURY 2.75 08/15/2032
ATES TREASURY 3.5 02/15/2033
TATES EASURY 3.875 08/15/2033
E U RY 4.0 02/15/2034
Y 3.875 08/15/2034
8/16/2029
NI
UN
EXXON
PFIZER INC 5 0: 1
G2 MA0414 3.625 09/20 2
G2 MA0414 3.625 09 2042
G2 MA1861 4.875 0 2044
G2 MA1861 4.875 04/2 4
G2 082889 3.625 07/20/20
G2 082889 3.625 07/20/2041
G2 082960 3.75 10/20/2041
G2 082960 3.75 10/20/2041
G2 082979 3.75 11/20/2041
G2 082979 3.75 11/20/2041
FN AS7277 3.0 05/01/2031
FN AS7277 3.0 05/01/2031
FN BM2007 4.0 09/01/2048
FN BM2007 4.0 09/01/2048
1,171.51
259.67
299.16
195.52
706.36
559.85
1,300.41
7,382.87
2,567.14
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 297.42
70.00 250,000.00
65,625.00
75,000.00
7,812.50
56,250.00
31,250.00
343,750.00
525,000.00
775,000.00
600,000.00
435,937.50
36,600.00
17,500.00
68.91 46.93
410.73
262.91
284.53
890.79
983.91
297.42
1,171.51
70.00 259.67
250,000.00
65,625.00
75,000.00
7,812.50
56,250.00
31,250.00
343,750.00
525,000.00
775,000.00
600,000.00
435,937.50
36,600.00
17, 500.00
68.91 299.16
46.93 195.52
410.73
706.36
262.91
559.85
284.53
1,300.41
890.79
7,382.87
983.91
2,567.14
CONFIDENTIAL 1 5E 951
CASH FLOW REPORT
Client Name 1 Account #000001 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Payment Date
Transaction Type CUSIP
Quantity Security Description
Principal Amount
Income
Total Amount
08/25/2025
08/25/2025
08/25/2025
08/25/2025
08/26/2025
08/27/2025
August 2025 Total
Grand Total
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
3140JG6L4
3140JG6L4
31418CNE0
31418CNE0
17275RBS0
532457CF3
384,621.55 FN BN0874 4.0 11/01/2048
384,621.55 FN BN0874 4.0 11/01/2048
334,610.40 FN MA3088 4.0 08/01/2047
334,610.40 FN MA3088 4.0 08/01/2047
8,000,000.00 CISCO SYSTEMS INC 4.95 02/26/2031
7,000,000.00 EU LILLY AND CO 4.7 02/27/2033
1,176.04
3,056.57
1,020.20
2,740.86
198,000.00
164,500.00
23,680.49 4,663,501.17
290,077.58 39,463,171.31
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 1,176.04
3,056.57
1,020.20
2,740.86
198,000.00
164, 500.00
4,687,181.66
39,753,248.89
CONFIDENTIAL 1 5`-952
IMPORTANT DISCLOSURES C/"CHANDLER
ASSET MANAGEMENT
Client Name 1 Account #000001 As of September 30, 2024
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 sou -. he 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 thir' •a prii g 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-advis results include the reinvestment of dividends and other earnings. P performance of any specific investment or investment strategy will be profi loss. Economic factors, market conditions or changes in investment strateg sent the client's Total Return. The deduction of advisory fees lowers performance results. These nce .y not be indicative of future results. Therefore, clients should not assume that future I to past performance levels. All investment strategies have the potential for profit or tions or withdrawals may materially alter the performance and results of your portfolio.
Source ice Data Indices, LLC ("ICE"), used with permission. ICE PERMITS USE b T IC '' S AND RELATED DATA ON AN "AS IS" BASIS; ICE, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIE ' 1 • E £TIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING TH a DI' . 1 DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM.
NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS GUA ' A ITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DAT - COMPONENTS THEREOF ARE PROVIDED ON AN "ASIS" BASIS AND LICENSEE'S USE IS AT LICENSEE'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIR RTY 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 investme' ide. •ene . do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would - th ect 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 t •e reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities ("MBS") reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody's and Fitch respectively.
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 6(953
BENCHMARK INDEX & DISCLOSURES
Client Name 1 Account #000001 As of September 30, 2024
C'MCHANDLER
ASSET MANAGEMENT
Benchmark Disclosure
DNU-ICE BofA 5-10 Year AAA -A US
Corporate & Government Index
The ICE BofA 5-10 AAA -A Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt
publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities.
Qualifying securities must be rated AAA through A3 (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must
have at least five years reng term to final maturity and less than ten years remaining term to final maturity, at least five years to final
maturity at point of iOJar , aired coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for
all other securities.
The ICE BofA US 1-5 Year AAA -A U
debt
publicly issued in the US domestic
securities.
Qualifying securities must be issued from S
addition, qualifying securities must have at .st
final
maturity, at least 18 months to final maturity at point of iss billion
for US Treasuries and $250 million for all other securitie Government Index tracks the performance of US dollar denominated investment grade S Treasury, US agency, foreign government, supranational, and corporate ated AAA through A3 (based on an average of Moody's, S&P and Fitch). In aining term to final maturity and less than five years remaining term to ce, a fixed coupon schedule, and a minimum amount outstanding of $1 The ICE BofA US 6 -Month Treasury Bill Index is comprised of a ogle ism purchased at the beginning of the month and held for a full month.
At the end of the month that issue is sold and rolled into a newly se' ted issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, six months from the rebalancing date.
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management 1 [email protected] 1 www.chandlerasset.com 1 800.317.4747 CONFIDENTIAL 1 6J 954
CA%
CHANDLER
ASSET MANAGEMENT
INVESTMENT
(Client Name)1 As of September 30, 2024
CHANDLER ASSET MANAGEMENT 1 chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
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. 955
TABLE OF CONTENTS
(Client Name) 1 Account #(0) 1 As of September 30, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
C'MCHANDLER
ASSET MANAGEMENT
1 956
CMCHANDER
ASSET MANAGEMENT
ECONOMIC UPDATE
957
2 ECONOMIC UPDATE
CM
CHANDLER
ASSET MANAGEMENT
• Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth. Inflationary trends are subsiding, but core levels remain above the Fed's target. The labor market is showing signs of cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will continue to lower rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant. • The Federal Open Market Committee (FOM
meeting. Although a reduction in the Fed Funds
participants were split between whether the FOMC woul
statements acknowledging that monetary policy has shi
in tandem. The Fed released the quarterly Summary of Econ Funds Rate expectation among Fed Governors in 2025 due to I believe the Fed will continue to lower rates at a measured pace employment data warrant.
first rate cut of the easing cycle with a 50 basis point cut at the September ly anticipated, the magnitude was somewhat of a surprise, as market 5 basis points or 50 basis points. Chair Jerome Powell reiterated previous balanced approach addressing price stability and full employment ns (SEP) which now forecasts a substantially lower median Fed expectations and a higher projected unemployment rate. We ar with the ability to move more aggressively should the • The US Treasury yield curve shifted lower in September following the 50 basis po s rate cut by the FOMC mid -month. The 2 -year Treasury yield fell 28 basis points to 3.64%, the 5 -year Treasury dropped 15 basis points to .56%, and the 10 -year Treasury yield declined 12 basis points to 3.78%. The 2 -year and 10 -year Treasury yield points on the curve began to normalize to +14 basis points at September month-end versus -2 basis points at August month-end. The spread between the 2 -year Treasury and 10 -year Treasury yield one year ago was -47 basis points. The inversion between 3 -month and 10 -year Treasuries ended the month of September at -85 basis points. 958
3 MOM Change In Thousands (000's)
EMPLOYMENT
1,000
800
600
400
200
0 - 200
- 400
Nonfarm Payroll (000's)
1I
•1 1 r 1
1 1r I
1 I / o
1 fa 15.0%
I
1 *1'!
f0c
10.0%
25.0%
20.0%
— Non-farm Payroll
---3-month average
5.0%
.0%
fid, S',O 41e, 1 s°A, 41dr S/17d,, SPO 410r �O�0 �� T): 1,,)) Source: US Department of Labor
CM
Unemployment Rate
CHANDLER
ASSET MANAGEMENT
Underemployment Rate (U6)
Unemployment Rate (U3)
S(3) SPS �dr S�°A 47 47 S�'A �dr S�, �dr SQA
19 ,) 20 T 21 �� >„)V)) ))) �g est
ource: US Department of Labor
The U.S. economy added 254,000 jobs in September, well above expectations 1 , 10. - three-month moving average and six-month moving average payrolls continued to trend weaker to 186,000 and 167,000 r- •ecti ly. The unemployment rate declined to 4.1% in September, and the labor participation rate remained at 62.7%, remaining :. .w the pre -pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined to 7.7% from 7.9%. Average hourly earnings rose 4.0% year -over -year in September. U.S. labor market data from September surprised to the upside, with strong job growth and a sharper -than -expected drop in unemployment, suggesting the economy may be more resilient than anticipated. The Federal Reserve's view is that there has been "substantial" progress towards better balance in the labor market between demand and supply for workers. 4 959
INFLATION
10.0%
9.0%
8.0%
7.0%
2 6.0%
5.0%
0 4.0%
3.0%
2.0%
1.0%
0.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
l�
YOY (%) Change
SoA, 47 SPA, 47
sob Cdr So �< SPU.
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
CM
CHANDLER
ASSET MANAGEMENT
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY% Change
PCE Core Deflator YOY % Change
Fed Target
Source: US Department of Labor urce: US Department of Commerce In September, the Consumer Price Index (CPI) rose 0.2% month-over-monr-over-year, down from 2.5% in August, but slightly higher than expected. The Core CPI, which excludes volatile food an rg mponents, rose by 0.3% month -over -month and
3.3% year -over -year, also exceeding consensus forecasts. The Personal Consu ion Expenditures (PCE) Index rose 0.1% from the previous month and 2.2% year -over -year in August. The Core PCE deflator (the Fed's preferred gauge) increased 0.1% month -over -month and 2.7% over the past year, still above the Fed's 2% inflation target. Much of the lingering inflation has been driven by shelter costs and demand for services, but recent data provide confirmation that inflation is moderating. 5 960
FEDERAL RESERVE
10,000,000
9,000,000
8,000,000
7,000,000
0 6,000,000
0 5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0 Federal Reserve Balance Sheet Assets
• Recession
6.00%
5.00%
4.00%
-0 3.00%
r
2.00 L00%
Source: Federal Reserve
Source: Bloomberg
CM
CHANDLER
ASSET MANAGEMENT
Effective Federal Funds Rate
• Recession
The Federal Open Market Committee (FOMC) delivered the first rate cut of the e g ce at the September meeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somew of a surprise, as market participants were split between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 to 3.1— 3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.8T to approximately $7.1T. 961
6 YOY(%)Change
CONSUMER
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
CM
Retail Sales YOY % Change Consumer Confidence
...m llll11011i1lllllllhd4
I
160
140
120
100
aa) 80
X
-to 60
40 20
SPS` �dr, S,C) 41q>SPp` �ar S 5). 410r ib /11c)t.
19 >0 C)0.�1 � c.),)�, �1) c>7
Recession
CHANDLER
ASSET MANAGEMENT
itit‘"
sP s� S s� S� s' s' ,s� S� SP sP
? b� oo a1 �1 a1 `41 ,01 :0
St 6 O St 6 d' D
Source: US Department of Commerce All
The Conference Board
All time high is 144.70(1/31/00); All time low is 25.30(2/28/09) Retail Sales grew more than expected month -over -month in September at 0.4 f 0.1% in August. On a year -over -year basis, Retail Sales grew 1.7% in September versus 2.2% in August. Control -group sales, ich . - used to calculate gross domestic product, rose
0.7% month -over -month in September after last month's increase of 0.3%. Apparel, ocery stores, and miscellaneous store retailers led the advance, while gas station sales fell reflecting lower gas prices. The Conference Board's Consumer Confidence Index for September came in below expectations, contracting to 98.7 after an upward revision to 105.6 in August. The decline reflects recent softening in labor market conditions, and less optimism about the job market and income growth. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending. 7 962
LEADING INDICATORS OF ECONOMIC ACTIVITY
15.0%
10.0%
5.0%
cu
• 0.0%
• -5.0%
g
o -10.0%
- 15.0%
Leading Economic Indicators (LEI)
- 20.0% Recession
- 25.0%
S S S S S S S S S S S
% P30 Cep (30 (30 % % Pa C3,0 Pp
c4Q �& 9� 96 00 OQ O� 1 > 16 'c)0
A
3 Month Average
1.00 0.75
0.50 0.25
0.00 -0.25
-0.50
-0.75
0 CM
CHANDLER
ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
1 Source: The Conference Board Vie: Federal Reserve Bank of Chicago The Conference
revised -0.3% in August. The LEI continued to signal uncertainty for economic . ivity ahead and is consistent with The Conference Board's expectation for moderate growth at the end of 2024 and into early 202 The Chicago Fed National Activity Index (CFNAI) declined to -0.28 in September after a downwardly revised -0.01 in August. The three-month moving average fell to -0.19 in September from -0.14 in August, indicating below -trend growth expectations for the economy.
Board's Leading Economic Index (LEI) remained in negative d
ito .t -0.5% in September following a downwardly
8 963
In Thousands of Units
HOUSING
2,400
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0 Annualized Housing Starts
• Multi Family Housing Starts
• Single Family Housing Starts
s(� spa s(p s% sip s(b s(� sip s�� sip Cp
'Os? 06. Od3 '10 '12 1.4 16' 76' 20 �c-) V
Source: US Department of Commerce
YOY (%) Change
24.0%
20.0%
16.0%
12.0%
8.0%
4.0%
0.0%
-4.0%
-8.0%
- 12.0%
- 16.0%
20.0%
CM
CHANDLER
ASSET MANAGEMENT
S&P/Case-Shiller 20 City Composite Home Price Index
'urce: S&P
Housing starts surprised to the downside in September, declining -0.5% month -o -me to 1.354 million units after an increase of 7.8% in August. The decline can be attributed to a drop in multi -family housing proje . Total starts were down 0.7% year -over -year. The Freddie Mac average rate for a 30 -year fixed mortgage dropped to 6.18% in September from 6.44% in August. According to the Case- Shiller 20 -City Home Price Index, housing prices rose 5.9% year -over -year in July, decelerating from 6.5% reported in the previous month.
Although the trend is gradually improving, tight inventories and higher mortgage rates continue to impact affordability. 9 964
SURVEY BASED MEASURES
70 65
60 55
50 45
40 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPAN
CM
1 r\
i / \„. /v^\� ��
11 `' \ / �,
CHANDLER
ASSET MANAGEMENT
S�a .0 4,7 ✓4, so Qac far ✓47 So p'7
Source: Institute for Supply Management
SQA 2 Q(c�� �?Or�a] ,/o ,S'
�� SPA c,, 4-7
�d /- /2 `-).57SQA
The Institute for Supply Management (ISM) Manufacturing index contracted o, -r r. e of 47.2 in September compared to 47.5 in August. Demand remains subdued and companies are continuing to reduce hea. unt through layoffs, attrition and hiring freezes. The ISM Services Index increased to 54.9 in September, increasing from 51.7 in August, e to stronger production and new orders. A reading over50 indicates expansion, while a reading under50 indicates contraction. 965
10 GROSS DOMESTIC PRODUCT (GDP)
Components of GDP
12/23 3/24
Personal Consumption Expenditures 1.7% 2.3% 1.3% 1.9%
Gross Private Domestic Investment
Net Exports and Imports
1.8% 0.2% 0.6% 1.5%
-0.1% 0.1%
-0.9%
State and Local (Consumption and Gross
Investment)
0.6% 0.6% 0.3%
40.0%
30.0%
20.0%
10.0%
0.0%
- 10.0%
- 20.0%
- 30.0%
Total
Source: US Department of Commerce
4.4% 3.2% 1.6%
0%
0 CM
Gross Domestic Product (GDP)
i
CHANDLER
ASSET MANAGEMENT
■
GDP 000% Change
GDP YOY % Change
1� 1g <>0 s, ->p <>1 �1 �> �� <o) C30) ,
e: US Department of Commerce
According to the third estimate, second quarter GDP increased at an annualized e . .0°o, unchanged from the prior estimate. Growth continues to be powered by personal consumption expenditures. Gross fixed in tment, government consumption expenditures, and inventories also had positive contributions, with a negative offset by net exports. Te consensus projection calls for 2.0% growth in the third quarter and 2.6% growth for the full year 2024.
966
11 FEDERAL RESERVE
10,000,000
9,000,000
8,000,000
7,000,000
0 6,000,000
0 5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0 Federal Reserve Balance Sheet Assets
• Recession
6.00%
5.00%
4.00%
-0 3.00%
r
2.00 L00%
Source: Federal Reserve
Source: Bloomberg
CM
CHANDLER
ASSET MANAGEMENT
Effective Federal Funds Rate
• Recession
The Federal Open Market Committee (FOMC) delivered the first rate cut of the e g ce at the September meeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somew of a surprise, as market participants were split between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 to 3.1— 3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.8T to approximately $7.1T. 967
12 BOND YIELDS
CM
US Treasury Note Yields US Treasury Yield Curve
6.0% 6.0%
• • . 2 -Year
5.0% 5 -Year
10 -Year
4.0%
-a 3.0%
2.0%
1.0% ✓
0.0% • `—• • • • . • '
J '
•• • . •
• •
5.0%
4.0%
3.0%
2.0%
1.0%
.A; 47 S@A 47 SPp 4 S�°b 47 '10 SOa �dr �°
1g ?0 )0 "),I � `)1) jg
Source: Bloomberg
•
CHANDLER
ASSET MANAGEMENT
)' 6 N)' -> 1
410 410 Yr �� yr 0 .
Source: Bloomberg
Sep -24
_Jun -24
. Sep -23
At the end of September, the 2 -year Treasury yield was 140 basis points lowed' . . t 10- ear Treasury yield was 79 basis points lower, year -over -year. The 2 -year and 10 -year Treasury yield points on the curve began t• 'ormalize to +14 basis points at September month-end versus -2 basis points at August month-end. The yield curve inversion which be:.n in July 2022 was historically long. The average historical spread (since 2003) is about +110 basis points. The inversion between 3 -month and 10 -year Treasuries tightened to -85 basis points in September from -121 basis points in August.
968
13 CMCHANDER
ASSET MANAGEMENT
969
14 OBJECTIVES
(Client Name) 1 Account #(0) 1 As of September 30, 2024
CMCHANDLER
ASSET MANAGEMENT
Investment Objectives
The investment objectives of the (Client Name) are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to maintain sufficient liquidity to meet all operating requirements; and third, to earn a commensurate rate of return consistent with the constraints imposed the safety and liquidity objectives.
Chandler Asset Management Performance
The performance objective for the accoun e a rate of return over a market cycle that equals or exceeds the return on the ICE BofA 5-10 Year US Corp & • t d / -A Index.
Strategy
In order to achieve this objective, the portfolio invests in hig-qua' � d income securities. 15 970
STATEMENT OF COMPLIANCE
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Rules Name
Limit Actual
Compliance
Status
Notes
144A SECURITIES
Max % (MV)
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS)
Max Maturity (WAL)
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)
Max Maturity (WAL)
Min Rating (AAA by 2)
BANKERS' ACCEPTANCES
Max % (MV)
Max % (MV)
Max % Issuer (MV)
Max Maturity (Days)
Min Rating (A- by 2)
CANADIAN AGENCY SECURITIES
15.0 10.0
1.8 0.2
10.0 10.0
0.0 Compliant
Compliant
Compliant
Compliant
2.0 0
Compliant
0.0 Compliant
25.0 0.0 / Compliant
50.0 0.0 / C. • pliant
5.0 0.0 pl• t
180 0.0
0.0 0.0
Max%(MV) 25.0 0.0 Complia
Max % Issuer (MV) 10.0 0.0 Compli
Max Maturity (Years) 10.0 0.0 Compliant
CANADIAN TREASURY BILLS
Max % (MV) 25.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV)
Max % (MV)
25.0 0.0
Compliant
50.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-1 by 2) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
16 971
STATEMENT
(Client Name) 1
OF COMPLIANCE
Account #(0) 1 As of September 30, 2024
CM
CHANDLER
ASSET MANAGEMENT
Rules Name
Limit
Actual
Compliance
Status
Notes
Max % (MV; Commercial Paper & Corporate)
Max % Issuer (MV)
Min Rating (A-2 by 2 & A- Issuer by 2)
CORPORATE MEDIUM TERM NOTES
Industry Concentration % (MV)
Max % (MV; Commercial Paper & Corporate)
Max % Issuer (MV)
Max Maturity (Years)
Min Rating (A- by 2)
FEDERAL AGENCIES
Max % (MV)
Max % Issuer (MV)
Max Maturity (Years)
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV)
MONEY MARKET MUTUAL FUNDS
Max % (MV)
Min Rating (AAA by 1)
MORTGAGE-BACKED SECURITIES (NON -AGENCY)
Max % (MV)
Max % Issuer (MV)
Max Maturity (Years)
Min Rating (AA by 1)
MUNICIPAL SECURITIES
Max % (MV)
Max % Issuer (MV)
Max Maturity (Years)
50.0 5.0
0.0 25.0
50.0 5.0
10 0.0
50.0 20.0
10 75.0
100.0
100.0
0.0 20.0
5.0 5.0
0.0 20.0
5.0 10.0
39.3 0.0
0.0 6.4
3 3.0
2.2 9
0.0 0.0
0.2 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 Compliant
Compliant
Compliant
Compliant
Compliant
Complia nt
Complia nt
Compliant
Compliant
Co pliant
pil t
Complian
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
c<\
17 972
STATEMENT OF COMPLIANCE
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Rules Name
Limit Actual
Compliance
Status
Notes
Min Rating (A- by 2)
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)
Max % (MV)
Max % Issuer (MV)
Min Rating (A-1 by 2)
NON -US CORPORATE
Max % (MV; Non -U.S.)
REPURCHASE AGREEMENTS
Max % (MV)
SUPRANATIONAL OBLIGATIONS
Max % (MV)
Max% Issuer (MV)
0.0 50.0
0.0 0.0
Compliant
Compliant
25.0 0.0
Compliant
5.0 0.0
Compliant
0.0 25.0
50.0 25.0
Compliant
Compliant
Compliant
liant
0.0 10.0 0.0 % pli t
Max Maturity (Years) 10 0.0
Min Rating (AA- by 2) 0.0
U.S. TREASURIES
Max % (MV) 100.0
0.0 57.4 Complia
Max Maturity (Years) 10 9 Compli
18 973
PORTFOLIO CHARACTERISTICS
(Client Name) 1 Account #(0) 1 As of September 30, 2024 Benchmark*
9/30/2024 6/30/2024
Portfolio Portfolio
Average Maturity (yrs)
Average Modified Duration
Average Purchase Yield
Average Market Yield
Average Quality**
Total Market Value
7.12 6.13
*Benchmark: DNU-ICE BofA 5-10Year AAA -A US Corporate & Government Index **The credit quality is a weighted average calculation of the highest of S&P, Moody's and Fitch.
7.30 6.08
4.14%
3.97%
7.31 6.08
4.12%
4.67%
AA- AA -
1,172, 705,281 1,112,162,711
174
<(\
CM
CHANDLER
ASSET MANAGEMENT
19 974
SECTOR DISTRIBUTION
(Client Name) 1 Account #(0) 1 As of September 30, 2024 75%
50%
25%
0%
US Treasury Corporate
Sector as a Percentage of Market Value
Agency
/30/ • 06/30/2024
CM
CHANDLER
ASSET MANAGEMENT
Money Mkt Fd Agency MBS
Sector 09/30/2024 06/30/2024
US Treasury
Corporate
Agency
57.42%
1%
2. 57.94%
38.71%
3.00%
Money Mkt Fd
1%
0.11%
Agency MBS
0.19%
0.20%
975
20 ISSUERS
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Issuer
Investment Type % Portfolio
United States
Federal Home Loan Banks
Bank of America Corporation
UnitedHealth Group Incorporated
Toyota Motor Corporation
JPMorgan Chase & Co.
Deere & Company
BlackRock, Inc.
Morgan Stanley
QUALCOMM Incorporated
Prologis, Inc.
The Toronto -Dominion Bank
PepsiCo, Inc.
Comcast Corporation
Royal Bank of Canada
Bayerische Motoren Werke Aktiengesel
The Bank of Nova Scotia
BNY Mellon Corp
Pfizer Inc.
Honeywell International Inc.
Amazon.com, Inc.
Realty Income Corporation
Target Corporation
Duke Energy Corporation
Chubb Limited
Apple Inc.
The Home Depot, Inc.
Berkshire Hathaway Inc.
FNMA
Air Products and Chemicals, Inc.
US Treasury
Agency
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Agency
Corporate
57.42%
2.20%
1.27%
1.25%
1.20%
1.19%
1.10%
1.09%
1.07%
1.06%
1.05%
0.99%
0.99%
0.99%
0.98%
0.97%
0.96%
0.93%
0.93%
0.90%
0.89%
0.87%
0.86%
0.86%
0.85%
0.84%
0.78%
0.78%
0.76%
0.76%
21 976
ISSUERS
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Issuer
Investment Type % Portfolio
Honda Motor Co., Ltd.
Cisco Systems, Inc.
Public Service Enterprise Group Inco
Merck & Co., Inc.
National Rural Utilities Cooperative
NextEra Energy, Inc.
United Parcel Service, Inc.
Eli Lilly and Company
Walmart Inc.
Simon Property Group, Inc.
Shell plc
The Coca-Cola Company
Meta Platforms, Inc.
Metropolitan Life Global Funding I
Enterprise Products Partners L.P.
HSBC Holdings plc
Guardian Life Global Funding
CME Group Inc.
The Charles Schwab Corporation
U.S. Bancorp
State Street Corporation
Dominion Energy, Inc.
Mastercard Incorporated
Exxon Mobil Corporation
Northern Trust Corporation
Sempra
Northern Trust Corporation
Salesforce, Inc.
The PNC Financial Services Group, In
FNMA
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Money Mkt Fd
Corporate
Corporate
Agency MBS
22 0.74%
0.72%
0.70%
0.69%
0.65%
0.63%
0.62%
0.62%
0.61%
0.60%
0.56%
0.45%
0.45%
0.45%
0.44%
0.44%
0.40%
0.39%
0.36%
0.35%
0.34%
0.30%
0.27%
0.24%
0.24%
0.22%
0.21%
0.18%
0.17%
0.12%
977
ISSUERS
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Issuer
Investment Type % Portfolio
FHLMC
GNMA
Cash
TOTAL
Agency MBS
Agency MBS
Cash
0.04%
0.03%
0.00%
100.00%
23 978
i
1 QUALITY DISTRIBUTION
(Client Name) 1 Account #(0) 1 As of September 30, 2024 S&P Rating
75%
50%
25%
0%
AAA AA
• 09/30/2024 •06/30/2024
A
Rating
09/30/2024 06/30/2024
AAA
0.2%
0.2%
AA
67.4%
67.9%
A
32.4%
Moody's Rating Fitch Rating
75% 75%
50°
25%
0%
• 09/30/2024 •c 0/2024
1 AAA
61.6%
62.1%
AA
6.6%
6.6%
31.9% A
31.8%
5o%
25%
AAA
CM
CHANDLER
ASSET MANAGEMENT
• 09/30/2024 •06/30/2024
NR
Rating
09/30/2024 06/30/2024
AAA
0.0%
0.0%
AA
70.0%
70.5%
31.3% A
12.9%
12.5%
NR
17.1% 17.0%
24 979
DURATION DISTRIBUTION
(Client Name) 1 Account #(0) 1 As of September 30, 2024 Portfolio Compared to the Benchmark
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
0 - 0.5 0.5 - 1
• Client
14 1-2 2-3
3-5 5-7
C'MCHANDLER
ASSET MANAGEMENT
7 - 10 10+
ICE BofA 5-10 Yr AAA -A US Corp & Govt Index
0-0.5 0.5-1
1-2 2-3
3-5 5-7
7 -10 10+
Portfolio
Benchmark*
*ICE BofA 5-10 Yr AAA -A US Corp & Govt Index
0.2%
0.2%
0.0%
0.0%
0.0%
0.0%
0.6%
0.0%
25.3% 47.8% 26.0% 0.0%
15.4%
62.1%
22.3%
0.0%
25 980
DURATION DISTRIBUTION
(Client Name) 1 Account #(0) 1 As of September 30, 2024 60%
50%
40%
30%
20%
10%
0%
0-.25 .25-.5 .5-1
1-2 2-3
09/30/2024 •06/30/2024
CM
M
CHANDLER
ASSET MANAGEMENT
4-5 5-7 7+
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2024
0.2%
0.0%
0.0%
0.0%
0.6%
1.8%
23.5%
47.8%
26.0%
06/30/2024
0.1%
0.0%
0.0%
0.0%
0.2%
2.2%
21.4%
44.1%
26.3%
981
26 INVESTMENT PERFORMANCE
(Client Name) 1 Account #(0) 1 As of September 30, 2024 Total Rate of Return : Inception 1 07/01/2013
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
- 2.00%
- 4.00%
12 months
• Client
TOTAL RATE OF RETURN
State of Client
Benchmark
II
2 years
3 years
ICE BofA 5 -
years
ear AA
3 Months 12 Months 2 Ye. 's
5.46%
5.48%
11.57%
11.40%
6.17%
5.73%
d
CM
10 years
orporate & Government Index
3 Years
(0.95%)
(1.45%)
CHANDLER
ASSET MANAGEMENT
Since Inception
5 Years 10 Years Since Inception
0.69%
0.36%
1.88%
1.67%
1.83%
1.60%
*Periods over 1 year are annualized.
Benchmark: DNU-ICE BofA 5-10 Year AAA -A US Corporate & Government Index Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
27 982
CMCHANDER
ASSET MANAGEMENT
PORTFOLIO HOLDINGS
983
28 HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
AGENCY
3135G05Y5
3130AEB25
FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.75 10/08/2027
FEDERAL HOME LOAN BANKS 3.25
06/09/2028
3130AGDY8
5,000,000.00
5,000,000.00
10/27/2020 5,000,450.00 91.96
0.75% 5,000,450.00
3.39%
4,597,909.85
0.40% Aaa/AA+
3.58% 18,020.83 (402,540.15) AA+
3.02 2.93
4,943,980.00
4,943,980.00
98.89 4,944,358.65 0.43% Aaa/AA+ 3.69
3.57% 50,555.56 378.65 AA+ 3.41
FEDERAL HOME LOAN BANKS 2.75
06/08/2029
3135G05Q2
3130AV4X7
06/21/2019 2,804,651.75
2.42% 2,804,651.75
FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.875 08/05/2030
5,0
.97%
4,954,299.70
4,954,299.70
FEDERAL HOME LOAN BANKS
4.375 03/11/2033
5,000,000.00
6/20 5,137,800.00
5,137,800.00
96.11 2,619,020.47 0.23% Aaa/AA+ 4.69
3.66% 23,522.05 (185,631.28) AA+ 4.31
85.19 4,259,673.40 0.37% Aaa/AA+ 5.85
3.72% 6,805.56 (694,626.30) AA+ 5.58
102.59 5,129,323.70 0.44% Aaa/AA+ 8.44
4.01% 12,152.78 (8,476.30) AA+ 7.01
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0 5,000,000.00
06/10/2033
3130BOX87
Total Agency
AGENCY MBS
3138WHCP5
FEDERAL HOME LOAN BANKS 4.75 06/2
7,500,000.00
03/10/2034
35,225,000.00
FN AS7277 3.0 05/01/2031 433,951.92
869,100.00
4,8.9,100.00
99.69 4,984,472.75 0.43% Aaa/AA+
4.04% 61,666.67 115,372.75 AA+
00.00 105.53
4.61 •.586. '.00 4.04%
98.25 3.17% 35,296,95 3.84%
8.69 7.19
7,914,721.05 0.68% Aaa/AA+ 9.44
20,781.25 328,021.05 AA+ 7.60
34,449,479.87 2.96% Aaa/AA+ 6.70
193,504.69 (847,501.58) AA+ 5.73
06/28/2016 456,551. 41 422,730.66 0.04% Aaa/AA+ 6.58
2.56% 456,557.2. 4. r /0 1,084.88 (33,826.60) M+ 2.44
3128NHXW8 FH 1J15936.63904/01/2037 68,938.48
3128S4ME4 FH 1Q0357 6.853 11/01/2037 14,778.93
10/22/2009 68,866.32 +3.72 71,504.79 0.01% Aaa/AA+ 12.50
5.36% 72,188.67 4.94% 381.40 (683.88) AA+ 0.65
08/13/2009 15,663.81 101.45 14,993.77 0.00% Aaa/AA+ 13.09
5.25% 15,663.81 5.82% 84.40 (670.04) AA+ 1.00
36225FF79
G2 082889 3.625 07/20/2041 100,371.77
03/14/2012 107,084.14 101.24
3.62% 107,084.14 5.14%
101,614.83 0.01% Aaa/AA+ 16.80
303.21 (5,469.31) AA -F 5.71
36225FJE0
G2 082960 3.75 10/20/2041 90,127.54
36225FJZ3
05/03/2012
3.16%
95,845.03 100.74 90,790.09
95,845.03 5.19%
0.01% Aaa/AA+ 17.05
281.65 (5,054.94) AA+ 5.87
G2 082979 3.75 11/20/2041 79,123.91
84,143.29 100.74 79,708.83 0.01% Aaa/AA+ 17.14
3.16% 84,143.29 4.97%
247.26 (4,434.47) AA+ 3.61
36179MN71 G2 MA0414 3.625 09/20/2042 26,273.89
09/11/2012 27,250.99 101.52 26,674.18 0.00% Aaa/AA+ 17.97
1.83% 27,250.99 5.01% 79.37 (576.82) AA+ 4.83
984
29 HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
36179QB67
31418CNE0
3128MJ2T6
3140J6GR2
3140JG6L4
G2 MA1861 4.875 04/20/2044
FN MA3088 4.0 08/01/2047
FH G08785 4.010/01/2047
FN BM2007 4.0 09/01/2048
FN BN0874 4.0 11/01/2048
13,156.61
334,610.40
422,
384,62
06/03/2014
1.91%
08/27/2018
3.86%
09/18/2018
3.92%
02/25/2019
3.85%
/2019
3.80°
13,411.83
13,411.83
341,616.24 97.27 325,468.41 0.03% Aaa/AA+ 22.84
341,616.24 4.46% 1,115.37 (16,147.83) AA+ 5.78
427,370.68 97.08 410,116.02 0.04% Aaa/AA+ 23.00
427,370.68 4.51% 1,408.23 (17,254.66) AA+ 5.88
329,233.41 97.27 313,094.90 0.03% Aaa/AA+ 23.92
329,233.41 4.45% 1,072.97 (16,138.51) AA+ 5.90
397,241.92 97.27 374,111.70 0.03% Aaa/AA+ 24.09
397,241.92 4.45% 1,282.07 (23,130.22) AA+ 5.94
2,364,284.92 98.01 2,244,027.91 0.19% Aaa/AA+ 18.98
100.48 13,219.74 0.00% Aaa/AA+
5.41% 53.45 (192.09) AA+
19.56 8.14
Total Agency MBS 2,290,314.69 o 2,367,607.28 4.50% 7,394.26 (123,579.37) AA+ 4.94 CASH
CCYUSD
Total Cash
CORPORATE
Receivable
19,849.64
19,849.64
20030NCA7 COMCAST CORP 3.15 02/15/2028 2,000,000.00
404280BK4 HSBC HOLDINGS PLC 4.041 2,500,000.00
03/13/2028
79466LAH7 SALESFORCE INC 1.507/15/2028 2,340,000.00
037833EH9 APPLE INC 1.408/05/2028 2,000,000.00
40139LBE2 GUARDIAN LIFE GLOBAL FUNDING 5,070,000.00
1.625 09/16/2028
JPMORGAN CHASE & CO 3.509
46647PAM8 2,000,000.00
01/23/2029
0.00%
9 .64
1.00 19,849.64 0.00% Aaa/AAA 0.00
0.00% 0.00 0.00 AAA 0.00
.64 1.00 19,849.64 0.00% Aaa/AAA 0.00
0.00% 1.849.64 ' ' % 0.00 0.00 AAA 0.00
10/25/2019 2,099,560.00 97.11 1,942,264.96 0.17% A3/A- 3.38
2.46% 2,099,560.00 .07% 8,050.00 (157,295.04) A- 3.15
11/25/2019 2,655,625.00 98.97 2,474,266.43 0.21% A3/A- 3.45
3.08% 2,655,625.00 5.02% 5,051.25 (181,358.58) A+ 2.30
06/29/2021 2,327,925.60 91.66 2,144,919.75 0.18% A1/A+ 3.79
1.58% 2,327,925.60 3.89% 7,410.00 (183,005.85) NA 3.61
1,993,900.00 91.75 1,834,910.78 0.16% Aaa/AA+ 3.85
1.45% 1,993,900.00 3.72% 4,355.56 (158,989.22) NA 3.67
09/13/2021 5,067,008.70 90.81 4,604,015.84 0.40% Aa1/AA+ 3.96
1.63% 5,067,008.70 4.17% 3,432.81 (462,992.86) NA 3.76
2.66%
2,121,594.11 97.66 1,953,232.90 0.17% A1/A- 4.31
2,121,594.11 4.61% 13,256.22 (168,361.21) AA- 3.07
30 985
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
91159HJK7
58933YAX3
717081ET6
87612EBH8
693475AW5
09247XAP6
665859AU8
808513BA2
437076BY7
24422EUY3
30231GBE1
822582CD2
06417XAP6
756109BR4
911312BY1
89236TGY5
822582CG5
US BANCORP 4.653 02/01/2029
MERCK & CO INC 3.4 03/07/2029
PFIZER INC 3.45 03/15/2029
TARGET CORP 3.375 04/15/2029
4,000,000.00
3,000,000.00
1,500,
3, 0,00 '0
PNC FINANCIAL SERVICES GROUP
INC 3.45 04/23/2029 2,000,000
BLACKROCK INC 3.25 04/30/2029 2,500,000.00
03/09/2023
5.37%
3,877,840.00
3,877,840.00 4.71%
3,107,740.00 97.72
2.97% 3,107,740.00 3.97%
06/12/2019 1,564,020.00 97.99
2.93% 1,564,020.00 3.95%
04/23/2019 3,025,020.00 97.70
3.27% 3,025,020.00 3.93%
2,138,025.00 97.18
2.61°/ 2,138,025.00 4.13%
/05 / 2,560,250.00 97.10
2,560,250.00 3.95%
1 05/ 41• ,5 6,680.00 96.45
80.00 4.00%
100.97
NORTHERN TRUST CORP 3.15
05/03/2029 1,500,000.00
CHARLES SCHWAB CORP 3.25
05/22/2029 1,500,000.00
HOME DEPOT INC 2.95 1,500,000.00
06/15/2029
JOHN DEERE CAPITAL CORP 2.8
2,000,000.00
07/18/2029
EXXON MOBIL CORP 2.44 3,000,000.00
08/16/2029
SHELL INTERNATIONAL FINANCE
2,000,000.00
BV 2.37511/07/2029
BANK OF NOVA SCOTIA 4.85 5,000,000.00
02/01/2030
REALTY INCOME CORP 4.85 4,000,000.00
03/15/2030
UNITED PARCEL SERVICE INC 4.45
2,000,000.00
04/01/2030
TOYOTA MOTOR CREDIT CORP
3.375 04/01/2030 5,000,000.00
SHELL INTERNATIONAL FINANCE 5,000,000.00
BV 2.75 04/06/2030
06/24/20
2.85%
06/11/2019 1,498,4
2.96% 1,494
00 96.11
.0 . 4.18%
.00
08/27/2019 2,0 60.00
2.32% 2,084, 00
08/20/2019 3,043,560
2.27% 3,043,560.00
11/05/2019 1,972,580.00 •2.68
2.53% 1,972,580.00
10/23/2023 4,608,450.00 102.33
6.38% 4,608,450.00 4.35%
3,969,460.00 102.48
4.98% 3,969,460.00 4.33%
09/27/2022 1,934, 520.00 101.98
4.98% 1,934,520.00 4.05%
95.48 4.01%
3.89%
3.97%
4,493,920.00
5.12% 4,493,920.00
4,758,960.00
3.61% 4,758,960.00
95.91 4.22%
93.14 4.16%
4,038,715.20
31,020.00
2,931,612.00
6,800.00
1,469,816.55
2,300.00
2,930,963.97
46,687.50
1,943,575.74
30, 283.33
2,427,431.18
34,079.86
1,446,810.69
19,425.00
1,441,602.80
17,468.75
1,432,158.47
13,029.17
1,894,110.52
11,355.56
2,808,196.26
9,150.00
1,853,692.58
19,000.00
5,116,692.20
40,416.67
4,099,253.64
8,622.22
2,039,565.58
44,500.00
4,795,422.40
84, 375.00
4,656,842.30
66,840.28
0.35%
160,875.20
0.25%
(176,128.00)
0.13%
(94,203.45)
0.25%
(94,056.03)
0.17%
(194,449.26)
0.21%
(132,818.83)
0.12%
(129,869.31)
0.12%
(108,737.21)
0.12%
(66,296.54)
0.16%
(190,049.48)
0.24%
(235,363.74)
0.16%
(118,887.42)
0.44%
508,242.20
0.35%
129,793.64
0.18%
105,045.58
0.41%
301,502.40
0.40%
(102,117.70)
A3/A
A
A1/A+
WR
A2/A
WR
A2/A
A
A3/A-
A
Aa3/AA-
NA
A2/A+
A+
4.34 3.04
4.43 4.06
4.45 4.08
4.54 4.10
4.56 4.10
4.58 4.15
4.59 4.16
A2/A- 4.64
A 4.20
A2/A 4.71
A 4.30
A1/A 4.80
A+ 4.40
Aa2/AA- 4.88
NA 4.51
Aa2/A+ 5.10
AA- 4.68
A2/A- 5.34
AA- 4.63
A3/A- 5.45
NA 4.63
A2/A 5.50
NA 4.65
A1/A+ 5.50
A+ 4.95
Aa2/A+ 5.51
AA- 4.96
31 986
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
665859AV6
037833EU0
747525BK8
06051GHV4
171239AG1
797440BZ6
084664CW9
20030NDMO
756109AX2
828807DM6
17275RBS0
46647PBJ4
6174468P7
46647PBL9
023135BZ8
064159469
717081FB4
NORTHERN TRUST CORP 1.95
05/01/2030
APPLE INC 4.15 05/10/2030
1,500,000.00
2,000,000.00
QUALCOMM INC 2.15 05/20/2030 5,500,0
07/23/2030 5'
BANK OF AMERICA CORP 3.194
CHUBB INA HOLDINGS LLC 1.375 3,000,000
07/22/2020
1.34%
05/08/2023
4.20%
09/15/2030
SAN DIEGO GAS & ELECTRIC CO
1.7 10/01/2030
BERKSHIRE HATHAWAY FINANCE
CORP 1.45 10/15/2030
3,000,000.00
3,000,000.00
COMCAST CORP 1.95 01/15/2031 1,000,000.00
REALTY INCOME CORP 3.25
01/15/2031
SIMON PROPERTY GROUP LP 2.2
3,000,000.00
02/01/2031 2,500,000.00
CISCO SYSTEMS INC 4.95
02/26/2031
8,000,000.00
JPMORGAN CHASE & CO 4.493 3,000,000.00
03/24/2031
MORGAN STANLEY 3.622
04/01/2031
5,000,000.00
JPMORGAN CHASE & CO 2.522
2,000,000.00
04/22/2031
AMAZON.COM INC 2.1 4,670,000.00
05/12/2031
08/01/2031 7,000,000.00
BANK OF NOVA SCOTIA 2.15
PFIZER INC 1.75 08/18/2031
2,000,000.00
1,581,525.00
1,581,525.00 4.15%
1,994,580.00 102.48
1,994,580.00 3.66%
5,436,382.86 90.47
2.51% 5,436,382.86 4.06%
4,826,210.00 94.65
4.14% 4,826,210.00 4.70%
2,989,083.12 85.74
1.41°/ 2,989,083.12 4.10%
/08/ 2,839,620.00 86.52
2,839,620.00 4.27%
,9:6,390.40 86.49
90.40 3.99%
01/13/20 009,E 1.00 86.82 868,234.57
1.84% • ' &.0/ 4.37% 4,116.67
89.13 1,337,007.68
12,187.50
2,049,618.38
32,508.33
4,976,094.09
43,029.86
4,732,468.65
30,165.56
2,572,196.55
1,833.33
2,595,505.59
25,500.00
2,594,758.14
20,058.33
09/19/2022 2,644,8 .I 93.29 2,798,655.27
5.01% 2,64 1.00 4.49% 20,583.33
09/15/2021 2, • 75.00 2,192,922.00
2.20% 2,499, .00 l.45°° 9,166.67
4.97%
5.37%
7,991,466. 11 8, 361, 888.08
7,991,466.50 4.14% 38,500.00
2,830,150.00 10.54 3,016,084.71
2,830,150.00 4.93% 2,620.92
-- 4,440,275.00 96.02 4,800,827.40
5.52% 4,440,275.00 4.93% 90,550.00
02/14/2022 1,906,620.00 90.83 1,816,619.24
3.10% 1,906,620.00 4.75% 22,277.67
05/10/2021 4,669,159.40 88.52 4,134,002.34
2.10% 4,669,159.40 4.10% 37,865.92
-- 6,334,190.00 86.57 6,059,983.44
3.55% 6,334,190.00 4.45% 25,083.33
11/16/2021 1,931,500.00 85.82 1,716,488.02
2.14% 1,931,500.00 4.14% 4,180.56
0.12%
(244,517.33)
0.18%
55,038.38
0.43%
(460,288.77)
0.41%
(93,741.35)
0.22%
(416,886.57)
0.22%
(244,114.41)
0.22%
(391,632.26)
0.07% A3/A-
(141,195.43) A-
0.24% A3/A-
153,765.27 WR
0.19% A3/A-
(307,053.00) NA
0.72% A1/AA-
370,421.58 NA
0.26% Al/A-
185,934.71 AA -
0.41% Al/A-
360,552.40 A+
0.16% A1/A-
(90,000.76) AA -
0.36% Al/AA
(535,157.06) AA -
0.52% A2/A-
(274,206.56) AA -
0.15% A2/A
(215,011.98) WR
A2/A+
A+
Aaa/AA+
NA
A2/A
NA
Al/A-
AA-
A3/A
A
Al/A
A
Aa2/AA
A+
32 5.58
5.14 5.61
4.77 5.64
5.17 5.81
4.36 5.96
5.60 6.00
5.58 6.04
5.62 6.29
5.76 6.29
5.55 6.34
5.76 6.41
5.33 6.48
4.81 6.50
4.92 6.56
5.03 6.61
6.00 6.84
6.19 6.88
6.33 987
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
89114TZJ4
713448FE3
78016EYH4
25731VAA2
TORONTO -DOMINION BANK 2.0
09/10/2031
PEPSICO INC 1.95 10/21/2031
ROYAL BANK OF CANADA 2.3
11/03/2031
DOMINION ENERGY SOUTH
CAROLINA INC 2.3 12/01/2031
26444HAK7 DUKE ENERGY FLORIDA LLC 2.4 2,000,000
12/15/2031
808513CA1 CHARLES SCHWAB CORP 2.9 3,000,000.00
03/03/2032
3,000,000.00
3,000,000.00
3,500,0
09/17/2021
2.05%
2,985,720.00
2,985,720.00
2,981,718.20
2.02% 2,981,718.20
11/12/2021 3,504,620.00
2.29% 3,504,620.00
86.70 2,600,850.27
3,500.00
86.85 2,605,376.91
4.12% 26,000.00
87.48 3,061,633.16
4.37% 33,094.44
4.23%
3,990,882.64 86.43 3,457,117.48
2.33% 3,990,882.64 4.54% 30,666.67
1,895,405.00 87.60 1,752,091.30
3.07°/yam 1,895,405.00 4.43% 14,133.33
2,560,635.00 89.83 2,694,944.22
2,560,635.00 4.53% 6,766.67
4,5:3,388.40 90.35 4,517,263.40
88.40 5,888.89
92.32 6,462,364.30
4.43% 0 4.08% 8,944.44
99.21 4,464,633.65
71,400.00
2,998,324.35
46,395.83
8,312,940. 5 8,941,444.29
5.54% 8,312,940.00 4.56% 125,882.00
8,304,380.00 8.40 8,856,155.43
4.99% 8,304,380.00 4.14% 71,175.00
12572QAK1 CME GROUP INC 2.65 03/15/2032 5,000,000.00
084664DA6 BERKSHIRE HATHAWAY FINANCE 7,000,000.00
CORP 2.875 03/15/2032
91324PEJ7 UNITEDHEALTH GROUP INC 4.2 4,500,000.00
05/15/2032
74752513Q5 QUALCOMM INC 4.25 05/20/2032 3,000,000.00
89115A2E1 TORONTO -DOMINION BANK 4.456 9,000,000.00
06/08/2032
713448FM5 PEPSICO INC 3.9 07/18/2032 9,000,000.00
037833EP1 APPLE INC 3.35 08/08/2032 3,500,000.00
931142EY5 WALMART INC 4.15 09/09/2032 2,000,000.00
24422EWL9 JOHN DEERE CAPITAL CORP 4.35 4,000,000.00
09/15/2032
437076CS9 HOME DEPOT INC 4.5 09/15/2032 7,500,000.00
7561096P8 REALTY INCOME CORP 5.625 3,000,000.00
10/13/2032
00 4.17%
4.36%
4,452,7
4,45 .00
2,9 05.00
4.49% 2,945, .00
4.32%
3,253,415.00
4.24% 3,253,415.00
09/20/2022 1,952,260.00
4.45% 1,952,260.00
3,911,405.00
4.64% 3,911,405.00
7,260,535.00
4.95% 7,260,535.00
10/19/2023 2,811,960.00
6.56% 2,811,960.00
95.51 4.02%
3,342,911.04
17,261.81
101.17 2,023,313.72
3.98% 5,072.22
100.71 4,028,537.44
4.24% 7,733.33
102.28 7,671,117.23
4.16% 15,000.00
106.29 3,188,633.85
4.68% 78,750.00
0.22%
(384,869.73)
0.22%
(376,341.29)
0.26%
(442,986.85)
0.30%
(533,765.16)
0.15%
(143,313.70)
0.23%
134,309.22
0.39%
(66,125.00)
0.56%
252,244.30
0.38%
11,858.65
0.26%
52,819.35
0.77%
628,504.29
0.76%
551,775.43
Al/A
AA-
A1/A+
NA
Al/A
AA-
A2/A
A+
6.94 6.33
7.06 6.39
7.09 6.33
7.17 6.40
Al/A 7.21
NA 6.42
A2/A- 7.42
A 6.52
Aa3/AA- 7.46
AA- 6.63
Aa2/AA 7.46
A+ 6.59
A2/A+ 7.62
A 6.36
A2/A 7.64
NA 6.37
Al/A 7.69
NA 6.35
Al/A+ 7.80
NA 6.60
0.29% Aaa/AA-F 7.86
89,496.04 NA 6.77
0.17% Aa2/AA 7.94
71,053.72 AA 6.52
0.35% Al/A 7.96
117,132.44 A+ 6.66
0.66% A2/A 7.96
410,582.23 A 6.46
0.27% A3/A- 8.04
376,673.85 NA 6.16
33 988
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
023135CR5
89236TKR5
26442CBJ2
87612EBQ8
637432PA7
78016FZX5
20030NEC1
438516CK0
532457CF3
911312BZ8
009158BF2
828807DU8
57636QAX2
74456QCL8
59217GFP9
341081GL5
AMAZON.COM INC 4.7
12/01/2032
TOYOTA MOTOR CREDIT CORP 4.7
01/12/2033
DUKE ENERGY CAROLINAS LLC
4.95 01/15/2033
TARGET CORP 4.4 01/15/2033
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.8 7,000,00
01/15/2033
6,000,000.00
5,000,000.00
5,000,0
6,073,270.00
4.54% 6,073,270.00
5,038,315.00
4.60% 5,038,315.00
5,007,380.00
4.93% 5,007,380.00
6,942,200.00
4.51% 6,942,200.00
ROYAL BANK OF CANADA 5.0
8,000,000.00
02/01/2033
COMCAST CORP 4.65 02/15/2033 5,000,000.00
HONEYWELL INTERNATIONAL INC
5.0 02/15/2033 10,000,000.00
ELI LILLY AND CO 4.7 02/27/2033 7,000,000.00
UNITED PARCEL SERVICE INC
4.875 03/03/2033 5,000,000.00
AIR PRODUCTS AND CHEMICALS
INC 4.8 03/03/2033 8,500,000.00
SIMON PROPERTY GROUP LP 5.5 4,500,000.00
03/08/2033
MASTERCARD INC 4.85
03/09/2033 3,000,000.00
PUBLIC SERVICE ELECTRIC AND
GAS CO 4.65 03/15/2033 8,000,000.00
METROPOLITAN LIFE GLOBAL 5,000,000.00
FUNDING 1 5.15 03/28/2033
FLORIDA POWER & LIGHT CO 5.1 7,000,000.00
04/01/2033
6,821,460.00
6,821,460.00
103.96
4.12%
101.96
4.41%
103.09
4.50%
100.91
4.27%
6,237,467.64
94,000.00
5,097,782.15
51, 569.44
5,154,293.20
52,250.00
7,063,688.03
65,022.22
0.54%
164,197.64
0.44% Al/A+
59,467.15 A+
0.44%
146,913.20
0.61%
121,488.03
Al/AA
AA -
8.17 6.50
8.28 6.75
Aa3/A 8.29
NA 6.54
A2/A 8.29
A 6.66
108.33 7,582,798.72 0.65% A1/A- 8.29
4.58% 85,711.11 761,338.72 A+ 6.23
7,735,430.00 103.47 8,277,891.92 0.71% A1/A 8.34
,735,430.00 4.49% 66,666.67 542,461.92 AA- 6.74
80.00 101.43 5,071,500.05 0.44% A3/A- 8.38
4.68°/ ,986, ' 1.00 4.44% 29,708.33 84,720.05 A- 6.68
.0r 104.53 10,452,877.30 0.90% A2/A 8.38
5.10% 9,9 6. 4.35% 63,888.89 518,417.30 A 6.62
-- 7,03 1.00 102.88 7,201,379.78 0.62% A1/A+ 8.41
4.64% 7,t 030.00 - . 31,072.22 169,349.78 NA 6.72
-- 5,036, 00 X3.4: 5,173,756.65 0.45% A2/A 8.42
4.78% 5,036,40 r :% 18,958.33 137,351.65 NA 6.69
8,521,575.00 103.30 8,780,275.52 0.76% A2/A 8.42
4.77% 8,521,575.00 .33% 31,733.33 258,700.52 NA 6.71
-- 4,491,950.00 105.63 4,753,317.56 0.41% A3/A- 8.44
5.52% 4,491,950.00 4.68% 15,812.50 261,367.56 NA 6.57
06/13/2023 3,042,750.00 103.93 3,118,018.35 0.27% Aa3/A+ 8.44
4.66% 3,042,750.00 4.29% 8,891.67 75,268.35 NA 6.72
7,748,688.00 101.42 8,113,311.04 0.70% A1/A 8.45
5.09% 7,748,688.00 4.45% 16,533.33 364,623.04 NA 6.76
4,981,340.00 103.79 5,189,650.25 0.45% Aa3/AA- 8.49
5.20% 4,981,340.00 4.61% 2,145.83 208,310.25 AA- 6.86
-- 7,176,590.00 104.61 7,322,649.60 0.63% Aa2/A+ 8.50
4.77% 7,176,590.00 4.44% 178,500.00 146,059.60 AA- 6.72 34 989
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
931142FD0
91324PEV0
46647PDC7
06051GKQ1
037833EV8
857477BU6
20030NEE7
30303M8N5
58933YBK0
716973AE2
747525BS1
09247XAT8
74340XCE9
61747YEU5
857477BV4
404280DH9
05565ECF0
WALMART INC 4.104/15/2033
UNITEDHEALTH GROUP INC 4.5
04/15/2033
JPMORGAN CHASE & CO 4.586
04/26/2033
BANK OF AMERICA CORP 4.571
04/27/2033
5,000,000.00
10,000,000.00
7,000,0
APPLE INC 4.3 05/10/2033 2,500,000
STATE STREET CORP 4.421 2,000,000.00
05/13/2033
COMCAST CORP 4.8 05/15/2033 3,500,000.00
META PLATFORMS INC 4.95
05/15/2033 5,000,000.00
MERCK & CO INC 4.5 05/17/2033 5,000,000.00
PFIZER INVESTMENT ENTERPRISES
7,500,000.00
PTE LTD 4.75 05/19/2033
4,945,725.00
4.23% 4,945,725.00
9,798,905.00 100.45
4.77% 9,798,905.00
6,592,710.00 100.02
5.45% 6,592,710.00 4.79%
7,105,085.00
5.33% 7,105,085.00
/2023 2,514,750.00 103.13
4.23`Y 2,514,750.00 3.87%
1,924,940.00
1,924,940.00
,1 2,540.00 101.97
40.00 4.52%
100.28
4.06%
4.44%
99.52 4.85%
QUALCOMM INC 5.4 05/20/2033 4,000,000.00
BLACKROCK INC 4.75 05/25/2033 10,000,000.00
99.42 4.70%
10/18/20 675, '.00 104.96
5.84% &.0. 4.26%
05/11/2023
4.33%
5,065,6
5,06 5.00 4.27%
7,2 .50.00
5.18% 7,265,. '.00
4,055,920.
5.21% 4,055,920.00
9,783,895.00
9,783,895.00
101.64
5.04%
4 4.32%
2.90 4.34%
PROLOGIS LP 4.75 06/15/2033 7,000,000.00 6,624,720.00 101.35
5.47% 6,624,720.00 4.56%
MORGAN STANLEY 4.889 5,000,000.00 06/16/2023 4,800,950.00 101.25 07/20/2033 5.45% 4,800,950.00 4.90%
STATE STREET CORP 4.164 2,000,000.00 10/30/2023 1,699,560.00 97.29 08/04/2033 6.43% 1,699,560.00 4.77%
HSBC HOLDINGS PLC 5.402 2 500,000.00 09/26/2024 2,588,925.00 103.59 08/11/2033 4.85% 2,588,925.00 5.11%
BMW US CAPITAL LLC 5.15 8 000,000.00 7,786,280.00 103.11 08/11/2033 5.52% 7,786,280.00 4.72%
5,014,247.40
94,527.78
10,044,500.80
207,500.00
7,001,482.74
138,216.94
7,463,976.08
146,652.92
2,578,340.05
42,104.17
1,988,381.16
33,894.33
3,569,096.51
63,466.67
5,248,220.15
93,500.00
5,081,935.25
83,750.00
7,644,735.38
130,625.00
4,309,762.92
78,600.00
10,289,869.50
166,250.00
7,094,567.83
97,902.78
5,062,480.45
48, 210.97
1,945,716.10
13,186.00
2,589,757.35
18,756.94
8,248,655.60
57,222.22
0.43%
Aa2/AA
68,522.40 AA
0.86% A2/A+
245,595.80 A
0.60% Al/A-
408,772.74 AA -
0.64% A1/A-
358,891.08 AA -
0.22% Aaa/AA+
63,590.05 NA
0.17% Al/A
63,441.16 AA -
0.31% A3/A-
376,556.51 A-
0.45% Aa3/AA-
572,920.15 NA
0.44% A1/A+
16,285.25 NA
0.66% A2/A
379,085.38 WR
0.37% A2/A
253,842.92 NA
0.89% Aa3/AA-
505,974.50 NA
0.61% A3/A
469,847.83 NA
0.44% A1/A-
261,530.45 A+
0.17% Al/A
246,156.10 AA -
0.22% A3/A-
832.35 A+
0.71% A2/A
462,375.60 NA
35 8.54
6.84 8.54
6.72 8.57
6.21 8.57
6.21 8.61
6.88 8.62
6.29 8.62
6.73 8.62
6.73 8.63
6.82 8.63
6.76 8.64
6.65 8.65
6.79 8.71
6.82 8.80
6.38 8.84
6.56 8.86
6.34 8.86
6.88 990
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
24422EXE4
06406RBM8
89236TLM5
02665 W EZ0
26442CBM5
29379VCF8
74340XCJ8
171239AK2
05565ECK9
61747YFE0
06051GLH0
191216DR8
24422EXU8
Total Corporate
MONEY MARKET
FUND
665278404
JOHN DEERE CAPITAL CORP 5.15
09/08/2033
BANK OF NEW YORK MELLON
CORP 5.83410/25/2033
4,000,000.00 3,806,060.00
5.80% 3,806,060.00
10,000,000.00 9,740,660.00 108.32 10,831,629.60
6.22% 9,740,660.00 4.47% 252,806.67
TOYOTA MOTOR CREDIT CORP 4.8 4,000,0' 02/07/2024 3,961,600.00 101.97 4,078,618.80 01/05/20344.92% 3,961,600.00 4.54% 45,866.67
8, 381, 005.00 101.71 8, 645, 748.48
5.08% 8,381,005.00 4.67% 93,712.50
DUKE ENERGY CAROLINAS LLC3,000,000 " �� /2024 2,945,190.00 102.28 3,068,438.31
4.85 01/15/2034 - 5.0 2,945,190.00 4.55% 30,716.67
ENTERPRISEPRODUCTS 5,000,000.00 4,783,850.00 101.45 5,072,308.05 OPERATING LLC 4.85 01/31/2034 /.4 4,783,850.00 4.66% 41,090.28 PROLOG'S LP 5.0 03/15/2034 5,000,000.00 �� 9 1,330.00 102.54 5,127,228.10
30.00 4.66% 11,111.11
CHUBB INA HOLDINGS LLC 5.0 • 025, 1.00 103.85 7,269,240.86 03/15/2034 7,000,000.00 4.95% &.0. 4.50% 15,555.56
3,000,000.00
2,500,000.00
2,500,000.00
COCA-COLA CO 5.0 05/13/2034 5,000,000.00
JOHN DEERE CAPITAL CORP 5.05 2,500,000.00 06/11/2024 2,469,875.00 104.41 2,610,268.85 06/12/2034 5.21% 2,469,875.00 4.48% 38,576.39
105.62
4.38%
4,224,822.60
13,161.11
AMERICAN HONDA FINANCE
CORP 4.9 01/10/2034
BMW US CAPITAL LLC 5.15
04/02/2034
MORGAN STANLEY 5.25
04/21/2034
BANK OF AMERICA CORP 5.288
04/25/2034
05/16/2024 2,970,3 .1 102.05 3,061,434.84
5.28% 2,971 .1.00 4.88% 76,820.83
04/18/2024 2,3 175.00 2,581,972.53
5.84% 2,398, .00 !.940 58,333.33
04/16/2024 2,399,025.. 11 •7 2,599,194.10
5.87% 2,399,025.00 4.89% 57,286.67
05/14/2024 4,997,650.00 15.37 5,268,703.30
5.01% 4,997,650.00 4.31% 95,833.33
446,640,642.93 99.83 455,776,130.31
458,080,000.00 4.61% 446,640,642.93 4.40% 4,672,503.51
NORTHERN INST:US GVT SHS 2,399,124.32
4.78%
2,399,124.32
2,399,124.32
0.36%
418,762.60
0.93%
1,090,969.60
Al/A
A+
Al/A
AA -
8.94 7.15
9.07 6.32
0.35% Al/A+ 9.27
117,018.80 A+ 7.35
0.74% A3/A- 9.28
264,743.48 NA 7.33
0.26% Aa3/A 9.29
123,248.31 NA 7.21
0.44% A3/A- 9.34
288,458.05 A- 7.24
0.44% A3/A 9.45
215,898.10 NA 7.33
0.63% A3/A 9.45
244,080.86 A 7.35
0.26% A2/A 9.50
91,104.84 NA 7.14
0.22% Al/A- 9.56
183,897.53 A+ 6.72
0.22% Al/A- 9.57
200,169.10 AA- 6.72
0.45% Al/A+ 9.62
271,053.30 NA 7.35
0.22% Al/A 9.70
140,393.85 A+ 7.55
39.21% Al/A 7.68
9,135,487.38 A+ 6.18
1.00 2,399,124.32 0.21% Aaa/AAAm 0.00
4.78% 0.00 0.00 NA 0.00
36 991
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip
Security Description
Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Money Market
Fund
US TREASURY
9128286B1
91282CEE7
9128286T2
91282CES6
91282CEV9
91282CFJ5
912828YS3
91282CFY2
91282CGJ4
912828Z94
91282CGQ8
91282CGS4
912828ZQ6
91282CHF1
UNITED STATES
02/15/2029
UNITED STATES
03/31/2029
UNITED STATES
05/15/2029
UNITED STATES
05/31/2029
UNITED STATES
06/30/2029
UNITED STATES
08/31/2029
UNITED STATES
11/15/2029
UNITED STATES
11/30/2029
UNITED STATES
01/31/2030
UNITED STATES
02/15/2030
UNITED STATES
02/28/2030
UNITED STATES
03/31/2030
UNITED STATES
05/15/2030
UNITED STATES
05/31/2030
TREASURY 2.625
TREASURY 2.375
TREASURY 2.375
TREASURY 2.75
TREASURY 3.25
TREASURY 3.125
TREASURY 1.75
TREASURY 3.875
TREASURY 3.5
TREASURY 1.5
TREASURY 4.0
TREASURY 3.625
TREASURY 0.625
TREASURY 3.75
2,399,124.32
5,000,
4.78%
3.05%
04/19/2022
.93%
6/2019
2.0 5,000,00
7,500,000.00
30,000,000.00
30,000,000.00
10,000,000.00
20,000,000.00
35,000,000.00
10,000,000.00
35,000,000.00
35,000,000.00
5,000,000.00
30,000,000.00
2,399,124.32
2,399,124.32
1.00 4.78%
4,926,728.51 96.15
4,926,728.51 3.58%
2,895,117.19 95.01
2,895,117.19 3.59%
5,145,117.19 94.91
5,145,117.19 3.58%
7,006,582.03 96.43
,006,582.03 3.59%
29 ,437.51 98.56
7.51 3.58%
2%
3.93% 28, 9
07 97.92
3.59%
10,346 .00 91.61
1.38% 10,3 5.00 .%
20,03
3.85% 20,037,31.6• 9%
34,055,078.1 9 • . 0
3.95% 34,055,078.14 3.60%
10,417,732.56 89.79
1.06% 10,417,732.56 3.61%
34,940,820.33 101.92
4.03% 34,940,820.33 3.61%
34,477,343.76 100.07
3.89% 34,477,343.76 3.61%
4,962,890.63 84.92
0.70% 4,962,890.63 3.61%
29,784,667.97 100.66
3.87% 29,784,667.97 3.62%
2,399,124.32
0.00 4,807,617.20
16,762.91
2,850,351.57
195.74
4,745,312.50
44,853.94
7,232,519.55
69,313.52
29,567,578.20
246,399.46
29,375,390.70
80,283.15
9,161,328.10
66,100.54
20,261,718.80
260,450.82
34,825,000.00
206,385.87
8,979,296.90
19,157.61
35,671,289.15
119,889.50
35,023,242.10
3,485.58
4,246,093.75
11,803.67
30,198,046.80
378,073.77
0.21% Aaa/AAAm
0.00 NA
0.41%
(119,111.31)
0.25%
(44,765.62)
0.41%
(399,804.69)
0.62%
225,937.52
2.54%
344,140.69
2.53%
780,351.63
0.79%
(1,185,546.90)
1.74%
224,414.11
3.00%
769,921.86
0.77%
(1,438,435.66)
3.07%
730,468.82
3.01%
545,898.34
0.37%
(716,796.88)
2.60%
413,378.83
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
Aaa/AA+
AA+
0.00 0.00
4.38 4.07
4.50 4.21
4.62 4.28
4.67 4.29
4.75 4.32
4.92 4.50
5.13 4.79
Aaa/AA+ 5.17
AA+ 4.59
Aaa/AA+ 5.34
AA+ 4.79
Aaa/AA+ 5.38
AA+ 5.07
Aaa/AA+ 5.41
AA+ 4.82
Aaa/AA+ 5.50
AA+ 4.94
Aaa/AA+ 5.62
AA+ 5.41
Aaa/AA+ 5.67
AA+ 5.00
37 992
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
91282CHR5
91282CAE1
91282CHZ7
91282CJG7
91282CAV3
91282CBL4
91282CKN0
91282CCB5
91282CCS8
91282CEP2
91282CFF3
91282CFV8
91282CGM7
91282CHC8
91282CHT1
91282CJJ1
91282CJZ5
UNITED STATES TREASURY 4.0
07/31/2030
UNITED STATES TREASURY 0.625
08/15/2030
UNITED STATES TREASURY 4.625
09/30/2030
UNITED STATES TREASURY 4.875
10/31/2030
UNITED STATES TREASURY 0.875
11/15/2030
UNITED STATES TREASURY 1.125
02/15/2031
UNITED STATES TREASURY 4.625
04/30/2031
UNITED STATES TREASURY 1.625
05/15/2031
UNITED STATES TREASURY 1.25
08/15/2031
UNITED STATES TREASURY 2.875
05/15/2032
UNITED STATES TREASURY 2.75
08/15/2032
UNITED STATES TREASURY 4.125
11/15/2032
UNITED STATES TREASURY 3.5
02/15/2033
UNITED STATES TREASURY 3.375
05/15/2033
UNITED STATES TREASURY 3.875
08/15/2033
UNITED STATES TREASURY 4.5
11/15/2033
UNITED STATES TREASURY 4.0
02/15/2034
20,000,000.00
2,500,000.00
20,000,
20,
0,00 '0
5,000,000
10,000,000.00
7,500,000.00
2,500,000.00
5,000,000.00
25,000,000.00
25,000,000.00
35,000,000.00
30,000,000.00
40,000,000.00
40,000,000.00
25,000,000.00
30,000,000.00
19,230,859.38
4.67% 19,230,859.38
2,467,070.31
0.76% 2,467,070.31
19,622,656.25
4.95% 19,622,656.25 3.63%
20,944,921.88 106.73
4.08% 20,944,921.88 3.63%
4,938,632.81
1.01°/ 4,938,632.81
9,731,298.84
9,731,298.84
0 30/ ,5 5,781.25 105.64
81.25 3.65%
101.96
3.62%
84.27 3.62%
105.32
85.11 3.61%
85.99 3.60%
07/23/20. • ..25 88.16
1.31%Tfi� •.2r. 3.65%
1.36%
4,948,194 85.40
4,94
4.54 3.67%
23,8 75.01
3.45% 23,876, .01
22,993,457.
3.75% 22,993,457.03 3.72%
35,324,511.73 12.86
4.03% 35,324,511.73
29,046,679.70 98.26
3.89% 29,046,679.70 3.74%
37,882,324.23
4.05% 37,882,324.23 3.75%
37,253,906.26 100.80
4.76% 37,253,906.26 3.77%
25,966,992.19 105.61
4.02% 25,966,992.19 3.77%
29,079,687.52 101.72
4.39% 29,079,687.52 3.78%
3.71%
97.22 20,391,406.20
134,782.61
2,106,835.95
1,995.58
21,063,281.20
2,541.21
21,346,875.00
408,016.30
4,255,468.75
16,525.14
8,599,218.80
14,368.21
7,923,339.83
145,159.65
2,204,003.90
15,344.77
4,270,117.20
7,982.34
23,630,859.50
271,484.38
23,361,328.00
87,805.71
36,002,148.35
545,329.48
29,477,343.60
134,103.26
38,889,062.40
509,918.48
40,321,875.20
197,961.96
26,401,367.25
424,932.07
30,515,625.00
153,260.87
1.75% Aaa/AA+ 5.83
1,160,546.82 AA+ 5.14
0.18% Aaa/AA+ 5.87
(360,234.36) AA+ 5.66
1.81% Aaa/AA+ 6.00
1,440,624.95 AA -F 5.23
1.84% Aaa/AA+ 6.08
401,953.12 AA+ 5.17
0.37% Aaa/AA+ 6.13
(683,164.06) AA+ 5.83
0.74% Aaa/AA+ 6.38
(1,132,080.04) AA -F 6.03
0.68% Aaa/AA+ 6.58
397,558.58 AA+ 5.57
0.19% Aaa/AA+ 6.62
(368,652.35) AA+ 6.12
0.37% Aaa/AA+ 6.87
(678,027.34) AA -F 6.45
2.03% Aaa/AA+ 7.62
(246,015.51) AA+ 6.67
2.01% Aaa/AA+ 7.88
367,870.97 AA+ 6.95
3.10% Aaa/AA-F 8.13
677,636.62 AA+ 6.77
2.54% Aaa/AA+ 8.38
430,663.90 AA+ 7.15
3.35% Aaa/AA+ 8.62
1,006,738.17 AA -F 7.30
3.47% Aaa/AA+ 8.87
3,067,968.94 AA+ 7.42
2.27% Aaa/AA+ 9.13
434,375.06 AA+ 7.37
2.63% Aaa/AA+ 9.38
1,435,937.48 AA+ 7.74
38 993
HOLDINGS REPORT
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Cusip Security Description
Purchase Mkt
Par Value/ Date Cost Value Price Market Value % of Port.
Units Purchase Book Value Mkt Accrued Int. Gain/Loss
Yield YTM
Moody's/
S&P/
Fitch
Maturity
Duration
91282CKQ3
91282CLF6
Total US Treasury
Total Portfolio
Total Market Value +
Accrued
UNITED STATES TREASURY 4.375
05/15/2034
UNITED STATES TREASURY 3.875
08/15/2034
45,000,000.00
22,500,000.00
45,019,335.94
4.37% 45,019,335.94
104.73
47,130,468.75
4.05% Aaa/AA+
3.78% 743,631.11 2,111,132.81 AA+
22,706,640.63 100.70 22,658,203.13 1.95% Aaa/AA+
3.76% 22,706,640.63 3.79% 111,353.60 (48,437.51) AA+
9.62 7.73
9.87 8.11
657,947,166.33 99.77 667,493,613.32 57.42% Aaa/AA+ 7.05
3.87% 657,947,166.33 3.68% 5,449,652.79 9,546,446.99 AA+ 6.06 ( 1,144,668,049.60 99.54 1,162,382,225.38 100.00% Aa3/AA- 7.30
4.14% 1,144,671,371.96 3.97% 10,323,055.24 17,710,853.42 AA 6.08 i01,172,705,280.62
c<•
39 994
CMCHANDER
ASSET MANAGEMENT
995
TRANSACTION LEDGER
(Client Name) 1 Account #(0)107/01/2024 Through 09/30/20241 CM
CHANDLER
ASSET MANAGEMENT
Transaction Type
Settlement CUSIP
Date
Quantity Security Description Price
Acq/Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/Loss
ACQUISITIONS
Purchase
07/23/2024 171239AK2 3,000,000.00
Purchase 07/23/2024 91282CKQ3 15,000,000.00
Purchase 07/31/2024 171239AK2 4,000,00
Purchase 07/31/2024 91282CKQ3 5,000,
Purchase 08/29/2024 91324PEV0 2,500,000.00
Purchase 08/29/2024 74340XCJ8 2,000,000.00
Purchase 08/29/2024 91282CLF6 7,500,000.00
CHUBB INA HOLDINGS
LLC 5.0 03/15/2034
UNITED STATES
TREASURY 4.375
05/15/2034
UBB INA HOLDINGS
.0 03/15/2034
ITED STATES
375
Purchase
Purchase
Purchase
Total Purchase
TOTAL
ACQUISITIONS
08/30/2024 91282CLF6 5,000,000.00
09/18/2024 91282CLF6 10,000,000.00
09/27/2024 404280DH9 2,500,000.00
56,500,000.00
56,500,000.00
UNI
INC4
UP
4.90%
4.27%
4.99%
4.11%
99.430 4.58%
4.76%
3.84%
PROL
03/15/2.34
UNITED STA ES
TREASURY 3.87
08/15/2034
UNITED STATES
TREASURY 3.875
08/15/2034
UNITED STATES
TREASURY 3.875
08/15/2034
3.8 HSBC HOLDINGS PLC
5.402 08/11/2033
4.85%
(56,666.67) (3,078,746.67) 0.00
(123,046.88) (15,246,679.69) 0.00
(80,000.00) (4,083,080.00) 0.00
(45,771.06) (5,153,192.94) 0.00
(41,875.00) (2,527,625.00) 0.00
(59,444.44) (2,094,884.44) 0.00
(11,056.39) (7,530,392.33) 0.00
(7,897.42) (5,010,045.86) 0.00
(35,801.63) (10,220,957.88) 0.00
(17,256.39) (2,606,181.39) 0.00
(478,815.88) (57,551,786.20) 0.00
(478,815.88) (57,551,786.20) 0.00
DISPOSITIONS
Sale 07/03/2024 458140CG3 (2,000,000.00) INTEL CORP 5.2 99.440 5.24% 1,988,800.00 41,311.11 2,030,111.11 (21,175.65) 02/10/2033
Sale 07/23/2024 437076BW1 (2,000,000.00) HOME DEPOT INC 3.9 97.431 3.34% 1,948,620.00 10,183.33 1,958,803.33 (142,080.00) 12/06/2028
996
41 TRANSACTION LEDGER
(Client Name) 1 Account #(0)107/01/2024 Through 09/30/20241 CM
CHANDLER
ASSET MANAGEMENT
Transaction Type
Settlement CUSIP
Date
Quantity Security Description Price
Acq/Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/Loss
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Total Sale
TOTAL DISPOSITIONS
07/23/2024 9128285M8 (15,000,000.00)
UNITED STATES
TREASURY 3.125
11/15/2028
95.621 4.24% 14,343,164.06 87,890.63 14,431,054.69 116,406.25
UNITED STATES
07/31/2024 9128285M8 (7,500,000.00) TREASURY 3.125 96.117 4.24% 7,208,789.06 49,040.42 7,257,829.48 95,410.15 11/15/2028
08/29/2024 91324PDS8 (1,500,000.NITEDHEALTH GROUP 94.082 2.59% 1,411,230.00 1,677.08 1,412,907.08 (126,655.00)
2.875 08/15/2029
U ED STATES
08/29/2024 9128286B1 (2,500 '0.00 TREASURY 2.625 95.629 3.68% 2,390,722.66 2,496.60 2,393,219.26 (72,641.60) 02 ATES
08/29/2024 9128285M8 (2,500,000.00) TREA' Y 3. / 97.746 4.24% 2,443,652.34 22,503.40 2,466,155.74 72,526.04 11/1
UNITE
08/30/2024 9128286B1 (2,500,000.00) TREASURY 77 3.68% 2,386,914.06 2,674.93 2,389,588.99 (76,450.20) 02/15/2029
UNITED STATES
08/30/2024 9128285M8 (2,500,000.00) TREASURY 3.125 4.24% 2,439,843.75 22,715.69 2,462,559.44 68,717.45 11/15/2028
UNITED STATES
09/17/2024 9128286B1 (7,500,000.00) TREASURY 2.625 96 °° ,251,855.47 17,654.55 7,269,510.02 (138,237.30) 02/15/2029
UNITED STATES
09/17/2024 9128285M8 (2,500,000.00) TREASURY 3.125 98.754 4% 2,468,847.66 26,537.02 2,495,384.68 97,721.36 11/15/2028
284,684.76 46,567,123.82 (126,458.51)
284,684.76 46,567,123.82 (126,458.51)
42 997
IMPORTANT DISCLOSURES
(Client Name) 1 Account #(0) 1 As of September 30, 2024 2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
CM
CHANDLER
ASSET MANAGEMENT
Information contained herein is confidential. Prices are provided by ICE Data Services Inc ("IDS"), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross -of -advisory fees and represent the client's Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions tithdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historic custodial charges or the deduction of an investment managem possible to invest directly in an index.
e results for investment indexes generally do not reflect the deduction of transaction and/or e incurrence of which would have the effect of decreasing historical performance results. It is not Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use ICE ' ces 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/o pl' , cluding 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 der . er rom. ► - her ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the in. ex ' . - .$ co onent thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE dat., s a : e �;� leir respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific in'-st t or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or supersed any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forwa ooking stat is which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report! t int- ' -d t. .nstitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute o e - -rcise .f their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed . me investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have t. pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody's, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities ("MBS") reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody's and Fitch respectively. 998
43 BENCHMARK DISCLOSURES
(Client Name) 1 Account #(0) 1 As of September 30, 2024 CM
CHANDLER
ASSET MANAGEMENT
Benchmark
Disclosure
DNU-ICE BofA 5-10 Year AAA -A US
Corporate & Government Index
The ICE BofA 5-10 AAA -A Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt
publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities.
Qualifying securities must be rated AAA through A3 (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must
have at least five yewremaining term to final maturity and less than ten years remaining term to final maturity, at least five years to final
maturity at pe, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million f
all other securiti
The ICE BofA US 1-5 Year A
grade debt
publicly issued in the US do
securities.
Qualifying securities must be issue. fro
Fitch). In
addition, qualifying securities must have . east
term to final
maturity, at least 18 months to final maturity at
of $1 billion
for US Treasuries and $250 million for all other se
rate & Government Index tracks the performance of US dollar denominated investment ding US Treasury, US agency, foreign government, supranational, and corporate d be rated AAA through A3 (based on an average of Moody's, S&P and -a maining term to final maturity and less than five years remaining p of issuance�a fixed coupon schedule, and a minimum amount outstanding can
The ICE BofA US 6 -Month Treasury Bill Index is comprised o a full month.
At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the
ngle issue purchased at the beginning of the month and held for rebalancing date.
outstanding Treasury Bill that matures closest to, but not beyond, six months from the 44 999
ICVMCHANDMANAGEMENT ASSET LER DASHBOARDS
EMEEMEIEW
ACCOUNTING v STATEMENTS
1 Start Using Al 1 Q A
IF
Security Type Category
Leven
Level 2 level 3 Other Total
Agency
Agency MBS
Asset Backed
Corporate
Currency
MM Fund
Muni
Non -US Gov
US Gov
❑o Levell
❑o Level2
Acca unt
Chandler Client Managed Acrdm [369502] for 11/01/2024-11114/2024 Portfolio Characteristics
Identltier
010
010
010
010
122,51739
83,357,45
010
010
010
37,028,712,58
42 864,913.45
26,063,213.62
91,898,273.93
010
010
3,639,703.80
13,123,728.69
134,146,532.42
205,874.84 348,765,093.48
1 u.,.Aa Curren." Fair ue Level Security Type
Security Description
8 -
0.00 0.00
0.00 0.00
0.00 010
0,0
010
010
010
Maturity nate
Market
Price
0.00 2.0000
0.09 0.09
0.09 0.09
0.09 0.00
0.00 0.00
0.00 010
GASB Market Value
100111111
37,028,71258
42 864 918,45
26,063,213.62
91,898,278.93
122,51739
03,35/A5
3,639,708.80
13,123,728.69
134,146,532.42
348,970,96832
Settled Status
205,874.64 205,874,64 --
356,705,285.20 --- -5382,020.10 12,043.... 343,765,093,48 351331,460.40 - View Full Report
CUSIP Details
351,537,33524
259
2.61 View Full Report
Total MerketValue
dal
Duration
Market Term
UNITED STATES TRE...
FEDERAL HOME LDA...
UNITED STATES TRE...
UNITED STATES TRE...
UNITED STATES TRE...
UNITED STATES TRE...
UNITED STATES TRE...
U NITED STATES TRE...
FRMS K-011 A21.26...
UNITED STATES TRE...
UNITED STATES TRE...
FEDERAL HOME LOA...
FHMS 0-066 A23.11...
U NITED STATES TRE...
FHMS K-081 A23.90...
9,119,904.18 4.63
8,679,877.33 4.38
8,386,869.54 4.00
7,970,453.30 4.13
7,885,475.52 3.50
7,590,820.35 4.25
7,452,822,41 3.63
6,842,179.73 3.63
5,947,683.13 3.29
5,608,710.79 3.13
5,205,293.00 3.75
5,125,809.01 4.00
5,077,464.15 3.12
4,908,230.48 3.88
4,872,636.33 3.90
3.99 4.46
3.45 3.32
3.02 3.29
3.94 4.38
297 3.21
419 4.62
3.23 3.54
4.31 4.79
2.78 313
2.62 2.79
3.72 4.13
3.29 3.63
2.33 2.61
2.87 3.13
3.41 3.73
ABS
Agency
Agency CMOS
Cash
Corporate
Municipa[Bonds
Supranational
US Treasury
Total
Duration
cle
Total Ma
tValue
126 7 . 94
2.20 10.6095 7,21:
2.90 12.2195 4 93.23
0.00 0.0695 05,874.84
2.99 26.4795 93,047,80933
4.15 1.0495 3,644,258.30
1.12 3.7495 136,446.48
2.74 38.4596 1 -.
4495
38,
,861
2.61 100.0095 351,537" 4
Footnotes: * Grouped lay: Sector *GmupsSorted by:Sector ' Weighted by:Total Marketlnlue View Full Report I r
Avg Maturity
2.68 240
323
0.69 338
Add Widget
Segmented Time Distribution
Ed It
View Full Report
Years to Maturity
Total Market Value
Duration
96 of Portfolio Average Maturity
52,331,174,18
86,762,331.17
212,443,82989
0.67 1.72
3.46 14.9795
24.7495
60.2895
0.66 197
397
Total
351,537,335.24
2.61 2.33
GASB 40 Co tration of Credit
Weighted , .Total Ma
View Full Report
Issuer Name
Average Maturity
Cost
Duration
Total Market Value
96 of Portfolio
New York Life Insurance Company
BenkofAmerica Credit Card Trust
Cisco Systems, Inc.
Meta Platforms, Inc.
911 Card Issuance Trust 2024-2
Chubb Limited
Chase Issuance Trust
Honda Auto Receivables 2024-3 Owner
PACCAR Inc
J PM organ Chase & Co.
PepsiCo, Inc.
Deere & Company
Duke Energy Corporation
State of California
The Home Depot, Inc.
4.56 4.33
4.23 4.95
4.92 4.75
4.17 4.35
4.21 4.19
4,63
4.03 400
4.71 4.61
1,696,736.M
1,734,902.67
1,749,38750
1,897,05030
1,929,713.20
1,958,000.40
1,988,281.25
2,169,659.09
2,473,450.00
2,927,299.
3,135,133.00
3,355,611.10
3,307,775.q
3,659,182.80
3,574,517,40
3.95 2.30
3.76 4.18
2.68 4.14
2.01 2.12
3.74 2.94
416
3.59 354
420
4.0 1,748,813.31
1,753,560.39
1,782,767.20
1,090,048.71
1,917,030.98
1,966,725.66
2,006,083.87
2,172,881.25
2,528,036.07
3,007,356.06
3,182,154.75
3,410,059,09
3,466,47371
3,644,258.80
3,669,401.05
0.4995
0.5096
0.5146
0.5496
0.5536
0.5916
0.5796
0.6296
0.1146
0.8596
0.9095
0.9696
0.9795
1000
CM
Proposed Additional Terms for Agreement and
Sample Investment Services Contract
1001
PROPOSED ADDITIONAL TERMS
SPECIFIC TO INVESTMENT MANAGEMENT RELATIONSHIP
1. Client Representative. In its capacity as investment manager, Chandler shall receive all instructions, directions and other communications on Client's behalf respecting Client's account from (Representative). Chandler is hereby authorized to rely and act upon all such instructions, directions and communications from such Representative or any agent of such Representative.
2. Investment Policy. In investing and reinvesting Client's assets, Chandler shall comply with Client's Investment Policy, which is attached hereto as Exhibit A.
3. Authority of Chandler. Chandler is hereby granted full discretion to invest and reinvest all assets under its management in any type of security it deems appropriate, subject to the instructions given or guidelines set by Representative.
4. Notices. All reports and other communications required hereunder to be in writing shall be delivered in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile with original to follow or by confirmed electronic mail with proof of receipt to the addresses set forth below. Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other communications due hereunder.
Chandler Asset Management Attn:
Nicole Dragoo
9255 Towne Centre Blvd. Ste 600
San Diego, CA 92121
Client Representative
5. Electronic Delivery. From time to time, Chandler may be required to deliver certain documents to Client such as account information, notices and required disclosures. Client hereby consents to Chandler's use of electronic means, such as email, to make such delivery. This delivery may include notification of the availability of such document(s) on a website, and Client agrees that such notification will constitute "delivery". Client further agrees to provide Chandler with Client's email address(s) and to keep this information current at all times by promptly notifying Chandler of any change in email address(s).
Client email address(s):
6. Proxy Voting. Chandler will vote proxies on behalf of Client unless otherwise instructed. Chandler has adopted and implemented written policies and procedures and will provide Client with a description of the proxy voting procedures upon request. Chandler will provide information regarding how Clients' proxies were voted upon request. To request proxy policies or other information, please contact us by mail at the address provided, by calling 800-317-4747 or by emailing your request to [email protected].
i
1002
7. Custody of Securities and Funds. Chandler shall not have custody or possession of the funds or securities that Client has placed under its management. Client shall appoint a custodian to take and have possession of its assets. Client recognizes the importance of comparing statements received from the appointed custodian to statements received from Chandler. Client recognizes that the fees expressed above do not include fees Client will incur for custodial services.
8. Valuation. Chandler will value securities held in portfolios managed by Chandler no less than monthly. Securities or investments in the portfolio will be valued in a manner determined in good faith by Chandler to reflect fair market value.
9. Investment Advice. Client recognizes that the opinions, recommendations and actions of Chandler will be based on information deemed by it to be reliable, but not guaranteed to or by it. Provided that Chandler acts in good faith, Client agrees that Chandler will not in any way be liable for any error in judgment or for any act or omission, except as may otherwise be provided for under the Federal Securities laws or other applicable laws.
10. Payment of Commissions. Chandler may place buy and sell orders with or through such brokers or dealers as it may select. It is the policy and practice of Chandler to strive for the best price and execution and for commission and discounts which are competitive in relation to the value of the transaction and which comply with Section 28(e) of the Securities and Exchange Act. Nevertheless, it is understood that Chandler may pay a commission on transactions in excess of the amount another broker or dealer may charge, and that Chandler makes no warranty or representation regarding commissions paid on transactions hereunder.
11. Other Clients. It is further understood that Chandler may be acting in a similar capacity for other institutional and individual clients, and that investments and reinvestments for Client's portfolio may differ from those made or recommended with respect to other accounts and clients even though the investment objectives may be the same or similar. Accordingly, it is agreed that Chandler will have no obligation to purchase or sell for Client's account any securities which it may purchase or sell for other clients.
12. Confidential Relationship. The terms and conditions of this Agreement, and all information and advice furnished by either party to the other shall be treated as confidential and shall not be disclosed to third parties except (i) as required by law, rule, or regulation, (ii) as requested by a regulatory authority, (iii) for disclosures by either party of information that has become public by means other than wrongful conduct by such party or its officers, employees, or other personnel, (iv) for disclosures by either party to its legal counsel, accountants, or other professional advisers, (v) as necessary for Chandler to carry out its responsibilities hereunder, or (vi) as otherwise expressly agreed by the parties.
13. Receipt of Brochure and Privacy Policy. Client hereby acknowledges receipt of the disclosure statement or "brochure" and "brochure supplement" also known as Part 2A and Part 2B of Form ADV, required to be delivered pursuant to Rule 204-3 of the Investment Advisers Act of 1940 (Brochure). Client further acknowledges receipt of Chandler's Privacy Policy, as required by Regulation S -P.
2 1003
CAS
CHANDLER
ASSET MANAGEMENT
INVESTMENT MANAGEMENT AGREEMENT
(Institutional Client, Non -ERISA)
(Client) hereby retains Chandler Asset Management, Inc. (Chandler) as Investment Adviser on the terms and conditions set forth herein.
1. Term. The term of this Agreement shall commence upon the execution of this Agreement and shall continue until this Agreement is terminated effective upon receipt of notice of termination in writing delivered by the terminating party.
2. Fees. Client shall compensate Chandler monthly an amount calculated on the average market value of Client's portfolio, including accrued interest, in accordance with the following schedule:
Assets Under Management
First $25 million
Next $25 million
Assets in excess of $50 million
Annual Investment Management Fee
O.X of 1% (X basis points)
O.X of 1% (X basis points)
O.X of 1% (Xbasis points)
The fees expressed above do not include any custody fees that may be charged by Client's bank or other third party custodian.
Fees shall be prorated to the effective date of termination on the basis of actual days elapsed, and any unearned portion of prepaid fees shall be refunded. Client is not required to pay any start-up or closing fees; there are no penalty fees.
Fees shall be deducted monthly in arrears from Client's custody account.
3. Client Representative. In its capacity as investment manager, Chandler shall receive all instructions, directions and other communications on Client's behalf respecting Client's account from (Representative). Chandler is hereby authorized to rely and act upon all such instructions, directions and communications from such Representative or any agent of such Representative.
4. Investment Policy. In investing and reinvesting Client's assets, Chandler shall comply with Client's Investment Policy, which is attached hereto as Exhibit A.
5. Authority of Chandler. Chandler is hereby granted full discretion to invest and reinvest all assets under its management in any type of security it deems appropriate, subject to the instructions given or guidelines set by Representative.
6. Notices. All reports and other communications required hereunder to be in writing shall be delivered in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile with original to follow or by confirmed electronic mail with proof of receipt to the addresses set 1 1004
CAS
CHANDLER
ASSET MANAGEMENT
forth below. Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other communications due hereunder.
Chandler Asset Management
Attn: Nicole Dragoo
9255 Towne Centre Dr
San Diego, CA 92121
ndragoo(cr�,chandlerasset.com
CLIENT
Attn:
Address:
City, ST ZIP
Email
7. Electronic Delivery. From time to time, Chandler may be required to deliver certain documents to Client such as account information, notices and required disclosures. Client hereby consents to Chandler's use of electronic means, such as email, to make such delivery. This delivery may include notification of the availability of such document(s) on a website, and Client agrees that such notification will constitute "delivery". Client further agrees to provide Chandler with Client's email address(s) and to keep this information current at all times by promptly notifying Chandler of any change in email address(s).
Client email address(s):
8. Proxy Voting. Chandler will vote proxies on behalf of Client unless otherwise instructed. Chandler has adopted and implemented written policies and procedures and will provide Client with a description of the proxy voting procedures upon request. Chandler will provide information regarding how Clients' proxies were voted upon request. To request proxy policies or other information, please contact us by mail at the address provided, by calling 800-317-4747 or by emailing your request to [email protected].
9. Custody of Securities and Funds. Chandler shall not have custody or possession of the funds or securities that Client has placed under its management. Client shall appoint a custodian to take and have possession of its assets. Client recognizes the importance of comparing statements received from the appointed custodian to statements received from Chandler. Client recognizes that the fees expressed above do not include fees Client will incur for custodial services.
10. Valuation. Chandler will value securities held in portfolios managed by Chandler no less than monthly. Securities or investments in the portfolio will be valued in a manner determined in good faith by Chandler to reflect fair market value.
11. Investment Advice. Client recognizes that the opinions, recommendations and actions of Chandler will be based on information deemed by it to be reliable, but not guaranteed to or by it. Provided that Chandler acts in good faith, Client agrees that Chandler will not in any way be liable for any error in judgment or for any act or omission, except as may otherwise be provided for under the Federal Securities laws or other applicable laws.
2 1005
CAS
CHANDLER
ASSET MANAGEMENT
12. Payment of Commissions. Chandler may place buy and sell orders with or through such brokers or dealers as it may select. It is the policy and practice of Chandler to strive for the best price and execution and for commission and discounts which are competitive in relation to the value of the transaction and which comply with Section 28(e) of the Securities and Exchange Act. Nevertheless, it is understood that Chandler may pay a commission on transactions in excess of the amount another broker or dealer may charge, and that Chandler makes no warranty or representation regarding commissions paid on transactions hereunder.
13. Other Clients. It is further understood that Chandler may be acting in a similar capacity for other institutional and individual clients, and that investments and reinvestments for Client's portfolio may differ from those made or recommended with respect to other accounts and clients even though the investment objectives may be the same or similar. Accordingly, it is agreed that Chandler will have no obligation to purchase or sell for Client's account any securities which it may purchase or sell for other clients.
14. Confidential Relationship. The terms and conditions of this Agreement, and all information and advice furnished by either party to the other shall be treated as confidential and shall not be disclosed to third parties except (i) as required by law, rule, or regulation, (ii) as requested by a regulatory authority, (iii) for disclosures by either party of information that has become public by means other than wrongful conduct by such party or its officers, employees, or other personnel, (iv) for disclosures by either party to its legal counsel, accountants, or other professional advisers, (v) as necessary for Chandler to carry out its responsibilities hereunder, or (vi) as otherwise expressly agreed by the parties.
15. No Assignment& Amendments. Neither party may assign, directly or indirectly, all or part of its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. This Agreement may be amended at any time by mutual agreement in writing.
16. Governing Law. It is understood that this Agreement shall be governed by and construed under and in accordance with the laws of the State of California.
17. Severability. Any provision of this Agreement which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.
18. Receipt of Brochure and Privacy Policy. Client hereby acknowledges receipt of the disclosure statement or "brochure" and "brochure supplement" also known as Part 2A and Part 2B of Form ADV, required to be delivered pursuant to Rule 204-3 of the Investment Advisers Act of 1940 (Brochure). Client further acknowledges receipt of Chandler's Privacy Policy, as required by Regulation S -P.
19. Arbitration. It is agreed that any controversy between Chandler and the Client arising out of Chandler business or this Agreement, shall be submitted to arbitration conducted under the provisions of the commercial arbitration rules of the American Arbitration Association. Arbitration must be commenced by service upon the other party of a written demand for arbitration or a written 3 1006
CSN
CHANDLER
ASSET MANAGEMENT
notice of intention to arbitrate, therein electing the arbitration tribunal. In the event the Client does not make such election within five (5) days of such demand or notice, then the Client authorizes Chandler to do so on the Client's behalf. Judgment upon any award rendered by the arbitrators shall be final and may be entered in any court having jurisdiction thereof. This clause does not constitute a waiver of any right including the right to choose the forum, whether arbitration or adjudication, in which to seek resolution of disputes.
Client
By:
Name & Title:
Chandler Asset Management, Inc.,
a California Corporation
By:
Nicole Dragoo
Chief Executive Officer
4 Date
Date
1007
CAICHANDLER
ASSET MANAGEMENT
Proposed Fee Schedule for the
City of Placentia
Chandler would be pleased to provide comprehensive investment management services to the City in accordance with the following fee schedule:
Assets Under Management
Annual Asset Management Fee
First $50 million
Next $50million
Over $100 million
Minimum Fee $2,500/ month
0.09 of 1% (9 basis points)
0.06 of 1% (6 basis points)
0.04 of 1% (4 basis points)
Chandler charges management fees only on assets directly under our management. All fees are firm for the entire initial contract term and the City will not be subject to any increases during this period.
We Invest in People, Not Just Portfolios
800-317-4747
www.chandlerasset.com
9255 Towne Centre Dr„ Ste 600 I San Diego, CA 92121
Chandler Asset Management is an independent adviser registered as such with Securities and Exchange Commission undetrtl trxldviser's Act of 194 1008
GN
CHANDLER
ASSET MANAGEMENT
INVESTMENT MANAGEMENT AGREEMENT
(Institutional Client, Non -ERISA)
City of Placentia (Client) hereby retains Chandler Asset Management, Inc. (Chandler) as Investment Adviser on the terms and conditions set forth herein.
1. Term. The term of this Agreement shall commence upon funding of Client's account with Chandler and shall continue until this Agreement is terminated effective upon receipt of notice of termination in writing delivered by the terminating party.
2. Fees. Client shall compensate Chandler monthly an amount calculated on the average market value of Client's portfolio, including accrued interest, in accordance with the following schedule:
Assets Under Management
First $50 million
Next $50 million
Assets in excess of $100 million
Minimum Fee $2,500 / month
Annual Investment Management Fee
0.09 of 1% (9 basis points)
0.06 of 1% (6 basis points)
0.04 of 1% (4 basis points)
Chandler charges management fees only on assets directly under our management. All fees are firm for the entire initial contract term and the City will not be subject to any increases during this period.
The fees expressed above do not include any custody fees that may be charged by Client's bank or other third party custodian. Fees shall be prorated to the effective date of termination on the basis of actual days elapsed, and any unearned portion of prepaid fees shall be refunded. Client is not required to pay any start-up or closing fees; there are no penalty fees.
Chandler charges 1 basis point (0.01 %) to report on assets that are not under our direct management.
Fees shall be deducted monthly in arrears from Client's custody account.
3. Client Representative. In its capacity as investment manager, Chandler shall receive all instructions, directions and other communications on Client's behalf respecting Client's account Jerry Griggs (Representative). Chandler is hereby authorized to rely and act upon all such instructions, directions and communications from such Representative or any agent of such Representative.
4. Investment Policy. In investing and reinvesting Client's assets, Chandler shall comply with Client's Investment Policy, which is attached hereto as Exhibit A.
5. Authority of Chandler. Chandler is hereby granted full discretion to invest and reinvest all assets under its management in any type of security it deems appropriate, subject to the instructions given or guidelines set by Representative.
1 1009
GN
CHANDLER
ASSET MANAGEMENT
6. Notices. All reports and other communications required hereunder to be in writing shall be delivered in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile with original to follow or by confirmed electronic mail with proof of receipt to the addresses set forth below. Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other communications due hereunder.
Chandler Asset Management
Attn: Nicole Dragoo
9255 Towne Centre Dr
San Diego, CA 92121
[email protected]
CLIENT
Attn:
Address:
City, ST ZIP
Email
7. Electronic Delivery. From time to time, Chandler may be required to deliver certain documents to Client such as account information, notices and required disclosures. Client hereby consents to Chandler's use of electronic means, such as email, to make such delivery. This delivery may include notification of the availability of such document(s) on a website, and Client agrees that such notification will constitute "delivery". Client further agrees to provide Chandler with Client's email address(s) and to keep this information current at all times by promptly notifying Chandler of any change in email address(s).
Client email address(s): [email protected]
8. Proxy Voting. Chandler will vote proxies on behalf of Client unless otherwise instructed. Chandler has adopted and implemented written policies and procedures and will provide Client with a description of the proxy voting procedures upon request. Chandler will provide information regarding how Clients' proxies were voted upon request. To request proxy policies or other information, please contact us by mail at the address provided, by calling 800-317-4747 or by emailing your request to [email protected].
9. Custody of Securities and Funds. Chandler shall not have custody or possession of the funds or securities that Client has placed under its management. Client shall appoint a custodian to take and have possession of its assets. Client recognizes the importance of comparing statements received from the appointed custodian to statements received from Chandler. Client recognizes that the fees expressed above do not include fees Client will incur for custodial services.
10. Valuation. Chandler will value securities held in portfolios managed by Chandler no less than monthly. Securities or investments in the portfolio will be valued in a manner determined in good faith by Chandler to reflect fair market value.
11. Investment Advice. Client recognizes that the opinions, recommendations and actions of Chandler will be based on information deemed by it to be reliable, but not guaranteed to or by it. Provided that Chandler acts in good faith, Client agrees that Chandler will not in any way be liable for any 2 1010
GN
CHANDLER
ASSET MANAGEMENT
error in judgment or for any act or omission, except as may otherwise be provided for under the Federal Securities laws or other applicable laws.
12. Payment of Commissions. Chandler may place buy and sell orders with or through such brokers or dealers as it may select. It is the policy and practice of Chandler to strive for the best price and execution and for commission and discounts which are competitive in relation to the value of the transaction and which comply with Section 28(e) of the Securities and Exchange Act. Nevertheless, it is understood that Chandler may pay a commission on transactions in excess of the amount another broker or dealer may charge, and that Chandler makes no warranty or representation regarding commissions paid on transactions hereunder.
13. Other Clients. It is further understood that Chandler may be acting in a similar capacity for other institutional and individual clients, and that investments and reinvestments for Client's portfolio may differ from those made or recommended with respect to other accounts and clients even though the investment objectives may be the same or similar. Accordingly, it is agreed that Chandler will have no obligation to purchase or sell for Client's account any securities which it may purchase or sell for other clients.
14. Confidential Relationship. The terms and conditions of this Agreement, and all information and advice furnished by either party to the other shall be treated as confidential and shall not be disclosed to third parties except (i) as required by law, rule, or regulation, (ii) as requested by a regulatory authority, (iii) for disclosures by either party of information that has become public by means other than wrongful conduct by such party or its officers, employees, or other personnel, (iv) for disclosures by either party to its legal counsel, accountants, or other professional advisers, (v) as necessary for Chandler to carry out its responsibilities hereunder, or (vi) as otherwise expressly agreed by the parties.
15. No Assignment& Amendments. Neither party may assign, directly or indirectly, all or part of its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. This Agreement may be amended at any time by mutual agreement in writing.
16. Governing Law. It is understood that this Agreement shall be governed by and construed under and in accordance with the laws of the State of California.
17. Severability. Any provision of this Agreement which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.
18. Receipt of Brochure and Privacy Policy. Client hereby acknowledges receipt of the disclosure statement or "brochure" and "brochure supplement" also known as Part 2A and Part 2B of Form ADV, required to be delivered pursuant to Rule 204-3 of the Investment Advisers Act of 1940 (Brochure). Client further acknowledges receipt of Chandler's Privacy Policy, as required by Regulation S -P.
19. Arbitration. It is agreed that any controversy between Chandler and the Client arising out of Chandler business or this Agreement, shall be submitted to arbitration conducted under the provisions of the commercial arbitration rules of the American Arbitration Association. Arbitration 3 1011
CHANDLER
ASSET MANAGEMENT
must be commenced by service upon the other party of a written demand for arbitration or a written notice of intention to arbitrate, therein electing the arbitration tribunal. In the event the Client does not make such election within five (5) days of such demand or notice, then the Client authorizes Chandler to do so on the Client's behalf. Judgment upon any award rendered by the arbitrators shall be final and may be entered in any court having jurisdiction thereof. This clause does not constitute a waiver of any right including the right to choose the forum, whether arbitration or adjudication, in which to seek resolution of disputes.
City of Placentia
By:
Name & Title:
Chandler Asset Management, Inc.,
a California Corporation
By:
Nicole Dragoo
Chief Executive Officer
4 Date
Date
1012
3;kc,25,Eggolk
Agenda Item No: 2.a
PLACENTIA CITY COUNCIL AGENDA REPORT
Meeting Date: June 16, 2026
Submitted by: Matthew Di Mario
From: Public Works
Subject:
PUBLIC HEARING FOR THE AMENDED AND RESTATED EXCLUSIVE FRANCHISE
AGREEMENT WITH REPUBLIC WASTE SERVICES OF SOUTHERN CALIFORNIA, LLC (D.B.A. PLACENTIA DISPOSAL) IN CONFORMANCE WITH SENATE BILL 1383, AND
CONSIDERATION OF SOLID WASTE AND RECYCLING SERVICE RATE ADJUSTMENTS IN CONFORMANCE WITH SENATE BILL 1383
Financial Impact:
Annual Revenue: $7,279,249.44 (Refuse Fund No. 403)
Annual Expense: $5,823,684.12 (403-80700-6010)
Summary:
On July 20, 2010, the Placentia City Council entered into an Amended, Revised, and Restated Agreement with Republic Services of Southern California, LLC (Republic Services) for solid waste handling services. Due to recent State legislation and requirements, such as Senate Bill (SB) 1383, the City and Republic Services entered into agreement negotiations in 2021. City staff, with the assistance of the City Attorney's Office and a solid waste management consulting company, HF&H, have successfully negotiated an Amended and Restated Exclusive Franchise Agreement (Amended Agreement) to be compliant with SB 1383 requirements.
The proposed Amended Agreement outlines additional services that Republic will provide.
One of the main service additions is the start of a residential organics waste collection service.
Residents will be instructed to dispose of all organic food waste into their current yard/green waste bin. This change helps meet one of the requirements of SB 1383. Other contract changes include additional services, such as free trash collection services for City events, bi- annual paper shredding event provided by Republic Services at no cost to the City, and outreach materials to help residents become better educated about the organics recycling program.
In addition to expanding services and programs, an increase in collection rates is proposed.
The current annual rate residential customers experience is $538.32. Under the proposed Amended Agreement, residential customers will experience a $75.60, or 14% increase in the first year. The new proposed annual residential rate for trash collection services is $613.92. If approved, this rate will be effective July 1, 2026. Proposed rates for commercial customers 1013
are available in Attachment 6. This rate increase is subject to Proposition 218 noticing requirements where property owners were notified via mailers at least forty-five (45) days before this June 16, 2026, Public Hearing.
With the proposed residential rate increase, the City will pay $5,823,684.12 in Fiscal Year (FY) 2026-27 for residential trash collection services. This expense is paid through the Refuse Administration Fund (403-80700-6010). Expenses are funded from residential property tax assessments. Residential customers are billed for trash collection services through their Orange County property tax bill. There are 11,857 residential customers in the City that will be assessed an annual rate of $613.92. From these assessments, the City will receive about $7,279,249 to pay for trash collection services.
This item recommends that the City Council approve the Amended Agreement with Republic Services, approve the new trash collection rates under the Amended Agreement, and direct staff to place all residential customers on the FY 2026-27 Orange County property tax roll for trash collection billing. If the City Council does not approve the Amended Agreement and updated rates under such agreement, it is recommended that the City Council approve a rate increase under the terms of the current Agreement.
Recommended Action:
It is recommended that the City Council:
1. Open the Public Hearing concerning the solid waste handling services Amended and Restated Exclusive Franchise Agreement, rate adjustment, and related resolutions for Fiscal Year 2026-27; and
2. Receive the staff report, consider all public testimony, and questions of staff; and
3. Close the Public Hearing and direct the City Clerk to tabulate the written protests and report the results of the tabulation to the City Council; and
4. Adopt Resolution No. R-2026-33, a Resolution of the City Council of the City of Placentia, California, approving an Amended and Restated Exclusive Franchise Agreement for Solid Waste Handling Services; and
5. Adopt Resolution No. R-2026-34, a Resolution of the City Council of the City of Placentia, California, approving the amended fee schedule for solid waste handling services for Fiscal Year 2026-27; and
6. Adopt Resolution No. R-2026-35, a Resolution of the City Council of the City of Placentia, California, authorizing and determining residential solid waste handling service charges and directing placement thereof on the Orange County property tax rolls for Fiscal Year 2026-27; and
7. Authorize the City Administrator and/or her designee to execute all necessary documents, in a form approved by the City Attorney.
Strategic Plan Statement:
This item is associated with Strategic Goal Nos. 1, 3, and 5. Strategic Goal No. 1 focuses on fiscal sustainability. Through the recommended actions, the City will be recovering costs for residential trash collection service through assessments on the County property tax bill.
Strategic Goal No. 3 pertains to infrastructure, and public spaces. Maintaining our trash collection services ensures our facilities and public spaces are clean, attractive, and reflective of the City's commitment to quality. Strategic Goal No. 5 specifies organizational excellence.
The recommended actions achieve organizational excellence by meeting the transparency and notification requirements of Proposition 218 and by delivering quality trash collection services that comply with State requirements.
1014
Discussion:
On July 20, 2010, the Placentia City Council entered into an Amended, Revised, and Restated Agreement with Republic Services of Southern California, LLC (Republic Services) for solid waste handling services. Since 2010, the State has passed legislation, such as Senate Bill (SB) 1383, for cities to comply with additional trash collection requirements. City staff have been engaged in extensive negotiations with Republic Services since 2021 to reach a comprehensive agreement that will provide all the additional services the City must implement to comply with SB 1383 regulations. The Agreement will memorialize each party's rights and obligations in a single document to implement an SB 1383 -compliant program in Placentia.
The item presented before the City Council is the outcome of the negotiation process.
Some key categories of this Amended and Restated Exclusive Franchise Agreement (Amended Agreement) include changes in the monitoring and reporting requirements, updated city and community services, additional outreach and education, a change in the Consumer Price Index (CPI) used, and updated trash collection rates to account for the changes in service and program requirements. The sections below outline key Agreement provisions.
Monitorina and Reporting_
The Amended Agreement contains provisions for contamination monitoring and reporting requirements to comply with SB 1383 regulations. Republic Services will be required to perform container contamination monitoring, conduct route reviews of containers for prohibited container contaminants, prepare reports, and assist customers in reducing the levels of contamination in their containers.
Upon identification of prohibited container contaminants, Republic Services shall provide the customer with a notice of contamination, either as a courtesy pick-up notice or a non -collection notice. Commercial customers who receive a notice will be informed of the observed presence of prohibited container contaminants, information on the customer's requirement to properly separate materials into the appropriate containers, and information that contamination fees may be assessed following one instance of contaminated materials for commercial customers.
Residential customers will be notified via a non -collection notice of container contamination and instructed to properly separate the materials into the appropriate container before servicing them.
Republic Services will also be required to maintain a container contaminant log and fee assessment report, which will be included in monthly activity reports for the City. These reports will be required to maintain compliance with the record-keeping requirements under SB 1383. Furthermore, Republic Services shall prepare and submit the draft CalRecycle Electronic Annual Report (EAR) to the City for review and approval by July 1 of each year. All jurisdictions are required by the State to submit an EAR annually to monitor progress in implementing solid waste and recycling laws.
City and Community Services
The Amended Agreement also contains additional benefits to the community and City.
Republic Services will provide solid waste and recycling collection and disposal services for City -sponsored events at no cost. Also, the Amended Agreement includes a new document shredding event for City residents twice a year. This will allow residents to take old paperwork to be securely shredded onsite. In addition, the Amended Agreement outlines an annual compost giveaway for Placentia residents. This event allows residents to receive free compost and/or mulch at no cost.
1015
Outreach and Education Requirements
The Amended Agreement contains additional education and outreach activities that City staff and Republic Services will conduct. These efforts will be key to the City's compliance with SB 1383 to inform residential and commercial customers of new service levels, container configurations, and recycling requirements. Upon approval of the amended Agreement, City staff and Republic Services will begin notification of the new service collection program. This will include mailings to all residential and commercial customers regarding the new program requirements, updates on both Republic Services and City websites, quarterly newsletters, and informational posts on the City's social media platforms. Under the Amended Agreement, Republic Services will be required to provide continuous education and outreach to all residential and commercial customers annually to ensure compliance with SB 1383.
Republic Services will also assign a full-time, Placentia -dedicated Recycling Coordinator/Sustainability Advisor and one part-time route auditor to assist with citywide education and outreach efforts, participate in community events, conduct waste audits, resolve customer complaints/ requests, and perform additional compliance efforts.
If the Amended Agreement is approved, Republic Services will distribute a new cart label to all single-family residential locations in the City. Residents will place these new labels on their yard waste containers to identify the expanded accepted materials for collecting all organic waste. This is because Placentia's current residential yard waste carts do not meet SB 1383 labeling and color requirements. This allows the current carts to continue to be used until they become damaged or worn. Once the cart reaches the end of its useful life, it will be replaced with an SB 1383 -compliant cart. Under SB 1383, current carts are allowed to be used until January 1, 2036.
Garbaae and Trash Collection Index
As part of the agreement negotiation process, Republic Services requested that the local Consumer Price Index (CPI) be changed to the garbage and trash collection index as the metric for future increases in trash collection rates. The garbage and trash collection index is a part of the CPI and measures the average change in prices for garbage and trash collection services paid by consumers over time. The U.S. Bureau of Labor Statistics calculates this index, and it includes various components such as:
• The cost of regular household waste collection and processing services • The cost of collecting and processing recyclable materials • The cost for services to collect bulky items, such as furniture and appliances • The cost of collecting and processing yard waste
The adjustment calculations performed by the U.S. Bureau of Labor Statistics is done by collecting price data from various urban areas across the country, creating a representative sample based on the services mentioned above, assigning a weight to services based on their significance to the overall cost to provide services, and tracking these costs at regular intervals to monitor changes. Lastly, the collected data and weights are then used to calculate the index.
Updated Trash Collection Rates
The proposed trash collection rate adjustments account for all labor, equipment, materials, supplies, insurance, overhead, transfer, and disposal necessary to perform all services. With 1016
its consultant, the City has reviewed the overall proposed rate adjustments and determined them to be reasonable.
The proposed residential waste rates from the Amended Agreement are seen in the table below.
Proposed Residential Waste Rate Summary — FY 2026-27 Under Amended Agreement Residential Rate
Single -Family
(Monthly)
Single -Family (Annual)
Current Rate
$44.86
$538.32
Proposed Rate
$51.16
$613.92
Rate Change
$6.30/month
$75.60/year
The rate increase is primarily due to requirements under SB 1383. An increase in rates helps to cover the costs of trash collection services. The proposed rates under the Amended Agreement for commercial customers can be found in Attachment 6. If the City Council approves the proposed rate adjustments per the amended Agreement, the new rates will go into effect on July 1, 2026.
If City Council were not to approve the Amended Agreement, Republic Services has requested a rate increase under the existing Agreement that is subject to a local CPI increase. The proposed residential rate under the existing Agreement is below. The proposed rates under the existing Agreement for commercial customers can be found in Attachment 7. If these rates are approved, they will go into effect on July 1, 2026.
Proposed Residential Waste Rate Summary — FY 2026-27 Under Existing Agreement Residential Rate
Single -Family
(Monthly)
Single -Family
(Annual)
Current Rate
$44.86
$538.32
Proposed Rate
$50.57
Rate Change
$5.71 /month
$606.84 $68.52/year
Residential customers in Placentia are billed through their Orange County property tax bill.
Any new rates that are approved by City Council require Resolution No. R-2026-35, in order to place residential parcels on the property tax roll.
Proposition 218 Public Hearing
Proposition 218 (Prop. 218) requires the City to conduct a public hearing to consider approving a resolution adjusting solid waste service rates for residential, multi -family, and commercial customers. The City must mail the notice at least forty-five (45) days before the public hearing date regarding the proposed rates.
City staff coordinated with the City Attorney's Office and a solid waste management consultant, HF&H, for the review of the Prop. 218 notice. On April 15, 2026, notices were mailed to all Placentia property owners, commercial customers, tenants, and occupants to notify them of the potential rate increase (Attachment 8). The Prop. 218 notice shows a public 1017
hearing date of June 2, 2026. Due to the cancellation of the June 2, 2026 City Council meeting, the public hearing was continued to the June 16, 2026 City Council meeting.
The Prop. 218 notice identified the proposed adjusted rates and provided instructions for filing written protests regarding those rates. As of staff report preparation on May 19, 2026, the City received two (2) written protests objecting to the rate increase. Protest letters from over 50% of the parcels in Placentia would be required to prevent the approval of the recommended actions. If no majority protest is received, and the City Council approves the resolution, the rate adjustments would be effective July 1, 2026.
Financial Summary:
Under the proposed Amended Agreement, residential customers will pay $613.92 ($51.16 per month) for trash collection services annually. Residents pay this fee through their County property tax bill. There are a total of 11,857 residential customers in the City. This means the City will receive about $7,279,249 in revenue for trash collection services. These funds are deposited in the Refuse Administration Fund, Fund No. 403.
The City pays Republic Services monthly for residential trash collection services. If the proposed Amended Agreement rates are approved, the City will pay Republic about $5,823,684 for annual residential customer trash collection services. Payment is made through the Refuse Administration Fund (403-80700-6010). This amount is based on the 11,857 residential customers in the City multiplied by the monthly service rate per unit, which is about $40.93. The City retains 20% of revenues collected for a 15% franchise fee and a 5% administration fee. Commercial customers in Placentia are billed directly by Republic Services; no City funds are spent for trash collection services for these customers.
Attachments
Attachment 1 - Amended and Restated Exclusive Franchise Agreement Attachment 2 - Amended and Restated Agreement Exhibits
Attachment 2 - Exhibit L
Attachment 3 - R-2026-33
Attachment 4 - R-2026-34
Attachment 4 - Exhibit A
Attachment 5 - R-2026-35
Attachment 5 - Exhibit A
Attachment 6 - Proposed FY 26-27 Rate Schedule - Amended Agreement Attachment 7 - Proposed FY 26-27 Rate Schedule - Existing Agreement Attachment 8 - Prop 218 Notice
Attachment 9 - Presentation
1018
AMENDED AND RESTATED EXCLUSIVE FRANCHISE AGREEMENT
BETWEEN
CITY OF PLACENTIA
AND
REPUBLIC WASTE SERVICES OF SOUTHERN CALIFORNIA, LLC
DBA PLACENTIA DISPOSAL
FOR
RECYCLABLE MATERIALS, ORGANIC MATERIALS, AND SOLID
WASTE COLLECTION
AND
RECYCLABLE MATERIALS, ORGANIC MATERIALS, AND C&D
PROCESSING SERVICES
JUNE 16, 2026
1019
City of Placentia Franchise Agreement
Table of Contents
TABLE OF CONTENTS
TABLE OF CONTENTS
LIST OF EXHIBITS
RECITALS 1
ARTICLE 1. GRANT AND ACCEPTANCE OF FRANCHISE 3
1.1 GRANT AND ACCEPTANCE OF FRANCHISE 3
1.2 LIMITATIONS TO THE FRANCHISE 3
1.3 OBLIGATIONS OF PARTIES 5
1.4 ACCEPTANCE OF AGREEMENT; WAIVER OF TERMS 5
ARTICLE 2. TERM OF AGREEMENT 6
2.1 TERM 6
2.2 CONDITIONS TO EFFECTIVENESS OF AGREEMENT 6
2.3 DELEGATION OF AUTHORITY 7
ARTICLE 3. SCOPE OF AGREEMENT 8
3.1 SUMMARY SCOPE OF SERVICES 8
3.2 CITY'S FLOW CONTROL AND COUNTY AGREEMENT 8
3.2.1 FLOW CONTROL 8
3.2.2 COUNTY AGREEMENT 10
3.3 USE OF APPROVED AND DESIGNATED FACILITIES 10
3.4 SUBCONTRACTING 10
3.5 RESPONSIBILITY FOR MATERIALS 10
3.6 CITY -DIRECTED CHANGES TO SCOPE 11
3.7 ENFORCEMENT OF EXCLUSIVITY 11
ARTICLE 4. SCOPE OF SERVICES 13
4.1 RECYCLABLE MATERIALS AND ORGANIC MATERIALS 13
4.2 SOLID WASTE 16
4.3 BULKY ITEMS AND REUSABLE MATERIALS 16
4.4 BIN PULLOUT SERVICE 17
4.5 CITY -SPONSORED EVENTS 17
4.6 PUBLIC EDUCATION AND OUTREACH 18
4.7 BILLING 19
4.7.1 USE OF COUNTY TAX ROLL BILLING SYSTEM 19
4.7.2 DIRECT BILLING BY CONTRACTOR 19
4.7.3 CUSTOMER ACCOUNT INFORMATION DATABASE 20
4.7.4 UNOCCUPIED PREMISES 21
4.7.5 DELINQUENT ACCOUNTS 21
4.7.6 COLLECTION AND PROCESSING OF PAYMENTS 21
4.8 CUSTOMER SERVICE PROGRAM 22
4.8.1 PROGRAM REQUIREMENTS 22
4.8.2 MISSED COLLECTIONS 23
4.8.3 SB 1383 NON-COMPLIANCE COMPLAINTS 24
4.9 CUSTOMER SERVICE AND BILLING SYSTEMS 24
4.10 SERVICE EXEMPTIONS 24
June 16, 2026 -i- City of Placentia
1020
City of Placentia Franchise Agreement
Table of Contents
4.10.1 GENERAL EXEMPTIONS 24
4.10.2 COMMERCIAL AND MULTI -FAMILY CUSTOMER WAIVERS 25
4.10.3 CONTRACTOR SERVICE EXEMPTIONS 26
4.11 CONTAMINATION MONITORING 26
4.11.1 ONGOING CONTAMINATION MONITORING 26
4.11.2 CITY PERFORMED SB 1383 ANNUAL ROUTE REVIEWS 29
4.12 EDIBLE FOOD RECOVERY ASSISTANCE PROGRAM 30
4.13 ROUTE AUDIT 30
4.14 PREPARATION OF CALRECYCLE ELECTRONIC ANNUAL REPORT 32
4.15 COMPLETION OF RECYCLING AND DISPOSAL MODIFICATION PROCESS 32 ARTICLE 5. STANDARD OF PERFORMANCE 33
5.1 GENERAL 33
5.2 OPERATING HOURS AND SCHEDULES 33
5.3 COLLECTION STANDARDS 34
5.4 TRANSFER AND PROCESSING STANDARDS 36
5.4.1 EQUIPMENT AND SUPPLIES 36
5.4.2 SCALES AND WEIGHING 37
5.5 COLLECTION VEHICLE REQUIREMENTS 38
5.6 CONTAINER AND BIN ENCLOSURE REQUIREMENTS 40
5.7 PERSONNEL 43
5.8 EXCLUDED WASTE INSPECTION AND HANDLING 46
5.9 CONTRACT MANAGEMENT 46
5.10 LOCAL PURCHASING PREFERENCE 47
5.11 MINIMUM DIVERSION AND PARTICIPATION REQUIREMENTS 47
5.11.1 C&D DIVERSION 47
5.11.2 IMPLEMENTATION OF ADDITIONAL DIVERSION SERVICES 47
5.11.3 CUSTOMER PARTICIPATION COMPLIANCE REQUIREMENTS 48 ARTICLE 6. RECORD KEEPING AND REPORTING 49
6.1 RECORD KEEPING 49
6.2 REPORT SUBMITTAL REQUIREMENTS 50
6.2.1 REPORTING FORMAT AND FREQUENCY 50
6.2.2 SB 1383 REPORTING 50
6.3 PERFORMANCE REVIEW 51
6.4 BIENNIAL AUDIT 52
6.4.1 PAYMENTS AND REFUNDS 52
6.5 SB 1383 RECORDKEEPING SOFTWARE 53
ARTICLE 7. CONTRACTOR'S CONSIDERATION AND OTHER REIMBURSEMENTS 54
7.1 CONTRACTOR'S CONSIDERATION 54
7.1.1 FRANCHISE FEE 54
7.1.2 SERVICES AT CITY FACILITIES 54
7.1.3 ANNUAL CONTRIBUTION TO COMMUNITY PROGRAMS 54
7.2 CITY REFUSE AND RECYCLING COORDINATOR FEE 55
7.3 PAYMENT SCHEDULE AND LATE FEES 55
7.4 OTHER FEES 55
7.5 DISCONTINUANCE OF FEES 55
June 16, 2026 -ii- City of Placentia
1021
City of Placentia Franchise Agreement
Table of Contents
ARTICLE 8. CONTRACTOR'S COMPENSATION AND RATE SETTING 56
8.1 GENERAL 56
8.2 INITIAL RATES 56
8.3 SCHEDULE OF FUTURE ADJUSTMENTS 56
8.4 METHOD OF ADJUSTMENTS 56
8.4.1 GENERAL 56
8.4.2 RATE ADJUSTMENT CALCULATION 57
8.4.3 ADJUSTMENTS DUE TO CHANGE IN LAW 58
8.5 SPECIAL RATE ADJUSTMENTS 58
8.5.1 RESIDENTIAL SPECIAL RATE ADJUSTMENT 58
8.5.2 COMMERCIAL ORGANIC MATERIALS SPECIAL RATE ADJUSTMENT 59
8.6 EXTRAORDINARY ADJUSTMENTS 59
8.7 SPECIAL SERVICES 59
8.8 RATE ADJUSTMENT ROUNDING 59
ARTICLE 9. INDEMNITY, INSURANCE, AND PERFORMANCE BOND 60
9.1 INDEMNIFICATION 60
9.2 INSURANCE 62
9.3 FAITHFUL PERFORMANCE BOND OR IRREVOCABLE LETTER OF CREDIT 65
9.4 PERFORMANCE SECURITY BEYOND SERVICE TERM 66
ARTICLE 10. CITY'S RIGHT TO PERFORM SERVICE 67
10.1 GENERAL 67
10.2 DISASTER PREPAREDNESS PLAN 67
ARTICLE 11. DEFAULT AND REMEDIES 68
11.1 EVENTS OF DEFAULT 68
11.2 CONTRACTOR'S RIGHT TO CURE; RIGHT TO TERMINATE UPON EVENT OF DEFAULT 70
11.3 CITY'S REMEDIES IN THE EVENT OF DEFAULT 71
11.4 POSSESSION OF RECORDS UPON TERMINATION 72
11.5 CITY'S REMEDIES CUMULATIVE; SPECIFIC PERFORMANCE 72
11.6 PERFORMANCE STANDARDS AND LIQUIDATED DAMAGES 72
11.7 EXCUSE FROM PERFORMANCE 78
11.7.1 CONTRACTOR'S ACTIONS DURING A WORK STOPPAGE 78
11.7.2 LABOR UNREST DIRECTED AT CUSTOMER 79
11.8 RIGHT TO DEMAND ASSURANCES OF PERFORMANCE 79
11.9 DISPUTE RESOLUTION 79
ARTICLE 12. REPRESENTATIONS AND WARRANTIES OF THE PARTIES 81
12.1 CONTRACTOR'S STATUS 81
12.2 CONTRACTOR'S AUTHORIZATION 81
12.3 AGREEMENT WILL NOT CAUSE BREACH 81
12.4 NO LITIGATION 81
12.5 NO ADVERSE JUDICIAL DECISIONS 81
12.6 NO LEGAL PROHIBITION 82
12.7 CONTRACTOR'S ABILITY TO PERFORM 82
ARTICLE 13. OTHER AGREEMENTS OF THE PARTIES 83
13.1 RELATIONSHIP OF PARTIES 83
June 16, 2026 -iii- City of Placentia
1022
City of Placentia Franchise Agreement
Table of Contents
13.2 COMPLIANCE WITH LAW 83
13.3 GOVERNING LAW 83
13.4 JURISDICTION 83
13.5 BINDING ON SUCCESSORS 83
13.6 ASSIGNMENT 83
13.7 NO THIRD -PARTY BENEFICIARIES 85
13.8 WAIVER 85
13.9 AFFILIATED COMPANIES 85
13.10 TRANSITION TO NEXT CONTRACTOR 85
13.11 CONTRACTOR'S INVESTIGATION 86
13.12 NOTICE PROCEDURES 86
13.13 REPRESENTATIVES OF THE PARTIES 87
13.14 COMPLIANCE WITH MUNICIPAL CODE 87
13.15 COOPERATION FOLLOWING TERMINATION 87
13.16 COMPLIANCE WITH IMMIGRATION LAWS 87
13.17 GUARANTEE OF CONTRACTOR'S PERFORMANCE 88
ARTICLE 14. MISCELLANEOUS AGREEMENTS 89
14.1 ENTIRE AGREEMENT 89
14.2 SECTION HEADINGS 89
14.3 REFERENCES TO LAWS 89
14.4 INTERPRETATION 89
14.5 AMENDMENTS 89
14.6 SEVERABILITY 89
14.7 COUNTERPARTS 89
14.8 EXHIBITS 89
14.9 NON -WAIVER PROVISION 90
14.10 ATTORNEYS' FEES 90
June 16, 2026 -iv- City of Placentia
1023
City of Placentia / Republic Waste Services Franchise Agreement List of Exhibits
LIST OF EXHIBITS
A. Definitions
B. Direct Services
131. Single -Family Residential Services
B2. Multi -Family Residential Services
B3. Commercial Services
B4. City Services
B5. City Facility Locations and Special Events
C. Public Education and Outreach Requirements
D. Initial Maximum Rates
E. Example Rate Adjustment Formula
F. Reporting Requirements
G. Example Corporate Guaranty
H. Contractor's Faithful Performance Bond
I. Exhibit Reserved
J. Contractor's Implementation Plan and Schedule
K. Per Ton Organic Materials Adjustment Example
L. County Waste Disposal Agreement
M. Facilities List
N. List of Recyclable Materials and Organic Materials
June 16, 2026 -i- City of Placentia
1024
City of Placentia / Republic Waste Services Franchise Agreement 1 AMENDED AND RESTATED EXCLUSIVE FRANCHISE AGREEMENT
2 BETWEEN
3 CITY OF PLACENTIA
4 AND
5 REPUBLIC WASTE SERVICES OF SOUTHERN CALIFORNIA, LLC
6 DBA PLACENTIA DISPOSAL
7 FOR
8 RECYCLABLE MATERIALS, ORGANIC MATERIALS, AND SOLID WASTE COLLECTION 9 AND
10 RECYCLABLE MATERIALS, ORGANIC MATERIALS, AND C&D PROCESSING SERVICES 11 This AMENDED AND RESTATED EXCLUSIVE FRANCHISE AGREEMENT (hereinafter, "Agreement") is made 12 and entered into as of June 16, 2026, by and among the CITY OF PLACENTIA, a charter city and municipal 13 corporation ("City"), and REPUBLIC WASTE SERVICES OF SOUTHERN CALIFORNIA, LLC dba PLACENTIA 14 DISPOSAL, a Delaware Limited Liability Company ("Contractor"). The City and Contractor are hereby 15 collectively referred to as the "Parties."
16 RECITALS
17 A. The State's Legislature, by enactment of AB 939, has declared that it is in the public's interest to 18 authorize and require local agencies to make adequate provision for Solid Waste Collection within 19 their jurisdictions.
20 B. The State has found and declared that the amount of refuse generated in the State, along with 21 diminishing Disposal capacity, potential adverse environmental impacts from landfilling, and the 22 need to conserve natural resources, has created an urgent need for State and local agencies to 23 enact and implement an aggressive integrated waste management program. Through the 24 enactment of AB 939 and subsequent related legislation including, but not limited to, AB 341, AB 25 2176, SB 1016, AB 1826, and SB 1383, the State has directed CalRecycle, and all local agencies, to 26 promote Diversion and maximize the use of feasible waste reduction, reuse, Recycling, and 27 Composting options in order to reduce the amount of refuse that must be Disposed. 28 C. SB 1383 establishes regulatory requirements for jurisdictions, Generators, haulers, Solid Waste 29 facilities, and other entities to support the achievement of State-wide Organic Waste Disposal 30 reduction targets.
31 D. SB 1383 requires the City to implement Collection programs, meet Processing Facility 32 requirements, conduct contamination monitoring, provide education, maintain records, submit 33 reports, monitor compliance, conduct enforcement, and fulfill other requirements. The City has 34 chosen to delegate some of those responsibilities to Contractor, acting as the City's designee, 35 through this Agreement.
36 E. Pursuant to California Public Resources Code Section 40059(a)(1), City Council has determined 37 that, for public health, safety, and welfare, an exclusive franchise agreement be awarded to a 38 qualified Solid Waste enterprise for the Collection of Recyclable Materials, Organic Materials, and June 16, 2026