San Rafael City Council
November 7, 2022

ITEM 1 COVER PAGE
Part 2A of Form ADV: Firm Brochure
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA 92121
Telephone: 858-546-3737
Email: [email protected]
Web Address: www.chandlerasset.com
March 29, 2022
This disclosure brochure (the “Brochure”) provides information about the qualifications and business practices of Chandler Asset Management, Inc. (“Chandler”). If you have any questions about the contents of this Brochure, please contact us at 858-546-3737 or [email protected].

The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. Registration with the Securities and Exchange Commission does not imply any level of skill or training.

Additional information about Chandler and its investment adviser representatives is also available on the SEC’s website at www.adviserinfo.sec.gov. You can search this site by name or by a unique identifying number, known as a CRD number. Our firm's CRD number is 107287. , ,,.a CHANDLER " '·· ASSET MANAGEMENT

ITEM 2 MATERIAL CHANGES
This Firm Brochure, dated 03/29/2022, provides you with a summary of Chandler's advisory services and fees, professionals, certain business practices and policies, as well as actual or potential conflicts of interest, among other things. This item (Item 2) is used to provide our clients with a summary of new and/or updated information; we will inform you of the revision(s) based on the nature of the information as follows.

1. Annual Update: We are required to update certain information at least annually, within 90 days of our firm’s fiscal year end (“FYE”) of December 31. We will provide you with either a summary of the revised information with an offer to deliver the full revised Brochure within 120 days of our FYE or we will provide you with our revised Brochure that will include a summary of those changes in this Item.

2. Material Changes: Should a material change in our operations occur, depending on its nature we will promptly communicate this change to clients (and it will be summarized in this Item). “Material changes” requiring prompt notification will include changes of ownership or control; location or disciplinary proceedings. We may also advise you of other changes based on the nature of the updated information.

The following summarizes new or revised disclosures based on information previously provided in our Firm Brochure dated 12/30/2021.

Item 4 – Advisory Services – Revised Item 4E to reflect regulatory assets under management as of December 31, 2021.

Clients and prospective clients are strongly encouraged to review this Brochure very carefully.

ITEM 3 TABLE OF CONTENTS
Item 1 Cover Page .............................................................................................................................................................. 1 Item 2 Material Changes ..................................................................................................................................................... 2 Item 3 Table of Contents ................................................................................................................................................... 3 Item 4 Advisory Business ................................................................................................................................................. 5 Item 4A:  Firm Overview...................................................................................................................................... 5 Item 4B:  Types of Advisory Services................................................................................................................... 5 Item 4C: Tailoring Advisory Services Offered Directly to Clients ........................................................................ 5 Item 4D: Services Offered Through Wrap Fee Programs, Sub‐Advisory Arrangements and Dual Contract Sponsored Programs ........................................................................................................................................... 6 Item 4E: Assets Under Management................................................................................................................... 7 Item 5 Fees and Compensation ........................................................................................................................................ 8 Item 5A: Fee Schedules ....................................................................................................................................... 8 Item 5B: Fee Payment ....................................................................................................................................... 10 Item 5C: Other Fees and Expenses and Valuation Policy .................................................................................. 10 Item 5D: Prepaid Fees ....................................................................................................................................... 11 Item 5E: Compensation for the Sale of Securities or Investment Products...................................................... 11 Item 6 Performance-Based Fees and Side-By-Side Management ............................................................................... 12 Item 7 Types of Clients .................................................................................................................................................... 12 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss ........................................................................ 12 Item 8A:  Methods of Analysis & Investment Strategies................................................................................... 12 Item 8B:  Material Risks..................................................................................................................................... 14 Item 8C:  Risks Associated with Particular Types of Securities Used ................................................................ 15 Item 9 Disciplinary Information ....................................................................................................................................... 17 Item 10 Other Financial Industry Activities and Affiliations ........................................................................................... 17 Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................. 17 Item 11A:  Code of Ethics .................................................................................................................................. 17 Item 11B:  Principal Trading and Agency Cross Trading.................................................................................... 18 Item 11C:  Personal Trading .............................................................................................................................. 18 Item 11D:  Participation or Interest in Client Transactions............................................................................... 18 Item 12 Brokerage Practices ............................................................................................................................................. 19 Item 12A:  Broker‐Dealer Selection, Compensation & Trade Aggregation ....................................................... 19 Item 12A.1:  Research and Other Soft Dollar Benefits...................................................................................... 20 Item 12A.2:  Brokerage for Client Referrals ...................................................................................................... 21 Item 12A.3:  Directed Brokerage....................................................................................................................... 21

Item 12B:  Aggregating Client Trades................................................................................................................ 22 Item 13 Account Reviews .................................................................................................................................................. 23 Item 13A:  Periodic Account Reviews................................................................................................................ 23 Item 13B:  Other Reviews.................................................................................................................................. 24 Item 13C:  Reporting.......................................................................................................................................... 24 Item 14 Client Referrals and Other Compensation ......................................................................................................... 24 Item 14A:  Other Compensation ....................................................................................................................... 24 Item 14B:  Client Referrals................................................................................................................................. 24 Item 15 Custody ................................................................................................................................................................. 24 Item 16 Investment Discretion .......................................................................................................................................... 25 Item 17 Voting Client Securities ....................................................................................................................................... 25 Item 17A:  Proxy Voting..................................................................................................................................... 25 Item 17B:  Where Client Retains Right to Vote Proxies .................................................................................... 26 Item 18 Financial Information ........................................................................................................................................... 26 Item 18A:  Financial Statement Requirement................................................................................................... 26 Item 18B:  Financial Condition .......................................................................................................................... 26 Item 18C:  Bankruptcy Disclosure...................................................................................................................... 26

ITEM 4 ADVISORY BUSINESS
ITEM 4A: FIRM OVERVIEW
Chandler Asset Management, Inc. (“Chandler”) is an SEC-registered investment adviser and employee-owned business enterprise with its principal place of business located in San Diego, California. Since 1988, Chandler has provided fixed income investment management services to the public sector, as well as to hospitals, foundations, endowments, individuals and corporations.

Listed below are the firm's principal shareholders (i.e., those individuals and/or entities controlling 25% or more of this company).
 Chandler Asset Management, Inc. Employee Stock Ownership Plan (“ESOP”)  Martin Dayle Cassell, CEO
ITEM 4B: TYPES OF ADVISORY SERVICES
Chandler offers the following advisory services, where appropriate, to certain institutional clients such as public agencies, hospitals and healthcare institutions, corporations or other business entities, foundations and endowments, pension and profit-sharing plans, higher education institutions, and non-institutional clients, such as individuals, high net worth individuals, trusts, estates and charitable organizations. The portfolio management services are offered to clients directly, and through wrap fee programs, sub-advisory relationships, and dual contract sponsored programs.

FIXED INCOME PORTFOLIO MANAGEMENT
Chandler specializes in fixed income portfolio management, utilizing a variety of investments, such as corporate debt securities (notes and bonds), municipal bonds, U.S. Government Treasury bonds, Government Sponsored Enterprise debt securities (agencies), mortgage-backed securities, asset-backed securities and money market securities, i.e., commercial paper. Please refer to Item 8 for further information on our method of analysis and risks associated with this strategy.

MULTI ASSET CLASS PORTFOLIO MANAGEMENT
Chandler also offers a Multi Asset Class strategy to clients seeking to attain exposure to a variety of global equity, fixed income and other asset classes through investment in indexed or actively managed mutual funds and exchange-traded funds (ETFs). Please refer to Item 8 for further information on our method of analysis and risks associated with this strategy.

CONSULTING SERVICES
Chandler also provides more focused investment advice to clients. This advice can pertain to areas that clients consider a concern, such as analysis of a client’s existing portfolio, delivery of a report or periodic reports of performance and recommended rebalancing of assets, or a review of the client’s investment policy. We also provide specific consultation and administrative services regarding investment and financial concerns of the client.

Consulting recommendations are not limited to any specific product or service offered by a broker-dealer.

ITEM 4C: TAILORING ADVISORY SERVICES OFFERED DIRECTLY TO CLIENTS At the beginning of the client relationship, we have discussions with clients to determine their overall investment goals to develop a specific investment policy for each client and confirm that the selected strategy meets their current needs. During our information gathering process, we review the client’s individual objectives, time horizons, risk tolerance, liquidity needs and any investment restrictions they may want to place on the assets in their account. As appropriate, we also review and discuss a client's prior investment history, and any other relevant issues. Once these reviews and discussions take place, the client enters into a written agreement

directly with Chandler for the management of certain assets.

Clients are responsible for informing us of any changes to their guidelines, individual needs and/or restrictions and should do so promptly upon such change. We do not assume any responsibility for the accuracy of the information provided by the client.

Generally, we manage clients’ advisory accounts on a discretionary basis, but will manage a client’s account on a non-discretionary basis, if requested by a client. Please refer to Item 16 for further information on our discretionary authority of client accounts.

In addition to the types of securities utilized by Chandler for its Fixed Income and Multi Asset Class advisory services outlined above, we also provide advice on or manage other investments for clients, particularly when a client already has securities in his/her portfolio at the time the client opens an account with Chandler. These generally include, but are not limited to:
 Exchange-listed securities
 Securities traded over-the-counter
 Certificates of deposit
Some types of investments involve certain additional degrees of risk; therefore, they will only be implemented or recommended when consistent with the client's stated investment goals, tolerance for risk, liquidity and suitability requirements. Please refer to Item 8 for further information on the risks associated with investments made in clients’ accounts.

Clients will always retain individual ownership of all securities through their selected custodian.

GUIDED PORTFOLIO STRATEGIES (“GPS”)
The GPS program provides fixed income portfolio management for public agency clients who cannot meet the institutional minimum required for Chandler’s full-service customized portfolio management. GPS is a streamlined service model whereby the client receives fixed income portfolio management in a separate account custodied at a qualified third-party custodian. Clients may choose between two of Chandler’s established, short duration investment strategies developed to meet the investment needs of municipal investors. Chandler will manage the portfolios in compliance with State or Government code sections related to permitted investments for municipalities and will not accommodate additional client restrictions or requests for customizations to the portfolio or our standard reporting packages. Services are limited to the scope defined in the client Agreement.

To be eligible for this program, the client must have a minimum of $2 million in investable assets. Please refer to Item 5 for program fees.

ITEM 4D: SERVICES OFFERED THROUGH WRAP FEE PROGRAMS, SUB-ADVISORY ARRANGEMENTS AND

DUAL CONTRACT SPONSORED PROGRAMS
Chandler participates as an investment manager in selected wrap fee programs (“Wrap Programs”). Generally, under these programs a client enters into an agreement with the wrap program sponsor to provide the following services to such clients (“Wrap Clients”): a) assisting the Wrap Client in determining which investment strategy and investment manager best meet their goals and objectives, b) on-going monitoring of account performance, c) custodial services, and d) execution of account transactions. These services and the services provided by the investment manager are generally provided for one all-inclusive fee (“Wrap Fee”). From the Wrap Fee, the wrap program sponsor pays the investment manager (for example Chandler) for their services.

Currently, Chandler participates as an investment manager in the following Wrap Programs:
 Managed Accounts Select Program sponsored by Charles Schwab Corporation (“Schwab”)  Separately Managed Accounts (“SMA”) Program sponsored by Envestnet Asset Management, Inc. (“Envestnet”)
 Unified Managed Accounts (“UMA”) Program sponsored by Envestnet.

For more details on these specific programs, clients should review the respective sponsor’s Wrap Fee Program Brochure prior to investing.

In each of these programs, a representative of the program sponsor or an independent financial advisor will work

with the Wrap Client to complete an investment questionnaire or other investment objective documentation and determine the appropriate investment strategy and manager. While Chandler is not responsible for client suitability for the Wrap Program, we will perform a general review of the Wrap Client’s investment objective documentation, if provided by the wrap sponsor, to help us ensure that our strategy selected by the Wrap Client appears suitable. Participation in these wrap programs is subject to account minimums specified in the respective Wrap Fee Program Brochure. Depending on the selected program, these minimums range from $150,000 to $500,000.

Chandler also enters into selected sub-advisory arrangements or participates as a manager in selected dual contract sponsored programs. In such instances, Chandler typically provides advisory services to a client under a sub-advisory arrangement with an unaffiliated registered investment adviser (“RIA”), or under an investment management agreement with an advisory client who also has an advisory agreement with an unaffiliated RIA or financial consultant intermediary. Chandler may or may not have a service agreement with the sponsor of a dual-contract program. With the exception of certain pre-existing fixed income portfolio management clients, typically Chandler is granted full investment discretion (subject to limitations on the firm’s discretion to select broker-dealers for portfolio transactions, as discussed below) and manages a client’s portfolio based on the individual needs of that client, as communicated through the sponsor, the RIA or other designated intermediary.

The relevant information is submitted to Chandler and a determination is made as to whether participation in this program is appropriate for the client. On an ongoing basis, the participating client's financial consultant is responsible for obtaining and communicating to us any changes in the client's financial circumstances and/or objectives, including modifications to any client-imposed restrictions, if applicable.

Currently Chandler provides investment management services as an investment manager in the following dualcontract or sub-advisory sponsored programs:
 Charles Schwab Corporation (“Schwab”) Market Place
 Fidelity Investments (“Fidelity”) Separate Account Network  Merrill Lynch (“ML”) Managed Account Services
 TD Ameritrade Institutional (“TDAI”) Separate Account Exchange  Wells Fargo Advisors (“WFA”) Private Advisor Network (“PAN”) ITEM 4E: ASSETS UNDER MANAGEMENT
Assets Under Management
As of December 31, 2021
Discretionary Non-Discretionary Total
Assets
Managed $21,726,632,304 $4,058,341,663 $25,784,973,967

ITEM 5 FEES AND COMPENSATION
ITEM 5A: FEE SCHEDULES
The annual fee for non-wrap fee client accounts is charged as a percentage of assets under management, according to the following schedules:

Fixed Income Portfolio Management
for Institutional Accounts
Assets Under Management Annual Asset Management Fee
All Assets 0.15 of 1% (15 basis points)
A minimum of $20 million in assets under management is required for this service. Chandler reserves the right to negotiate alternative minimum account size and fees on a case-by-case basis. Chandler will aggregate certain related client accounts for the purposes of achieving the minimum account size and determining the annualized fee.

Guided Portfolio Strategies “GPS” Portfolio Management
for Institutional Accounts
Assets Under Management Annual Asset Management Fee
All Assets 0.35 of 1% (35 basis points)
A minimum of $2 million in assets under management is required for this service. Chandler reserves the right to negotiate alternative minimum account size and advisory fees on a case-by-case basis. Chandler will aggregate certain related client accounts for the purposes of achieving the minimum account size and determining the annualized fee.

Multi Asset Class Portfolio Management for All Accounts Assets Under Management Annual Asset Management Fee
All Assets 0.25 of 1% (25 basis points)
A minimum of $1 million in assets under management is required for this service. Chandler reserves the right to negotiate alternative minimum account size and advisory fees on a case-by-case basis. Chandler will aggregate certain related client accounts for the purposes of achieving the minimum account size and determining the annualized fee.

FIXED INCOME PORTFOLIO MANAGEMENT FOR NON-INSTITUTIONAL ACCOUNTS;

DUAL CONTRACT SPONSORED PROGRAMS OR SUB-ADVISORY ARRANGEMENTS Chandler’s fees will vary with a maximum of 0.35 of 1% depending upon the program and strategy in which the client is participating. Chandler’s fees for non-institutional clients are typically paid monthly, in arrears, but can vary based on the terms of the governing agreements. Chandler’s fees earned pursuant to dual contract programs or sub-advisory arrangements will be paid in accordance with the terms of each such program.

For non-institutional accounts (e.g., high net worth), a minimum of $1 million in assets under management is required for this service. For dual contract and sub-advisory relationships, account minimums range from $150,000 to $500,000 depending on the program and the composition of the assets being managed. Account size may be negotiable under certain circumstances. Chandler groups certain related client accounts for the purposes of achieving the minimum account size and determining the annualized fee.

FIXED INCOME PORTFOLIO MANAGEMENT FOR WRAP FEE PROGRAMS Chandler will be compensated through a portion of the total wrap fee charged by the program sponsor (with Chandler’s fees ranging up to a maximum of 0.35 of 1%. The all-inclusive wrap fee collected by a wrap sponsor includes Chandler's advisory fee. Chandler does not control the fees or the billing arrangements in any Wrap Program.

Chandler is paid its fees for Schwab's Managed Accounts Select Program monthly, in arrears, while our fees for Envestnet's SMA and UMA Programs are paid quarterly, in arrears. Fees paid for ML’s Managed Account Services Program are paid quarterly in advance. The wrap or UMA sponsor pays Chandler its advisory fee on behalf of the Wrap or UMA Client. For a complete description of the fee arrangement, including billing practices, minimum account requirements and account termination provisions, clients should review the respective sponsors' Wrap Fee Program Brochure. Clients participating in these programs should also review important disclosures about Chandler’s brokerage practices described in Item 12 below.

CONSULTING SERVICES FEES
Chandler's Consulting Services fees will be determined based on the nature of the services being provided and the complexity of each client’s circumstances. All fees are agreed upon prior to entering into a contract with any client.

Chandler’s Consulting Services fees are calculated in one or both of two ways:

1. On a fixed fee basis, subject to the specific arrangement reached with the client; and/or

2. On an hourly basis, ranging up to $500.00 per hour. An estimate for the total hours is determined at the start of the advisory relationship.

The length of time it will take to complete Consulting Services will depend on the scope and terms of the engagement. Fees are due and payable upon completion of the Consulting Service or on an agreed upon payment schedule. A retainer may be requested upon completion of Chandler's fact-finding session with the client; however, advance payment will never exceed $1,200 for work that will not be completed within six months. There is no minimum fee for Chandler’s Consulting Services.

GENERAL FEE INFORMATION PERTAINING TO INSTITUTIONAL AND NON-INSTITUTIONAL ACCOUNTS,

DUAL CONTRACT SPONSORED PROGRAMS AND

SUB-ADVISORY ARRANGEMENTS
Grandfathering of Minimum Account Requirements: Pre-existing advisory clients are subject to Chandler's minimum account requirements and advisory fees in effect at the time the client entered into the advisory relationship. Therefore, our firm's minimum account requirements and advisory fees differ among clients.

Advisory Fees in General: Clients should note that similar advisory services may or may not be available from other registered investment advisers for similar or lower fees. Chandler’s clients are not required to pay any start-up or closing fees; there are no penalty fees.

Termination of the Advisory Relationship: A client agreement between a client and Chandler may be canceled at any time, by either party, for any reason upon receipt of written notice. As disclosed in Item 5D below, certain fees may be paid in advance of services provided. Upon termination of any account, any prepaid, unearned fees will be promptly refunded to the client. In calculating a client’s reimbursement of fees, we will pro rate to the effective date of termination on the basis of actual days elapsed.

Fee Calculation: Chandler’s annual advisory fee is billed monthly or in some instances quarterly, in arrears, and is calculated based on the average market value of a client's account for the billing period, including accrued interest unless indicated otherwise in the client agreement. Cash and cash equivalent balances are included in the total market value calculation unless noted otherwise in the client agreement. We will value securities or investments in the portfolio in a manner determined in good faith to reflect fair market value. Chandler uses an independent third-party pricing source to value client securities.

Limited Negotiability of Advisory Fees: Although Chandler has established the aforementioned fee schedule(s), we retain the discretion to negotiate alternative fees on a case-by-case basis. Client facts,

circumstances and needs will be considered in determining the fee schedule. These include the complexity of the client, the assets to be placed under management, the anticipated future additional assets; the existence of any related accounts; portfolio style, account composition, reports, among other factors. The specific annual fee schedule will be identified in the written agreement between Chandler and each client.

We group certain related client accounts for the purposes of achieving the minimum account size requirements and determining the annual advisory fee.

Chandler reserves the right to reduce or waive advisory fees for services provided to related persons of the firm and their immediate family members. Such rates are not available to all of Chandler’s advisory clients.

GENERAL FEE INFORMATION PERTAINING TO WRAP FEE CLIENT ACCOUNTS Fee Calculation: Chandler's annual advisory fees charged to wrap fee program clients are calculated and billed by the respective program sponsor. As Chandler does not control the billing arrangements in these programs, clients should review the applicable disclosure documents for a comprehensive understanding of the fees charged and the billing practices of the program.

What services are covered by the Wrap Program fees? Wrap Program fees typically pay for our firm’s advisory services to participating clients, administrative expenses, custody charges for clients' assets custodied at the Wrap Program's designated custodian and brokerage services for participating client accounts to the extent trades are conducted through the Wrap Program's designated broker-dealer.

What services are not covered by the Wrap Program fees? Wrap Program fees do not cover brokerage to the extent trades are conducted through brokers or dealers other than the designated broker or dealer and custody charges if client assets are custodied anywhere other than the designated custodian. The program fees do not include expenses of mutual funds and electronically traded funds such as fund management fees charged to each fund's investors. Chandler’s fixed income transactions are generally executed by the brokerdealer on a net basis, which means the execution costs (e.g., commissions) are included in the purchase or sale price of the security.

WRAP FEE PROGRAMS FEES: CLIENTS PARTICIPATING IN WRAP FEE PROGRAMS WILL BE CHARGED VARIOUS PROGRAM FEES IN ADDITION TO THE ADVISORY FEE CHARGED BY OUR FIRM. CLIENTS SHOULD

CAREFULLY EVALUATE SUCH AN ARRANGEMENT TO DETERMINE IF THE WRAP FEE PAID FOR THE SERVICES

PROVIDED MAY OR MAY NOT EXCEED THE AGGREGATE COST OF SUCH SERVICES IF THEY WERE TO BE PROVIDED SEPARATELY.

ITEM 5B: FEE PAYMENT
Generally, each non-wrap client’s custodian debits Chandler’s advisory fees from the client’s account and pays such fee directly to us upon receipt of an invoice, unless otherwise arranged by the client. Clients entering into written agreements with Chandler have discretion over whether or not Chandler may directly debit fees from the client’s account. Clients who do not permit direct debiting will be invoiced directly with payment due upon receipt of the invoice.

Sub-advisory and dual contract client agreements require the client to authorize the custodian to pay Chandler its advisory fees directly from the client’s account, which will be paid in arrears in accordance with the terms of each such program.

Fees for Schwab's Managed Accounts Select Program are paid monthly, in arrears, while our fees for Envestnet's SMA and UMA’s Programs are paid quarterly, in arrears. ML’s Managed Account Services Program are paid quarterly in advance. All of these programs require a client to authorize the sponsor to deduct the fees directly from the client’s account to pay Chandler. For a complete description of the fee arrangement including billing practices and account termination provisions for wrap fee programs, clients should review the respective sponsors' Wrap Fee Program Brochure.

ITEM 5C: OTHER FEES AND EXPENSES AND VALUATION POLICY
Mutual Fund Fees: All fees paid to Chandler for investment advisory services are separate and distinct from the fees and expenses charged by mutual funds and/or ETFs to their shareholders. The fees and expenses charged by mutual funds and ETFs are described in each fund's prospectus. These fees will generally include a

management fee, other fund expenses, 12b-1 fees and possible distribution or redemption fees. If the fund also imposes sales charges, a client may pay an initial or deferred sales charge. A client could invest in a mutual fund directly, without our services. In that case, the client would not receive the services provided by our firm which are designed, among other things, to assist the client in determining which mutual fund or funds are most appropriate to each client's financial condition and objectives.

Importantly, clients should review both the fees charged by mutual funds and ETFs and our fees to fully understand the total amount of fees to be paid by the client and to thereby evaluate the advisory services being provided. Chandler is not affiliated with any mutual funds or ETFs, does not share in the fees charged by mutual funds and ETFs, does not participate in the investment decisions regarding the portfolios of mutual funds and ETFs and is not liable regarding such investments.

The fees and related expenses charged by mutual funds and ETFs can be found in the respective fund’s prospectus and statement of additional information, which should be read carefully before investing.

Short Term Idle Cash Investment: Chandler can move some or all of the non-invested cash in a client’s account to a money market mutual fund that may generate an interest return. If the cash is invested through a mutual fund, there may be times when an affiliate of the client’s custodian may be the manager of such fund and would receive separate management fees from the mutual fund. Chandler is not affiliated with any such custodian, does not share in that fee, does not participate in the investment decisions of the mutual fund portfolio and is not liable regarding such investments.

Custodian and Broker Fees and Expenses: In addition to our advisory fees, clients are also responsible for the fees and expenses charged by custodians and imposed by broker-dealers, including, but not limited to, any transaction charges imposed by a broker-dealer that effects transactions for the client's account(s). Please refer to the "Brokerage Practices" section (Item 12) of this Brochure for additional information.

From time to time, Chandler recommends a custodian to clients who do not have an existing custodial relationship established. Among others, Chandler generally recommends Union Bank, Bank of New York/Mellon, US Bank, Wells Fargo, Bank of America, or Charles Schwab & Co. Some of these custodians offer special pricing for institutional clients of Chandler. Chandler does not receive any compensation from the custodians we refer to our clients. The rates offered will depend on the size of the assets or type of account. Clients retain full discretionary authority over the selection of the custodian to be used.

Valuation Policy: For all publicly traded securities held in clients’ accounts, Chandler receives daily prices electronically from a third-party provider, which are reviewed internally monthly by designated investment personnel. When it is believed that the price provided is not correct or for times when the third party does not provide a price, Chandler will obtain pricing from a different third-party pricing source. This creates a conflict of interest since this practice could incentivize the designated investment personnel to select a pricing source that reflects a higher price per share for the security. To address this conflict, Chandler maintains detailed written policies and procedures regarding valuation of clients’ securities, which includes among other things, a list of approved third-party pricing vendors used by Chandler and reviews of price changes by the CIO and CCO.

ITEM 5D: PREPAID FEES
Limited Prepayment of Fees: Under no circumstances do we require or solicit payment of fees in excess of $1,200 more than six months in advance of services rendered.

Fees for ML’s Manager Account Services Program are billed quarterly in advance. For a complete description of the fee arrangement, including billing practices and account termination provisions, clients should review the respective sponsors’ Wrap Fee Program Brochure or other applicable disclosure document(s).

ITEM 5E: COMPENSATION FOR THE SALE OF SECURITIES OR INVESTMENT PRODUCTS Chandler is not affiliated with any broker-dealers or mutual fund companies, and therefore we do not receive any compensation for the purchase or sale of securities or investment products used in client accounts.

ITEM 6 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT Chandler does not charge performance-based fees (i.e., fees calculated based on a share of capital gains on or capital appreciation of the client’s assets or any portion of the client’s assets).

Consequently, we do not engage in side-by-side management of accounts that are charged a performancebased fee with accounts that are charged another type of fee (such as assets under management).

ITEM 7 TYPES OF CLIENTS
Chandler provides advisory services to the following types of clients:
 State, local or other municipal government entities
 Healthcare institutions
 Higher education institutions
 Charitable organizations
 Pension and profit-sharing plans (other than plan participants)  Individuals (other than high net worth individuals) only through Wrap and Dual Contract programs  High net worth individuals
 Corporations or other business entities not listed above  Retirement Accounts
As disclosed above in Item 5A of this Brochure, we have established certain initial minimum account asset requirements to maintain an account, based on the nature of the service(s) being provided. For a more detailed understanding of those requirements, please review the disclosures provided in each applicable service.

ITEM 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS ITEM 8A: METHODS OF ANALYSIS & INVESTMENT STRATEGIES

METHODS OF ANALYSIS
Chandler uses all or any combination of the following methods of analysis in formulating our investment advice and/or managing client assets:
 Fundamental Analysis. We attempt to measure the intrinsic value of a security or a market sector by looking at broad economic and financial factors (including the overall economy, industry conditions, and the market’s valuation of the security or market sector) to identify securities or market sectors that we believe are fairly valued or undervalued.

Fundamental analysis does not attempt to anticipate market movements. This presents a potential risk, as the price of a security can move up or down along with the overall market regardless of the economic and financial factors considered in evaluating the security.  Technical Analysis. We analyze past market movements and may occasionally apply that analysis to choose the price at which we wish to purchase or sell a given security. While we may seek a specific price for a security, technical analysis is never the main determinant of our purchase or sell process.

A risk in using technical analysis is that the methods or models we use may not result in the best price of a given day.
 Quantitative Analysis. We use a proprietary quantitative model (Horizon Analysis Model) that utilizes mathematical analysis to estimate the impact of interest rate changes on individual securities and portfolios of securities. The results of our quantitative analysis are taken into consideration in the decision to buy or sell securities and in the management of portfolio characteristics.

A risk in using quantitative analysis is that the methods or models used may be based on assumptions

that prove to be incorrect.
 Qualitative Analysis. We use qualitative analysis to evaluate individual securities, focusing on other non-quantifiable factors, such as quality of management, not readily subject to measurement, and incorporate that analysis into our security selection process.

A risk in using qualitative analysis is that our subjective judgment may prove incorrect.  Asset Allocation. We generally focus on identifying an appropriate allocation of securities, maturities, market sectors and yield curve positioning suitable for the client’s investment goals and risk tolerance.

A risk of asset allocation is that the client may not participate in sharp increases in a particular security, industry or market sector. Another risk is that the allocation will change over time due to market movements in the various sectors, which, if not corrected, may no longer be appropriate for the client’s goals.
 Mutual Fund and/or ETF Analysis. In selecting mutual funds and ETFs for Multi Asset Class portfolios, we look at the experience and track record of the manager of the mutual fund or ETF in an attempt to determine if that manager has demonstrated an ability to invest over a period of time and in different economic conditions. We also look at the underlying assets in a mutual fund or ETF to determine if there is significant overlap in the underlying investments held in other fund(s) in the client’s portfolio. We monitor the funds and ETFs to determine if they continue to follow their stated investment strategy.

A risk of mutual fund and/or ETF analysis is that, as in all securities investments, past performance does not guarantee future results. A manager who has been successful may not be able to replicate that success in the future. In addition, as we do not control the underlying investments in a fund or ETF, managers of different funds held by the client may purchase the same security, potentially increasing the risk to the client if that security were to fall in value. There is also a risk that a manager may deviate from the stated investment mandate or strategy of the fund or ETF, which could make the holding(s) less suitable for the client’s portfolio.

Risks for all forms of analysis
Our securities analysis methods rely on the assumption that the companies whose securities we purchase and sell as well as other purchased or publicly available sources of information about these securities are providing accurate and unbiased data. While we are alert to indications that data may be incorrect, there is always a risk that our analysis may be compromised by inaccurate or misleading information.

FIXED INCOME PORTFOLIO MANAGEMENT

INVESTMENT STRATEGIES
We believe that a conservative, risk-controlled approach to fixed income management will provide both steady incremental outperformance, and low relative volatility.

The disciplined process we employ in an effort to realize this philosophy is generally grounded in four key decisions:
 Constraint of portfolio duration within a narrow range relative to the benchmark in order to limit exposure to market risk
 Strategic allocations to key sectors to add value relative to the benchmark  Active management of term structure to add value in different yield curve environments  Security selection based on rigorous credit and relative value analysis and broad diversification of nongovernment issuers.

Within our fixed income strategy, we use the following sub-strategies in managing client accounts, provided that such sub-strategies are appropriate to the needs of the client and consistent with the client's investment objectives, risk tolerance, and time horizons, among other considerations:
 Duration Constraints. We adhere to a discipline of generally maintaining duration within a narrow band around benchmark duration in order to limit exposure to market risk. Our portfolio management team rebalances client portfolios to their current duration targets on a periodic basis.

The risk of constraining duration is that the client may underperform a neutral duration portfolio as bond prices move up or down.
 Sector Allocation. We allocate client assets to various sectors of the fixed income market, including US Treasury obligations, federal agency securities, corporate notes, mortgage-backed securities and others, based on our quantitative and qualitative analysis in order to manage client exposure to a given sector and to provide exposure to sectors we believe have good value.

The risk of sector allocation is that clients may underperform depending on the allocation to any particular sector as those prices rise or fall.
 Security Selection. A proprietary credit evaluation process drives our security selection process. The system uses both internally and externally generated credit research to evaluate securities we are considering for purchase. Based on research we conduct internally; our Credit Committee selects securities for our Approved list. The ultimate decision to purchase or sell a security is based on the firm’s evaluation of the current price for the security.

The risk of security selection is that the methods of analysis employed will not provide accurate measurement of the risk association with each individual security.  Long-term purchases. We purchase securities with the idea of holding them in the client's account for a year or longer. Typically, we employ this sub-strategy when:
 we believe the securities to be well valued, and/or
 we want exposure to a particular asset class over time, regardless of the current projection for this class.

A risk in a long-term purchase strategy is that by holding the security for this length of time, we may not take advantage of short-term gains that could be profitable to a client. Moreover, if our analysis is incorrect, a security may decline sharply in value before we make the decision to sell.

MULTI ASSET CLASS PORTFOLIO MANAGEMENT

INVESTMENT STRATEGIES
We invest in Multi Asset Class portfolios for clients with certain objectives and risk tolerances. This strategy begins with assumptions that the firm develops about the expected long-term performance of various asset classes including domestic and foreign stocks and bonds, real estate, commodities, cash, and others. Based on the expected returns and risk characteristics of these asset classes, we prepare an asset allocation suitable for the individual client’s objectives and risk tolerances. The investment vehicles that we currently employ for this strategy are mutual funds or exchange-traded funds (ETFs) that are designed to track market returns and volatilities.

The mutual funds or ETFs will be selected based on any or all of the following criteria: the fund's performance history; the industry sector in which the fund invests; the track record of the fund's manager; the fund's investment objectives; the fund's management style and philosophy; and the fund's management fee structure.

Portfolio weighting between funds and market sectors will be determined by each client's individual needs and circumstances.

Once the client’s portfolio is in place, we rebalance it each quarter to the client’s target allocation. On an annual basis, at a minimum, we review the costs and performance of our selected investment vehicles to ensure the funds or ETFs are performing as we expect.

The risks of this strategy include (1) that our analysis of long-term return expectations will not be correct; (2) that the portfolios will not be properly rebalanced; (3) that the investment vehicles we employ will not track market returns and volatility as we expect. Detailed information on the risks associated with the investments made by the mutual funds or ETFs, will be outlined in each fund’s prospectus.

ITEM 8B: MATERIAL RISKS
Risk of Loss. Securities investments are not guaranteed, and a client may lose money on their investments.

We ask that each client work with us to help us understand their tolerance for risk. Investors should be aware

that investment prices fluctuate as the securities are affected by economic and other factors. As a result, the value of your investment may increase or decrease. Bonds held to maturity will return the full par or face value amount to the bondholder at maturity (absent a default); however, those sold prior to maturity are subject to gain or loss depending on the market price at the time of sale.

For risks specific to a particular method of analysis or investment strategy, please see Item 8A above.

For risks specific to a particular type of security, please see Item 8C below.

ITEM 8C: RISKS ASSOCIATED WITH PARTICULAR TYPES OF SECURITIES USED

RISKS ASSOCIATED WITH FIXED INCOME SECURITIES
Chandler specializes in investment grade fixed income portfolio management. Despite the generally conservative nature of many fixed income investments, there are a variety of risks associated with fixed income investing.

Fixed income securities represent monies lent by investors to corporate and government institutions. Risks vary according to the type of fixed income investment purchased along with the general level of interest rates in the economy.

The risks commonly associated with fixed income securities are:
 Market Risk: The price of the security may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security’s particular underlying circumstances.
 Interest Rate Risk: The risk that the value of an interest-bearing investment will change due to changes in the general level of interest rates in the market. The market value of a bond fluctuates inversely to the change in interest rates; that is, as interest rates rise, bond prices fall and vice versa.

Interest rate risk is commonly measured by a bond’s duration; the greater a bond’s duration, the greater the impact on price of a change in interest rates. Investors may incur a gain or loss from bonds sold prior to the final maturity date.
 Credit Risk: The risk that principal and/or interest on a fixed income investment will not be paid in a timely manner or in full due to changes in the financial condition of the issuer. Generally, the higher the perceived credit risk, the higher the rate of interest investors will receive on their investment.

Many bonds are rated by a third party Nationally Recognized Statistical Rating Organization (NRSRO), for example, Moody’s Investor Services or Standard & Poor’s Inc. While ratings may assist investors to determine the creditworthiness of the issuer, they are not a guarantee of performance.  Reinvestment Risk: The risk that interest and principal payments from a bond will be reinvested at a lower yield than that received on the original bond. During periods of declining interest rates, bond payments may be invested at lower rates; during periods of rising rates, bond payments may be invested at higher rates.
 Call Risk: The risk that a bond will be called by its issuer. A callable bond has a provision which allows the issuer to purchase the bond back from the bondholders at a predetermined price. Generally, issuers call bonds when prevailing rates are lower than the cost of the outstanding bond. Call provisions allow an issuer to retire high-rate bonds on a predefined call schedule.  Prepayment Risk: Some types of bonds are subject to prepayment risk. Similar to call risk, prepayment risk is the risk that the issuer of a security will repay principal prior to the bond’s maturity date, thereby changing the expected payment schedule of the bonds.

Prepayment risk is particularly prevalent in the mortgage-backed bond market, where a decline in interest rates can trigger loan holders to pre-pay their mortgages. When investors in a bond comprised of the underlying pool of mortgages receives his or her principal back sooner than expected, they may be forced to reinvest at prevailing, lower rates.

 Liquidity Risk: The risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss. Liquidity risk is typically reflected in a wide bid-ask spread or large price movements.
 Inflation Risk: When any type of inflation is present, a dollar today will not buy as much as a dollar next year, because purchasing power is eroding at the rate of inflation.  Opportunity Cost Risk: The risk that an investor may forego profits or returns from other investments.

RISKS ASSOCIATED WITH MUTUAL FUNDS AND ETFS
As discussed in further detail in Item 4B above, Chandler also offers a Multi Asset Class strategy to clients seeking to attain balanced returns. This strategy provides exposure to various equity, fixed income and other asset classes through investments in indexed or actively managed mutual funds and exchange traded funds (“ETFs”).

Chandler is not affiliated with any such mutual fund or ETF company, does not share in any fees charged by a mutual fund or ETF and does not participate in any investment decisions relating to the management of a mutual fund or ETF portfolio.

Mutual Funds
A mutual fund is a company that pools money from many investors and invests the money in different securities or assets based on the investment strategy or goals of the particular fund. Each share of a mutual fund represents an investor’s proportionate ownership of the fund’s holdings and the income those holdings generate.

The risks most commonly associated with mutual funds are:
 Market Volatility: Investment returns will fluctuate and are subject to market volatility, so that a client’s shares, when redeemed or sold, may be worth more or less than their original cost. Past performance is no guarantee of future results.
 Tracking Error for Index Funds: Index mutual funds seek to track the returns of a market benchmark such as the S&P 500 index, by holding the same securities or a representative sample. A risk of using index mutual funds is that the fund may not be able to track its benchmark closely creating the potential for lower returns than the benchmark.
 Lack of Control/Transparency: Clients typically are not given the exact make-up of a fund’s portfolio at any given time, nor can they directly influence which securities the fund manager buys and sells or the timing of those trades.
 Price Uncertainty: With an individual stock, a client can obtain real-time pricing information with relative ease by either checking financial websites or by calling a broker. With a mutual fund, the price at which a client purchases or redeems shares will typically depend on the fund’s NAV, which the fund might not calculate until many hours after a client has placed their order. Mutual funds generally calculate their NAV at least once per business day.
 International Risk: Chandler invests in Mutual Funds offered by US based fund companies that invest in non-US companies and markets, which entail additional risks. Non-US markets may be more volatile due to a variety of factors including, less liquidity, transparency and oversight of companies or assets.

Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries.

Exchange-Traded Funds (ETFs)
ETFs are investment funds that trade on stock exchanges much like stocks and will fluctuate in market value.

ETFs also may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Additionally, frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.

Equity based ETFs are subject to risks similar to those of stocks and fixed income ETFs are subject to risks similar to those of bonds.

The risks most commonly associated with ETF securities are:
 Market Volatility: Investment returns will fluctuate and are subject to market volatility, so that a client’s shares, when redeemed or sold, may be worth more or less than their original cost. Past performance is no guarantee of future results.
 Tracking Error for Index ETFs: Index ETFs seek to track the returns of a market benchmark such as S&P 500 index, by holding the same securities or a representative sample. A risk of using index ETFs is that the fund may not be able to track its benchmark closely creating the potential for lower returns than the benchmark.
 Lack of Control/Transparency: Clients typically are not given the exact make-up of a fund’s portfolio at any given time, nor can they directly influence which securities the fund manager buys and sells or the timing of those trades.
 Liquidity Risk: The risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss. Liquidity risk is typically reflected in a wide bid-ask spread or large price movements.
 International Risk: Chandler invests in ETFs offered by US based fund companies that invest in nonUS companies and markets, which entail additional risks. Non-US markets may be more volatile due to a variety of factors including, less liquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries.

Chandler does not represent, guarantee or imply that the services or methods of analysis employed by us can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines.

ITEM 9 DISCIPLINARY INFORMATION
We are required to disclose any legal or disciplinary events that are material to a client's or prospective client's evaluation of our advisory business or the integrity of our management. Neither our firm nor our Management Persons have any reportable disciplinary events to disclose.

ITEM 10 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Our firm and our related persons are not engaged in other financial industry activities and have no other industry affiliations.

ITEM 11 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS

AND PERSONAL TRADING
ITEM 11A: CODE OF ETHICS
Our firm maintains a Code of Ethics which sets forth high ethical standards of business conduct that we require of our employees, including compliance with applicable federal securities laws.

Chandler and our personnel owe a duty of loyalty, fairness, and good faith towards our clients, and have an obligation to adhere not only to the specific provisions of the Code of Ethics but to the general principles that guide the Code.

Our Code of Ethics includes policies and procedures for the review of quarterly securities transactions reports as well as initial and annual securities holdings reports that must be submitted by the firm’s access persons. Among other things, our Code of Ethics also requires the prior approval of any acquisition of securities in a limited offering (e.g., private placement), an initial public offering and certain other securities. Our Code also provides for oversight, enforcement, and recordkeeping provisions.

Chandler's Code of Ethics further includes the firm's policy prohibiting the use of material non-public information.

While we do not believe that we have any access to non-public information, all employees are periodically reminded that such information may not be used in a personal or professional capacity.

Our Code of Ethics is distributed to all supervised persons of Chandler whenever revisions are made or no less frequently than annually, at which time all employees are required to provide a written acknowledgement and attestation of their intent to abide by Chandler’s Code provisions. In addition, firm-wide annual training regarding Chandler’s Code of Ethics is provided by Compliance.

A copy of our Code of Ethics is available to our advisory clients and prospective clients. You may request a copy by email sent to [email protected], or by calling us at 858-546-3737.

ITEM 11B: PRINCIPAL TRADING AND AGENCY CROSS TRADING
Chandler and individuals associated with our firm are prohibited from engaging in principal transactions.

Chandler and individuals associated with our firm are prohibited from engaging in agency cross transactions.

ITEM 11C: PERSONAL TRADING
Chandler and/or individuals associated with our firm can from time to time, buy or sell for their personal accounts, securities identical to or different from those recommended to our clients. In addition, any related person(s) could potentially have an interest or position in a security(ies) which may also be recommended to a client.

Our Code of Ethics is designed to assure that the personal securities transactions, activities and interests of our employees will not interfere with (i) making decisions in the best interest of advisory clients, and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts. It is also designed to help prevent employees from benefiting from transactions placed on behalf of advisory clients.

For additional information on how we address the conflicts of interest that arise in connection with personal trading, please see Item 11D below.

ITEM 11D: PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS From time to time, Chandler will aggregate trades for our self or our employees with client transactions where possible and when compliant with our duty to seek best execution for our clients. In these instances, participating clients will receive an average share price and transaction costs will be shared equally and on a pro-rata basis. In the instances where there is a partial fill of a particular aggregated order, we will allocate all purchases pro-rata, with each account paying the average price. Our employee accounts will be excluded in such a pro-rata allocation.

Because the situations outlined above represent actual or potential conflicts of interest to our clients, we have established the following policies and procedures for implementing our firm’s Code of Ethics, to ensure our firm complies with its regulatory obligations and provides our clients and potential clients with full and fair disclosure of such conflicts of interest:

1. No principal or employee of our firm may put his or her own interest above the interest of an advisory client.

2. No principal or employee of our firm may buy or sell securities for their personal portfolio(s) where their decision is a result of information received as a result of his or her employment unless the information is also available to the investing public.

3. No principal or employee may benefit from transactions placed on behalf of advisory accounts.

4. Our firm requires prior approval for any IPO, private placement investments and certain other securities by related persons of the firm.

5. We maintain a list of all reportable securities holdings for our firm, and anyone associated with this advisory practice that has access to advisory recommendations ("access person"). These holdings are reviewed on a regular basis by our firm's Chief Compliance Officer or designee.

6. We have established procedures for the maintenance of all required books and records.

7. Clients may decline to implement any advice rendered, except in situations where our firm is granted discretionary authority.

8. All of our principals and employees must act in accordance with all applicable Federal and State regulations governing registered investment advisory practices.

9. We require delivery and acknowledgement of the Code of Ethics by each supervised person (as defined by the Code) of our firm.

10. We have established policies requiring the reporting of Code of Ethics violations to our senior management.

11. Any individual who violates any of the above restrictions may be subject to sanctions, which may include termination of employment.

ITEM 12 BROKERAGE PRACTICES
ITEM 12A: BROKER-DEALER SELECTION, COMPENSATION & TRADE AGGREGATION

FIXED INCOME & MULTI ASSET CLASS PORTFOLIO MANAGEMENT
Chandler requires discretionary clients to provide us with written authority to determine broker-dealer selection and commission costs that will be charged to these clients for transactions placed in their account(s).

Broker-dealers are selected by Chandler based on best execution, a combination of most favorable price and the quality of execution. In selecting a broker to execute a transaction for a client, Chandler considers a variety of other factors, including (but not limited to) the following:
 the broker-dealer's capital depth;
 the broker-dealer's market access;
 the nature of the security or instrument being traded;  the size and type of transaction;
 the nature and character of the markets for the security or instrument to be purchased or sold;  the desired timing of the transaction;
 the execution, clearance and settlement capabilities of the broker-dealer selected, and others considered;
 the reputation and perceived soundness of the broker-dealer and others considered.  Chandler's knowledge of any actual or apparent operational problems with the broker-dealer; and  the reasonableness of the commission for specific transactions.

While Chandler generally seeks competitive commission rates and dealer spreads, it may not necessarily pay the lowest commission. Transactions may involve specialized services on the part of the broker-dealer and thereby justify higher commissions than would be the case with other transactions requiring more routine services.

Regarding commission rates paid, Chandler’s fixed income transactions are generally executed by the brokerdealer on a net basis, which means the execution costs (e.g., commissions) are included in the purchase or sale price of the security. Equity and ETF transactions will be charged commissions.

FIXED INCOME PORTFOLIO MANAGEMENT IN WRAP FEE OR SUB-ADVISORY PROGRAMS Managed Accounts Select Program
Chandler participates in the Schwab Institutional (“SI”) services program offered to independent investment advisers by Charles Schwab & Company, Inc. (Schwab), a FINRA registered broker-dealer unaffiliated with Chandler. Wrap fee clients participating in this program are required to utilize Schwab as the custodian for their assets managed within the program. As part of the SI program, Chandler receives benefits that it would not receive if it did not offer investment advice (See the disclosure under Item 12A.1 of this Brochure).

Chandler arranges for all securities transactions in wrap program accounts to be executed through the sponsoring party, subject to best execution considerations described above. If Chandler determines that best execution considerations require trading with brokers other than the sponsoring party, clients can incur additional trading costs. These costs are a factor in Chandler's best execution analysis.

Chandler has established a prime brokerage account relationship with Schwab through which it can purchase fixed income products directly from third parties for clients and maintain custody at Schwab. In this situation, Chandler will select those brokers or dealers which will provide the best services at the lowest commission rates possible. The reasonableness of brokerage costs, commissions and mark-up/mark-downs is based on the broker-dealer's ability to provide professional services, competitive execution, and other services that will help Chandler in providing investment management services to clients. Thus, for fixed income transactions, Chandler may request that it be provided with written authority to determine the broker-dealer to use for client fixed income transactions and the costs that will be incurred by clients for these transactions. Any limitations on this discretionary authority shall be included in this written authority statement. Clients may change/amend these limitations as required. Such amendments shall be submitted in writing.

There are times when client trades in fixed income securities are aggregated with transactions for other advisory clients to achieve better pricing and commission costs. Fixed income trades will be allocated on a pro-rata basis in the best interest of the client as set forth in Chandler’s policy and procedures manual.

Envestnet Separately Managed and Unified Managed Accounts Programs Chandler participates as a separate account manager in Envestnet's Separately Managed Accounts (SMA) and Unified Managed Accounts (UMA) Programs offered to independent investment advisers by Envestnet Asset Management, Inc., an SEC registered investment adviser unaffiliated with Chandler. SMA and UMA Program clients are required to utilize Charles Schwab & Company, JP Morgan, Pershing Advisor Solutions, or Fidelity as the custodian for their assets managed within the program.

Chandler arranges for all securities transactions in SMA and UMA program accounts through the sponsoring party subject to best execution considerations described above. If Chandler determines that best execution considerations require trading with brokers other than the sponsoring party or client custodian, clients could incur additional trading costs. These costs are a factor in Chandler's best execution analysis.

ITEM 12A.1: RESEARCH AND OTHER SOFT DOLLAR BENEFITS
Chandler’s soft dollar policy prohibits us from entering into third party soft dollar arrangements.

We are providing these additional disclosures as we believe clients should understand related issues surrounding soft dollars. The term soft dollars generally refers to arrangements whereby a discretionary investment adviser is allowed to pay for and receive research, research-related or execution services from a broker-dealer or third-party provider, in addition to the execution of transactions, in exchange for the brokerage commissions from transactions for client accounts.

As disclosed in Item 4D of this Brochure, clients participating in the Schwab Managed Account Select wrap fee program are required to utilize Schwab as the custodian of their assets being managed within that program.

Schwab Institutional provides Chandler with access to its institutional trading and operations services, which are typically not available to Schwab retail investors. These services generally are available to independent investment advisors at no charge to them so long as a specified minimum, generally $10 million, of the advisor's clients' account assets are maintained at Schwab Institutional.

These services are not contingent upon our firm committing to Schwab any specific amount of business (assets in custody or trading commissions). Schwab's brokerage services include the execution of securities transactions, custody, research, and access to mutual funds and other investments that are otherwise generally available only to institutional investors or would require a significantly higher minimum initial investment.

For our client accounts maintained in its custody, Schwab generally does not charge separately for custody services but is compensated by account holders through commissions and other transaction-related or assetbased fees for securities trades that are executed through Schwab or that settle into Schwab accounts.

Schwab Institutional also makes available to our firm other products and services that create a benefit to Chandler but not a direct benefit to our clients' accounts. Many of these products and services are used to service all or some substantial number of our client accounts, including accounts not maintained at Schwab.

Schwab's products and services that assist us in managing and administering our clients' accounts include

software and other technology that:
 provide access to client account data (such as trade confirmations and account statements);  facilitate trade execution and allocate aggregated trade orders for multiple client accounts;  provide research, pricing, and other market data;
 facilitate payment of our fees from clients' accounts; and  assist with back-office functions, recordkeeping, and client reporting.

Schwab Institutional also offers other services intended to help us manage and further develop our business enterprise. These services include:
 compliance, legal and business consulting;
 publications and conferences on practice management and business succession; and  access to employee benefits providers, human capital consultants and insurance providers.

Although Chandler does not utilize such services, Schwab can also make available, arrange and/or pay thirdparty vendors for the types of services rendered to Chandler. Schwab Institutional may discount or waive fees it would otherwise charge for some of these services or pay all or a part of the fees of a third-party providing these services to our firm.

Schwab Institutional may also provide other benefits such as educational events or occasional business entertainment of our personnel. In evaluating whether to recommend clients custody their assets at Schwab, we consider the availability of some of the foregoing products and services and other arrangements as part of the total mix of factors we consider and not solely on the nature, cost or quality of custody and brokerage services provided by Schwab, which creates a potential conflict of interest. However, Chandler has a fiduciary responsibility to always place client interests before our own and we will only recommend Schwab to clients where we believe it would be beneficial to those clients.

Additionally, when placing trades with brokers, there are times when Chandler places certain trades with a thirdparty approved broker that is providing brokerage and research services to us (“Approved Broker”). Brokerage and research services provided by Approved Brokers can include, among other things, effecting securities transactions and performing services incidental thereto (such as clearance, settlement, and custody) and providing proprietary research (i.e., created by the Research Broker). The research can pertain to the economy, industries, sectors of securities, individual companies, statistical information, political and/or developments, credit, and risk measurement, and/or performance analysis. In selecting a broker for trade placement, Chandler can place transactions with Research Brokers that charge commissions, transaction costs or mark-ups that are more than that which another broker might have charged for effecting the same transaction, in recognition of the value of the brokerage and/or research services provided by the broker. This practice is commonly referred to as “soft dollars” and is permissible under Section 28(e) of the Securities Exchange Act of 1934, so long as certain conditions are met. In some cases, the research provided by Research Brokers is not utilized by Chandler and in other cases, it can be used in servicing any or all of our clients. In other words, there can be certain client accounts that benefit from the research services, which did not make the payment of commissions, transaction costs or mark-ups to the Approved Broker providing the services. This is allowed under Section 28(e); however, the receipt of brokerage and research services from any broker executing transactions for our clients will not result in a reduction of our customary and normal research activities. Also, the receipt of this type of research can be deemed to be the receipt of an economic benefit by us, and although customary, creates a conflict of interest between Chandler and our clients. Therefore, we are providing these disclosures as we believe clients should understand the issues surrounding soft dollars. In addition, we only place trades where we feel best execution can be obtained, taking into consideration all factors surrounding the transaction and not just research received.

ITEM 12A.2: BROKERAGE FOR CLIENT REFERRALS
Chandler does not direct brokerage in exchange for client referrals.

ITEM 12A.3: DIRECTED BROKERAGE
Chandler’s policy and practice is not to accept advisory clients’ instructions for directing client’s brokerage transactions, however from time to time, Chandler accepts written direction from a client regarding the use of a particular broker-dealer to execute some or all transactions for the client’s account(s). In these circumstances,

clients should understand that: (1) we do not negotiate specific brokerage commission rates with the broker on client’s behalf, or may not seek better execution services or prices from other broker/dealers and, as a result, the client may pay higher commissions and/or receive less favorable net prices on transactions for their account than might otherwise be the case; (2) transactions for that account generally will be effected independently unless we decide to purchase or sell the same security for several clients at approximately the same time (block trade), in which case we may be able to include such client’s transaction with that of other clients for execution if at the same broker; and (3) conflicts may arise between the client’s interest in receiving best execution with respect to transactions effected for the account and Chandler’s interest in receiving future client referrals from that broker. Therefore, prior to directing us to use a specific broker-dealer, clients should consider whether, under that restriction, execution, clearance and settlement capabilities, commission expenses and whatever amount is allocated to custodian fees, if applicable, would be comparable to those otherwise obtainable. Clients should understand that they might not obtain commissions rates as low as might otherwise be obtain if we had discretion to select other broker-dealers.

ITEM 12B: AGGREGATING CLIENT TRADES
Order aggregation is the process of adding together or “blocking” orders to purchase and sell the same security as one large order. Chandler will aggregate or “block” trades where possible and when advantageous to clients.

This blocking of trades permits the trading of aggregate blocks of securities composed of assets from multiple client accounts and in some cases, employees, and other proprietary accounts so long as transaction costs are shared equally and on a pro-rata (or other fair and reasonable) basis between all accounts included in any such block.

Block trading may allow us to execute trades in a timelier, more equitable manner, at a better overall price.

Chandler will aggregate trades for itself or for its associated persons with client trades, providing that the following conditions are met:
1) Chandler's policies for the aggregation of transactions shall be fully disclosed in this Form ADV Part 2A and separately to Chandler's existing clients (if any) and the broker-dealer(s) through which such transactions will be placed;
2) We will not aggregate transactions unless aggregation is consistent with our duty to seek best execution and the terms of Chandler’s investment advisory agreement with each client for which trades are being aggregated;
3) No participating account will be favored over any other account; each account that participates in an aggregated order will participate at the average price for all the aggregated order, with transaction costs shared pro-rata, when applicable, on each account’s participation in the transaction; 4) Chandler will enter aggregated orders into our Order Management System (“OMS”), specifying the participating accounts and how we intend to allocate the order among those accounts; 5) If the aggregated order is filled in its entirety, it will be allocated among participating accounts in accordance with the allocations entered into the OMS; if the order is partially filled, it will be allocated pro-rata based on the allocations entered into the OMS; 6) If the security is purchased from multiple dealers at different prices and is to be allocated among multiple accounts, it will be allocated using a weighted average method; 7) Allocations for an aggregated order should constitute no less than 0.50 of 1% (50 basis points) of a selected portfolio. If a proposed allocation would amount to less than 0.50 of 1% (50 basis points) of the selected portfolio, it may be allocated to a more appropriate account different from that specified in the OMS as long as all client accounts receive fair and equitable treatment and the reason for the different allocation is explained in a manner consistent with the procedures listed in number 8 herein; 8) Notwithstanding the foregoing, the order may be allocated on a basis different from that specified in the OMS if all client accounts receive fair and equitable treatment and the reason for the different allocation is explained in writing and is approved in writing by appropriate supervisory personnel no later than one hour after the opening of the markets on the trading day following the day the order was executed;
9) Chandler will receive no additional compensation of any kind as a result of the proposed aggregation;

10) Individual investment advice and treatment will be accorded to each advisory client. 11) Chandler’s books and records will separately reflect, for each client account, the orders of which are aggregated, the securities held by, and bought and sold for that account. 12) Funds and securities for aggregated orders are clearly identified on Chandler's records and to the broker-dealers or other intermediaries handling the transactions, by the appropriate account numbers for each participating client.

There are times when Chandler does not aggregate trades when we have an opportunity to do so. Portfolio managers choose not to aggregate trades in the following situations:
 Non-discretionary clients: An advisory client electing not to grant investment discretionary authority to Chandler is advised that trades done in his/her account may be executed after trades effected in discretionary accounts due to the additional time involved in obtaining the required client approval prior to executing any trade in such non-discretionary client accounts. Consequently, we may not be able to aggregate these trades with other discretionary trades which may result in a difference in the price per share/bond of a given security and the commission rates paid.  Client direction: While rare, an advisory client may choose not to have their trades aggregated or may have cash flow needs that prevent Chandler from aggregating a trade with other pending orders.

Consequently, we may not be able to aggregate these client trades with other client trades which may result in a difference in the price per share/bond of a given security and the commission rates paid.  Portfolio Manager’s discretion: Portfolio managers may choose to trade certain strategies at the same time while waiting to trade others. The timing of the trades and determination of which strategy to trade is dependent on market conditions.

Additionally, not all portfolio managers will trade their client accounts at the same time and there may be timing differences for trades executed by different portfolio managers. Accordingly, we may not be able to aggregate all trades executed independently by our different portfolio managers, which may result in a difference in the price per share/bond of a given security and the commission rates paid.

ITEM 13 ACCOUNT REVIEWS
ITEM 13A: PERIODIC ACCOUNT REVIEWS

FIXED INCOME & MULTI ASSET CLASS PORTFOLIO MANAGEMENT
The underlying securities within client accounts are continually monitored and reviewed daily in our Order Management and Portfolio Compliance System (OMS) in the context of each client's stated investment objectives and guidelines. Additional reviews may be triggered by material changes in variables such as the client's individual circumstances, liquidity requirements, credit analysis or the market, political or economic environment.

These accounts are reviewed by our Co-Chief Investment Officers, Portfolio Managers and our compliance department.

WRAP FEE PROGRAMS
Program clients should refer to the selected Sponsor’s Wrap Fee Program Brochure and, if applicable, the independent advisor’s disclosure document for information regarding reviews performed by the sponsor or independent advisor and the frequency of reviews conducted on the client’s Program account(s).

CONSULTING SERVICES
While reviews may occur at different stages depending on the nature and terms of the specific engagement, typically no formal reviews will be conducted for Consulting Services clients unless otherwise contracted for.

Such reviews will be conducted by the client's account representative.

ITEM 13B: OTHER REVIEWS
Chandler reviews accounts on a periodic basis as described above in Item 13A of this brochure.

ITEM 13C: REPORTING

FIXED INCOME & MULTI ASSET CLASS PORTFOLIO MANAGMENT
In addition to the monthly account statements that non-wrap clients receive from their custodian and confirmations of transactions that they receive from the executing broker-dealer, we provide written monthly reports summarizing account performance, balances and holdings, transactions, income earned, and cash flow expected for the next 365 days.

WRAP FEE PROGRAMS
Program clients should refer to the selected Sponsor’s Wrap Fee Program Brochure and, if applicable, the independent advisor’s disclosure document for information regarding the content and frequency of reports provided by the sponsor or independent advisor to the client, if any. Chandler does not send any reports or account statements to wrap fee program clients.

CONSULTING SERVICES
These client accounts will receive written reports as contracted for at the inception of the advisory engagement.

ITEM 14 CLIENT REFERRALS AND OTHER COMPENSATION
ITEM 14A: OTHER COMPENSATION
As outlined in Item 12A of this Brochure, certain indirect economic benefits are received by Chandler for clients that custody their assets with Schwab. While Chandler and its employees always endeavor to put the interest of our clients first, clients participating in the Schwab wrap programs should be aware that receipt of this indirect additional compensation creates a potential conflict of interest. However, Chandler has a fiduciary responsibility to always place client interests before our own and will only recommend Schwab to clients where we believe it would be beneficial to those clients.

ITEM 14B: CLIENT REFERRALS
Chandler’s policy and practice is not to enter into arrangements to pay referral fees to independent persons or firms ("Solicitors") for introducing clients to us. Compensation paid to certain related persons of Chandler takes into consideration an overall assessment of predetermined objectives in addition to other defined criteria.

Notably, this firm practice does not impact the advisory fees paid to Chandler by any client.

ITEM 15 CUSTODY
Chandler does not take custody or possession of the funds or securities that a client has placed under our management. Each client shall appoint a Qualified Custodian (“custodian”) to take and have possession of their assets. The fees expressed in the “Fees and Compensation” section (Item 5A) of this Brochure do not include fees a client will incur for custodial services.

From time to time, Chandler recommends a custodian to clients who do not have an existing custodian relationship established. Among others, Chandler generally recommends (in alphabetical order) Bank of America, Bank of New York/Mellon, Charles Schwab & Co., Union Bank, US Bank or Wells Fargo. Some of the above-mentioned custodians offer special pricing for institutional or municipal clients of Chandler. Chandler does not receive any compensation or referrals from the custodians we refer our clients to. The rates offered by the

custodian can be based on the size of the portfolio or type of account opened. Client retains full discretionary authority over the selection of the custodian to be used.

Direct Debiting of Fees
Although Chandler does not take custody or possession of the funds or securities that a client has placed under its management, Chandler is deemed by the SEC to have custody of those accounts where fees are debited directly from the client’s custodian bank account. We previously disclosed in the "Fees and Compensation" section (Item 5) of this Brochure that our firm directly debits advisory fees from client accounts.

As part of this billing process, the client's custodian is advised of the amount of the fee to be deducted from that client's account. On at least a quarterly basis, the custodian is required to send to the client a statement showing all transactions and holdings within the account during the reporting period, in addition to any advisory fees paid.

Because the custodian does not calculate the amount of the fee to be deducted, it is important for clients to carefully review their custodial statements to verify the accuracy of the calculation, among other things. Clients should contact us directly if they believe that there may be an error in their statement.

In addition to the periodic statements that clients receive directly from their custodians, we also send account statements directly to our clients monthly. While Chandler makes every effort to provide accurate statements, we urge our clients to carefully compare the information provided on our statements to statements provided by their custodian in order to ensure that all account transactions, holdings and values are correct and current.

ITEM 16 INVESTMENT DISCRETION
Generally, clients hire us to provide discretionary asset management services; however, we do provide our services on a non-discretionary basis, if requested by a client.

Our discretionary authority includes the ability to do the following without first obtaining approval from the client:
 Determine the security to buy or sell;
 Determine the amount of the security to buy or sell; and  Determine the price at which to buy or sell the security; Clients give us discretionary authority when they sign a discretionary client agreement with our firm and may limit this authority by giving us written instructions. Such limitations are typically outlined in a client’s investment policy statement and may include restrictions on maturity or ratings, issuer or sector concentration limitations, among others. Clients may also change/amend such limitations by once again providing us with written instructions. Chandler reserves the right to decline acceptance of any client account.

ITEM 17 VOTING CLIENT SECURITIES
ITEM 17A: PROXY VOTING
We vote proxies for the securities held in client accounts where the client has given us authorization to do so. All clients retain the right to vote their own proxies should they choose to do so. Clients can exercise this right by instructing us in writing to not vote proxies in their account and instructing their custodian to send proxies directly to their attention.

We will vote proxies in the best interests of our clients and in accordance with our established policies and procedures. Our firm will retain all proxy voting books and records for the requisite period of time, including a copy of each proxy statement received, a record of each vote cast, a copy of any document created by us that was material to making a decision how to vote proxies, and a copy of each written client request for information on how the adviser voted proxies. If our firm has a conflict of interest in voting a particular action, we will notify the client of the conflict and retain an independent third-party to cast a vote.

Clients may obtain a copy of our complete proxy voting policies and procedures by contacting Joseph Kolinsky, our Chief Compliance Officer, by telephone, email, or in writing. Clients may request, in writing, information on how proxies for their shares were voted. If any client requests a copy of our complete proxy policies and

procedures or how we voted proxies for their account(s), we will promptly provide such information to the client.

We will neither advise nor act on behalf of the client in legal proceedings involving companies whose securities are held in the client’s account(s), including, but not limited to, the filing of “Proofs of Claim” in class action settlements. If desired, clients may direct us to transmit copies of class action notices to the client or a third party. Upon such direction, we will make commercially reasonable efforts to forward such notices in a timely manner.

With respect to ERISA accounts, we will vote proxies unless the plan documents specifically reserve the plan sponsor’s right to vote proxies. To direct us to vote a proxy in a particular manner, clients should contact Joseph Kolinsky by telephone, email, or in writing.

You can instruct us to vote proxies according to criteria (for example, to always vote with management, or to vote for or against a proposal to allow a so-called "poison pill" defense against a possible takeover). You can also instruct us on how to cast your vote in a particular proxy contest by contacting Joseph Kolinsky by mail at 6225 Lusk Boulevard, San Diego, CA 92121 or by email at [email protected]. These requests must be made in writing.

ITEM 17B: WHERE CLIENT RETAINS RIGHT TO VOTE PROXIES
For accounts where we do not vote proxies, Chandler may provide investment advisory services relative to client investment assets. Clients maintain exclusive responsibility for:
1) Directing the manner in which proxies solicited by issuers of securities beneficially owned by the client shall be voted, and
2) Making all elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to the client’s investment assets; and 3) Instructing each custodian of the assets to forward to the client copies of all proxies and shareholder communications relating to the client’s investment assets.

We may provide clients with consulting assistance regarding proxy issues if they contact us with questions at our principal place of business.

ITEM 18 FINANCIAL INFORMATION
ITEM 18A: FINANCIAL STATEMENT REQUIREMENT
Under no circumstances do we require or solicit payment of fees in excess of $1200 per client more than six months in advance of services rendered. Therefore, we are not required to include a financial statement.

ITEM 18B: FINANCIAL CONDITION
Chandler has no financial conditions to disclose that would impair its ability to meet contractual and fiduciary obligations to clients.

ITEM 18C: BANKRUPTCY DISCLOSURE
Chandler has never been the subject of a bankruptcy petition.

Rev [01/2014]
FACTS WHAT DOES CHANDLER ASSET MANAGEMENT, INC. DO
WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
 Social Security number and investment experience
 Account balances and transaction history
 Assets and income
When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Chandler chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information Does Chandler share? Can you limit this sharing? For our everyday business purposes—
such as to process your transactions, maintain
your account(s), respond to court orders and legal
investigations, or report to credit bureaus
Yes No
For our marketing purposes—
to offer our products and services to you Yes No
For joint marketing with other financial companies No We do not share For our affiliates’ everyday business purposes—
information about your transactions and experiences No We do not share For our affiliates’ everyday business purposes—
information about your creditworthiness No We do not share For our affiliates to market to you No We do not share
For non-affiliates to market to you No We do not share
Questions? Call (858) 546-3737 or go to www.chandlerasset.com

What we do
How does Chandler protect my personal
information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.

These measures include computer safeguards and secured files and buildings.

How does Chandler collect my personal
information?
We collect your personal information, for example, when you  Open an account or enter into an investment advisory agreement  Give us your income information and your contact information  Tell us about your investment or retirement portfolio We also collect your personal information from other companies Why can’t I limit all sharing? Federal law gives you the right to limit only  sharing for affiliates’ everyday business purposes—information about your creditworthiness
 affiliates from using your information to market to you  sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. [See below for more on your rights under state law.] Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
 Chandler Asset Management, Inc. has no affiliates.

Non-affiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
 Chandler Asset Management, Inc. does not share with non-affiliates so they can market to you
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
 Chandler Asset Management, Inc. doesn’t jointly market.

Other important information
Information for Vermont, California and Nevada Customers In response to a Vermont regulation, if we disclose personal information about you to non-affiliated third parties with whom we have joint marketing agreements, we will only disclose your name, address, other contact information, and information about our transactions or experiences with you.

In response to a California law, we automatically treat accounts with California billing addresses as if you do not want to disclose personal information about you to non-affiliated third parties except as permitted by the applicable California law. We will also limit the sharing of personal information about you with affiliates to comply with all California privacy laws that apply to us.

Nevada law requires us to disclose that you may request to be placed on our “do not call” list at any time by calling 1- 831-759-6300. To obtain further information, contact the Bureau of Consumer Protection, Office of the Nevada Attorney General at 555 E. Washington Ave., Suite 3900, Las Vegas, NV 88101; phone 1-702-486-3132; email [email protected]
www.chandlerasset.com Page 1
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Martin Cassell, CFA
CEO
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA  92121
(800) 317‐4747
This brochure supplement provides information about Martin Cassell that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Martin Cassell is available on the SEC’s website www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Martin Dayle Cassell
1959
California State University Hayward; BS, Finance; 1987
01/2022 to Present:  CEO – Chandler Asset Management Inc. 2008 to Present:  CEO, Chief Investment Officer & Principal – Chandler Asset Management, Inc. 2003 to 2008:  Chief Investment Officer & Principal – Chandler Asset Management, Inc. 1993 to 2003:  VP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 1991 to 1993:  Portfolio Manager – Chandler Asset Management, Inc.

Chartered Financial Analyst (CFA); CFA Institute; 1998
For an explanation of the CFA designation, please see page 10 ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Martin Cassell.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Martin Cassell sits on the Investment Committee for the San Diego Foundation and is on the Board of Trustees and Finance Committee for the San Diego Botanic Garden.  Mr. Cassell devotes approximately 2‐5 hours a month to these activities.
 Martin Cassell does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Martin Cassell is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.

ITEM 5:  ADDITIONAL COMPENSATION
Martin Cassell does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Board of Directors
(858) 546‐3737
, ._,a CHANDLER
'-••· ASSET MANAGEMENT
IL....3-,Z.I Cd ___ l\ ________________ ___,_
www.chandlerasset.com Page 2
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
William Dennehy II, CFA
Co‐ Chief Investment Officer
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA  92121
(800) 317‐4747
This brochure supplement provides information about William Dennehy II that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about William Dennehy II is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

William Dennehy II
1970
California State University Chico; BS, Business/Finance; 1992 01/2022 to Present:  Co‐Chief Investment Officer – Chandler Asset Management Inc. 06/2020 to 2021:  Deputy Chief Investment Officer – Chandler Asset Management, Inc. 2016 to 2020: EVP, Portfolio Manager – Chandler Asset Management, Inc. 2012 to 2015: SVP, Portfolio Manager – Chandler Asset Management, Inc. 2011 to 2012:  VP, Portfolio Manager – Chandler Asset Management, Inc. 2001 to 3/2011:  Senior Portfolio Manager – Northern Trust Global Investments Chartered Financial Analyst (CFA); CFA Institute; 2000
For an explanation of the CFA designation, please see page 10 ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of William Dennehy II.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 William Dennehy II is not engaged in any other investment‐related activities.  William Dennehy II does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 William Dennehy II is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.

ITEM 5:  ADDITIONAL COMPENSATION
William Dennehy II does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Martin Cassell
CEO
(858) 546‐3737
, ._,a CHANDLER
'-••· ASSET MANAGEMENT
IL....3-,Z.I Cd ___ l\ ________________ ___,_
www.chandlerasset.com Page 3
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Scott Prickett, CTP
Co‐ Chief Investment Officer
Chandler Asset Management, Inc.   Chandler Asset Management, Inc. 801 2nd Avenue, Suite 800     1875 Lawrence Street, Suite 920 Seattle, WA  98104     Denver, CO  80202
(800) 317‐4747       (800) 317‐4747
This brochure supplement provides information about Scott Prickett that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Scott Prickett is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Scott David Prickett
1963
University of Northern Colorado; BS, Business Finance; 1987 01/2022 to Present: Co‐Chief Investment Officer – Chandler Asset Management Inc. 06/2020 to 2021:   Co‐ Chief Investment Officer – Chandler Asset Management, Inc. 01/2016 to 05/2020:  EVP, Portfolio Strategist – Chandler Asset Management, Inc. 04/2014 to 12/2015: SVP, Portfolio Strategist – Chandler Asset Management, Inc. 05/2006 to 04/2014: SVP, Managing Director, Portfolio Manager – Davidson Fixed Income Mgmt. Inc. 05/2006 to 04/2014: SVP, Managing Director ‐ D.A. Davidson& Co.

Certified Treasury Professional (CTP); Association of Financial Professionals; 2000 For an explanation of the CTP designation, please see page 10 ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Scott Prickett.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Scott Prickett is not engaged in any other investment‐related activities.  Scott Prickett does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Scott Prickett is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.

ITEM 5:  ADDITIONAL COMPENSATION
Scott Prickett does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Martin Cassell
CEO
(858) 546‐3737
, ._,a CHANDLER
'-••· ASSET MANAGEMENT
IL....3-,Z.I Cd ___ l\ ________________ ___,_
www.chandlerasset.com Page 4
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Jayson Schmitt, CFA
Co‐ Chief Investment Officer
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA  92121
(800) 317‐4747
This brochure supplement provides information about Jayson Schmitt that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Jayson Schmitt is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Jayson Arnold Schmitt
1969
California State University San Diego; BA, Economics; 1995 01/2022 to Present:  Co‐Chief Investment Officer – Chandler Asset Management Inc. 06/2020 to 2021:  Deputy Chief Investment Officer – Chandler Asset Management, Inc. 2016 to 2020:  EVP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 2010 to 2015:  SVP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 2009 to 2010:  VP, Portfolio Manager & Principal – Chandler Asset Management, Inc. 2003 to 2009:  VP, Portfolio Manager – Chandler Asset Management, Inc.

Chartered Financial Analyst (CFA); CFA Institute; 2003
For an explanation of the CFA designation, please see page 10 ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Jayson Schmitt.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Jayson Schmitt is not engaged in any other investment‐related activities.  Jayson Schmitt does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Jayson Schmitt is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.

ITEM 5:  ADDITIONAL COMPENSATION
Jayson Schmitt does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Martin Cassell
CEO
(858) 546‐3737
, ._,a CHANDLER
'-••· ASSET MANAGEMENT
IL....3-,Z.I Cd ___ l\ ________________ ___,_
www.chandlerasset.com Page 5
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Daniel Delaney, CFA
Senior Portfolio Manager
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA  92121
(800) 317‐4747
This brochure supplement provides information about Daniel Delaney that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Daniel Delaney is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Daniel Joseph Delaney
1981
University of Exeter, UK
April 2021 to Present:  Senior Portfolio Manager – Chandler Asset Management, Inc.

January 2017 to April 2021:  Director / Senior Portfolio Manager – Allianz Global Investors April 2006 – December 2016: Global Credit Analyst / Portfolio Manager – Rogge Global Partners Chartered Financial Analyst (CFA); CFA Institute; 2010
For an explanation of the CFA designation, please see page 10 ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Daniel Delaney.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Daniel Delaney is not engaged in any other investment‐related activities.  Daniel Delaney does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Daniel Delaney is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of her time.

ITEM 5:  ADDITIONAL COMPENSATION
Daniel Delaney does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

William Dennehy II
Co‐Chief Investment Officer
(858) 546‐3737
, ._,a CHANDLER
'-••· ASSET MANAGEMENT
IL....3-,Z.I Cd ___ l\ ________________ ___,_
www.chandlerasset.com Page 6
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Julie Hughes
Senior Portfolio Strategist
Chandler Asset Management, Inc.
1875 Lawrence Street, Suite 920
Denver, CO  80202
(800) 317‐4747
This brochure supplement provides information about Julie Hughes that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Julie Hughes is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Julie Kirschner Hughes
1964
University of Texas at Austin; BBA, Marketing; 1986
The Wharton School of the University of Pennsylvania; MBA, Entrepreneurial Management; 1992 06/2020 to Present:  Senior Portfolio Strategist – Chandler Asset Management, Inc. 01/2016 to 05/2020:  SVP, Portfolio Strategist – Chandler Asset Management, Inc. 04/2014 to 12/2015: VP, Portfolio Strategist – Chandler Asset Management, Inc. 08/2007 to 04/2014: SVP, Portfolio Manager – Davidson Fixed Income Management None
ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Julie Hughes.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Julie Hughes is not engaged in any other investment‐related activities.  Julie Hughes does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Julie Hughes is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of her time.

ITEM 5:  ADDITIONAL COMPENSATION
Julie Hughes does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Scott Prickett
Co‐Chief Investment Officer
(800) 317‐4747

, ._,a CHANDLER
'-••· ASSET MANAGEMENT
IL....3-,Z.I Cd ___ l\ ________________ ___,_
www.chandlerasset.com Page 7
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Genny Lynkiewicz, CFA
Senior Portfolio Manager
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA  92121
(800) 317‐4747
This brochure supplement provides information about Genny Lynkiewicz that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Genny Lynkiewicz is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Genevieve Cathryn Lynkiewicz
1974
University of Wisconsin, Madison; BBA, Finance, Investment & Banking; 1997 06/2020 to Present:  Senior Portfolio Manager – Chandler Asset Management, Inc. 10/2015 to 05/2020:  VP, Portfolio Manager – Chandler Asset Management, Inc. 08/2012 to 02/2015: VP, Fixed Income Portfolio Manager – BMO Asset Management Corp. 02/2012 to 08/2012: Fixed Income Portfolio Manager – M&I Investment Management Corp.

Chartered Financial Analyst (CFA); CFA Institute; 2006
For an explanation of the CFA designation, please see page 10 ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Genny Lynkiewicz.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Genny Lynkiewicz serves as the CFO/Treasurer for the San Diego Peace Corps Association.  Ms. Lynkiewicz devotes approximately 4‐5 hours a month to this activity.
 Genny Lynkiewicz does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Genny Lynkiewicz is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of her time.

ITEM 5:  ADDITIONAL COMPENSATION
Genny Lynkiewicz does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Jayson Schmitt
Co‐Chief Investment Officer
(858) 546‐3737
, ._,a CHANDLER
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www.chandlerasset.com Page 8
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Carlos Oblites
Senior Portfolio Strategist
Chandler Asset Management, Inc.
7250 Redwood Boulevard, Suite 300
Novato, CA 94945
(800) 317‐4747
This brochure supplement provides information about Carlos Oblites that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Carlos Oblites is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Carlos Oblites
1969
University of CA, Santa Barbara; BA, History; 1990
San Francisco State University; MBA; 2003
06/2020 to Present:  Senior Portfolio Strategist – Chandler Asset Management, Inc. 01/2017 to 05/2020:  SVP, Portfolio Strategist – Chandler Asset Management, Inc. 09/2015 to 01/2017: Administrative Services Manager – Central Marin Sanitation Agency 05/2007 to 09/2015: Director – PFM Asset Management
None
ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Carlos Oblites.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Carlos Oblites is not engaged in any other investment‐related activities.  Carlos Oblites does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Carlos Oblites is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.

ITEM 5:  ADDITIONAL COMPENSATION
Carlos Oblites does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Scott Prickett
Co‐Chief Investment Officer
(800) 317‐4747
, ._,a CHANDLER
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www.chandlerasset.com Page 9
Part 2B of Form ADV: Brochure Supplement
Effective Date: July 5, 2022
ITEM 1:  COVER PAGE
Ted Piorkowski, CFA
Senior Portfolio Manager
Chandler Asset Management, Inc.
6225 Lusk Boulevard
San Diego, CA  92121
(800) 317‐4747
This brochure supplement provides information about Ted Piorkowski that supplements the Chandler Asset Management (Chandler) brochure. You should have received a copy of that brochure. Please contact Joseph Kolinsky if you did not receive Chandler's brochure or if you have any questions about the contents of this supplement.

Additional information about Ted Piorkowski is available on the SEC’s website at www.adviserinfo.sec.gov.

ITEM 2:  EDUCATIONAL BACKGROUND & BUSINESS EXPERIENCE
Full Legal Name:

Year of Birth:

Post High School Education:

Business Background:

Professional Designations:

Theodore James Piorkowski
1959
California State University San Diego; BS, Finance; 1982 California State University San Diego; MBA, Finance; 1985 2009 – Present: Senior Portfolio Manager & Principal – Chandler Asset Management, Inc. 2004 to 2009:  SVP, Portfolio Manager – Chandler Asset Management, Inc. 1999 to 2004: VP, Portfolio Manager – Chandler Asset Management, Inc. 1994 to 1999; VP, Fund Manager – Sefton Capital Management, Inc.

Chartered Financial Analyst (CFA); CFA Institute; 1991
For an explanation of the CFA designation, please see page 10 ITEM 3:  DISCIPLINARY INFORMATION
Chandler is required to disclose all material facts regarding any legal or disciplinary events that would materially impact a client’s evaluation of Ted Piorkowski.  No events have occurred that are applicable to this item.

ITEM 4:  OTHER BUSINESS ACTIVITIES
Chandler is required to disclose any outside business activities or occupation for compensation that could potentially create a conflict of interest with clients.

A. Investment‐Related Activities
 Ted Piorkowski is not engaged in any other investment‐related activities.  Ted Piorkowski does not receive commissions, bonuses or other compensation on the sale of securities or other investment products.

B. Non‐Investment‐Related Activities
 Ted Piorkowski is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his time.

ITEM 5:  ADDITIONAL COMPENSATION
Ted Piorkowski does not receive any economic benefit from a non‐advisory client for the provision of advisory services.

ITEM 6:  SUPERVISION
Supervisor:

Title:

Phone Number:

Jayson Schmitt
Co‐Chief Investment Officer
(858) 546‐3737
, ._,a CHANDLER
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www.chandlerasset.com Page 10
Explanations of Professional Designations Held
CFA Charter
The Chartered Financial Analyst (CFA) charter is a globally respected, graduate‐level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. There are currently more than 100,000 CFA charterholders working throughout the world. To earn the CFA charter, candidates must: 1) pass three sequential, six‐hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.

High Ethical Standards
The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to:
• Place their clients’ interests ahead of their own
• Maintain independence and objectivity
• Act with integrity
• Maintain and improve their professional competence
• Disclose conflicts of interest and legal matters
Global Recognition
Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders—often making the charter a prerequisite for employment.

Additionally, regulatory bodies in 19 countries recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses.

Comprehensive and Current Knowledge
The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed‐income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning.

The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession.

To learn more about the CFA charter, visit www.cfainstitute.org.

Certified Treasury Professional (CTP)
The Certified Treasury Professional ® (CTP) designation is evidence that an individual is certified in corporate treasury and cash management. The credential is awarded based upon experience and passing of a rigorous examination that provides an objective measure of an individual's broad‐based knowledge and competency in treasury management. Ongoing professional development is required in order to maintain the credential. The CTP is administered by the Association for Financial Professionals, the leading association for treasury and financial management professionals, with more than 29,000 members worldwide.

Accredited Investment Fiduciary (AIF®)
The Accredited Investment Fiduciary (AIF®) Designation is a professional certification that demonstrates an advisor or other person serving as an investment fiduciary has met certain requirements to earn and maintain the credential.  The purpose of the Accredited Investment Fiduciary (AIF®) Designation is to assure that those responsible for managing or advising on investor assets have a fundamental understanding of the principles of fiduciary duty, the standards of conduct for acting as a fiduciary, and a process for carrying out fiduciary responsibility.

Initial certification requires completion of AIF® training, passing of the AIF® examination, meeting the education and industry experience requirements, and satisfaction of the Code of Ethics and Conduct Standards.  To maintain the designation, designees must complete six (6) hours of continuing education and satisfy the Code of Ethics and Conduct Standards annually.   The AIF® is administered by the Center for Fiduciary Studies.
, ._,a CHANDLER
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Appendix B
Professional Biographies
Investment Management
Martin Cassell, CFA
CEO
Martin Cassell is the Chief Executive Officer at Chandler Asset Management and is a principal of the firm. He is responsible for defining, planning, and directing company programs. Martin heads implementation of the firm’s investment strategies and portfolio risk management. He designed the proprietary quantitative models that drive our investment process, establishing duration, structure, and asset allocation throughout client portfolios.

Martin joined Chandler in 1991 from the City of San Diego where he managed a $1 billion fixed income portfolio.

He began his investment career in 1987 managing portfolios at World Savings and Loan.

Martin received his B.S. in finance from California State University, Hayward. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst. Martin is also a member of the Government Finance Officers Association (GFOA) Treasury and Investment Committee (TIM) and the California Association of Joint Power Authorities (CAJPA) finance committee.

William Dennehy II, CFA
Co-Chief Investment Officer
William Dennehy is Co-Chief Investment Officer at Chandler Asset Management. He is responsible for implementing portfolio strategy and securities trading in client accounts and serves as Co-Chair of the firm’s Economic and Market Analysis Committee and Credit Committee.

Prior to joining Chandler in 2011, Bill worked at Northern Trust Global Investments in Chicago, most recently as senior portfolio manager and vice president, with a wide range of responsibilities in asset allocation, quantitative and qualitative analysis.

Bill earned his B.S. in business administration, option in finance, at California State University, Chico. He holds the designation of Chartered Financial Analyst.

Scott Prickett, CTP
Co-Chief Investment Officer
Scott Prickett is Co-Chief Investment Officer. He is responsible for building and maintaining client relationships with a focus upon developing and enhancing client investment programs. Scott actively participates in the portfolio management process and meets with clients on a regular basis to review their accounts, portfolio activity, portfolio strategy and financial markets. Scott has over 30 years of investment industry experience focused largely on managing short-term fixed income strategies for governmental and institutional non-profit clients. Scott serves as Co-Chair of the firm’s Economic and Market Analysis Committee.

Prior to joining Chandler, Scott was Managing Director and Portfolio Manager at Davidson Fixed Income Management. Scott was directly responsible for managing over $750 million in client assets and had management responsibilities over multiple business units with combined total assets of over $5 billion. These included taxable and tax-exempt SMA programs, a Local Government Investment Pool (LGIP) and SeaCap Investment Advisors. At ALPS Mutual Fund Services, Scott played a key role in developing two SEC registered mutual funds. Scott also spent two years at Pacific Investment Management Company (PIMCO) as a fixed income Portfolio Specialist for over $1.4 billion in assets.

Scott is a graduate of the University of Northern Colorado with a degree in business administration with an emphasis in finance. Scott has earned the Association of Financial Professionals designation as a Certified Treasury Professional (CTP) and is a frequent speaker for various local and national organizations.

Jayson Schmitt, CFA
Co-Chief Investment Officer
Jayson Schmitt is Co-Chief Investment Officer. Jayson is instrumental in the development and integration of quantitative analytic tools for the portfolio management process and provides fulltime oversight of the entire investment management team and the implementation of the firm’s strategies. He serves on the firm’s Executive Committee, as well as Co-Chair of the Quantitative Analysis Committee, Sector Committee, and Multi Asset Class Committee.

Prior to joining Chandler in 1995, Jayson was employed as a Financial Analyst with USA Federal Credit Union in San Diego, managing a $100 million liquidity book. His responsibilities there also included asset/liability management.

Jayson earned his B.A. in economics from San Diego State University. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst. Jayson also is a member of the City of San Diego Investment Advisory Committee. The committee assists the City with its investment program by providing regular policy and portfolio reviews.

Daniel Delaney, CFA
Senior Portfolio Manager
Daniel (Dan) Delaney is Senior Portfolio Manager at Chandler Asset Management. He is responsible for implementing portfolio strategy and securities trading in client accounts.

Prior to joining Chandler in 2021, Dan was a Senior Portfolio Manager with Allianz Global Investors, based in New York, responsible for managing Global Credit mandates. Dan also spent ten years as a Global Credit Analyst and Portfolio Manager with Rogge Global Partners, both in London and New York.

Daniel earned a Bachelor of Arts (Honors) degree in Business Economics from the University of Exeter, UK. He holds the designation of Chartered Financial Analyst.

Julie Hughes
Senior Portfolio Strategist
Julie Hughes is Senior Portfolio Strategist at Chandler Asset Management. She is responsible for building and maintaining client relationships with public agencies along with participating actively in the portfolio management process. Julie has over 25 years of finance, strategy, and client relationship management experience.

Prior to joining Chandler, Julie was a Portfolio Manager at Davidson Fixed Income Management, where she managed short-term fixed income portfolios for government and non-profit clients. Julie also has deep expertise in the investment of tax-exempt bond proceeds and hedging interest rate risk for municipal debt. Prior to 2004, she held positions in corporate strategy and management consulting.

Julie earned an MBA from the Wharton School of the University of Pennsylvania and a BBA in Marketing from the University of Texas of Austin.

Christopher McCarry, AIF
Senior Portfolio Strategist
Christopher McCarry joined Chandler Asset Management in 2013 and is Senior Portfolio Strategist.

Chris is a member of the Investment Management Team and participates actively in the portfolio management process as well as builds and maintains client relationships. As a portfolio strategist, Chris focuses on identifying and communicating key investment related themes and trends for implementation into fixed income strategies for local government and institutional clients. Prior to joining the Investment Management Team in 2019, Chris was an Investment Consultant for the Client Services Team at Chandler. Chris has worked in the investment industry since 2001 with a diverse background in financial services. In his most recent role prior to Chandler, he was the Regional Vice President for Zack’s Investment Management focusing on retail sales for the West Coast Territory. Other roles include an Advisory Consultant at LPL Financial and he began his career at Penn Mutual Life.

Chris is a graduate of Bucknell University with his BA in both International Relations (Latin America Focus) and Spanish. He holds his Accredited Investment Fiduciary (AIF®) designation.

Carlos Oblites
Senior Portfolio Strategist
Carlos Oblites is Senior Portfolio Strategist. He is responsible for building and maintaining client relationships with public agencies along with participating actively in the portfolio management process. Carlos has 26 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 as Co-Chair of the firm’s Multi Asset Class 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 a variety of institutional client relationships and developing, implementing, and monitoring customized investment strategies for operating funds, bond proceeds, pension, and post-retirement funds. Carlos has also worked as a teacher for the Long Beach Unified School District.

Carlos holds a Bachelor of Arts degree in History from the University of California, Santa Barbara, and earned a Master’s degree in Business Administration from San Francisco State University.

Ted Piorkowski, CFA
Senior Portfolio Manager
Ted Piorkowski is a Senior Portfolio Manager at Chandler Asset Management. In addition to his duties as a portfolio manager, he oversees daily trading and is responsible for implementing portfolio strategy. Ted leads the Economic and Market Analysis Committee, as well as the Sector Committee.

Prior to joining Chandler in 1999, Ted served as a Vice President and Fund Manager for Sefton Capital Management. He was responsible for the management of over $300 million in both mutual fund vehicles and individually managed institutional portfolios. From 1988 through 1994, Ted managed money market and enhanced money market funds for San Diego Trust and Savings Bank and its successor, San Diego Financial Capital Management.

Ted earned both his B.S. and M.B.A. in finance from San Diego State University. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst.

Genny Lynkiewicz, CFA
Senior Portfolio Manager
Genny Lynkiewicz is Senior Portfolio Manager at Chandler Asset Management. She is responsible for implementing portfolio strategy and securities trading in client accounts, and currently serves as Co-Chair of the firm’s Sector Committee. Prior to joining Chandler in 2015, Genny worked at BMO Asset Management in Chicago where she managed over $8 billion in taxable money market funds, securities lending portfolios and separately managed accounts.

Genny earned a B.B.A. in Finance, Investment & Banking and a Certificate in International Business from the University of Wisconsin, Madison. She holds the designation of Chartered Financial Analyst.

Alaynè Marie Sampson
Senior Portfolio Strategist
Alaynè Marie Sampson joined Chandler Asset Management in 2022 as a Senior Portfolio Strategist.

She is a member of the Investment Management Team and participates actively in the portfolio management process as well as builds and maintains client relationships. Alaynè has over 20 years of investment and financial experience. She focuses on identifying and communicating key investment-related themes and trends for implementation into fixed income strategies for local government and institutional clients.

Prior to joining Chandler, Alaynè was a Senior Short-Term Credit Analyst, where she was responsible for fundamental credit analysis of commercial paper issuers for a $135 billion cash portfolio. Other roles include Business Project Manager, TAP Associate, and Senior Business Systems Analyst. Alaynè is a court-appointed special advocate in Los Angeles and serves as a board member on Finance and Audit committees. She is a Vice Chair of Finance Committee.

Alaynè is a graduate of Cornell University with her B.A. in Women’s Studies in 2000.

Karl Meng
Portfolio Strategist
Karl Meng joined Chandler Asset Management in 2022 as a Portfolio Strategist. He is a member of the Investment Management Team and participates actively in the portfolio management process as well as builds and maintains client relationships. He focuses on identifying and communicating key investmentrelated themes and trends for implementation into clients’ portfolios.

Karl has over 14 years of Institutional Sales & Trading experience specializing in Federal Agency Fixed Income products, Mortgage-Backed Securities, and US Treasuries. Prior to joining Chandler, Karl was a Vice President for Vining Sparks IBG LP, where he was responsible for establishing and maintaining trading relationships with Government Entities and Institutional Asset managers. Karl is a graduate of San Diego State University with his B.A. in Economics. He holds the FINRA Series 7 and Series 63 licenses.

Stephen Church
Assistant Portfolio Manager
Stephen Church joined Chandler Asset Management 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.

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 currently pursuing the Chartered Financial Analyst® designation.

I
Charlotte Powell
Associate Portfolio Manager
Charlotte Powell is Associate Portfolio Manager at Chandler Asset Management. She is responsible for supporting the investment management team with portfolio and fixed income research as well as assisting with trading and reporting issues. Charlotte joined the firm in 2021.

Previously, Charlotte worked as an Investment Analyst at Lingerfelt Commonwealth Partners where she was responsible for asset valuations and analyzing fund performance. Prior to working at Lingerfelt, she spent a summer at Morgan Stanley working on their Institutional Equity Client Coverage team. Charlotte graduated from Virginia Tech in 2019 with B.S. in Finance. While at Virginia Tech, she was a Financial Sector analyst for the Studentmanaged Endowment for Educational Development, which managed over $5 million of the University’s endowment long-only in equities. Charlotte is currently pursuing the Chartered Financial Analyst® designation.

Kara Raynor-Sanchez
Associate Portfolio Strategist
Kara Raynor-Sanchez joined Chandler Asset Management in 2012 and is an Associate Portfolio Strategist. As a member of the Investment Management team, she actively participates in the portfolio management process with a focus on building and maintaining our client relationships. Kara focuses on identifying and communicating key investment-related themes and trends for implementation into local government and institutional client portfolios.

Kara held various roles working in administration and client service departments prior to accepting the position of Client Service Director. She graduated with her B.A. in communication, with emphasis in public relations from the 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.

Relationship Management and Client Service
Aneil Murthy
Relationship Manager
Aneil (Neil) Murthy is Relationship Manager and joined the firm in 2020 with 11 years of experience in finance servicing public agency and institutional clients. Neil’s area of focus is on the development of client relationships in the public sector, and he serves as a relationship manager for existing clients throughout Northern California.

Prior to joining Chandler, Neil was a Relationship Manager for BNY Mellon Corporate Trust’s Public-Not-For-Profit segment which 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.

Stacey Alderson, CTP
Client Service Director
Stacey Alderson joined Chandler Asset Management in 2014 and is a Client Service Director. Stacey oversees the daily responsibilities of the Client Service team including client communication, client reporting, and review/processing of client requested account activity. Stacey collaborates with all departments at Chandler to respond to account-related questions and changes, as well as coordinates the onboarding process of new client accounts.

Stacey serves 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).

Ryan Tauber
Managing Director, Business Development
Ryan Tauber joined Chandler Asset Management in 2020 and is Managing Director, Business Development. In his role, he is responsible for leading business development which includes the sales and marketing functions for the firm, as well as leveraging our past successes to expand our client base into other institutional and public agency opportunities.

Ryan brings 22 years of experience in the financial services industry. Prior to joining Chandler, Ryan held roles with Morgan Stanley, Bank of America, and Union Bank where in addition to business development, his responsibilities included directing both strategy and risk-related functions. Ryan is a graduate of the University of Southern California where he received his degree in Finance from the Marshall School of Business. In addition, he received his M.B.A. from Pepperdine University.

Firm Administration, Compliance, Administration and Operations Nicole Dragoo, JD, IAACP
President
Nicole Dragoo serves as President of Chandler Asset Management. She joined the firm in December 2001 in an operations role and served as COO and Chief Compliance Officer from January 2008 to March 2021. Nicole currently oversees firm operations as well as the legal, compliance and administrative functions.

Nicole has held various roles working in and managing operations prior to accepting the responsibilities of COO and CCO. Before joining Chandler, Nicole served as a Trading Associate on the institutional fixed income sales desk at Merrill Lynch.

Nicole earned her B.A. from the University of San Diego in business economics and her J.D. from the University of San Diego School of Law. She is a member of the State Bar of California, the San Diego County Bar Association, the Southern California Compliance Group, and the Women in Institutional Investments Network. She has also been an active member of Vistage International participating in various key groups since January of 2010.

Additionally, Nicole holds the designation of Investment Adviser Certified Compliance Professional (IACCP) and was awarded the 2017 Governance Professional of the Year (small to mid-cap) by Corporate Secretary.

Joseph Kolinsky
Chief Compliance Officer
Joseph Kolinsky joined Chandler Asset Management in January 2020 and assumed the role of Chief Compliance Officer in April 2021. He provides day-to-day guidance and compliance monitoring of the firm’s regulatory environment and the legal framework governing SEC-registered investment advisors. Joseph also assists the firm’s President with the oversight functions within the firm and administering all aspects of the compliance program.

Joseph has 30 years of investment management experience, with 23 of these years being in internal audit and investment company/investment advisory compliance positions. Prior roles include Chief Compliance Officer and Head of Operations with 13D Management in New York City, and Director of Fund Compliance for Pacific Life.

Joseph earned his B.A. in Economics from Iona College.

Michael Ramos
Operations Director
Michael Ramos is Operations Director at Chandler Asset Management. He is responsible for leading the Investment Operations team and managing the firm’s financial systems. Mike oversees trade processing, trade settlements, investment accounting, account reconciliation, market data, data integrity, systems administration, and client reporting. He joined Chandler Asset Management in 2004 as an Operations Associate.

His previous experience includes financial accounting and reporting.

Mike earned his B.S. in business administration with a specialization in finance from California State University, San Marcos in 2003. In 2009, he received his M.B.A. in finance from National University.

Appendix C
ACORD Certificate of Liability Insurance

INSR ADDL SUBR

LTR INSR WVD

DATE (MM/DD/YYYY)

PRODUCER CONTACT
NAME:

PHONE FAX
(A/C, No, Ext): (A/C, No):

E-MAIL
ADDRESS:

INSURER A :

INSURED INSURER B :

INSURER C :

INSURER D :

INSURER E :

INSURER F :

POLICY NUMBER

POLICY EFF POLICY EXP TYPE OF INSURANCE (MM/DD/YYYY) (MM/DD/YYYY) LIMITS

COMMERCIAL GENERAL LIABILITY

AUTOMOBILE LIABILITY

UMBRELLA LIAB

EXCESS LIAB

WORKERS COMPENSATION

AND EMPLOYERS' LIABILITY
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)

AUTHORIZED REPRESENTATIVE
INSURER(S) AFFORDING COVERAGE NAIC #
Y / N
N / A
(Mandatory in NH)

ANY PROPRIETOR/PARTNER/EXECUTIVE
OFFICER/MEMBER EXCLUDED?
EACH OCCURRENCE $

DAMAGE TO RENTED
CLAIMS-MADE OCCUR PREMISES (Ea occurrence) $
MED EXP (Any one person) $
PERSONAL & ADV INJURY $
GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $
PRODUCTS - COMP/OP AGG $
$
PROOTHER:

JECT LOC

COMBINED SINGLE LIMIT
(Ea accident) $
ANY AUTO BODILY INJURY (Per person) $
OWNED SCHEDULED BODILY INJURY (Per accident) $ AUTOS ONLY AUTOS

AUTOS ONLY
HIRED PROPERTY DAMAGE $
AUTOS ONLY (Per accident)
$
OCCUR EACH OCCURRENCE $
CLAIMS-MADE AGGREGATE $
DED RETENTION $ $
PER OTHSTATUTE ER
E.L. EACH ACCIDENT $
E.L. DISEASE - EA EMPLOYEE $
If yes, describe under
DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ POLICY

NON-OWNED

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS

CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.

If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer any rights to the certificate holder in lieu of such endorsement(s).

COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:

CERTIFICATE HOLDER CANCELLATION
© 1988-2015 ACORD CORPORATION. All rights reserved.

ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD

ACORDTM CERTIFICATE OF LIABILITY INSURANCE
Travelers Insurance Company
Hartford Fire Insurance Company
Endurance Risk Solutions Assurance
Houston Casualty
Scottsdale Insurance
Everest National
07/29/2021
Starkweather & Shepley
PO Box 549
Providence, RI 02901-0549
401 435-3600
Connie Roussel
401 435-3600 401 431-9657
[email protected]
Chandler Asset Management Inc
6225 Lusk Boulevard
San Diego, CA 92121
25674
19682
43630
42374
41297
10120
A X
X
6802C0796052142 09/01/2021 09/01/2022 2,000,000
1,000,000
5,000
2,000,000
4,000,000
4,000,000
A
X
X Drive Oth Car
X X
BA4N1159572142 09/01/2021 09/01/2022 1,000,000
A X X CUP2C08502242 09/01/2021 09/01/2022 10,000,000
10,000,000
B
N
02WECCR2756 09/01/2021 09/01/2022 X
1,000,000
1,000,000
1,000,000
B
D
B
Prof Liability
Cyber Liab
Crime
08DC021984521
H21NGP209731
08FA024546721
08/02/2021
08/02/2021
08/02/2021
08/02/2022
08/02/2022
08/02/2022
10,000,000
4,000,000
10,000,000
** Other Lines Information **
E: Employment Practices Liability EKS3390388 Eff Date: 08/02/2021Exp Date: 08/02/2022Limit: $1,000,000 C: 1st Excess Prof Liability FIX30001867801 Eff Date: 08/02/2021Exp Date:08/02/2022Limit: $10,000,000 F: 2nd Excess Prof Liability FL5EX00728211 Eff Date: 08/02/2021 Exp Date: 08/02/2022 Limit: $10,000,000

(See Attached Descriptions)
Chandler Asset Management, Inc
6225 Lusk Boulevard
San Diego, CA 92121
1 of 2
#S1765187/M1765092
Client#: 62001 CHANDAST
LMV
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SAGITTA 25.3 (2016/03)
DESCRIPTIONS (Continued from Page 1)
2 of 2
#S1765187/M1765092
Appendix D
Global Investment Performance Standards (GIPS®)
and
Verification Letter
GIPS® Compliant Verification Statement
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 March 31 , 2021 , 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 respon sibilities 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 March 31 , 2021 , 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
January 25, 2022
GIPS® Composite Report: Limited Maturity

1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser’s Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm’s composites is available upon request.

2. The Limited Maturity Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE 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. The name of this composite was changed from Short-Term Fixed Income effective June 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 (1/12) of the actual maximum applicable fee of 0.25%, which is representative of our current fee schedule for this composite. These monthly returns are then geometrically linked to produce annual returns which are presented before custodial fees but after management fees and all trading expenses. Fees are negotiable and additional information regarding Chandler's fees is included in our Part 2A of Form ADV.

7. Dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For years when less than six portfolios were included in the composite for the full year, no dispersion measure is presented. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36- month period. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.

8. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits the use of ICE Indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representation, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third-party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use is at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.

Annual Rates of Return 2011 through 2021
Returns 3 Year Annualized Dispersion Assets
Year Total Total Standard Deviation Asset Wtd Number of Composite % of Firm Firm End Gross Net Index Composite Index Std. Dev. Portfolios (MM) Assets (MM) 2011 1.88% 1.62% 1.55% 1.02% 1.02% 0.31% 9 222 3.74% 5,929 2012 1.16% 0.91% 0.43% 0.78% 0.73% 0.06% 15 474 7.37% 6,431 2013 0.30% 0.05% 0.36% 0.59% 0.50% 0.08% 18 797 11.12% 7,165 2014 0.87% 0.61% 0.62% 0.54% 0.43% 0.09% 21 879 9.88% 8,894 2015 0.74% 0.49% 0.54% 0.63% 0.56% 0.07% 27 1,328 11.31% 11,747 2016 1.11% 0.86% 0.88% 0.74% 0.76% 0.06% 31 1,081 8.39% 12,882 2017 0.85% 0.60% 0.43% 0.71% 0.74% 0.08% 32 1,178 8.60% 13,698 2018 1.69% 1.44% 1.59% 0.77% 0.85% 0.03% 31 1,905 11.51% 16,551 2019 3.87% 3.61% 3.55% 0.84% 0.94% 0.08% 39 2,653 13.57% 19,552 2020 3.25% 3.00% 3.12% 0.92% 1.21% 0.12% 39 2,713 12.21% 22,227 2021 -0.48% -0.73% -0.55% 0.96% 1.19% 0.07% 44 3,189 12.37% 25,785 Chandler Asset Management claims compliance with the
Global Investment Performance Standards (GIPS®) and
has prepared and presented this report in compliance
with the GIPS standards.

Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through March 31, 2021. 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.

GIPS® Composite Report: Short Term Bond

1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser’s Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm’s composites is available upon request.

2. The Short Term Bond Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE 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. The name of this composite was changed from 1-5 Year Government Fixed Income effective June 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. Indexes are referred to for comparative purposes only and are not intended to parallel the risk or investment style of the portfolios in the Composite. Indexes do not utilize leverage. Index calculations do not reflect fees, brokerage commissions or other expenses of investing.

Investors may not make direct investments into any index. Index data contained herein (and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.

4. Valuations are computed and performance reported in U.S. Dollars.

5. Performance is calculated using a time-weighted total rate of return, which links performance monthly, and is reported gross of investment management fees and custodial fees, but after all trading expenses. Results reflect the reinvestment of income, dividends and other earnings, and include realized and unrealized gains and losses and interest accrued through the last day of each month. Results do not reflect the potential impact of taxes.

Past performance is not indicative of future results. Fees charged by Chandler Asset Management will reduce performance.

6. Net-of-fees performance returns are calculated by reducing the monthly gross performance by one-twelfth (1/12) of the actual maximum applicable fee of 0.25%, which is reflective of our current fee schedule for this composite. These monthly returns are then geometrically linked to produce annual returns which are presented before custodial fees but after management fees and all trading expenses. Fees are negotiable and additional information regarding Chandler's fees is included in our Part 2A of Form ADV.

7. Dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For years when less than six portfolios were included in the composite for the full year, no dispersion measure is presented. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36- month period. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.

8. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits the use of ICE Indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representation, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom.

Neither ICE data, its affiliates or their respective third-party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use is at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.

Annual Rates of Return 2011 through 2021
Returns 3 Year Annualized Dispersion Assets
Year Total Total Standard Deviation Asset Wtd Number of Composite % of Firm Firm End Gross Net Index Composite Index Std. Dev. Portfolios (MM) Assets (MM) 2011 2.90% 2.64% 3.19% 1.47% 1.65% 0.07% 32 1,866 31.48% 5,929 2012 1.80% 1.54% 0.98% 1.18% 1.27% 0.26% 38 2,133 33.17% 6,431 2013 0.04% -0.21% -0.16% 1.02% 1.10% 0.08% 39 2,168 30.26% 7,165 2014 1.42% 1.17% 1.24% 0.96% 0.99% 0.07% 40 2,325 26.14% 8,894 2015 1.15% 0.90% 0.96% 1.11% 1.18% 0.07% 44 3,403 28.97% 11,747 2016 1.30% 1.04% 1.08% 1.24% 1.39% 0.05% 49 4,131 32.07% 12,882 2017 1.08% 0.83% 0.67% 1.19% 1.34% 0.11% 48 3,783 27.62% 13,698 2018 1.53% 1.27% 1.55% 1.22% 1.40% 0.05% 48 3,485 21.06% 16,551 2019 4.55% 4.29% 4.19% 1.22% 1.39% 0.19% 55 5,199 26.59% 19,552 2020 4.43% 4.17% 4.22% 1.32% 1.70% 0.11% 59 6,234 28.05% 22,227 2021 -0.93% -1.17% -1.09% 1.33% 1.65% 0.04% 72 7,294 28.29% 25,785 Chandler Asset Management claims compliance with the
Global Investment Performance Standards (GIPS®) and
has prepared and presented this report in compliance
with the GIPS standards.

Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through March 31, 2021. 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.

Appendix E
Important Disclosures
Index Descriptions and Disclosures 1 | Page

IMPORTANT DISCLOSURES
ICE BofA 3 Month US Treasury Bill Index
The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue 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 selected issue.

The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

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.

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.

Appendix F
Sample Client Monthly Statement, Quarterly Report
and
GASB 40 and 72 Reports
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures.

CHANDLER ASSET MANAGEMENT
chandlerasset.com
Sample Client - Account #000000

MONTHLY ACCOUNT STATEMENT
JULY 1, 2018 THROUGH JULY 31, 2018
Chandler Team:

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

Bank Name
Contact
Telephone Number
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. The information contained in this sample presentation was obtained from sources we believe to be reliable, but we do not guarantee its accuracy. This presentation contains the current opinions of the author, which are subject to change without notice. Any statements concerning financial market trends or future forecasts are based on current market conditions, which will fluctuate. Past performance is not indicative of future success.

I

ACCOUNT SUMMARY
Beg. Values
as of 6/30/18
End Values
as of 7/31/18
Market Value 76,345,943 76,401,796
Accrued Interest 326,558 325,766
Total Market Value 76,672,501 76,727,562
Income Earned 108,722 114,931
Cont/WD 0
Par 77,522,170 77,662,679
Book Value 77,312,026 77,427,515
Cost Value 77,390,949 77,513,133

TOP ISSUERS

32.3%

16.8%

15.0%

12.3%

4.5%

2.0%

1.7%

1.4%
United States Government
U.S. Agency
U.S. Agency
U.S. Agency
U.S. Agency
Corporate Security
Asset-Backed Security
Corporate Security
Total 86.0%

PORTFOLIO CHARACTERISTICS
Average Modified Duration 1.65
Average Coupon 1.71%
Average Purchase YTM 1.76%
Average Market YTM 2.63%
Average S&P/Moody Rating AA+/Aa1
Average Final Maturity 1.71 yrs
Average Life 1.71 yrs

SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (S&P) Portfolio Summary
As of Month-end Date
Sample Client
Account #000000

PERFORMANCE REVIEW
Annualized
1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS 2/28/2015

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/A N/A 0.00%

TOTAL RATE OF RETURN
Sample Client
Sample Index 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/A N/A 0.00% Chandler Asset Management - CONFIDENTIAL Execution Time: 8/21/2018 9:23:32 PM This report is intended as a representative illustration of our monthly reporting capabilities only and is not intended as a representation of our performance. Performance is presented gross of investment management fees. Investment advisory fees are described in the firm's Form ADV Part 2A Brochure and will reduce returns. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. Past performance is not indicative of future results.

35% 31.7% Agency 48.6%
30% 27.6%
25%
20% AA (90.1%)
15%
AAA (1.9%) Comm Paper 1 2.0% 10%
A (8.1%)
Foreign Corp 11.3% 5%
%
0 - .25 .25 - .5 .5 - 1 1- 2 2-3 3-4 4-5 5+
Money Mkt Fd I 0.7%
Maturity (Yrs)
Category Standard Comment
Treasury/Agency Issues No Limit CompliesTime Deposits/Certificates of Deposit FDIC insured or fully collateralized  Complies Negotiable CDs "AA" or higher by two NRSROs;  30% maximum;  2% per issuer Complies Commercial Paper "A‐1" or higher short term rating by two NRSROs;  and "A" or higher by two NRSROs, if long‐term debt;   25% maximum;  2%  per issuer;  270 days max maturity Complies Medium Term Notes "A" rated or better by two NRSROs;  25% maximum;  12.5%  maximum if rated "A" by two NRSROs;  2% per issuer if rated AA or higher;  1.5% per issuer if rated A;  Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.

Complies ‐ 16.9% total; 8.9% "A" rated by two NRSROs
Money Market Mutual Funds "AAA" rated by 2 NRSROs or SEC registered with AUM >$500 million; 20% maximum; 10% per fund Complies Mortgage Pass Throughs  Federal Agency guaranteed;  20% maximum Complies Asset‐Backed Securities "AAA" rated or better by two NRSROs; "A" rated or higher for the issuer's debt by two NRSROs;  10% maximum;  2% per  issuer;  Prior consent with Director of Finance required Complies LAIF Prohibited for outside manager CompliesProhibited Inverse floaters; Ranges notes, Interest‐only strips from mortgaged backed securities; Zero interest accrual securities;  Reverse Repurchase Agreements;  Futures/ Options prohibited without specific approval of the Finance Director CompliesMax Per Issuer 2% of portfolio per issuer (except U.S. government, Agencies, and Money Market Funds) Complies Maximum Maturity 5 years Complies
Sample Client
Assets managed by Chandler Asset Management are in full compliance with state law and the Client's investment instructions.

Statement of Compliance
As of Month-end Date

----------

BOOK VALUE RECONCILIATION
BEGINNING BOOK VALUE $77,312,026.12
Acquisition
+ Security Purchases $1,972,010.00
+ Money Market Fund Purchases $452,020.63
+ Money Market Contributions $0.00
+ Security Contributions $0.00
+ Security Transfers $0.00
Total Acquisitions $2,424,030.63
Dispositions
- Security Sales $999,609.38
- Money Market Fund Sales $1,001,512.22
- MMF Withdrawals $0.00
- Security Withdrawals $0.00
- Security Transfers $0.00
- Other Dispositions $0.00
- Maturites $310,000.00
- Calls $0.00
- Principal Paydowns $0.00
Total Dispositions $2,311,121.60
Amortization/Accretion
+/- Net Accretion $2,814.81
$2,814.81
Gain/Loss on Dispositions
+/- Realized Gain/Loss ($234.79)
($234.79)
ENDING BOOK VALUE $77,427,515.17

CASH TRANSACTION SUMMARY
BEGINNING BALANCE $1,097,170.35
Acquisition
Contributions $0.00
Security Sale Proceeds $999,609.38
Accrued Interest Received $6,236.41
Interest Received $106,675.00
Dividend Received $2,664.28
Principal on Maturities $310,000.00
Interest on Maturities $0.00
Calls/Redemption (Principal) $0.00
Interest from Calls/Redemption $0.00
Principal Paydown $0.00
Total Acquisitions $1,425,185.07
Dispositions
Withdrawals $0.00
Security Purchase $1,972,010.00
Accrued Interest Paid $2,666.66
Total Dispositions $1,974,676.66
ENDING BOOK VALUE $547,678.76
Reconciliation Summary
As of Month-end Date
Sample Client
Account #000000
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Holdings Report
As of Month-end Date
Sample Client
Account #000000
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
AGENCY
Sample CUSIP Sample Issuer
2% Due 9/14/2018
1,500,000.00 02/07/2014

1.50%
1,533,345.00
1,500,874.89

99.99 2.06%
1,499,865.00
11,416.68

1.97%
(1,009.89)
Aaa / AA+
AAA

0.12 0.12
Sample CUSIP Sample Issuer

1.625% Due 11/27/2018
2,000,000.00 Various

1.57%
2,005,390.00
2,000,348.26

99.83 2.14%
1,996,686.00
5,777.77

2.61%
(3,662.26)
Aaa / AA+
AAA

0.33 0.32
Sample CUSIP Sample Issuer

1.125% Due 12/14/2018
1,000,000.00 12/15/2015

1.38%
992,620.00
999,089.31

99.62 2.15%
996,233.00
1,468.75

1.30%
(2,856.31)
Aaa / AA+
AAA

0.37 0.37
Sample CUSIP Sample Issuer

1.5% Due 3/8/2019
1,500,000.00 02/12/2016

1.03%
1,521,015.00
1,504,123.91

99.54 2.27%
1,493,130.00
8,937.50

1.96%
(10,993.91)
Aaa / AA+
AAA

0.60 0.59
Sample CUSIP Sample Issuer

1.125% Due 4/15/2019
2,000,000.00 Various

1.01%
2,007,055.00
2,001,654.04

99.14 2.36%
1,982,808.00
6,625.00

2.59%
(18,846.04)
Aaa / AA+
AAA

0.71 0.69
Sample CUSIP Sample Issuer

1.75% Due 5/30/2019
1,350,000.00 08/18/2014

1.64%
1,356,966.00
1,351,205.58

99.46 2.40%
1,342,755.90
4,003.13

1.76%
(8,449.68)
Aaa / AA+
AAA

0.83 0.82
Sample CUSIP Sample Issuer

1.125% Due 6/21/2019
1,500,000.00 06/28/2016

0.83%
1,513,035.00
1,503,885.32

98.86 2.43%
1,482,847.50
1,875.00

1.94%
(21,037.82)
Aaa / AA+
AAA

0.89 0.88
Sample CUSIP Sample Issuer 1.25%
Due 8/1/2019
1,500,000.00 06/28/2016

0.86%
1,517,565.00
1,505,683.71

98.81 2.46%
1,482,193.50
9,375.00

1.94%
(23,490.21)
Aaa / AA+
AAA

1.00 0.98
Sample CUSIP Sample Issuer

1.75% Due 9/12/2019
1,525,000.00 Various

1.86%
1,517,171.50
1,523,246.80

99.15 2.53%
1,512,069.53
10,304.34

1.98%
(11,177.27)
Aaa / AA+
AAA

1.12 1.09
Sample CUSIP Sample Issuer

1.375% Due 9/13/2019
1,500,000.00 08/24/2016

1.02%
1,515,960.00
1,505,845.31

98.75 2.52%
1,481,248.50
7,906.25

1.94%
(24,596.81)
Aaa / AA+
NR

1.12 1.09
Sample CUSIP Sample Issuer

1.25% Due 10/2/2019
2,000,000.00 Various

1.04%
2,012,700.00
2,004,918.61

98.52 2.54%
1,970,390.00
8,263.88

2.58%
(34,528.61)
Aaa / AA+
AAA

1.17 1.15
Sample CUSIP Sample Issuer

1.5% Due 1/17/2020
1,520,000.00 01/12/2017

1.54%
1,518,358.40
1,519,199.44

98.45 2.58%
1,496,509.92
886.67

1.95%
(22,689.52)
Aaa / AA+
AAA

1.47 1.43
Sample CUSIP Sample Issuer

1.5% Due 2/28/2020
2,000,000.00 Various

1.56%
1,996,672.00
1,998,209.40

98.22 2.66%
1,964,314.00
12,750.00

2.58%
(33,895.40)
Aaa / AA+
AAA

1.58 1.53
Sample CUSIP Sample Issuer

1.875% Due 3/13/2020
750,000.00 05/03/2017

1.57%
756,382.50
753,606.97

98.72 2.69%
740,382.00
5,390.63

0.97%
(13,224.97)
Aaa / AA+
NR

1.62 1.57
Sample CUSIP Sample Issuer

1.55% Due 5/8/2020
2,000,000.00 05/23/2017

1.58%
1,998,340.00
1,999,007.07

98.08 2.67%
1,961,588.00
7,147.22

2.57%
(37,419.07)
Aaa / AA+
AAA

1.77 1.72
Sample CUSIP Sample Issuer

1.75% Due 6/12/2020
1,500,000.00 06/15/2017

1.59%
1,506,855.00
1,504,274.96

98.26 2.71%
1,473,907.50
3,572.92

1.93%
(30,367.46)
Aaa / AA+
NR

1.87 1.81
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Holdings Report
As of Month-end Date
Sample Client
Account #000000
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
AGENCY
Sample CUSIP Sample Issuer

1.375% Due 9/28/2020
1,500,000.00 09/14/2017

1.59%
1,490,535.00
1,493,266.11

97.16 2.74%
1,457,452.50
7,046.88

1.91%
(35,813.61)
Aaa / AA+
NR

2.16 2.10
Sample CUSIP Sample Issuer

1.68% Due 10/13/2020
1,500,000.00 10/18/2017

1.78%
1,495,845.00
1,496,935.21

97.69 2.77%
1,465,302.00
7,560.00

1.92%
(31,633.21)
Aaa / AA+
AAA

2.21 2.13
Sample CUSIP Sample Issuer

1.875% Due 11/17/2020
1,250,000.00 11/27/2017

1.95%
1,247,450.00
1,248,028.16

98.05 2.76%
1,225,591.25
4,817.71

1.60%
(22,436.91)
Aaa / AA+
AAA

2.30 2.22
Sample CUSIP Sample Issuer

2.375% Due 2/16/2021
1,000,000.00 04/20/2018

2.66%
992,270.00
993,020.49

98.96 2.80%
989,615.00
10,885.42

1.30%
(3,405.49)
Aaa / AA+
AAA

2.55 2.42
Sample CUSIP Sample Issuer

2.375% Due 3/12/2021
2,000,000.00 03/26/2018

2.54%
1,990,840.00
1,991,916.15

98.45 2.99%
1,969,042.00
18,340.28

2.59%
(22,874.15)
Aaa / AA+
AAA

2.62 2.49
Sample CUSIP Sample Issuer

2.5% Due 4/13/2021
1,000,000.00 06/15/2018

2.72%
993,920.00
994,179.73

99.14 2.83%
991,369.00
7,500.00

1.30%
(2,810.73)
Aaa / AA+
AAA

2.70 2.57
Sample CUSIP Sample Issuer

1.875% Due 6/11/2021
1,250,000.00 08/30/2017

1.67%
1,259,425.00
1,257,137.05

97.32 2.86%
1,216,468.75
3,255.21

1.59%
(40,668.30)
Aaa / AA+
AAA

2.87 2.75
Sample CUSIP Sample Issuer

2.75% Due 6/22/2021
1,000,000.00 07/10/2018

2.74%
1,000,290.00
1,000,284.35

99.77 2.83%
997,684.00
2,750.00

1.30%
(2,600.35)
Aaa / AA+
AAA

2.90 2.75
Sample CUSIP Sample Issuer

1.125% Due 8/12/2021
1,000,000.00 10/04/2016

1.37%
988,440.00
992,778.26

95.11 2.82%
951,132.00
5,281.25

1.25%
(41,646.26)
Aaa / AA+
AAA

3.04 2.93
Sample CUSIP Sample Issuer
2% Due 1/5/2022
1,000,000.00 07/30/2018

2.87%
971,720.00
971,742.55

97.09 2.90%
970,860.00
1,444.44

1.27%
(882.55)
Aaa / AA+
AAA

3.44 3.28
Total Agency 37,645,000.00 1.61%
37,700,165.40
37,614,461.64 2.58%
37,111,444.85
174,581.93

48.60%
(503,016.79)
Aaa / AA+
AAA

1.56 1.51

COMMERCIAL PAPER
Sample CUSIP Sample Issuer

2.34% Due 10/15/2018
1,530,000.00 06/14/2018

2.39%
1,517,867.10
1,517,867.10

99.21 2.39%
1,517,867.10
4,674.15

1.98%

0.00 P-1 / A-1
NR

0.21 0.21
Total Commercial Paper 1,530,000.00 2.39%
1,517,867.10
1,517,867.10 2.39%
1,517,867.10
4,674.15

1.98%

0.00 P-1 / A-1
NR

0.21 0.21
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Holdings Report
As of Month-end Date
Sample Client
Account #000000
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration

FOREIGN CORPORATE
Sample CUSIP Sample Issuer

2.65% Due 1/5/2022
1,000,000.00 01/29/2018

3.03%
985,980.00
987,758.15

96.91 3.62%
969,083.00
1,913.89

1.27%
(18,675.15)
A2 / A
AA3.443.23
Total Foreign Corporate 1,000,000.00 3.03%
985,980.00
987,758.15 3.62%
969,083.00
1,913.89

1.27%
(18,675.15)
A2 / A
AA3.443.23

MONEY MARKET FUND FI
Sample CUSIP Sample Issuer MMKT Fund #657 547,678.76 Various

1.55%
547,678.76
547,678.76

1.00 1.55%
547,678.76

0.00 0.71%

0.00 Aaa / AAA
NR

0.00 0.00
Total Money Market Fund FI 547,678.76 1.55%
547,678.76
547,678.76 1.55%
547,678.76

0.00 0.71%

0.00 Aaa / AAA
NR

0.00 0.00

CORPORATE
Sample CUSIP Sample Issuer
Callable Note Cont 7/2/2018

2.1% Due 8/1/2018
790,000.00 02/05/2014

2.10%
795,387.80
790,000.00
100.00

2.10%
790,000.00
8,295.00

1.04%

0.00 A1 / A
AA0.000.00
Sample CUSIP Sample Issuer

2.125% Due 3/1/2019
750,000.00 11/19/2014

2.07%
751,755.00
750,238.80

99.80 2.47%
748,504.50
6,640.62

0.98%
(1,734.30)
A1 / AANR0.58

0.57 Sample CUSIP Sample Issuer

1.95% Due 3/4/2019
900,000.00 05/28/2014

1.86%
903,825.00
900,472.90

99.65 2.55%
896,823.00
7,166.25

1.18%
(3,649.90)
A2 / A
A

0.59 0.58
Sample CUSIP Sample Issuer

1.95% Due 3/15/2019
900,000.00 06/10/2014

2.05%
896,049.00
899,485.64

99.68 2.48%
897,083.10
6,630.00

1.18%
(2,402.54)
A2 / AAA0.62

0.61 Sample CUSIP Sample Issuer

1.7% Due 3/15/2019
570,000.00 03/08/2016

1.73%
569,566.80
569,910.59

99.52 2.49%
567,240.06
3,660.67

0.74%
(2,670.53)
Aa2 / AA
A+

0.62 0.61
Sample CUSIP Sample Issuer

1.1% Due 8/8/2019
890,000.00 08/01/2016

1.14%
889,083.30
889,688.57

98.58 2.52%
877,381.58
4,704.64

1.15%
(12,306.99)
Aaa / AAA
AA+

1.02 1.00
Sample CUSIP Sample Issuer
Cont 10/3/2020, 2.3% Due 11/3/2020
1,000,000.00 05/26/2017

2.05%
1,008,120.00
1,005,280.33

98.25 3.10%
982,527.00
5,622.22

1.29%
(22,753.33)
A3 / A
A

2.26 2.17
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Holdings Report
As of Month-end Date
Sample Client
Account #000000
CUSIP Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration

CORPORATE
Sample CUSIP
Security Description
Sample Issuer
12/23/2020

2.5% Due 1/22/2021
1,325,000.00 02/21/2018

2.90%
1,310,239.50
1,312,445.25

98.19 3.27%
1,301,028.10
828.13

1.70%
(11,417.15)
A2 / A
A+

2.48 2.37
Sample CUSIP Sample Issuer
4/15/2021

2.1% Due 5/16/2021
1,000,000.00 03/09/2018

2.84%
977,610.00
980,331.54

97.76 2.94%
977,595.00
4,375.00

1.28%
(2,736.54)
Aa2 / AANR2.79

2.67 Sample CUSIP Sample Issuer
Cont 4/21/2021

3.25% Due 5/21/2021
350,000.00 05/17/2018

3.25%
349,989.50
349,990.18
100.15

3.19%
350,539.00
2,180.21

0.46%
548.82
A2 / A
A

2.81 2.57
Sample CUSIP Sample Issuer
Note 3.125% Due 6/23/2021
815,000.00 06/20/2018

3.13%
814,959.25
814,960.56
100.23

3.04%
816,892.43
2,405.38

1.07%
1,931.87
Aa2 / AA
AA

2.90 2.74
Sample CUSIP Sample Issuer
12/23/2021 2.625% Due 1/24/2022
900,000.00 04/26/2017

2.44%
907,353.00
905,363.36

97.70 3.33%
879,306.30
459.38

1.15%
(26,057.06)
A1 / A+
AA3.493.29
Sample CUSIP Sample Issuer
3% Due 5/15/2022
500,000.00 05/23/2017

2.30%
516,390.00
512,488.91

99.75 3.07%
498,744.00
3,166.67

0.65%
(13,744.91)
Aa2 / AA
A+

3.79 3.53
Sample CUSIP Sample Issuer 12/13/2022

2.4% Due 1/13/2023
1,000,000.00 05/09/2018

3.25%
963,260.00
965,023.86

96.64 3.22%
966,389.00
1,200.00

1.26%
1,365.14
Aa1 / AA+
NR

4.46 4.17
Total US Corporate 11,690,000.00 2.37%
11,653,588.15
11,645,680.49 2.85%
11,550,053.07
57,334.17

15.13%
(95,627.42)
A1 / AAA+2.04

1.93 US TREASURY
Sample CUSIP Sample Issuer

1.5% Due 1/31/2019
1,850,000.00 Various

1.41%
1,855,715.18
1,850,844.32

99.64 2.23%
1,843,351.10

75.40 2.40%
(7,493.22)
Aaa / AA+
AAA

0.50 0.49
Sample CUSIP Sample Issuer

1.5% Due 2/28/2019
1,750,000.00 03/18/2014

1.55%
1,746,041.02
1,749,537.72

99.56 2.26%
1,742,343.75
10,985.05

2.29%
(7,193.97)
Aaa / AA+
AAA

0.58 0.57
Sample CUSIP Sample Issuer

1.625% Due 4/30/2019
1,200,000.00 Various

1.49%
1,207,472.77
1,201,131.81

99.46 2.36%
1,193,484.00
4,927.98

1.56%
(7,647.81)
Aaa / AA+
AAA

0.75 0.74
Sample CUSIP Sample Issuer

1.125% Due 5/31/2019
750,000.00 03/18/2016

1.04%
751,965.40
750,510.73

98.96 2.39%
742,206.75
1,429.30

0.97%
(8,303.98)
Aaa / AA+
AAA

0.83 0.82
Sample CUSIP Sample Issuer

1.625% Due 8/31/2019
2,000,000.00 Various

1.27%
2,022,287.95
2,007,463.77

99.07 2.50%
1,981,484.00
13,600.55

2.60%
(25,979.77)
Aaa / AA+
AAA

1.08 1.06
Sample CUSIP Sample Issuer

1.5% Due 11/30/2019
1,200,000.00 12/11/2014

1.60%
1,194,332.15
1,198,481.49

98.62 2.56%
1,183,406.40
3,049.18

1.55%
(15,075.09)
Aaa / AA+
AAA

1.33 1.31
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Holdings Report
As of Month-end Date
Sample Client
Account #000000
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration

US TREASURY
Sample CUSIP Sample Issuer

1.25% Due 1/31/2020
1,250,000.00 11/14/2016

1.32%
1,247,318.64
1,248,746.26

98.04 2.59%
1,225,440.00

42.46 1.60%
(23,306.26)
Aaa / AA+
AAA

1.50 1.47
Sample CUSIP Sample Issuer

1.375% Due 2/29/2020
2,000,000.00 Various

1.22%
2,011,686.39
2,004,889.55

98.09 2.61%
1,961,796.00
11,508.16

2.57%
(43,093.55)
Aaa / AA+
AAA

1.58 1.54
Sample CUSIP Sample Issuer

1.375% Due 4/30/2020
1,500,000.00 Various

1.34%
1,500,883.94
1,500,793.04

97.84 2.65%
1,467,538.50
5,212.29

1.92%
(33,254.54)
Aaa / AA+
AAA

1.75 1.71
Sample CUSIP Sample Issuer

1.5% Due 5/31/2020
1,500,000.00 Various

1.63%
1,492,309.71
1,496,600.63

97.94 2.66%
1,469,062.50
3,811.47

1.92%
(27,538.13)
Aaa / AA+
AAA

1.84 1.79
Sample CUSIP Sample Issuer

1.375% Due 9/30/2020
750,000.00 05/03/2017

1.59%
744,758.37
746,669.78

97.25 2.69%
729,345.75
3,465.68

0.96%
(17,324.03)
Aaa / AA+
AAA

2.17 2.10
Sample CUSIP Sample Issuer

1.625% Due 11/30/2020
1,000,000.00 07/25/2017

1.62%
1,000,081.48
1,000,056.76

97.52 2.73%
975,234.00
2,752.73

1.27%
(24,822.76)
Aaa / AA+
AAA

2.34 2.26
Sample CUSIP Sample Issuer

1.375% Due 1/31/2021
1,250,000.00 11/14/2016

1.58%
1,239,750.28
1,243,908.81

96.72 2.74%
1,209,033.75

46.71 1.58%
(34,875.06)
Aaa / AA+
AAA

2.51 2.43
Sample CUSIP Sample Issuer

1.25% Due 3/31/2021
1,000,000.00 01/30/2018

2.31%
967,773.44
972,851.56

96.17 2.75%
961,680.00
4,200.82

1.26%
(11,171.56)
Aaa / AA+
AAA

2.67 2.58
Sample CUSIP Sample Issuer

1.375% Due 4/30/2021
1,000,000.00 12/27/2017

2.08%
977,382.81
981,390.45

96.37 2.76%
963,672.00
3,493.85

1.26%
(17,718.45)
Aaa / AA+
AAA

2.75 2.66
Sample CUSIP Sample Issuer
2% Due 5/31/2021
1,500,000.00 01/24/2017

1.83%
1,510,844.87
1,507,065.91

97.95 2.76%
1,469,179.50
5,081.97

1.92%
(37,886.41)
Aaa / AA+
AAA

2.84 2.72
Sample CUSIP Sample Issuer

1.125% Due 7/31/2021
1,000,000.00 12/27/2017

2.11%
966,171.88
971,745.39

95.28 2.78%
952,773.00

30.57 1.24%
(18,972.39)
Aaa / AA+
AAA

3.00 2.92
Sample CUSIP Sample Issuer

1.125% Due 9/30/2021
1,500,000.00 Various

1.83%
1,460,042.42
1,467,636.23

95.01 2.78%
1,425,117.00
5,671.11

1.86%
(42,519.23)
Aaa / AA+
AAA

3.17 3.06
Sample CUSIP Sample Issuer

1.875% Due 3/31/2022
1,250,000.00 04/20/2018

2.71%
1,211,035.16
1,213,744.82

96.76 2.81%
1,209,521.25
7,876.54

1.59%
(4,223.57)
Aaa / AA+
AAA

3.67 3.49
Total US Treasury 25,250,000.00 1.62%
25,107,853.86
25,114,069.03 2.59%
24,705,669.25
87,261.82

32.31%
(408,399.78)
Aaa / AA+
AAA

1.84 1.78
TOTAL PORTFOLIO 77,662,678.76 1.76%
77,513,133.27
77,427,515.17 2.63%
76,401,796.03
325,765.96
100.00%
(1,025,719.14)
Aa1 / AA+
AAA

1.71 1.65
TOTAL MARKET VALUE PLUS ACCRUED 76,727,561.99
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Transaction Ledger
As of Month-end Date
Sample Client
Account #000000
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/03/2018 Sample CUSIP 2,664.28 Sample Issuer 1.000 1.51% 2,664.28 0.00 2,664.28 0.00 Purchase 07/05/2018 Sample CUSIP 13,250.00 Sample Issuer 1.000 1.51% 13,250.00 0.00 13,250.00 0.00 Purchase 07/11/2018 Sample CUSIP 1,000,000.00 Sample Issuer 100.029 2.74% 1,000,290.00 1,222.22 1,001,512.22 0.00 Purchase 07/13/2018 Sample CUSIP 16,000.00 Sample Issuer 1.000 1.51% 16,000.00 0.00 16,000.00 0.00 Purchase 07/17/2018 Sample CUSIP 11,400.00 Sample Issuer 1.000 1.51% 11,400.00 0.00 11,400.00 0.00 Purchase 07/20/2018 Sample CUSIP 1,743.75 Sample Issuer 1.000 1.51% 1,743.75 0.00 1,743.75 0.00 Purchase 07/20/2018 Sample CUSIP 310,000.00 Sample Issuer 1.000 1.51% 310,000.00 0.00 310,000.00 0.00 Purchase 07/22/2018 Sample CUSIP 16,562.50 Sample Issuer 1.000 1.51% 16,562.50 0.00 16,562.50 0.00 Purchase 07/24/2018 Sample CUSIP 11,812.50 Sample Issuer 1.000 1.51% 11,812.50 0.00 11,812.50 0.00 Purchase 07/31/2018 Sample CUSIP 1,000,000.00 Sample Issuer 97.172 2.87% 971,720.00 1,444.44 973,164.44 0.00 Purchase 07/31/2018 Sample CUSIP 32,681.35 Sample Issuer 1.000 1.55% 32,681.35 0.00 32,681.35 0.00 Purchase 07/31/2018 Sample CUSIP 35,906.25 Sample Issuer 1.000 1.55% 35,906.25 0.00 35,906.25 0.00 Subtotal 2,452,020.63 2,424,030.63 2,666.66 2,426,697.29 0.00 TOTAL ACQUISITIONS 2,452,020.63 2,424,030.63 2,666.66 2,426,697.29 0.00

DISPOSITIONS
Sale 07/11/2018 Sample CUSIP 1,001,512.22 Sample Issuer 1.000 1.51% 1,001,512.22 0.00 1,001,512.22 0.00 Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Transaction Ledger
As of Month-end Date
Sample Client
Account #000000
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

DISPOSITIONS
Sale 07/31/2018 Sample CUSIP 1,000,000.00 Sample Issuer

1.5% Due 8/31/2018

99.961 1.95% 999,609.38 6,236.41 1,005,845.79 -234.79
Subtotal 2,001,512.22 2,001,121.60 6,236.41 2,007,358.01 -234.79 Maturity 07/20/2018 Sample CUSIP 310,000.00 Sample Issuer

1.125% Due 7/20/2018
100.000 310,000.00 0.00 310,000.00 0.00
Subtotal 310,000.00 310,000.00 0.00 310,000.00 0.00
TOTAL DISPOSITIONS 2,311,512.22 2,311,121.60 6,236.41 2,317,358.01 -234.79

OTHER TRANSACTIONS
Interest 07/05/2018 Sample CUSIP 1,000,000.00 Sample Issuer

2.65% Due 1/5/2022

0.000 13,250.00 0.00 13,250.00 0.00
Interest 07/13/2018 Sample CUSIP 1,000,000.00 Sample Issuer

2.4% Due 1/13/2023

0.000 16,000.00 0.00 16,000.00 0.00
Interest 07/17/2018 Sample CUSIP 1,520,000.00 Sample Issuer

1.5% Due 1/17/2020

0.000 11,400.00 0.00 11,400.00 0.00
Interest 07/20/2018 Sample CUSIP 310,000.00 Sample Issuer

1.125% Due 7/20/2018

0.000 1,743.75 0.00 1,743.75 0.00
Interest 07/22/2018 Sample CUSIP 1,325,000.00 Sample Issuer

2.5% Due 1/22/2021

0.000 16,562.50 0.00 16,562.50 0.00
Interest 07/24/2018 Sample CUSIP 900,000.00 Sample Issuer

2.625% Due 1/24/2022

0.000 11,812.50 0.00 11,812.50 0.00
Interest 07/31/2018 Sample CUSIP 1,850,000.00 Sample Issuer

1.5% Due 1/31/2019

0.000 13,875.00 0.00 13,875.00 0.00
Interest 07/31/2018 Sample CUSIP 1,250,000.00 Sample Issuer

1.25% Due 1/31/2020

0.000 7,812.50 0.00 7,812.50 0.00
Interest 07/31/2018 Sample CUSIP 1,250,000.00 Sample Issuer

1.375% Due 1/31/2021

0.000 8,593.75 0.00 8,593.75 0.00
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Transaction Ledger
As of Monh-end Date
Sample Client
Account #000000
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

OTHER TRANSACTIONS
Interest 07/31/2018 Sample CUSIP 1,000,000.00 Sample Issuer

1.125% Due 7/31/2021

0.000 5,625.00 0.00 5,625.00 0.00
Subtotal 11,405,000.00 106,675.00 0.00 106,675.00 0.00
Dividend 07/03/2018 Sample CUSIP 2,194,340.70 Sample Issuer Fund #657

0.000 2,664.28 0.00 2,664.28 0.00
Subtotal 2,194,340.70 2,664.28 0.00 2,664.28 0.00
TOTAL OTHER TRANSACTIONS 13,599,340.70 109,339.28 0.00 109,339.28 0.00 Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Income Earned
As of Month-end Date
Sample Client
Account #000000
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income

FIXED INCOME
Sample CUSIP Sample Issuer
Callable Note Cont
10/3/2020 2.3% Due
11/03/2020
05/26/2017
05/31/2017
1,000,000.00
1,005,486.49

0.00 0.00
1,005,280.33
3,705.56

0.00 5,622.22
1,916.66

0.00 206.16
(206.16)
1,710.50
1,710.50
Sample CUSIP Sample Issuer
Callable Note Cont 12/13/2022

2.4% Due 01/13/2023
05/09/2018
05/11/2018
1,000,000.00
964,357.04

0.00 0.00
965,023.86
15,200.00
16,000.00
1,200.00
2,000.00
666.82

0.00 666.82
2,666.82
2,666.82
Sample CUSIP Sample Issuer
Callable Note Cont 7/2/2018

2.1% Due 08/01/2018
02/05/2014
02/10/2014
790,000.00
790,003.37

0.00 0.00
790,000.00
6,912.50

0.00 8,295.00
1,382.50

0.00 3.37
(3.37)
1,379.13
1,379.13
Sample CUSIP Sample Issuer
Note
3% Due 05/15/2022
05/23/2017
05/26/2017
500,000.00
512,768.85

0.00 0.00
512,488.91
1,916.67

0.00 3,166.67
1,250.00

0.00 279.94
(279.94)
970.06
970.06
Sample CUSIP Sample Issuer
Note

1.7% Due 03/15/2019
03/08/2016
03/15/2016
570,000.00
569,898.33

0.00 0.00
569,910.59
2,853.17

0.00 3,660.67
807.50

12.26 0.00

12.26 819.76
819.76
Sample CUSIP Sample Issuer
Callable Note Cont 4/15/2021

2.1% Due 05/16/2021
03/09/2018
03/13/2018
1,000,000.00
979,733.19

0.00 0.00
980,331.54
2,625.00

0.00 4,375.00
1,750.00
598.35

0.00 598.35
2,348.35
2,348.35
Sample CUSIP Sample Issuer
Note

2.125% Due 03/01/2019
11/19/2014
11/24/2014
750,000.00
750,273.72

0.00 0.00
750,238.80
5,312.50

0.00 6,640.62
1,328.12

0.00 34.92
(34.92)
1,293.20
1,293.20
Sample CUSIP Sample Issuer
Note

1.95% Due 03/04/2019
05/28/2014
05/30/2014
900,000.00
900,541.08

0.00 0.00
900,472.90
5,703.75

0.00 7,166.25
1,462.50

0.00 68.18
(68.18)
1,394.32
1,394.32
Sample CUSIP Sample Issuer
Note

2.375% Due 03/12/2021
03/26/2018
03/27/2018
2,000,000.00
1,991,653.47

0.00 0.00
1,991,916.15
14,381.94

0.00 18,340.28
3,958.34
262.68

0.00 262.68
4,221.02
4,221.02
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Income Earned
As of Month-end Date
Sample Client
Account #000000
CUSIP
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
Sample CUSIP
Security Description
Sample Issuer
Note

1.125% Due 06/21/2019
06/28/2016
06/29/2016
1,500,000.00
1,504,257.06

0.00 0.00
1,503,885.32
468.75

0.00 1,875.00
1,406.25

0.00 371.74
(371.74)
1,034.51
1,034.51
Sample CUSIP Sample Issuer
Note

1.375% Due 09/28/2020
09/14/2017
09/15/2017
1,500,000.00
1,493,001.53

0.00 0.00
1,493,266.11
5,328.13

0.00 7,046.88
1,718.75
264.58

0.00 264.58
1,983.33
1,983.33
Sample CUSIP Sample Issuer
Note
2% Due 09/14/2018
02/07/2014
02/10/2014
1,500,000.00
1,501,491.27

0.00 0.00
1,500,874.89
8,916.66

0.00 11,416.68
2,500.02

0.00 616.38
(616.38)
1,883.64
1,883.64
Sample CUSIP Sample Issuer
Note

1.5% Due 03/08/2019
02/12/2016
02/16/2016
1,500,000.00
1,504,707.66

0.00 0.00
1,504,123.91
7,062.50

0.00 8,937.50
1,875.00

0.00 583.75
(583.75)
1,291.25
1,291.25
Sample CUSIP Sample Issuer
Note

1.875% Due 03/13/2020
05/03/2017
05/04/2017
750,000.00
753,796.49

0.00 0.00
753,606.97
4,218.75

0.00 5,390.63
1,171.88

0.00 189.52
(189.52)
982.36
982.36
Sample CUSIP Sample Issuer
Note

1.875% Due 06/11/2021
08/30/2017
08/31/2017
1,250,000.00
1,257,348.77

0.00 0.00
1,257,137.05
1,302.08

0.00 3,255.21
1,953.13

0.00 211.72
(211.72)
1,741.41
1,741.41
Sample CUSIP Sample Issuer
Note

1.375% Due 09/13/2019
08/24/2016
08/25/2016
1,500,000.00
1,506,289.44

0.00 0.00
1,505,845.31
6,187.50

0.00 7,906.25
1,718.75

0.00 444.13
(444.13)
1,274.62
1,274.62
Sample CUSIP Sample Issuer
Note

1.75% Due 06/12/2020
06/15/2017
06/16/2017
1,500,000.00
1,504,469.56

0.00 0.00
1,504,274.96
1,385.42

0.00 3,572.92
2,187.50

0.00 194.60
(194.60)
1,992.90
1,992.90
Sample CUSIP Sample Issuer
Note

1.68% Due 10/13/2020
10/18/2017
10/19/2017
1,500,000.00
1,496,817.04

0.00 0.00
1,496,935.21
5,460.00

0.00 7,560.00
2,100.00
118.17

0.00 118.17
2,218.17
2,218.17
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Income Earned
As of Month-end Date
Sample Client
Account #000000
CUSIP
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
Sample CUSIP
Security Description
Sample Issuer
Note
Due 08/31/2018
09/13/2013
09/16/2013

0.00 999,693.37

0.00 999,844.17

0.00 5,013.59
6,236.41

0.00 1,222.82
150.80

0.00 150.80
1,373.62
1,373.62
Sample CUSIP Sample Issuer
Note

1.125% Due 07/31/2021
12/27/2017
12/28/2017
1,000,000.00
970,945.49

0.00 0.00
971,745.39
4,692.68
5,625.00

30.57 962.89
799.90

0.00 799.90
1,762.79
1,762.79
Sample CUSIP Sample Issuer
Note

1.125% Due 05/31/2019
03/18/2016
03/21/2016
750,000.00
750,562.99

0.00 0.00
750,510.73
714.65

0.00 1,429.30
714.65

0.00 52.26
(52.26)
662.39
662.39
Sample CUSIP Sample Issuer
Note

1.125% Due 09/30/2021
Various
Various
1,500,000.00
1,466,768.34

0.00 0.00
1,467,636.23
4,241.80

0.00 5,671.11
1,429.31
867.89

0.00 867.89
2,297.20
2,297.20
Sample CUSIP Sample Issuer
Note

1.875% Due 03/31/2022
04/20/2018
04/23/2018
1,250,000.00
1,212,904.82

0.00 0.00
1,213,744.82
5,891.39

0.00 7,876.54
1,985.15
840.00

0.00 840.00
2,825.15
2,825.15
Sample CUSIP Sample Issuer
Note
2% Due 05/31/2021
01/24/2017
01/25/2017
1,500,000.00
1,507,277.75

0.00 0.00
1,507,065.91
2,540.98

0.00 5,081.97
2,540.99

0.00 211.84
(211.84)
2,329.15
2,329.15
Sample CUSIP Sample Issuer
Note

1.5% Due 05/31/2020
Various
Various
1,500,000.00
1,496,443.12

0.00 0.00
1,496,600.63
1,905.74

0.00 3,811.47
1,905.73
157.51

0.00 157.51
2,063.24
2,063.24
Sample CUSIP Sample Issuer
Note

3.125% Due 06/23/2021
06/20/2018
06/27/2018
815,000.00
814,959.40

0.00 0.00
814,960.56
282.99

0.00 2,405.38
2,122.39

1.16 0.00

1.16 2,123.55
2,123.55
Total Fixed Income 75,585,000.00
74,696,988.67
1,972,010.00
1,309,844.17
75,361,969.31
324,967.26
110,244.75
321,091.81
106,369.30
9,005.04
6,190.23
2,814.81
109,184.11 109,184.11
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Income Earned
As of Month-end Date
Sample Client
Account #000000
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
CUSIP Total Income
CASH &

EQUIVALENT
Sample CUSIP
Sample Issuer
Government MMKT Fund #657
Various
Various
547,678.76
1,097,170.35
452,020.63
1,001,512.22
547,678.76

0.00 2,664.28

0.00 2,664.28

0.00 0.00

0.00 2,664.28
2,664.28
Sample CUSIP Sample Issuer
Discount CP

2.34% Due 10/15/2018
06/14/2018
06/15/2018
1,530,000.00
1,517,867.10

0.00 0.00
1,517,867.10
1,591.20

0.00 4,674.15
3,082.95

0.00 0.00

0.00 3,082.95
3,082.95
Total Cash & Equivalent 2,077,678.76
2,615,037.45
452,020.63
1,001,512.22
2,065,545.86
1,591.20
2,664.28
4,674.15
5,747.23

0.00 0.00

0.00 5,747.23 5,747.23
TOTAL PORTFOLIO 77,662,678.76
77,312,026.12
2,424,030.63
2,311,356.39
77,427,515.17
326,558.46
112,909.03
325,765.96
112,116.53
9,005.04
6,190.23
2,814.81
114,931.34 114,931.34
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/01/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.25% Due 8/1/2019

0.00 9,375.00 9,375.00
08/01/2018 Maturity Sample CUSIP 790,000.00 Sample Issuer Callable Note Cont 7/2/2018
790,000.00 8,295.00 798,295.00
08/08/2018 Interest Sample CUSIP 890,000.00 Sample Issuer

1.1% Due 8/8/2019

0.00 4,895.00 4,895.00
08/12/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.125% Due 8/12/2021

0.00 5,625.00 5,625.00
08/16/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.375% Due 2/16/2021

0.00 11,875.00 11,875.00
08/28/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.5% Due 2/28/2020

0.00 15,000.00 15,000.00
08/31/2018 Interest Sample CUSIP 1,750,000.00 Sample Issuer

1.5% Due 2/28/2019

0.00 13,125.00 13,125.00
08/31/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.625% Due 8/31/2019

0.00 16,250.00 16,250.00
08/31/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.375% Due 2/29/2020

0.00 13,750.00 13,750.00
AUG 2018 790,000.00 98,190.00 888,190.00
09/01/2018 Interest Sample CUSIP 750,000.00 Sample Issuer

2.125% Due 3/1/2019

0.00 7,968.75 7,968.75
09/04/2018 Interest Sample CUSIP 900,000.00 Sample Issuer

1.95% Due 3/4/2019

0.00 8,775.00 8,775.00
09/08/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.5% Due 3/8/2019

0.00 11,250.00 11,250.00
09/12/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer

2.375% Due 3/12/2021

0.00 23,750.00 23,750.00
09/12/2018 Interest Sample CUSIP 1,525,000.00 Sample Issuer

1.75% Due 9/12/2019

0.00 13,343.75 13,343.75
09/13/2018 Interest Sample CUSIP 750,000.00 Sample Issuer

1.875% Due 3/13/2020

0.00 7,031.25 7,031.25
09/13/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.375% Due 9/13/2019

0.00 10,312.50 10,312.50
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/14/2018 Maturity Sample CUSIP 1,500,000.00 Sample Issuer 2% Due 9/14/2018
1,500,000.00 15,000.00 1,515,000.00
09/15/2018 Interest Sample CUSIP 900,000.00 Sample Issuer 1.95% Due 3/15/2019

0.00 8,775.00 8,775.00
09/15/2018 Interest Sample CUSIP 570,000.00 Sample Issuer 1.7% Due 3/15/2019

0.00 4,845.00 4,845.00
09/28/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.375% Due 9/28/2020

0.00 10,312.50 10,312.50
09/30/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer 1.25% Due 3/31/2021

0.00 6,250.00 6,250.00
09/30/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer 1.125% Due 9/30/2021

0.00 8,437.50 8,437.50
09/30/2018 Interest Sample CUSIP 1,250,000.00 Sample Issuer 1.875% Due 3/31/2022

0.00 11,718.75 11,718.75
09/30/2018 Interest Sample CUSIP 750,000.00 Sample Issuer 1.375% Due 9/30/2020

0.00 5,156.25 5,156.25
SEP 2018 1,500,000.00 152,926.25 1,652,926.25
10/02/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.25% Due 10/2/2019

0.00 12,500.00 12,500.00
10/13/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.5% Due 4/13/2021

0.00 12,500.00 12,500.00
10/13/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.68% Due 10/13/2020

0.00 12,600.00 12,600.00
10/15/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.125% Due 4/15/2019

0.00 11,250.00 11,250.00
10/15/2018 Maturity Sample CUSIP 1,530,000.00 Sample Issuer

2.34% Due 10/15/2018
1,517,867.10 12,132.90 1,530,000.00
10/30/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer 1.375% Due 4/30/2021

0.00 6,875.00 6,875.00
10/31/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer 1.375% Due 4/30/2020

0.00 10,312.50 10,312.50
10/31/2018 Interest Sample CUSIP 1,200,000.00 Sample Issuer 1.625% Due 4/30/2019

0.00 9,750.00 9,750.00
OCT 2018 1,517,867.10 87,920.40 1,605,787.50
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/03/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer 10/3/2020 2.3% Due 11/3/2020

0.00 11,500.00 11,500.00
11/08/2018 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.55% Due 5/8/2020

0.00 15,500.00 15,500.00
11/15/2018 Interest Sample CUSIP 500,000.00 Sample Issuer 3% Due 5/15/2022

0.00 7,500.00 7,500.00
11/16/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer 4/15/2021 2.1% Due 5/16/2021

0.00 10,500.00 10,500.00
11/17/2018 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.875% Due 11/17/2020

0.00 11,718.75 11,718.75
11/21/2018 Interest Sample CUSIP 350,000.00 Sample Issuer 4/21/2021 3.25% Due 5/21/2021

0.00 5,655.90 5,655.90
11/27/2018 Maturity Sample CUSIP 2,000,000.00 Sample Issuer

1.625% Due 11/27/2018
2,000,000.00 16,250.00 2,016,250.00
11/30/2018 Interest Sample CUSIP 750,000.00 Sample Issuer

1.125% Due 5/31/2019

0.00 4,218.75 4,218.75
11/30/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer 2% Due 5/31/2021

0.00 15,000.00 15,000.00
11/30/2018 Interest Sample CUSIP 1,350,000.00 Sample Issuer

1.75% Due 5/30/2019

0.00 11,812.50 11,812.50
11/30/2018 Interest Sample CUSIP 1,200,000.00 Sample Issuer

1.5% Due 11/30/2019

0.00 9,000.00 9,000.00
11/30/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.625% Due 11/30/2020

0.00 8,125.00 8,125.00
11/30/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.5% Due 5/31/2020

0.00 11,250.00 11,250.00
NOV 2018 2,000,000.00 138,030.90 2,138,030.90
12/11/2018 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.875% Due 6/11/2021

0.00 11,718.75 11,718.75
12/12/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.75% Due 6/12/2020

0.00 13,125.00 13,125.00
12/14/2018 Maturity Sample CUSIP 1,000,000.00 Sample Issuer

1.125% Due 12/14/2018
1,000,000.00 5,625.00 1,005,625.00
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/21/2018 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.125% Due 6/21/2019

0.00 8,437.50 8,437.50
12/22/2018 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.75% Due 6/22/2021

0.00 13,520.83 13,520.83
12/23/2018 Interest Sample CUSIP 815,000.00 Sample Issuer

3.125% Due 6/23/2021

0.00 12,451.39 12,451.39
DEC 2018 1,000,000.00 64,878.47 1,064,878.47
01/05/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer 2% Due 1/5/2022

0.00 10,000.00 10,000.00
01/05/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.65% Due 1/5/2022

0.00 13,250.00 13,250.00
01/13/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer Cont 12/13/2022 2.4% Due 1/13/2023

0.00 12,000.00 12,000.00
01/17/2019 Interest Sample CUSIP 1,520,000.00 Sample Issuer

1.5% Due 1/17/2020

0.00 11,400.00 11,400.00
01/22/2019 Interest Sample CUSIP 1,325,000.00 Sample Issuer Cont 12/23/2020 2.5% Due 1/22/2021

0.00 16,562.50 16,562.50
01/24/2019 Interest Sample CUSIP 900,000.00 Sample Issuer 12/23/2021 2.625% Due 1/24/2022

0.00 11,812.50 11,812.50
01/31/2019 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.375% Due 1/31/2021

0.00 8,593.75 8,593.75
01/31/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.125% Due 7/31/2021

0.00 5,625.00 5,625.00
01/31/2019 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.25% Due 1/31/2020

0.00 7,812.50 7,812.50
01/31/2019 Maturity Sample CUSIP 1,850,000.00 Sample Issuer

1.5% Due 1/31/2019
1,850,000.00 13,875.00 1,863,875.00
JAN 2019 1,850,000.00 110,931.25 1,960,931.25
02/01/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.25% Due 8/1/2019

0.00 9,375.00 9,375.00
02/08/2019 Interest Sample CUSIP 890,000.00 Sample Issuer

1.1% Due 8/8/2019

0.00 4,895.00 4,895.00
02/12/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.125% Due 8/12/2021

0.00 5,625.00 5,625.00
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/16/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.375% Due 2/16/2021

0.00 11,875.00 11,875.00
02/28/2019 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.625% Due 8/31/2019

0.00 16,250.00 16,250.00
02/28/2019 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.375% Due 2/29/2020

0.00 13,750.00 13,750.00
02/28/2019 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.5% Due 2/28/2020

0.00 15,000.00 15,000.00
02/28/2019 Maturity Sample CUSIP 1,750,000.00 Sample Issuer

1.5% Due 2/28/2019
1,750,000.00 13,125.00 1,763,125.00
FEB 2019 1,750,000.00 89,895.00 1,839,895.00
03/01/2019 Maturity Sample CUSIP 750,000.00 Sample Issuer

2.125% Due 3/1/2019
750,000.00 7,968.75 757,968.75
03/04/2019 Maturity Sample CUSIP 900,000.00 Sample Issuer

1.95% Due 3/4/2019
900,000.00 8,775.00 908,775.00
03/08/2019 Maturity Sample CUSIP 1,500,000.00 Sample Issuer

1.5% Due 3/8/2019
1,500,000.00 11,250.00 1,511,250.00
03/12/2019 Interest Sample CUSIP 2,000,000.00 Sample Issuer

2.375% Due 3/12/2021

0.00 23,750.00 23,750.00
03/12/2019 Interest Sample CUSIP 1,525,000.00 Sample Issuer

1.75% Due 9/12/2019

0.00 13,343.75 13,343.75
03/13/2019 Interest Sample CUSIP 750,000.00 Sample Issuer

1.875% Due 3/13/2020

0.00 7,031.25 7,031.25
03/13/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.375% Due 9/13/2019

0.00 10,312.50 10,312.50
03/15/2019 Maturity Sample CUSIP 570,000.00 Sample Issuer

1.7% Due 3/15/2019
570,000.00 4,845.00 574,845.00
03/15/2019 Maturity Sample CUSIP 900,000.00 Sample Issuer

1.95% Due 3/15/2019
900,000.00 8,775.00 908,775.00
03/28/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.375% Due 9/28/2020

0.00 10,312.50 10,312.50
03/31/2019 Interest Sample CUSIP 750,000.00 Sample Issuer

1.375% Due 9/30/2020

0.00 5,156.25 5,156.25
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/31/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.125% Due 9/30/2021

0.00 8,437.50 8,437.50
03/31/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.25% Due 3/31/2021

0.00 6,250.00 6,250.00
03/31/2019 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.875% Due 3/31/2022

0.00 11,718.75 11,718.75
MAR 2019 4,620,000.00 137,926.25 4,757,926.25
04/02/2019 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.25% Due 10/2/2019

0.00 12,500.00 12,500.00
04/13/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.5% Due 4/13/2021

0.00 12,500.00 12,500.00
04/13/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.68% Due 10/13/2020

0.00 12,600.00 12,600.00
04/15/2019 Maturity Sample CUSIP 2,000,000.00 Sample Issuer

1.125% Due 4/15/2019
2,000,000.00 11,250.00 2,011,250.00
04/30/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.375% Due 4/30/2020

0.00 10,312.50 10,312.50
04/30/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.375% Due 4/30/2021

0.00 6,875.00 6,875.00
04/30/2019 Maturity Sample CUSIP 1,200,000.00 Sample Issuer

1.625% Due 4/30/2019
1,200,000.00 9,750.00 1,209,750.00
APR 2019 3,200,000.00 75,787.50 3,275,787.50
05/03/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer 10/3/2020 2.3% Due 11/3/2020

0.00 11,500.00 11,500.00
05/08/2019 Interest Sample CUSIP 2,000,000.00 Sample Issuer

1.55% Due 5/8/2020

0.00 15,500.00 15,500.00
05/15/2019 Interest Sample CUSIP 500,000.00 Sample Issuer 3% Due 5/15/2022

0.00 7,500.00 7,500.00
05/16/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer 4/15/2021 2.1% Due 5/16/2021

0.00 10,500.00 10,500.00
05/17/2019 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.875% Due 11/17/2020

0.00 11,718.75 11,718.75
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/21/2019 Interest Sample CUSIP 350,000.00 Sample Issuer Cont 4/21/2021 3.25% Due 5/21/2021

0.00 5,687.50 5,687.50
05/30/2019 Maturity Sample CUSIP 1,350,000.00 Sample Issuer

1.75% Due 5/30/2019
1,350,000.00 11,812.50 1,361,812.50
05/31/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.625% Due 11/30/2020

0.00 8,125.00 8,125.00
05/31/2019 Interest Sample CUSIP 1,200,000.00 Sample Issuer

1.5% Due 11/30/2019

0.00 9,000.00 9,000.00
05/31/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer 2% Due 5/31/2021

0.00 15,000.00 15,000.00
05/31/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.5% Due 5/31/2020

0.00 11,250.00 11,250.00
05/31/2019 Maturity Sample CUSIP 750,000.00 Sample Issuer

1.125% Due 5/31/2019
750,000.00 4,218.75 754,218.75
MAY 2019 2,100,000.00 121,812.50 2,221,812.50
06/11/2019 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.875% Due 6/11/2021

0.00 11,718.75 11,718.75
06/12/2019 Interest Sample CUSIP 1,500,000.00 Sample Issuer

1.75% Due 6/12/2020

0.00 13,125.00 13,125.00
06/21/2019 Maturity Sample CUSIP 1,500,000.00 Sample Issuer

1.125% Due 6/21/2019
1,500,000.00 8,437.50 1,508,437.50
06/22/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.75% Due 6/22/2021

0.00 13,750.00 13,750.00
06/23/2019 Interest Sample CUSIP 815,000.00 Sample Issuer

3.125% Due 6/23/2021

0.00 12,734.38 12,734.38
JUN 2019 1,500,000.00 59,765.63 1,559,765.63
07/05/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer 2% Due 1/5/2022

0.00 10,000.00 10,000.00
07/05/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

2.65% Due 1/5/2022

0.00 13,250.00 13,250.00
07/13/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer 12/13/2022 2.4% Due 1/13/2023

0.00 12,000.00 12,000.00
07/17/2019 Interest Sample CUSIP 1,520,000.00 Sample Issuer

1.5% Due 1/17/2020

0.00 11,400.00 11,400.00
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Cash Flow Report
As of Month-end Date
Sample Client
Account #000000
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/22/2019 Interest Sample CUSIP 1,325,000.00 Sample Issuer 12/23/2020 2.5% Due 1/22/2021

0.00 16,562.50 16,562.50
07/24/2019 Interest Sample CUSIP 900,000.00 Sample Issuer 12/23/2021 2.625% Due 1/24/2022

0.00 11,812.50 11,812.50
07/31/2019 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.375% Due 1/31/2021

0.00 8,593.75 8,593.75
07/31/2019 Interest Sample CUSIP 1,000,000.00 Sample Issuer

1.125% Due 7/31/2021

0.00 5,625.00 5,625.00
07/31/2019 Interest Sample CUSIP 1,250,000.00 Sample Issuer

1.25% Due 1/31/2020

0.00 7,812.50 7,812.50
JUL 2019 0.00 97,056.25 97,056.25
TOTAL 21,827,867.10 1,235,120.40 23,062,987.50
Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
Important Disclosures Sample Client
Account #000000
Chandler Asset Management, Inc. ;͞Chandler͟Ϳis an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV). To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.

Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.

Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance: Performance results are presented gross-of-advisory fees and represent the client͛s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Source ice Data Indices, LLC ("ICE"), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN "AS IS" BASIS; ICE, ITS AFFILIATES AND THEIR RESPECTIVE

THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES OR

THEIR RESPECTIVE THIRD PARTY PROVIDERS GUARANTEE THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND LICENSEE'S USE IS AT LICENSEE'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Ratings: Ratings information have been provided by Moody͛s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Chandler Asset Management - CONFIDENTIAL

Execution Time: 8/21/2018 9:23:32 PM
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending September 30, 2018
Sample Client Quarterly Report
Please note: This sample client service report is being provided for illustrative purposes to demonstrate Chandler Asset Management’s reporting capabilities. References to specific securities and their characteristics are examples of securities held in the portfolio and are not intended to be, and should not be interpreted as an offer, solicitation or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio. The information contained in this sample presentation was obtained from sources we believe to be reliable as of the date of publication, but we do not guarantee its accuracy. This presentation contains the current opinions of the author, which are subject to change without notice. Any statements concerning financial market trends or future forecasts are based on current market conditions, which will fluctuate. Past performance is not indicative of future success. Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

I ,,;.,.& CHANDLER
'-'-- ASSET MANAGEMENT
*Please see the disclosures on front page of this presentation.

SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
SECTION 5 Disclosures
Table of Contents I
SECTION | Section 1 | Economic Update
*Please see the disclosures on front page of this presentation.

Economic Update
Economic data remains favorable but predictive economic indicators suggest that economic growth is unlikely to accelerate.

Although the labor market is strong and consumer confidence is high, we do not believe the economy is close to overheating. The Core PCE Index suggests that inflation is in line with the Fed's 2.0% target. Market participants are forecasting annualized GDP growth of about 3.0% in the third quarter, 2.8% in the fourth quarter, and 2.5% next year. ▪
▪
▪
As expected, the Federal Open Market Committee (FOMC) voted to raise the fed funds target rate by 25 basis points to a range of 2.00%-2.25% at the September 26th meeting. The vote was unanimous, including a vote from the new Board of Governors Vice Chair, Richard Clarida. The Fed raised its median forecast for GDP growth in 2018 and 2019 and left its forecasts for unemployment and inflation relatively unchanged. The Fed also kept its fed funds rate forecasts unchanged with the exception of the longer-run target which increased slightly to 3.0%. The Fed’s forecast points to one more fed funds rate hike this year and three more hikes next year. Once again, in its policy statement, the FOMC noted that economic activity has been rising at a “strong rate” and policymakers expect that further gradual increases in the fed funds rate will be appropriate. The FOMC continues to believe risks to the economic outlook are roughly balanced. Market participants believe there is a very high probability that there will be another rate hike in December.

Treasury yields increased in September. At month-end, the 2-year Treasury yield was up 19 basis points to 2.82%, while the 10-year Treasury yield was up 20 basis points to 3.06%. The spread between 2- and 10-year Treasury yields remained narrow at just 24 basis points at month-end. Over the past 20 years, the average spread between 2- and 10-year Treasuries has been about 140 basis points. We foresee an upward bias to rates across the Treasury yield curve but believe that the yield curve will remain quite flat over the intermediate-term.

I
*Please see the disclosures on front page of this presentation.

Employment
U.S. payrolls rose by 201,000 in August, above the consensus forecast of 190,000. June and July payrolls were revised down by a total of 50,000.

On a trailing 3-month and 6-month basis payrolls increased by an average of 185,000 and 192,000 per month, respectively, more than enough to absorb new entrants into the labor market. The unemployment rate was unchanged from the prior month at 3.9%. The labor participation rate declined to 62.7% in August from 62.9% in July. A broader measure of unemployment called the U-6, which includes those who are marginally attached to the labor force and employed part time for economic reasons, declined to 7.4% in August from 7.5% in July. Wages rose 0.4% in August on a month-over-month basis, slightly higher than expectations. Wages were up 2.9% on a year-over-year basis in August, versus up

2.7% year-over-year in July. The average workweek was unchanged at 34.5 hours.

Source: US Department of Labor Source: US Department of Labor 0 50
100
150
200
250
300
350
MOM Change In (000's)
Nonfarm Payroll (000's)

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
I
~
......_ - -
*Please see the disclosures on front page of this presentation.

Inflation
The Consumer Price Index (CPI) was up 2.7% year-over-year in August, versus up 2.9% year-over-year in July. Core CPI (CPI less food and energy) was up 2.2% year-over-year in August, down from 2.4% year-over-year in July. The Personal Consumption Expenditures (PCE) index was up 2.2% year-over-year in August, down slightly from 2.3% year-over-year in July. Core PCE (excluding food and energy) was up 2.0% on a year-over-year basis in August, unchanged from 2.0% in July. Core PCE inflation, which is the Fed's primary inflation gauge, remains in line with the Fed’s 2.0% target.

Source: US Department of Labor Source: US Department of Commerce

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY( %) Change

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
YOY( %) Change
I
-
- ~ I= ~ -<1~ 1'o ~ ¾ -<1~ 1'o ~ ¾ -<1~ -<1~ 1o ~ ¾ -<1~ 1'o ~ ¾ -<1~ ~'./6 ~6 ~'-l> '.Y-..,> ~'-l> ~> ~',lo' '.Y-..,o' ~',lo' ~'./6 k./6 ~'-l> '.Y-..,> ~'-l> k./> ~',lo' 'y'..l. ~',lo' o' *Please see the disclosures on front page of this presentation.

Consumer
On a year-over-year basis, retail sales were up 6.6% in August, versus up 6.7% year-over-year in July. On a month-over-month basis, retail sales increased just 0.1% in August, following an upwardly revised increase of 0.7% in July. Strong sales in July were somewhat offset by softer trends in August, but the overall pace of consumer spending in the third quarter appears solid. The Consumer Confidence Index remains very strong at 138.4 in September, up from 134.7 in August. Ongoing strength in the labor market continues to support consumer confidence and spending trends.

Source: US Department of Commerce Source: The Conference Board

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%
Retail Sales YOY % Change
YOY (%) Change
85 90
95 100
105
110
115
120
125
130
135
140
145
Index Level
Consumer Confidence
I
*Please see the disclosures on front page of this presentation.

Economic Activity
The Index of Leading Economic Indicators (LEI) rose 0.4% month-over-month in August, following a 0.7% increase in July. According to the Conference Board, the index points to solid US economic growth for the remainder of the year. However, the Conference Board also warns that industrial companies that are more sensitive to business cycles should prepare for a possible moderation in economic growth next year. The Chicago Fed National Activity Index (CFNAI) was unchanged month-over-month in August at 0.18, suggesting that economic activity remains steady. On a 3-month moving average basis, the index increased to 0.24 in August from 0.02 in July. -0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%
Leading Economic Indicators (LEI)
MOM ( %) Change
-0.60
-0.40
-0.20

0.00 0.20

0.40 0.60
Chicago Fed National Activity Index (CFNAI)
3 Month Average
Source: The Conference Board Source: Federal Reserve Bank of Chicago I
*Please see the disclosures on front page of this presentation.

Housing
Total housing starts increased 9.2% in August. Single-family starts increased 1.9% in August while multi-family starts surged 29%. However, permits fell 5.7% in August. According to the Case-Shiller 20-City home price index, home prices were up 5.9% year-over-year in July, versus

6.4% in June. Housing data tends to be volatile on a month-over-month basis. Broadly speaking, the housing sector is facing a few different headwinds including supply constraints, rising mortgage interest rates, and a shortage of skilled labor, and housing trends have softened.

Source: US Department of Commerce Source: S&P; Please see the disclosures at the end of this presentation. 0 200
400
600
800
1000
1200
1400
1600
1800
MOM Change (In Thousands of Units)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%
S&P/CaseShiller 20 City Composite Home Price Index
YOY( %) Change
I
■
■
*Please see the disclosures on front page of this presentation.

Manufacturing
The Institute for Supply Management (ISM) manufacturing index edged down to 59.8 in September from 61.3 in August (the highest level since May 2004). A reading above 50.0 suggests the manufacturing sector is expanding. The Industrial Production index was up 4.9% year-over-year in August versus up 4.0% year-over-year in July. On a month-over-month basis, the manufacturing component of the index edged up just 0.2% in August, following a 0.3% increase in July, pointing to modest growth in the sector. Capacity Utilization increased to 78.1% in August from 77.9% in July, but remains below the long-run average of 79.8% indicating there is still excess capacity for growth.

Source: Institute for Supply Management Source: Federal Reserve 46 48
50 52
54 56
58 60
62 Institute of Supply Management Purchasing
Manager Index
Expanding
Contracting
-3.0%
-2.0%
-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
Industrial Production
YOY( %) Change
I
*Please see the disclosures on front page of this presentation.

Gross Domestic Product (GDP)
Annualized second quarter GDP grew at an annualized pace of 4.2%, according to the third estimate, following growth of 2.2% in the first quarter. Consumer spending and exports were particularly strong in the second quarter. Market participants estimate the economy grew 3.0% in the third quarter. GDP growth is expected to ease back toward the 2.5%-3.0% range in the fourth quarter.

Source: US Department of Commerce Source: US Department of Commerce 9/17 12/17 3/18 6/18

1.5% 2.6% 0.4% 2.6%

1.5% 0.1% 1.6% -0.1%

0.0% -0.9% 0.0% 1.2%
-0.1% 0.3% 0.2% 0.2%
-0.1% 0.2% 0.1% 0.2%
Total 2.8% 2.3% 2.2% 4.2%
Components of GDP
Net Exports and Imports
Personal Consumption Expenditures
Gross Private Domestic Investment
Federal Government Expenditures
State and Local (Consumption and
Gross Investment)
-2.0%
-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
I
*Please see the disclosures on front page of this presentation.

Bond Yields
On a year-over-year basis, Treasury yields have increased and the Treasury yield curve has flattened. The spread between 2-Year and 10-year Treasury yields has narrowed from 85 basis points to 24 basis points, year-over-year as of September month-end. Rate hikes by the Federal Reserve have put upward pressure on rates, while supply and demand imbalances, technical factors, and subdued inflation expectations have contributed to the curve flattening.

Source: Bloomberg Source: Bloomberg

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%
US Treasury Yield Curve
Sep-18
Jun-18
Sep-17
Yield (%)
I
- ~ 1:: t -
- J'C'l <'.)C'l ~ -1 . J'C'l <'.)C'l ~ -1 . J'C'l
;(}' 6 6 'r' > ~- > ;(}' > > 'r o> ~-✓o' ;(}'✓o> -i¾6¾ <r, Sr. >r, or. -:b r, 0 0 ,.. ,.. ,.. ,.. ,..

Section 2| SECTION | Section 2 | Account Profile
*Please see the disclosures on front page of this presentation.

Objectives
Chandler Asset Management Performance Objective
The performance objective for the Client is to earn a return that equals or exceeds the return on an index of 1-3 Year Treasury notes.

Investment Objectives
The investment objectives of the Client are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all requirements that may be reasonably anticipated; and third, to earn a commensurate rate of return.

Strategy
In order to achieve these objectives, we invest in high quality fixed income securities consistent with the Client’s investment policy and state legal requirements.

As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Compliance
Category Standard Comment
Treasury Issues No Limit Complies
Agency Issues No Limit Complies
Supranationals "AA" rated or better by a NRSRO; 20% maximum; 10% max per issuer; Issued by IBRD, IFC or IADB only Complies Municipal Issues "A" rated or equivalent by a NRSRO; 30% maximum; 5% max per issuer Complies Banker’s Acceptances "A-1" rated or equivalent by a NRSRO; "A" rated issuer or equivalent by a NRSRO, if the bank has senior debt outstanding; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" rated or equivalent by a NRSRO; "A" rated issuer or equivalent by a NRSRO, if any long-term debt; 25% maximum; 5% max per issuer; 270 days max maturity; Entity organized and operating in the U.S. and has total assets >$500 million
Complies
Negotiable CDs "A-1" short-term rated or "A" long-term rated issuer or equivalent by a NRSRO and having assets in excess of $10 billion; 30% maximum (combined NCDs, CDs); 5% max per issuer; 2 years max maturity Complies Non-Negotiable CDs 30% maximum (combined NCDs, CDs); 5% max per issuer; Collateralized or FDIC Insured; 2 years max maturity Complies Medium Term Notes "A" rated or equivalent by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S.

Complies
Asset-Backed (ABS), Mortgage-Backed
Securities; Pass-Throughs; CMOs
"AAA" rated or equiv by a NRSRO; "A" rated issuer by a NRSRO; 20% max (combined mortgage-backed and assetbacked, MPTs, CMOs); 5% max per issuer Complies Money Market Mutual Funds and
Mutual Funds
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience greater than 5 years; 10% per one Mutual Fund; 20% maximum in Money Market Mutual Funds; 20% maximum combined of total portfolio in these securities
Complies
Repurchase Agreements "A-1" or equivalent short term rating; "A" rated long term issuer or equivalent; 30 days max maturity; Not used by IA Complies Rev. Repo Agreements 10% maximum; 30 days max maturity; Not used by IA Complies LAIF Pursuant to California Govt Code Section 16429.1; Not used by IA Complies LA County Pool 5% max; Not used by IA Complies
Prohibited Derivative structures such as Range Notes, Dual Index Notes, Inverse floaters, Interest-only strips from mortgaged backed securities; Zero interest accrual securities; Orange County Pool Complies
Credit Quality The City shall not purchase any security rated "A1" and/ or "A+" or below if that security has been placed on "credit watch" for a possible downgrade by a NRSRO.

Complies
Max Per Issuer 5% of portfolio (except U.S. government issuers, Supranationals, investment pools, Mutual Funds, and Money Market Funds) Complies
Maximum maturity 5 years Complies
Assets managed by Chandler Asset Management are in full compliance with state law and the Client's investment policy.

City of Newport Beach, California Consolidated
Sample Client
Assets managed by Chandler Asset Management are in full compliance with State law and the Client’s investment policy.

As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Portfolio Characteristics
Sample Client
9/30/2018 6/30/2018
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 1.85 1.87 1.82
Average Modified Duration 1.78 1.69 1.64
Average Purchase Yield n/a 1.92% 1.78%
Average Market Yield 2.85% 2.90% 2.67%
Average Quality** AAA AA/Aa1 AA/Aa2
Total Market Value 195,727,630 194,921,818
*ICE BAML 1-3 Yr US Treasury Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Sample Client
Sector Distribution
ABS

6.4%
Agency

39.1%
Money Market
Fund FI
Negotiable CD 0.1%

5.1%
Supranational

4.0%
Corporate

23.9%
US Treasury

21.4%
September 30, 2018 June 30, 2018
ABS

6.7%
Agency

38.2%
Money Market
Fund FI
Negotiable CD 0.1%

5.1%
Supranational

5.1%
Corporate

24.5%
US Treasury

20.2%
As of September 30, 2018 I
Duration Allocation As of September 30, 2018
Sample Client
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 09/30/18 2.7% 5.9% 25.3% 28.0% 18.5% 19.6% 0.0% 0.0%
0%
5%
10%
15%
20%
25%
30%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years ABS
Agency
Corporate
Money Market Fund FI
Negotiable CD
Supranational
US Treasury
*Please see the disclosures on front page of this presentation.

I
-
■
■
■
■
■
■
■
Portfolio Allocation & Duration Changes
Sample Client
As of September 30, 2018
Benchmark: ICE BAML 1-3 Yr US Treasury Index

95.7%

91.9% 91.9%

98.2%

95.1% 94.6%
100.5%
107.1%

80.0%

85.0%

90.0%

95.0%
100.0%
105.0%
110.0%
12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 Duration as a % of the Benchmark

0.0%

5.1%

5.1%

6.9%

20.3%

24.3%

38.2%

0.1%

5.1%

5.1%

6.6%

21.5%

23.7%

38.0%
Money Market
Fund FI
Supranational
Negotiable CD
ABS
US Treasury
Corporate
Agency
Portfolio Allocation
9/30/2018
6/30/2018
*Please see the disclosures on front page of this presentation.

I
*Please see the disclosures on front page of this presentation.

Issue Name Investment Type % Portfolio
Sample Government Issuer US Treasury 21.44%
Sample Government Agency Agency 14.11%
Sample Government Agency Agency 12.32%
Sample Government Agency Agency 11.28%
Sample Corporate Issuer ABS 1.60%
Sample Supranational Supranational 1.60%
Sample Corporate Issuer Corporate 1.59%
Sample Corporate Issuer ABS 1.48%
Sample Corporate Issuer Corporate 1.41%
Sample Government Agency Agency 1.38%
Sample Corporate Issuer Corporate 1.37%
Sample Supranational Supranational 1.30%
Sample Corporate Issuer Corporate 1.25%
Sample Corporate Issuer Corporate 1.24%
Sample Corporate Issuer Corporate 1.23%
Sample Corporate Issuer Corporate 1.20%
Sample Corporate Issuer Corporate 1.18%
Sample Corporate Issuer Corporate 1.16%
Sample Corporate Issuer Supranational 1.14%
Sample Corporate Issuer Corporate 1.13%
Sample Corporate Issuer Corporate 1.06%
Sample Corporate Issuer Corporate 1.03%
Sample Corporate Issuer Corporate 1.02%
Sample Corporate Issuer ABS 1.01%
Sample Corporate Issuer Corporate 1.00%
Sample Corporate Issuer Corporate 1.00%
Sample Corporate Issuer Negotiable CD 0.88%
Sample Corporate Issuer Negotiable CD 0.88%
Sample Corporate Issuer Negotiable CD 0.87%
Sample Corporate Issuer ABS 0.83%
Sample Corporate Issuer ABS 0.83%
Sample Corporate Issuer Corporate 0.78%
Sample Corporate Issuer Negotiable CD 0.77%
Sample Corporate Issuer Corporate 0.76%
Sample Corporate Issuer Corporate 0.76%
Sample Corporate Issuer Corporate 0.75%
Sample Corporate Issuer Negotiable CD 0.64%
Sample Corporate Issuer Negotiable CD 0.64%
Issuers
Sample Client
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Issue Name Investment Type % Portfolio
Sample Corporate Issuer ABS 0.63%
Sample Corporate Issuer Corporate 0.62%
Sample Corporate Issuer Corporate 0.60%
Sample Corporate Issuer Corporate 0.50%
Sample Corporate Issuer Negotiable CD 0.44%
Sample Corporate Issuer Corporate 0.32%
Sample Corporate Issuer Corporate 0.25%
Sample Corporate Issuer Corporate 0.25%
Sample Corporate Issuer Corporate 0.23%
Sample Corporate Issuer Corporate 0.12%
Sample Money Market Fund Money Market Fund FI 0.07%
Sample Corporate Issuer Corporate 0.06%
TOTAL 100.00%
Issuers
Sample Client
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

AAA AA A <A NR
9/30/18 7.3% 67.8% 21.0% 0.0% 4.0%
6/30/18 8.5% 65.8% 21.6% 0.0% 4.1%
Source: S&P Ratings
September 30, 2018 vs. June 30, 2018

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%
AAA AA A <A NR
9/30/2018 6/30/2018
Quality Distribution
Sample Client
As of September 30, 2018 I
■ ■
*Please see the disclosures on front page of this presentation.

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

0.12%
12 months 2 years 3 years 5 years 10 years Since Inception Sample Client ICE BAML 1-3 Yr US Treasury Index
Total Rate of Return Annualized Since Inception 03/31/1991 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
Sample Client % % % % % % %
ICE BAML 1-3 Yr US Treasury Index % % % % % % %
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Investment Performance
Sample Client
As of September 30, 2018 I
■ ■
SECTION | Section 3 | Portfolio Holdings
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
Sample CUSIP Sample Issuer

1.500% Due 10/15/2019
23,106.49 02/22/2017

1.50%
23,106.40
23,106.46

99.94 5.94%
23,093.70

15.40 0.01%
(12.76)
Aaa / NR
AAA

0.96 0.03
Sample CUSIP Sample Issuer

1.470% Due 01/15/2020
71,158.62 03/21/2017

1.47%
71,158.25
71,158.46

99.87 2.79%
71,068.24

46.49 0.04%
(90.22)
Aaa / NR
AAA

1.21 0.10
Sample CUSIP Sample Issuer

1.590% Due 04/15/2020
201,555.76 07/11/2017

1.60%
201,538.24
201,546.48

99.75 2.73%
201,044.53
142.43

0.10%
(501.95)
Aaa / NR
AAA

1.46 0.22
Sample CUSIP Sample Issuer

1.560% Due 05/15/2020
534,686.88 08/16/2017

1.57%
534,665.86
534,675.04

99.68 2.76%
532,966.77
370.72

0.27%
(1,708.27)
Aaa / NR
AAA

1.54 0.27
Sample CUSIP Sample Issuer

1.140% Due 08/17/2020
130,734.33 08/01/2016

1.14%
130,730.83
130,732.77

99.33 2.77%
129,864.42

66.24 0.07%
(868.35)
Aaa / AAA
NR

1.80 0.41
Sample CUSIP Sample Issuer

1.560% Due 09/15/2020
131,820.82 03/22/2016

1.58%
131,795.25
131,810.09

99.59 2.79%
131,285.36

91.40 0.07%
(524.73)
Aaa / AAA
NR

1.88 0.33
Sample CUSIP Sample Issuer

2.100% Due 10/15/2020
2,022,496.59 01/23/2018

2.12%
2,022,289.89
2,022,347.21

99.66 2.82%
2,015,710.97
1,887.66

1.03%
(6,636.24)
Aaa / AAA
NR

1.96 0.47
Sample CUSIP Sample Issuer

2.420% Due 10/15/2020
1,150,000.00 02/21/2018

2.44%
1,149,949.75
1,149,962.63

99.80 2.85%
1,147,664.35
1,236.89

0.59%
(2,298.28)
Aaa / NR
AAA

1.96 0.48
Sample CUSIP Sample Issuer

1.320% Due 01/15/2021
1,380,296.57 Various

1.82%
1,370,161.13
1,372,638.42

99.17 2.95%
1,368,819.20
202.44

0.70%
(3,819.22)
Aaa / NR
AAA

2.21 0.51
Sample CUSIP Sample Issuer

1.730% Due 02/16/2021
220,000.00 03/07/2017

1.74%
219,974.11
219,984.87

99.21 2.99%
218,272.78
169.16

0.11%
(1,712.09)
Aaa / AAA
NR

2.30 0.63
Sample CUSIP Sample Issuer

1.700% Due 06/15/2021
259,354.25 01/24/2017

1.71%
259,331.58
259,340.66

99.19 3.08%
257,260.48
195.96

0.13%
(2,080.18)
Aaa / NR
AAA

2.62 0.59
Sample CUSIP Sample Issuer

1.720% Due 07/21/2021
375,854.11 03/21/2017

1.73%
375,831.74
375,840.02

99.02 3.08%
372,189.53
179.57

0.19%
(3,650.49)
Aaa / NR
AAA

2.72 0.72
Sample CUSIP Sample Issuer

1.780% Due 08/16/2021
700,000.00 03/21/2017

1.81%
699,640.58
699,771.24

99.22 3.04%
694,569.40
553.78

0.36%
(5,201.84)
Aaa / NR
AAA

2.79 0.62
Sample CUSIP Sample Issuer

1.760% Due 08/16/2021
380,000.00 03/22/2017

1.77%
379,969.26
379,980.43

98.83 3.07%
375,565.40
278.67

0.19%
(4,415.03)

NR / AAA
AAA

2.79 0.89
Sample CUSIP Sample Issuer

1.680% Due 08/16/2021
875,000.00 06/20/2017

1.69%
874,924.31
874,948.96

98.65 3.08%
863,198.00
653.33

0.44%
(11,750.96)
Aaa / AAA
NR

2.79 0.97
Sample CUSIP Sample Issuer

1.820% Due 10/15/2021
250,000.00 07/11/2017

1.83%
249,981.70
249,987.26

98.59 3.13%
246,469.25
202.22

0.13%
(3,518.01)
Aaa / NR
AAA

2.96 1.09
Sample CUSIP Sample Issuer

2.050% Due 11/22/2021
485,000.00 11/22/2017

2.07%
484,931.66
484,947.50

98.72 3.10%
478,778.91
276.18

0.24%
(6,168.59)
Aaa / NR
AAA

3.06 1.23
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer

1.770% Due 01/18/2022
735,000.00 08/09/2017

1.79%
734,872.62
734,907.46

98.36 3.08%
722,916.60
578.20

0.37%
(11,990.86)
Aaa / AAA
NR

3.22 1.26
Sample CUSIP Sample Issuer

1.930% Due 01/18/2022
540,000.00 11/07/2017

1.94%
539,950.21
539,961.67

98.26 3.16%
530,618.04
376.35

0.27%
(9,343.63)
Aaa / AAA
NR

3.22 1.43
Sample CUSIP Sample Issuer

1.990% Due 03/15/2022
675,000.00 11/14/2017

2.00%
674,947.62
674,959.07

98.72 3.19%
666,341.10
597.00

0.34%
(8,617.97)
Aaa / AAA
NR

3.37 1.08
Sample CUSIP Sample Issuer

3.010% Due 05/18/2022
750,000.00 05/22/2018

3.03%
749,983.65
749,985.40

99.68 3.19%
747,636.00
815.21

0.38%
(2,349.40)

NR / AAA
AAA

3.55 1.99
Sample CUSIP Sample Issuer

2.950% Due 08/22/2022
670,000.00 08/21/2018

2.98%
669,908.08
669,912.19

99.52 3.19%
666,793.38
549.03

0.34%
(3,118.81)
Aaa / NR
AAA

3.81 2.13
TOTAL ABS 12,561,064.42 2.04%
12,549,642.72
12,552,504.29 3.00%
12,462,126.41
9,484.33

6.37%
(90,377.88)
Aaa / AAA
Aaa

2.58 0.87
Agency
Sample CUSIP Sample Issuer

1.290% Due 11/19/2018
1,000,000.00 03/03/2016

1.07%
1,005,970.00
1,000,108.55

99.95 2.21%
999,533.00
5,805.00

0.51%
(575.55)
Aaa / AA+
AAA

0.05 0.05
Sample CUSIP Sample Issuer

1.000% Due 02/26/2019
2,275,000.00 06/27/2016

0.78%
2,287,876.50
2,276,549.95

99.54 2.45%
2,264,532.73
4,107.64

1.16%
(12,017.22)
Aaa / AA+
AAA

0.32 0.32
Sample CUSIP Sample Issuer

1.500% Due 03/08/2019
1,700,000.00 02/09/2016

0.99%
1,726,214.00
1,702,967.18

99.68 2.42%
1,694,502.20
3,754.17

0.87%
(8,464.98)
Aaa / AA+
AAA

0.35 0.35
Sample CUSIP Sample Issuer

1.125% Due 04/15/2019
3,225,000.00 Various

1.13%
3,224,332.25
3,224,900.53

99.36 2.54%
3,204,366.45
1,612.50

1.64%
(20,534.08)
Aaa / AA+
AAA

0.45 0.45
Sample CUSIP Sample Issuer

1.750% Due 05/30/2019
275,000.00 05/13/2016

0.99%
281,270.00
276,187.29

99.52 2.58%
273,677.25
2,018.58

0.14%
(2,510.04)
Aaa / AA+
AAA

0.58 0.57
Sample CUSIP Sample Issuer

1.625% Due 06/14/2019
1,750,000.00 06/23/2016

1.01%
1,781,465.00
1,756,525.00

99.41 2.60%
1,739,601.50
10,822.05

0.89%
(16,923.50)
Aaa / AA+
AAA

0.62 0.61
Sample CUSIP Sample Issuer

1.125% Due 06/21/2019
3,130,000.00 06/02/2016

1.14%
3,128,685.40
3,129,725.98

99.07 2.60%
3,100,831.53
12,715.63

1.59%
(28,894.45)
Aaa / AA+
AAA

0.64 0.63
Sample CUSIP Sample Issuer

1.150% Due 07/01/2019
1,700,000.00 04/26/2016

1.15%
1,700,136.00
1,700,028.40

99.07 2.57%
1,684,125.40
6,516.67

0.86%
(15,903.00)
Aaa / AA+
AAA

0.67 0.66
Sample CUSIP Sample Issuer

0.875% Due 07/19/2019
5,550,000.00 Various

0.99%
5,532,705.00
5,545,619.83

98.76 2.63%
5,481,307.65
13,759.38

2.81%
(64,312.18)
Aaa / AA+
AAA

0.72 0.71
Sample CUSIP Sample Issuer

1.250% Due 08/01/2019
1,700,000.00 Various

1.36%
1,692,427.40
1,698,663.07

98.95 2.67%
1,682,172.10
5,312.50

0.86%
(16,490.97)
Aaa / AA+
AAA

0.75 0.74
Sample CUSIP Sample Issuer

0.875% Due 08/02/2019
2,335,000.00 07/29/2016

0.93%
2,331,077.20
2,334,018.40

98.67 2.67%
2,303,932.83
5,051.06

1.18%
(30,085.57)
Aaa / AA+
AAA

0.75 0.74
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer

1.375% Due 08/15/2019
1,330,000.00 07/18/2017

1.45%
1,328,044.90
1,329,258.77

98.99 2.68%
1,316,553.70
3,860.69

0.67%
(12,705.07)
Aaa / AA+
AAA

0.79 0.78
Sample CUSIP Sample Issuer

1.000% Due 08/28/2019
3,000,000.00 09/01/2016

1.08%
2,992,620.00
2,997,968.81

98.64 2.69%
2,959,233.00
5,250.00

1.51%
(38,735.81)
Aaa / AA+
AAA

0.82 0.81
Sample CUSIP Sample Issuer

1.250% Due 10/02/2019
1,700,000.00 02/22/2016

1.20%
1,703,026.00
1,700,769.71

98.64 2.75%
1,676,959.90
1,711.81

0.86%
(23,809.81)
Aaa / AA+
AAA

0.92 0.90
Sample CUSIP Sample Issuer

1.000% Due 10/24/2019
4,685,000.00 Various

1.48%
4,627,508.05
4,663,269.62

98.31 2.76%
4,605,659.54
910.97

2.35%
(57,610.08)
Aaa / AA+
AAA

0.98 0.96
Sample CUSIP Sample Issuer

1.375% Due 11/15/2019
4,695,000.00 Various

1.57%
4,668,708.10
4,685,655.20

98.58 2.77%
4,628,509.41
29,767.61

2.38%
(57,145.79)
Aaa / AA+
AAA

1.04 1.01
Sample CUSIP Sample Issuer

1.250% Due 12/13/2019
1,300,000.00 07/18/2016

1.07%
1,307,865.00
1,302,577.34

98.35 2.76%
1,278,548.70
6,229.17

0.66%
(24,028.64)
Aaa / AA+
AAA

1.12 1.09
Sample CUSIP Sample Issuer

1.500% Due 01/17/2020
5,390,000.00 Various

1.52%
5,386,222.80
5,388,416.57

98.48 2.79%
5,307,888.74
23,356.67

2.72%
(80,527.83)
Aaa / AA+
AAA

1.21 1.18
Sample CUSIP Sample Issuer

1.500% Due 02/28/2020
4,110,000.00 Various

1.58%
4,100,117.06
4,105,777.72

98.30 2.81%
4,040,187.54
10,788.75

2.07%
(65,590.18)
Aaa / AA+
AAA

1.33 1.30
Sample CUSIP Sample Issuer

1.375% Due 04/20/2020
5,215,000.00 Various

1.59%
5,184,283.40
5,198,834.97

97.94 2.82%
5,107,435.41
2,191.03

2.61%
(91,399.56)
Aaa / AA+
AAA

1.47 1.44
Sample CUSIP Sample Issuer

1.750% Due 06/12/2020
750,000.00 05/23/2017

1.59%
753,637.50
751,921.51

98.22 2.89%
736,626.00
5,067.71

0.38%
(15,295.51)
Aaa / AA+
NR

1.62 1.57
Sample CUSIP Sample Issuer

1.500% Due 07/30/2020
2,795,000.00 Various

1.52%
2,793,152.80
2,793,917.32

97.69 2.86%
2,730,457.86
10,597.71

1.40%
(63,459.46)
Aaa / AA+
AAA

1.75 1.70
Sample CUSIP Sample Issuer

1.875% Due 12/11/2020
4,000,000.00 01/17/2018

2.20%
3,963,840.00
3,973,649.00

97.74 2.99%
3,909,456.00
29,166.67

2.01%
(64,193.00)
Aaa / AA+
NR

2.12 2.03
Sample CUSIP Sample Issuer

3.000% Due 10/12/2021
650,000.00 10/22/2018

3.05%
649,044.50
649,052.43

99.89 3.04%
649,259.65
1,029.17

0.33%
207.22
Aaa / AA+
NR

2.95 2.80
Sample CUSIP Sample Issuer

2.000% Due 01/05/2022
1,600,000.00 09/27/2017

1.90%
1,606,304.00
1,604,691.63

96.93 3.02%
1,550,928.00
10,311.11

0.80%
(53,763.63)
Aaa / AA+
AAA

3.18 3.03
Sample CUSIP Sample Issuer

2.250% Due 03/11/2022
1,300,000.00 09/15/2017

1.81%
1,324,271.00
1,318,210.68

97.49 3.04%
1,267,401.20
4,062.50

0.65%
(50,809.48)
Aaa / AA+
NR

3.36 3.20
Sample CUSIP Sample Issuer

2.750% Due 06/10/2022
3,000,000.00 Various

2.86%
2,987,747.50
2,988,759.74

98.99 3.05%
2,969,823.00
39,187.51

1.54%
(18,936.74)
Aaa / AA+
NR

3.61 3.36
Sample CUSIP Sample Issuer

3.125% Due 09/09/2022
3,750,000.00 09/25/2018

3.01%
3,765,750.00
3,765,357.34
100.16

3.08%
3,756,180.00
16,927.08

1.93%
(9,177.34)
Aaa / AA+
AAA

3.86 3.59
Sample CUSIP Sample Issuer

2.500% Due 12/09/2022
1,750,000.00 08/27/2018

2.80%
1,729,000.00
1,729,872.76

97.85 3.06%
1,712,401.25
17,256.94

0.88%
(17,471.51)
Aaa / AA+
NR

4.11 3.83
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer

2.375% Due 01/19/2023
1,600,000.00 10/04/2018

3.10%
1,554,000.00
1,554,792.60

97.33 3.05%
1,557,241.60
10,766.67

0.80%
2,449.00
Aaa / AA+
AAA

4.22 3.95
TOTAL Agency 77,260,000.00 1.59%
77,117,301.36
77,148,047.90 2.77%
76,189,333.14
299,914.95

39.08%
(958,714.76)
Aaa / AA+
Aaa

1.49 1.43
Corporate
Sample CUSIP Sample Issuer

1.300% Due 11/03/2018
485,000.00 10/29/2015

1.33%
484,515.00
484,999.11

99.99 2.85%
484,957.81
3,117.47

0.25%
(41.30)
Aaa / AAA
AA+

0.01 0.01
Sample CUSIP Sample Issuer

1.700% Due 02/19/2019
380,000.00 02/16/2016

1.70%
379,954.40
379,995.42

99.65 2.87%
378,662.40
1,292.00

0.19%
(1,333.02)
Aa3 / AAA+0.30

0.30 Sample CUSIP Sample Issuer

1.700% Due 02/22/2019
1,060,000.00 02/16/2016

1.71%
1,059,819.80
1,059,981.40

99.67 2.75%
1,056,496.70
3,403.78

0.54%
(3,484.70)
Aa1 / AA+
NR

0.31 0.31
Sample CUSIP Sample Issuer

1.700% Due 03/15/2019
320,000.00 03/08/2016

1.73%
319,756.80
319,970.24

99.66 2.61%
318,921.60
695.11

0.16%
(1,048.64)
Aa2 / AA
A+

0.37 0.37
Sample CUSIP Sample Issuer

2.125% Due 04/22/2019
500,000.00 09/13/2016

1.51%
507,860.00
501,426.08

99.66 2.86%
498,285.50
265.63

0.25%
(3,140.58)
A2 / AA+0.47

0.47 Sample CUSIP Sample Issuer

2.200% Due 04/25/2019
1,050,000.00 01/22/2016

1.91%
1,059,324.00
1,051,164.49

99.74 2.75%
1,047,226.95
385.00

0.54%
(3,937.54)
A1 / A+
AA0.480.48
Sample CUSIP Sample Issuer

1.400% Due 05/20/2019
1,000,000.00 05/17/2016

1.45%
998,600.00
999,744.29

99.24 2.80%
992,390.00
6,261.11

0.51%
(7,354.29)
Aa3 / AAA+0.55

0.54 Sample CUSIP Sample Issuer

1.100% Due 08/08/2019
1,000,000.00 08/01/2016

1.14%
998,970.00
999,736.62

98.77 2.73%
987,672.00
2,536.11

0.51%
(12,064.62)
Aaa / AAA
AA+

0.77 0.76
Sample CUSIP Sample Issuer

1.300% Due 08/15/2019
1,215,000.00 Various

1.25%
1,216,847.45
1,215,489.53

98.82 2.82%
1,200,718.89
3,334.50

0.62%
(14,770.64)
Aa2 / AA
A+

0.79 0.77
Sample CUSIP Sample Issuer

2.300% Due 09/11/2019
1,300,000.00 Various

1.97%
1,313,226.00
1,303,203.68

99.41 2.99%
1,292,363.80
4,152.77

0.66%
(10,839.88)
A1 / A
AA0.860.84
Sample CUSIP Sample Issuer

1.400% Due 09/20/2019
1,225,000.00 Various

1.39%
1,225,368.25
1,225,109.30

98.77 2.81%
1,209,947.20
1,953.20

0.62%
(15,162.10)
A1 / AANR0.89

0.87 Sample CUSIP Sample Issuer

2.250% Due 10/08/2019
250,000.00 12/06/2016

1.81%
253,052.50
251,007.65

99.36 2.94%
248,408.75
359.38

0.13%
(2,598.90)
A1 / AAA0.94

0.92 Sample CUSIP Sample Issuer

2.125% Due 10/28/2019
250,000.00 12/06/2016

1.86%
251,772.50
250,573.51

99.41 2.73%
248,530.00

44.27 0.13%
(2,043.51)
A1 / AAAA0.99

0.98 Sample CUSIP Sample Issuer

1.800% Due 10/30/2019
245,000.00 10/23/2017

1.84%
244,808.90
244,904.97

98.84 2.99%
242,154.57

12.25 0.12%
(2,750.40)
A2 / A
A

1.00 0.98
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer

5.000% Due 12/10/2019
1,000,000.00 12/06/2016

1.90%
1,090,000.00
1,033,175.18
102.15

3.01%
1,021,524.00
19,583.33

0.53%
(11,651.18)
Aa3 / AANR1.11

1.06 Sample CUSIP Sample Issuer

1.900% Due 01/27/2020
1,635,000.00 02/01/2017

1.91%
1,634,329.65
1,634,721.51

98.53 3.12%
1,610,931.17
8,111.42

0.83%
(23,790.34)
A1 / A
A

1.24 1.21
Sample CUSIP Sample Issuer

1.900% Due 02/07/2020
1,400,000.00 02/03/2017

1.92%
1,399,314.00
1,399,709.41

98.72 2.94%
1,382,085.60
6,206.67

0.71%
(17,623.81)
Aa1 / AA+
NR

1.27 1.23
Sample CUSIP Sample Issuer

2.200% Due 03/03/2020
495,000.00 02/28/2017

2.24%
494,485.20
494,770.78

98.68 3.21%
488,483.82
1,754.50

0.25%
(6,286.96)
A2 / AA1.34

1.30 Sample CUSIP Sample Issuer

1.800% Due 05/05/2020
125,000.00 05/02/2017

1.91%
124,601.25
124,799.53

98.03 3.14%
122,542.00
1,100.00

0.06%
(2,257.53)
A1 / A+
A+

1.51 1.46
Sample CUSIP Sample Issuer

1.800% Due 06/05/2020
1,500,000.00 05/24/2017

1.82%
1,499,130.00
1,499,538.01

98.04 3.07%
1,470,639.00
10,950.00

0.76%
(28,899.01)
A2 / A
A

1.60 1.54
Sample CUSIP Sample Issuer

2.550% Due 08/18/2020
2,000,000.00 Various

2.14%
2,028,696.00
2,014,046.00

98.96 3.15%
1,979,198.00
10,341.66

1.02%
(34,848.00)
A1 / A
AA1.801.73
Sample CUSIP Sample Issuer

1.850% Due 09/04/2020
645,000.00 09/05/2017

1.88%
644,458.20
644,666.39

97.79 3.10%
630,721.64
1,889.31

0.32%
(13,944.75)
A3 / A
A

1.85 1.79
Sample CUSIP Sample Issuer

2.200% Due 12/14/2020
1,000,000.00 12/28/2016

2.25%
998,080.00
998,968.72

97.97 3.20%
979,692.00
8,372.22

0.50%
(19,276.72)
A1 / A+
NR

2.12 2.03
Sample CUSIP Sample Issuer

2.550% Due 01/08/2021
500,000.00 03/20/2018

2.93%
494,925.00
496,036.24

98.59 3.22%
492,925.50
4,002.08

0.25%
(3,110.74)
A2 / A
A

2.19 2.09
Sample CUSIP Sample Issuer

2.150% Due 02/01/2021
450,000.00 10/23/2017

2.17%
449,793.00
449,857.32

97.42 3.35%
438,367.95
2,418.75

0.23%
(11,489.37)
A2 / AA+2.26

2.16 Sample CUSIP Sample Issuer

2.650% Due 02/05/2021
700,000.00 02/22/2018

2.81%
696,815.00
697,549.77

98.45 3.37%
689,152.10
4,431.39

0.35%
(8,397.67)
A1 / A
A

2.27 2.16
Sample CUSIP Sample Issuer

2.800% Due 03/01/2021
1,000,000.00 02/26/2018

2.73%
1,002,060.00
1,001,598.05

98.73 3.37%
987,334.00
4,666.67

0.51%
(14,264.05)
A1 / A+
NR

2.33 2.23
Sample CUSIP Sample Issuer

2.500% Due 04/15/2021
1,500,000.00 09/05/2017

1.99%
1,525,950.00
1,517,468.29

98.00 3.35%
1,469,944.50
1,666.67

0.75%
(47,523.79)
A1 / A
AA2.462.35
Sample CUSIP Sample Issuer

3.000% Due 05/11/2021
2,000,000.00 06/07/2018

3.13%
1,992,500.00
1,993,507.04

99.30 3.29%
1,985,900.00
28,333.33

1.03%
(7,607.04)
A2 / A+
NR

2.53 2.38
Sample CUSIP Sample Issuer

2.150% Due 05/18/2021
1,200,000.00 07/26/2017

2.06%
1,203,924.00
1,202,628.26

97.56 3.16%
1,170,692.40
11,681.67

0.60%
(31,935.86)
Aa3 / A+
A+

2.55 2.43
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Sample CUSIP Sample Issuer

3.250% Due 05/21/2021
2,385,000.00 Various

3.09%
2,395,533.45
2,393,997.40

99.67 3.39%
2,377,036.49
34,234.69

1.23%
(16,960.91)
A2 / A
A

2.56 2.40
Sample CUSIP Sample Issuer

4.250% Due 05/24/2021
1,000,000.00 04/27/2018

3.03%
1,035,570.00
1,029,694.60
102.34

3.29%
1,023,414.00
18,534.72

0.53%
(6,280.60)
Aa3 / AANR2.56

2.38 Sample CUSIP Sample Issuer

2.400% Due 06/07/2021
1,500,000.00 09/07/2018

3.24%
1,467,315.00
1,468,981.94

97.42 3.44%
1,461,345.00
14,400.00

0.75%
(7,636.94)
A2 / AAA2.60

2.47 Sample CUSIP Sample Issuer

1.650% Due 07/12/2021
2,000,000.00 06/28/2018

3.14%
1,914,160.00
1,923,835.38

95.65 3.35%
1,912,942.00
9,991.67

0.98%
(10,893.38)
A2 / A+
NR

2.70 2.59
Sample CUSIP Sample Issuer

3.150% Due 08/09/2021
2,105,000.00 08/06/2018

3.16%
2,104,347.45
2,104,397.46

99.66 3.28%
2,097,836.69
15,103.38

1.08%
(6,560.77)
A1 / A+
NR

2.78 2.62
Sample CUSIP Sample Issuer

2.550% Due 12/09/2021
1,000,000.00 11/17/2017

2.40%
1,005,530.00
1,004,213.33

97.46 3.42%
974,568.00
10,058.33

0.50%
(29,645.33)
A2 / A
A+

3.11 2.92
Sample CUSIP Sample Issuer

3.375% Due 12/10/2021
500,000.00 10/03/2018

3.39%
499,760.00
499,764.56

99.87 3.42%
499,344.50
984.38

0.26%
(420.06)
A2 / A+
NR

3.11 2.92
Sample CUSIP Sample Issuer

2.625% Due 01/24/2022
1,000,000.00 01/24/2018

2.72%
996,280.00
996,991.36

97.39 3.48%
973,927.00
7,072.92

0.50%
(23,064.36)
A1 / A+
AA3.243.04
Sample CUSIP Sample Issuer

2.450% Due 02/15/2022
2,000,000.00 05/15/2018

3.26%
1,943,080.00
1,950,059.97

97.00 3.42%
1,939,986.00
10,344.44

1.00%
(10,073.97)
A2 / A
NR

3.30 3.11
Sample CUSIP Sample Issuer

2.625% Due 02/17/2022
1,735,000.00 Various

2.99%
1,713,723.60
1,715,143.28

97.05 3.58%
1,683,749.84
9,361.78

0.87%
(31,393.44)
A2 / A
A+

3.30 3.10
Sample CUSIP Sample Issuer

2.500% Due 05/15/2022
2,000,000.00 06/07/2018

3.17%
1,950,780.00
1,955,688.27

96.79 3.47%
1,935,816.00
23,055.56

1.00%
(19,872.27)
A1 / AAA3.54

3.31 Sample CUSIP Sample Issuer

2.700% Due 01/06/2023
1,500,000.00 07/24/2018

3.38%
1,458,270.00
1,460,786.64

96.80 3.53%
1,452,025.50
12,937.50

0.75%
(8,761.14)
A2 / A
A

4.19 3.87
Sample CUSIP Sample Issuer

2.700% Due 01/11/2023
1,000,000.00 09/07/2018

3.33%
974,710.00
975,524.78

96.70 3.55%
967,043.00
8,250.00

0.50%
(8,481.78)
Aa3 / AAA+4.20

3.89 TOTAL US Corporate 47,155,000.00 2.46%
47,051,996.40
46,969,425.76 3.20%
46,425,903.87
327,651.62

23.89%
(543,521.89)
A1 / A+
A+

2.14 2.02
Money Market Fund FI
Sample CUSIP Sample Issuer 128,119.11 Various

2.03%
128,119.11
128,119.11

1.00 2.03%
128,119.11

0.00 0.07%

0.00 Aaa / AAA
AAA

0.00 0.00
TOTAL Money Market Fund FI 128,119.11 2.03%
128,119.11
128,119.11 2.03%
128,119.11

0.00 0.07%

0.00 Aaa / AAA
Aaa

0.00 0.00
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Negotiable CD
Sample CUSIP Sample Issuer

1.760% Due 11/30/2018
1,500,000.00 04/21/2017

1.68%
1,501,920.00
1,500,094.69

99.95 2.31%
1,499,289.00
11,073.33

0.77%
(805.69)
A1 / A+
AA0.080.08
Sample CUSIP Sample Issuer

1.890% Due 01/10/2019
1,250,000.00 01/10/2017

1.89%
1,250,000.00
1,250,000.00
100.00

1.89%
1,250,000.00
7,481.25

0.64%

0.00 Aa2 / AANR0.19

0.20 Sample CUSIP Sample Issuer

1.880% Due 02/07/2019
1,250,000.00 02/08/2017

1.88%
1,250,000.00
1,250,000.00

99.91 2.20%
1,248,891.25
5,483.33

0.64%
(1,108.75)
A1 / A+
AA0.270.27
Sample CUSIP Sample Issuer

1.910% Due 04/05/2019
1,700,000.00 04/05/2017

1.91%
1,700,000.00
1,700,000.00

99.67 2.68%
1,694,340.70
2,435.25

0.87%
(5,659.30)
Aa2 / A+
NR

0.43 0.43
Sample CUSIP Sample Issuer

2.050% Due 05/03/2019
1,700,000.00 05/03/2017

2.05%
1,700,000.00
1,700,000.00

99.73 2.58%
1,695,486.50
17,618.61

0.88%
(4,513.50)
A1 / A
A

0.50 0.50
Sample CUSIP Sample Issuer

1.840% Due 08/02/2019
1,725,000.00 08/03/2017

1.86%
1,724,327.25
1,724,746.79

99.39 2.65%
1,714,444.73
8,023.17

0.88%
(10,302.06)
Aa3 / A+
AA0.750.75
Sample CUSIP Sample Issuer

2.070% Due 09/25/2019
865,000.00 09/25/2017

2.07%
865,000.00
865,000.00
100.00

2.07%
865,000.00
1,840.29

0.44%

0.00 P-1 / A-1
F-1

0.90 0.90
TOTAL Negotiable CD 9,990,000.00 1.90%
9,991,247.25
9,989,841.48 2.39%
9,967,452.18
53,955.23

5.12%
(22,389.30)
Aa3 / A+
AA0.440.43
Supranational
Sample CUSIP Sample Issuer

1.875% Due 10/07/2019
865,000.00 09/27/2017

1.60%
869,671.00
867,151.95

99.12 2.84%
857,391.46
1,081.25

0.44%
(9,760.49)
Aaa / AAA
AAA

0.93 0.92
Sample CUSIP Sample Issuer

1.625% Due 05/12/2020
1,455,000.00 04/05/2017

1.70%
1,451,551.65
1,453,291.14

98.06 2.93%
1,426,822.47
11,099.43

0.73%
(26,468.67)
Aaa / AAA
AAA

1.53 1.48
Sample CUSIP Sample Issuer

1.561% Due 09/12/2020
1,730,000.00 09/12/2017

1.64%
1,725,848.00
1,727,403.57

97.39 3.01%
1,684,912.74
3,675.72

0.86%
(42,490.83)
Aaa / NR
AAA

1.87 1.81
Sample CUSIP Sample Issuer

2.125% Due 11/09/2020
1,700,000.00 10/02/2017

1.81%
1,715,757.48
1,710,341.72

98.33 2.98%
1,671,645.70
17,259.72

0.86%
(38,696.02)
Aaa / AAA
AAA

2.03 1.94
Sample CUSIP Sample Issuer

2.250% Due 01/25/2021
2,250,000.00 Various

2.35%
2,243,535.00
2,245,184.75

98.35 3.02%
2,212,967.25
13,500.00

1.14%
(32,217.50)
Aaa / AAA
NR

2.24 2.15
TOTAL Supranational 8,000,000.00 1.89%
8,006,363.13
8,003,373.13 2.97%
7,853,739.62
46,616.12

4.04%
(149,633.51)
Aaa / AAA
Aaa

1.84 1.78
US Treasury
Sample CUSIP US Treasury Note

1.250% Due 04/30/2019
1,700,000.00 Various

1.22%
1,701,599.45
1,700,220.41

99.39 2.48%
1,689,706.50

58.70 0.86%
(10,513.91)
Aaa / AA+
AAA

0.50 0.49
Sample CUSIP US Treasury Note

1.125% Due 05/31/2019
1,600,000.00 12/07/2016

1.22%
1,596,130.36
1,599,096.80

99.18 2.55%
1,586,937.60
7,573.77

0.81%
(12,159.20)
Aaa / AA+
AAA

0.58 0.57
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Sample CUSIP US Treasury Note

0.875% Due 07/31/2019
1,725,000.00 09/29/2015

1.19%
1,704,925.70
1,721,099.85

98.72 2.60%
1,702,966.58
3,814.45

0.87%
(18,133.27)
Aaa / AA+
AAA

0.75 0.74
Sample CUSIP US Treasury Note

1.000% Due 11/30/2019
1,750,000.00 10/29/2015

1.37%
1,724,576.18
1,743,286.20

98.16 2.73%
1,717,871.75
7,363.39

0.88%
(25,414.45)
Aaa / AA+
AAA

1.08 1.06
Sample CUSIP US Treasury Note

1.125% Due 12/31/2019
550,000.00 02/22/2016

1.11%
550,345.59
550,104.39

98.13 2.76%
539,730.40
2,084.92

0.28%
(10,373.99)
Aaa / AA+
AAA

1.17 1.14
Sample CUSIP US Treasury Note

1.250% Due 01/31/2020
1,900,000.00 Various

1.05%
1,912,256.37
1,904,686.36

98.12 2.79%
1,864,300.90
6,002.03

0.96%
(40,385.46)
Aaa / AA+
AAA

1.25 1.22
Sample CUSIP US Treasury Note

1.375% Due 02/29/2020
1,200,000.00 02/12/2016

1.06%
1,214,957.14
1,204,921.45

98.13 2.81%
1,177,593.60
2,825.97

0.60%
(27,327.85)
Aaa / AA+
AAA

1.33 1.30
Sample CUSIP US Treasury Note

1.125% Due 03/31/2020
1,200,000.00 10/11/2016

1.13%
1,199,769.65
1,199,905.96

97.66 2.82%
1,171,969.20
1,186.81

0.60%
(27,936.76)
Aaa / AA+
AAA

1.42 1.39
Sample CUSIP US Treasury Note

1.500% Due 06/15/2020
1,345,000.00 07/06/2017

1.59%
1,341,532.42
1,343,081.49

97.87 2.85%
1,316,366.30
7,662.09

0.68%
(26,715.19)
Aaa / AA+
AAA

1.62 1.58
Sample CUSIP US Treasury Note

1.375% Due 09/30/2020
2,525,000.00 Various

1.78%
2,488,516.33
2,506,257.84

97.23 2.87%
2,455,070.13
3,052.20

1.26%
(51,187.71)
Aaa / AA+
AAA

1.92 1.87
Sample CUSIP US Treasury Note

1.375% Due 10/31/2020
3,000,000.00 11/01/2017

1.76%
2,966,484.38
2,977,615.37

97.08 2.89%
2,912,460.00
113.95

1.49%
(65,155.37)
Aaa / AA+
AAA

2.00 1.95
Sample CUSIP US Treasury Note

1.125% Due 06/30/2021
4,000,000.00 Various

2.14%
3,863,681.70
3,896,143.30

95.44 2.91%
3,817,656.00
15,163.05

1.96%
(78,487.30)
Aaa / AA+
AAA

2.67 2.59
Sample CUSIP US Treasury Note

1.125% Due 09/30/2021
1,000,000.00 07/25/2017

1.78%
973,909.60
981,820.44

94.98 2.93%
949,805.00
989.01

0.49%
(32,015.44)
Aaa / AA+
AAA

2.92 2.83
Sample CUSIP US Treasury Note

2.000% Due 10/31/2021
2,000,000.00 02/02/2018

2.46%
1,967,265.63
1,973,721.31

97.32 2.94%
1,946,328.00
110.50

0.99%
(27,393.31)
Aaa / AA+
AAA

3.00 2.88
Sample CUSIP US Treasury Note

1.750% Due 11/30/2021
1,750,000.00 10/19/2017

1.88%
1,740,771.48
1,743,087.83

96.51 2.94%
1,688,886.50
12,885.93

0.87%
(54,201.33)
Aaa / AA+
AAA

3.08 2.95
Sample CUSIP US Treasury Note

1.500% Due 01/31/2022
1,800,000.00 08/15/2017

1.77%
1,779,545.09
1,785,095.16

95.52 2.96%
1,719,280.80
6,823.37

0.88%
(65,814.36)
Aaa / AA+
AAA

3.25 3.12
Sample CUSIP US Treasury Note

1.875% Due 01/31/2022
1,800,000.00 12/15/2017

2.11%
1,783,125.00
1,786,690.61

96.69 2.95%
1,740,375.00
8,529.21

0.89%
(46,315.61)
Aaa / AA+
AAA

3.25 3.11
Sample CUSIP US Treasury Note

1.875% Due 02/28/2022
3,000,000.00 Various

2.04%
2,979,453.13
2,983,862.24

96.60 2.95%
2,898,048.00
9,633.98

1.49%
(85,814.24)
Aaa / AA+
AAA

3.33 3.19
Sample CUSIP US Treasury Note

1.875% Due 03/31/2022
3,000,000.00 12/26/2017

2.20%
2,960,156.25
2,968,053.21

96.50 2.96%
2,895,000.00
4,945.05

1.48%
(73,053.21)
Aaa / AA+
AAA

3.42 3.27
Sample CUSIP US Treasury Note

1.750% Due 06/30/2022
3,500,000.00 Various

2.79%
3,364,140.63
3,374,466.58

95.81 2.96%
3,353,437.50
20,638.59

1.72%
(21,029.08)
Aaa / AA+
AAA

3.67 3.49
As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Holdings Report
Sample Client
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Sample CUSIP US Treasury Note

1.875% Due 08/31/2022
2,800,000.00 09/18/2018

2.92%
2,691,828.13
2,694,980.95

96.04 2.98%
2,689,094.80
8,991.71

1.38%
(5,886.15)
Aaa / AA+
AAA

3.84 3.65
TOTAL US Treasury 43,145,000.00 1.89%
42,504,970.21
42,638,197.75 2.86%
41,832,884.56
130,448.68

21.44%
(805,313.19)
Aaa / AA+
Aaa

2.42 2.33
TOTAL PORTFOLIO 198,239,183.53 1.92%
197,349,640.18
197,429,509.42 2.90%
194,859,558.89
868,070.93
100.00%
(2,569,950.53)
Aa1 / AA
Aaa

1.87 1.69
TOTAL MARKET VALUE PLUS ACCRUALS 195,727,629.82
As of September 30, 2018 I
SECTION | Section 4 | Transactions
*Please see the disclosures on front page of this presentation.

Transaction Ledger
Sample Client Consolidated
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 08/03/2018 Sample CUSIP 3,000,000.00 Sample Issuer

2.25% Due: 11/05/2018
100.000 2.25% 3,000,000.00 187.50 3,000,187.50 0.00
Purchase 08/09/2018 Sample CUSIP 2,105,000.00 Sample Issuer

3.15% Due: 08/09/2021

99.969 3.16% 2,104,347.45 0.00 2,104,347.45 0.00
Purchase 08/28/2018 Sample CUSIP 1,750,000.00 Sample Issuer

2.5% Due: 12/09/2022

98.800 2.80% 1,729,000.00 9,600.69 1,738,600.69 0.00
Purchase 08/28/2018 Sample CUSIP 670,000.00 Sample Issuer

2.95% Due: 08/22/2022

99.986 2.98% 669,908.08 0.00 669,908.08 0.00
Purchase 09/05/2018 Sample CUSIP 2,500,000.00 Sample Issuer

2.46% Due: 02/28/2019
100.009 2.44% 2,500,227.47 1,195.83 2,501,423.30 0.00
Purchase 09/10/2018 Sample CUSIP 2,000,000.00 Sample Issuer

1.75% Due: 06/30/2022

96.219 2.80% 1,924,375.00 6,847.83 1,931,222.83 0.00
Purchase 09/11/2018 Sample CUSIP 1,500,000.00 Sample Issuer

2.4% Due: 06/07/2021

97.821 3.24% 1,467,315.00 9,400.00 1,476,715.00 0.00
Purchase 09/11/2018 Sample CUSIP 1,000,000.00 Sample Issuer

2.7% Due: 01/11/2023

97.471 3.33% 974,710.00 4,500.00 979,210.00 0.00
Purchase 09/20/2018 Sample CUSIP 2,800,000.00 Sample Issuer

1.875% Due: 08/31/2022

96.137 2.92% 2,691,828.13 2,900.55 2,694,728.68 0.00
Purchase 09/21/2018 Sample CUSIP 2,250,000.00 Sample Issuer

2.62% Due: 05/20/2019

98.246 2.69% 2,210,536.25 0.00 2,210,536.25 0.00
Purchase 09/21/2018 Sample CUSIP 750,000.00 Sample Issuer

2.38% Due: 01/22/2019

99.187 2.43% 743,901.25 0.00 743,901.25 0.00
Purchase 09/26/2018 Sample CUSIP 3,750,000.00 Sample Issuer

3.125% Due: 09/09/2022
100.420 3.01% 3,765,750.00 5,533.85 3,771,283.85 0.00
Purchase 09/30/2018 Sample CUSIP 1,600,000.00 Sample Issuer

2.375% Due: 01/19/2023

97.125 3.10% 1,554,000.00 8,022.22 1,562,022.22 0.00
Purchase 09/30/2018 Sample CUSIP 500,000.00 Sample Issuer

3.375% Due: 12/10/2021

99.952 3.39% 499,760.00 0.00 499,760.00 0.00
As of September 30, 2018
June 30, 2018 through September 30, 2018
I
*Please see the disclosures on front page of this presentation.

Transaction Ledger
Sample Client - Consolidated
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Purchase 09/28/2018 Sample CUSIP 650,000.00 Sample Issuer 3% Due: 10/12/2021

99.853 3.05% 649,044.50 595.83 649,640.33 0.00
Subtotal 26,825,000.00 26,484,703.13 48,784.30 26,533,487.43 0.00 TOTAL ACQUISITIONS 26,825,000.00 26,484,703.13 48,784.30 26,533,487.43 0.00

DISPOSITIONS
Sale 08/08/2018 Sample CUSIP 2,100,000.00 Sample Issuer

1.1% Due: 12/05/2018

99.651 2.18% 2,092,671.00 4,042.50 2,096,713.50 -6,518.88 Sale 08/22/2018 Sample CUSIP 425,000.00 Sample Issuer

2.125% Due: 10/10/2018

99.960 2.41% 424,830.00 3,311.46 428,141.46 -273.64
Sale 08/28/2018 Sample CUSIP 1,000,000.00 Sample Issuer

1.875% Due: 11/05/2018

99.905 2.37% 999,050.00 5,885.42 1,004,935.42 -944.33
Sale 09/10/2018 Sample CUSIP 1,700,000.00 Sample Issuer

1.25% Due: 01/31/2019

99.605 2.27% 1,693,292.97 2,367.53 1,695,660.50 -7,225.33 Sale 09/11/2018 Sample CUSIP 1,635,000.00 Sample Issuer

2.35% Due: 01/28/2019

99.965 2.44% 1,634,427.75 4,589.35 1,639,017.10 -3,711.27 Sale 09/11/2018 Sample CUSIP 1,000,000.00 Sample Issuer

1.7% Due: 01/09/2019

99.773 2.39% 997,730.00 2,927.78 1,000,657.78 -2,515.27 Sale 09/20/2018 Sample CUSIP 2,000,000.00 Sample Issuer

2.65% Due: 04/01/2019
100.039 2.57% 2,000,780.00 24,880.56 2,025,660.56 -980.54 Sale 09/26/2018 Sample CUSIP 2,000,000.00 Sample Issuer

1.25% Due: 01/16/2019

99.673 2.32% 1,993,460.00 4,861.11 1,998,321.11 -6,528.35 Sale 09/26/2018 Sample CUSIP 1,765,000.00 Sample Issuer

1.125% Due: 12/14/2018

99.756 2.25% 1,760,693.40 5,625.94 1,766,319.34 -4,123.88 Subtotal 13,625,000.00 13,596,935.12 58,491.65 13,655,426.77 -32,821.49 Maturity 08/01/2018 Sample CUSIP 500,000.00 Sample Issuer

2.1% Due: 08/01/2018
100.000 500,000.00 0.00 500,000.00 0.00
As of September 30, 2018
June 30, 2018 through September 30, 2018
I
*Please see the disclosures on front page of this presentation.

Transaction Ledger
Sample Client - Consolidated
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Maturity 08/07/2018 Sample CUSIP 1,350,000.00 Sample Issuer

0.625% Due: 08/07/2018
100.000 1,350,000.00 0.00 1,350,000.00 0.00
Maturity 08/10/2018 Sample CUSIP 3,000,000.00 Sample Issuer

1.87% Due: 08/10/2018

98.940 2,968,210.00 31,790.00 3,000,000.00 0.00
Maturity 08/13/2018 Sample CUSIP 2,100,000.00 Sample Issuer

2.01% Due: 08/13/2018

98.989 2,078,777.75 21,222.25 2,100,000.00 0.00
Maturity 08/15/2018 Sample CUSIP 500,000.00 Sample Issuer

1.15% Due: 08/15/2018
100.000 500,000.00 0.00 500,000.00 0.00
Maturity 08/15/2018 Sample CUSIP 400,000.00 Sample Issuer 1% Due: 08/15/2018
100.000 400,000.00 0.00 400,000.00 0.00
Maturity 08/24/2018 Sample CUSIP 2,750,000.00 Sample Issuer

1.6% Due: 08/24/2018
100.000 2,750,000.00 48,400.00 2,798,400.00 0.00
Maturity 09/04/2018 Sample CUSIP 2,000,000.00 Sample Issuer

1.75% Due: 09/04/2018
100.000 2,000,000.00 0.00 2,000,000.00 0.00
Maturity 09/04/2018 Sample CUSIP 500,000.00 Sample Issuer

2.34% Due: 09/04/2018

99.194 495,970.00 4,030.00 500,000.00 0.00
Maturity 09/21/2018 Sample CUSIP 2,000,000.00 Sample Issuer

1.45% Due: 09/21/2018
100.000 2,000,000.00 0.00 2,000,000.00 0.00
Maturity 09/21/2018 Sample CUSIP 1,000,000.00 Sample Issuer

2.31% Due: 09/21/2018

99.211 992,107.50 7,892.50 1,000,000.00 0.00
Maturity 09/25/2018 Sample CUSIP 1,970,000.00 Sample Issuer 1% Due: 10/05/2018
100.000 1,970,000.00 0.00 1,970,000.00 0.00
Maturity 09/25/2018 Sample CUSIP 1,000,000.00 Sample Issuer

2.32% Due: 10/05/2018

99.265 992,653.33 7,346.67 1,000,000.00 0.00
Maturity 09/25/2018 Sample CUSIP 2,100,000.00 Sample Issuer

2.37% Due: 10/09/2018

98.808 2,074,976.75 25,023.25 2,100,000.00 0.00
Maturity 09/27/2018 Sample CUSIP 1,500,000.00 Sample Issuer

2.25% Due: 10/10/2018

99.444 1,491,656.25 8,343.75 1,500,000.00 0.00
Maturity 09/27/2018 Sample CUSIP 1,000,000.00 Sample Issuer

2.23% Due: 10/16/2018

99.443 994,425.00 5,575.00 1,000,000.00 0.00
Maturity 09/27/2018 Sample CUSIP 2,700,000.00 Sample Issuer

1.71% Due: 10/19/2018
100.000 2,700,000.00 46,683.00 2,746,683.00 0.00
As of September 30, 2018
June 30, 2018 through September 30, 2018
I
*Please see the disclosures on front page of this presentation.

Transaction Ledger
Sample Client - Consolidated
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Maturity 09/28/2018 Sample CUSIP 300,000.00 Sample Issuer

2.17% Due: 10/24/2018

99.451 298,354.42 1,645.58 300,000.00 0.00
Maturity 09/29/2018 Sample CUSIP 1,500,000.00 Sample Issuer

2.26% Due: 10/29/2018
100.000 1,500,000.00 9,605.00 1,509,605.00 0.00
Subtotal 28,170,000.00 28,057,131.00 217,557.00 28,274,688.00 0.00 TOTAL DISPOSITIONS 41,795,000.00 41,654,066.12 276,048.65 41,930,114.77 -32,821.49 June 30, 2018 through September 30, 2018
As of September 30, 2018 I
SECTION | Section 6 | Disclosures
*Please see the disclosures on front page of this presentation.

Important Disclosures
2020 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.

S&P/Case Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The S&P Case Shiller 20 City Composite Home Price Index is a value-weighted average of the 20 metro area indices. These metro areas include: Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York City, San Diego, San Francisco, Washington, DC, Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa.

As of September 30, 2018 I
*Please see the disclosures on front page of this presentation.

Benchmark Disclosures
ICE BAML 1-3 Yr US Treasury Index
The ICE BAML 1-3 Year US Treasury Index tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. (Index: G1O2. Please visit www.mlindex.ml.com for more information) ICE BAML 1-3 Yr US Corp/Govt Rated AAA-A Index
The ICE BAML 1-3 AAA-A Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities. Qualifying securities must be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities. (Index: GVPB. Please visit www.mlindex.ml.com for more information) As of September 30, 2018 I
Portfolio Characteristics Interest Rate Shock Analysis
Market Value 25,924,396 Fair value of portfolio after increase of:

Avg Modified Duration 2.34 100 bps -606,063
Avg Maturity 2.45 200 bps -1,212,125
300 bps -1,818,188
Sector Characteristics Segmented Time Distribution
Sector Market Value Avg Mod. Duration Avg Maturity % of Port <1 YR 1-3 YRS 3-5 YRS >5 YRS US Treasury 12,136,878 2.16 2.24 46.82% 2,534,555 5,580,662 4,021,661 0 Agency 9,018,469 2.62 2.76 34.79% 1,169,287 4,318,551 3,530,631 0 US Corporate 4,352,762 2.27 2.42 16.79% 1,147,920 1,591,340 1,613,502 0 Foreign Corporate 339,545 2.82 3.02 1.31% 0 0 339,545 0 Money Market Fund FI 76,742 0.00 0.00 0.30% 76,742 0 0 0 TOTAL 25,924,396 2.34 2.45 100.00% 4,928,504 11,490,553 9,505,338 0 Concentration of Credit
Issuer Name Cost Market Value Avg Mod. Duration Avg Maturity % of Port 12,255,514 12,136,878 2.16 2.24 46.82%
4,195,470 4,169,623 2.63 2.77 16.08%
3,236,631 3,195,445 2.92 3.09 12.33%
1,670,908 1,653,401 2.04 2.13 6.38%
501,170 499,297 0.17 0.16 1.93%
345,093 339,545 2.82 3.02 1.31%
325,628 328,349 4.06 4.49 1.27%
325,497 326,062 4.18 4.61 1.26%