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Request for Proposals for
Investment Management and Advisory Services
CITY OF SIGNAL HILL
Request for Proposals
Investment Management and Advisory
Services
CITY OF SIGNAL HILL
DUE: MARCH 31, 2026, 5:00 PM
CHANDLER ASSET MANAGEMENT, INC.
9255 Towne Centre Drive, Suite 600
San Diego, CA 92121
Direct: 858-546-3737; Toll-Free: 800-317-4747
[email protected] | chandlerasset.com
Request for Proposals for
Investment Management and Advisory Services
CITY OF SIGNAL HILL
March 31, 2026
Siamlu Cox
Administrative Services Officer / Finance Director
City of Signal Hill
2175 Cherry Avenue
Signal Hill, CA 90755
Submitted via: https://vendors.planetbids.com/portal/36746/bo/bo-detail/138906 Re: Request for Proposals for Investment Management and Advisory Services Dear Ms. Cox and Finance Department Staff,
On behalf of Chandler Asset Management, Inc. (Chandler or the Firm), we thank you for the opportunity to submit our Firm’s proposal and present our qualifications to provide investment management services for the City of Signal Hill (the City). Chandler has significant experience managing local government portfolios as a fiduciary under California Government Code (State Code) §53600–53609, serving over 20 cities and other public agencies in Los Angeles County alone and 168 cities and other public agencies statewide as of December 31, 2025. It is our goal to empower the City and its finance team through proactive communication, knowledgeable, timely support, and consistent investment management guidance.
We have outlined our approach to the Scope of Services in our proposal and believe that your staff will be best served by selecting Chandler as its investment adviser, working together to maintain the City's strong financial position. Our goal is to act as an extension of your team, similar to hiring additional staff, to handle the heavy lifting and time-consuming tasks required to effectively manage an investment program that is compliant with your investment policy and meets the objectives of your governing body and budgetary goals.
Chandler is an SEC-Registered Investment Adviser. Throughout our 38-year history, Chandler has kept paramount the common investment objectives of public agencies: safety of principal 1 , liquidity, and above-market returns
over an investment cycle. We managed $45.3 billion in client assets as of December 31, 2025, including $14.2 billion for cities in California. We work to ensure that our clients’ funds are thoughtfully managed through our personalized approach to relationship management, strong presence in the markets, and our culture of compliance. and the transparency offered through comprehensive reporting.
We are submitting our response to the City’s RFP as an indication of our formal interest in providing effective management of its assets. We utilize investment strategies that conform to all applicable federal laws and State Code regarding qualified investments for public entities. We have reviewed the City’s investment policy and current investment holdings and believe that we can add significant value to your investment program through the strategies summarized below, and explained in our proposal:
• Confirm that the City’s investment policy complies with State Code, encompasses the latest industry best practices, and meets the City’s preferences for confirming safety and liquidity while enhancing investment return. We have provided specific feedback on your current investment policy in our proposal. • Collaborate with City staff to analyze cash requirements to improve the allocation between funds needed for liquidity and funds that can be invested in longer-term investment strategies aimed at maximizing return.
• Seek diversification in the City’s portfolio by safely expanding the investment options permitted by State Code, subject to the City’s investment policy
1 While our conservative investment approach promotes safety, investing in securities carries varying degrees of risk and we cannot guarantee safety of principal.
Request for Proposals for
Investment Management and Advisory Services
CITY OF SIGNAL HILL
• Develop a comprehensive investment strategy that supports the City’s financial goals, current budgetary objectives, and long-term general plan.
Our commitment to providing personalized client service is equal to our commitment to meeting investment objectives, and is reflected in the following:
• We understand your investment perspective. Chandler’s very foundation is rooted in the public sector.
We understand that the investment program must support the City’s financial goals while enhancing safety and liquidity within a framework of legal conformity. Chandler’s significant expertise in safeguarding our clients’ funds while generating compelling risk-adjusted returns over many market cycles highly qualifies us to meet the needs of this engagement. • We are experts in California public agency investing. Chandler’s investment and client service professionals are experts in all applicable federal laws and State Code as they pertain to the investment of public funds. The City’s proposed team, Mia Corral Brown, Regional Director, Alaynè Marie Sampson, CTP, Portfolio Strategy Manager, Aaron Nail, CFA, Portfolio Manager, and Gabrielle Eacock, Senior Client Service Specialist, have decades of public sector investment experience and are active in organizations relevant to public fund investment best practices, including the Government Finance Officers Association (GFOA), the California Society of Municipal Finance Officers (CSMFO), the California Debt and Investment Advisory Commission (CDIAC), and the California Municipal Treasurers Association (CMTA). • We are committed to client success. We are dedicated to our duty as fiduciaries to our clients and understand the public role that your Finance staff has in the stewardship of taxpayer funds. Chandler will collaborate and work closely with the City to create a seamless transition to our services, recognizing that this is the City’s first time engaging an external investment manager.
Chandler agrees to the terms provided in the City’s Sample Professional Services Agreement, including the City’s insurance requirements outlined in Section 3.2.11 of the Agreement (Exhibit D). Chandler can comply with the City’s insurance requirements. We have provided Proposed Additional Terms for Agreement and Sample Investment Services Contract in the Appendix.
One addenda to the RFP has been received by Chandler.
I certify that I am authorized to submit our Request for Proposal and bind the organization named above. I have read, understand, and agree to comply with the terms and conditions specified in this Request for Proposal.
Further, I certify that all the information provided in our Request for Proposal is true and correct, firm, and irrevocable, and shall be valid for a period of at least 90 days from March 31, 2026.
This engagement will be serviced from our headquarters office located at 9255 Towne Centre Drive, Suite 600, San Diego, CA 92121. If you have any questions during your evaluation of our proposal, please contact Mia Corral Brown at (858) 226-1504 or via email at [email protected]. Mia is located at the Firm’s San Diego office.
Sincerely,
CHANDLER ASSET MANAGEMENT, INC.
Nicole Dragoo, JD
Chief Executive Officer
Request for Proposals for
Investment Management and Advisory Services
CITY OF SIGNAL HILL
CONTENTS
1) Cover Letter........................................................................................................................................................... 1 2) Firm Background and Organization....................................................................................................................... 1 3) Experience ............................................................................................................................................................. 4 4) Personnel............................................................................................................................................................... 7 5) Assets Under Management................................................................................................................................. 11 6) Investment Management Approach and Discipline............................................................................................ 13 7) Reporting............................................................................................................................................................. 29 8) Fees ..................................................................................................................................................................... 32 9) References........................................................................................................................................................... 33 10) Additional Information...................................................................................................................................... 33
CHANDLER APPENDICES
Form ADV, Parts 1 and 2A, and Privacy Notice
ACORD Certificate of Liability Insurance
Professional Biographies
Global Investment Performance Standards (GIPS®) Composite Reports and Verification Letter Important Disclosures
Sample Client Monthly Statements and Quarterly Reports
Attestation re: Recent Compliance Audit
Proposed Additional Terms for Agreement and Sample Investment Services Contract 1 | Page
Request for Proposals for
Investment Management and Advisory Services
CITY OF SIGNAL HILL
1) COVER LETTER
Our cover letter precedes the Table of Contents.
2) FIRM BACKGROUND AND ORGANIZATION
1. Describe the organization, date founded, and ownership of your Firm. Has your Firm experienced a material change in organizational structure, ownership, or management during the past three years? If so, please describe.
Chandler Asset Management (Chandler or the Firm) provides fully customized, high-quality fixed income investment solutions for public agency clients, and for over 38 years, we have performed our fiduciary duty with discipline and care. Our Firm provides comprehensive investment solutions for local governments guided by the objectives of preservation of principal, access to liquid funds, and maximization of investment returns within established risk parameters and legal requirements. We understand firsthand the challenges of investing in public funds in a world with dynamic financial markets and economic conditions.
History
Chandler provides fixed income investment management services to public agencies navigating complex and volatile markets. Founded in 1988 by public sector investment professionals, Chandler supports agencies that are not only responsible for safeguarding public funds but also balancing regulatory requirements, governance responsibilities, and limited internal resources. We leverage market data, economic trends, credit research, and industry resources to help clients navigate volatility with confidence and better anticipate market changes, rather than simply respond to them. This approach allows agencies to implement fixed-income investment programs tailored to their policies, liquidity needs, and long-term goals. Through a relationship-based service model, Chandler acts as a trusted extension of each client’s team, helping public agencies make well-informed decisions and maintain confidence in changing market conditions. Headquartered in San Diego, CA, we also operate offices in Oakland, CA, Novato, CA, Denver, CO, Seattle, WA, and Clearwater, FL.
Ownership
Chandler is wholly owned by Chandler Investor Services, Inc., which, in turn, is owned by the Chandler Asset Management, Inc. Employee Stock Ownership Plan (ESOP), Martin Cassell, CFO and Chairman of the Board, and other individuals.
Below is a timeline of material changes in the last three years:
2023
Nicole Dragoo, JD, was promoted to serve as the company’s new CEO effective January 1, 2023. She joined the Firm in 2001 and has served as its President since April 2021 after holding roles as Chief Operating Officer and Chief Compliance Officer. Mr. Cassell, CEO since 2008, continues to be part of Chandler’s executive team as Chief Financial Officer, corporate advisor, and Chair of the Board. Michael Rasmussen, JD, was hired as Chief Compliance Officer and General Counsel in March 2023. Chandler also added another independent director (Tamara Furman) to the Firm’s Board.
Effective December 31, 2023, Chandler’s Executive Committee, with approval from the Board of Directors, created a new entity, Chandler Investor Services, Inc., to address the needs of our growing corporation. Chandler Investor Services, Inc. holds all subsidiaries under the Chandler business family. The core business operations and assets of Chandler remain unchanged. The restructuring was primarily driven by financial and legal considerations to streamline the corporate structure and improve efficiency. 2 | Page
Request for Proposals for
Investment Management and Advisory Services
CITY OF SIGNAL HILL
2. Describe any other business affiliations. Describe your Firm's policy on soft dollars.
Through common ownership and control, Chandler is affiliated with Chandler Distribution Services, LLC (CDS), a registered broker-dealer which acts as the marketing and distribution agent for CalFIT, a local government investment pool. This affiliation creates a conflict of interest. Chandler has policies and procedures in place to mitigate these conflicts and oversee that all transactions are conducted in the best interests of its clients. Chandler does not receive any other form of additional compensation (including soft dollars) for client transactions aside from the direct fee paid by clients.
For additional information regarding this affiliation and how it may impact your investments, please refer to Chandler’s Form ADV, Part 2A, which is provided in the Appendix.
3. Describe the Firm's sources of revenue, categorized by retail and institutional accounts.
Nearly 100% of the Firm’s revenue comes from asset management. We had $45.3 billion in institutional assets under management as of December 31, 2025. All of our accounts are institutional.
4. Is your Firm a registered investment advisory under the Investment Advisor's Act of 1940 as amended? Yes. Chandler is an SEC-Registered Investment Adviser focused on high-quality fixed-income portfolios for public sector entities acting in a fiduciary capacity to manage clients’ investment programs. A link to Chandler’s most recent Form ADV, Parts 1 and 2A, is provided in the Appendix.
5. Describe any SEC, FINRA, or regulatory censure or litigation involving your Firm or its employees within the past three years. The proposal should explicitly state whether any such situations occurred.
Neither Chandler nor any of its officers or employees has ever been subject to any regulatory censure or litigation by the SEC, FINRA, or other regulatory agencies in relation to the investment management and advisory services it provides.
6. Did you, or will you, pay a finder's fee to any third party for business related to this account? Specify the recipients of any fee.
No, Chandler has not paid, nor will it pay, a finder’s fee to any third party for business related to this or any other account.
7. Outline the errors and omissions (professional liability) and fidelity bond coverage your Firm carries.
Provide a valid, current Certificate of Insurance.
Chandler maintains a comprehensive, full-coverage insurance program with the relevant coverages provided by firms rated “Excellent” or better by AM Best Rating.
Please refer to our ACORD Certificate of Liability Insurance, provided in the Appendix, for a list of our insurance carriers.
8. Identify the types of accounts primarily sought by your Firm.
Chandler’s focus is on managing high-quality fixed income securities for public entities and other risk-conscious institutions. Our clients share common investment program objectives of safety of principal 1 , appropriate levels
of liquidity, and risk-adjusted total return over a market cycle, and we help them comply with federal laws and state legal requirements. We customize portfolios to align with individual clients’ investment directives for operating funds, debt service, capital improvement, and any other funds that may have specific constraints. Our 1 While our conservative investment approach promotes safety, investing in securities carries varying degrees of risk and we cannot guarantee safety of principal.
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Request for Proposals for
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CITY OF SIGNAL HILL
clients include cities, counties, water and wastewater districts, transportation authorities, school districts, higher education, healthcare districts, insurance funds, foundations/endowments, not-for-profit organizations, and corporations. We provide complete investment services and treasury management support for public entity investment program, including:
• Investment Management • Post-Employment Benefit Trusts/OPEB • General Revenue Funds • Portfolio Review
• Bond Proceeds • Investment Policy Development and Review • Capital Project Funds • Portfolio Accounting
• Debt Service Funds • Compliance Monitoring and Reporting • Reserve Funds • Fixed Income Education and Training
9. If you are hired, will your Firm serve as a fiduciary in your role as an investment advisor to the City while providing the investment management services we are seeking? If no, describe your objections or limitations.
Yes. As an SEC-Registered Investment Adviser and in accordance with California Government Code 53600.3, Chandler is a fiduciary and holds itself to the highest standards, aiming to safeguard principal and maintain the liquidity needs of the City as primary objectives. As a matter of policy and practice and consistent with industry best practices and SEC requirements (SEC Rule 204A-1 under the Advisers Act), we have adopted a written Code of Ethics covering all supervised persons that requires high standards of business conduct, compliance with federal securities laws, reporting and record keeping of personal securities transactions and holdings, reviews, and sanctions.
Among other things, our Code of Ethics includes all required provisions of the aforementioned rules, including:
a. Setting a high ethical standard of business conduct reflecting an adviser's fiduciary obligations b. Compliance with federal securities laws
c. Access persons to periodically report personal securities transactions and holdings, with limited exceptions
d. Prior approval for any IPO or private placement investments by access persons e. Reporting of violations
f. Delivery and acknowledgement of the Code of Ethics by each supervised person g. Reviews and sanctions
h. Recordkeeping
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Request for Proposals for
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CITY OF SIGNAL HILL
3) EXPERIENCE
1. Describe your Firm's experience in managing fixed income portfolios for public funds and governmental entities.
Managing fixed income portfolios for clients beholden to State Code has been the core of our business since the Firm’s founding in San Diego, California in 1988. We will work with the City to understand your unique goals and objectives and maintain the ability to customize solutions based on your specific goals, and the demands as determined by your liquidity needs. The Chandler team is dedicated to working towards ensuring that funds are (1) thoughtfully invested, (2) available when needed to meet capital obligations, (3) seek competitive returns, and (4) rebalanced appropriately to maintain the desired structure.
Our clients choose us as their investment manager because of our:
• Extensive experience serving public agencies. The combined experience of the Firm’s senior shareholders as investment officers within large public agencies has shaped their perspectives in leading a Firm with a focus on the management of public funds and assisting a public agency’s staff to fulfill their fiduciary duty. • Investment and credit review process custom-tailored with client goals in mind. • Expertise in State Codes that govern the investment of public funds. • Track record of establishing and expanding investment programs that support our clients’ budgetary goals.
• Ability to manage fixed income portfolios through changes in the interest rate cycle to the benefit of our clients.
• Comprehensive monthly statements that are accurate, timely, and add transparency to the investment program.
• Dedicated client service team that delivers proactive client communication.
Our experience managing fixed income portfolios spans the yield curve and over multiple interest rate cycles, as evidenced by the inception dates of the strategies most used by our clients:
Chandler Strategies Commonly Employed by Clients
Chandler Strategy Duration
(years) Credit Quality Inception Date
Limited Maturity 1-3 A and above 9/30/1988
Short Term Bond 1-5 A and above 9/30/1995
Intermediate Bond 1-10 A and above 9/30/1995
1-10 Year Gov’t/Corporate Bond 1-10 A and above 12/31/1997 5 | Page
Request for Proposals for
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CITY OF SIGNAL HILL
Chandler managed $35 billion in client assets for California-based agencies as of December 31, 2025. We are especially proud of our partnerships with neighboring agencies in Los Angeles County and nearby areas:
A listing of the Firm's clients in California’s Inland area, Los Angeles County, Orange County and San Diego County as of 12/31/2025. This list only includes clients that have given permission to be listed. It is not known whether the clients listed approve or disapprove of Chandler Asset Management and the advisory services provided. Includes discretionary and non-discretionary relationships.
2. What is your Firm's experience in developing policies and portfolio management guidelines for government portfolios?
Chandler’s investment professionals have deep experience in State Code and in writing investment policies designed to effectively guide the management of public funds. As your investment adviser, we will commit to reviewing the City’s policy annually and when there are changes to State Code or industry best practices. Since having an investment policy is crucial to the development and maintenance of a public agency’s investment program, we begin each relationship with a thorough review of the document, during which we make recommendations and formalize the investment mandate for each client’s portfolio(s). Suggestions are meant to provide clarification, increase return potential, and improve risk management. We have written or revised investment policies for almost all our government clients, and we customize each policy to mirror the client’s specific objectives and tolerances.
Our policy reviews will conform to:
• State Codes
• Specific City directives and management preferences
• Industry best practices as identified by the Government Finance Officers’ Association (GFOA) • The California Municipal Treasurers Association (CMTA), and the California Society of Municipal Finance Officers (CSMFO)
• Chandler’s best practices
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We educate our clients on new products, changing regulations, relevant events in public finance, and changing trends in the capital markets. We stay in front of all developments in State Code affecting public agency investments and advise our clients of revisions that may be relevant to include in their investment policy. Some recent legislative changes that have occurred are as follows:
Chandler actively communicates with our clients when there are changes to the State Code. For example, effective January 1, 2026, Senate Bill 595 extended certain local government investment authorities, including allowing agencies with more than $100 million in assets under management to continue investing up to 40% of surplus funds in eligible commercial paper and extending the authority to invest in certain U.S. government securities that may result in zero-interest accrual until January 1, 2031. SB 595 also extended the maximum allowed maturities for commercial paper from 270 days to 397 days.
3. How is your Firm compensated for the services it provides? Does your Firm act as a broker/dealer, or receive any other form of additional compensation (including soft dollars) for the client transactions aside from the direct fee paid by clients?
The Firm’s revenue is derived entirely from fees received from our clients for the investment management and/or advisory services we provide. As of our most recent fiscal year-end, approximately 100% of the Firm’s revenue is derived from institutional accounts.
Chandler does not act as a broker or as a primary dealer in securities, nor does Chandler receive any other form of additional compensation (including soft dollars) for client transactions aside from the direct fee paid by clients.
4. Provide the number and types of accounts, total asset value, and composition of portfolios currently being managed by your Firm.
The following chart lists the number and types of accounts and the total asset value of portfolios managed by Chandler as of December 31, 2025. Our clients mostly invest in the Firm’s fixed income strategies.
Client Type % AUM ($MM)
Public Sector 88% $39,900
Healthcare 11% $5,000
Other* 1% $400
Total 100% $45,300
*Comprised of Non-Profit, Higher Education, Defined Contribution Plan, Foundation, and Endowment 7 | Page
Request for Proposals for
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CITY OF SIGNAL HILL
4) PERSONNEL
1. Identify and provide resumes for the team that will be assigned to work on the City of Signal Hill's investment portfolio. Describe each person's role on the team.
The engagement will be managed by a tenured team of senior investment management and client service professionals. Alaynè Marie Sampson, CTP, Portfolio Strategy Manager, and Aaron Nail, CFA, Portfolio Manager, will be responsible for management of the engagement, with support from Mia Corral Brown, Regional Director, and Gabrielle Eacock, Senior Client Service Specialist. They will be supported by other members of Chandler’s investment management, client service, operations, compliance, and administrative teams.
ContactName and Title Role in Engagement Education
Investment Management
Alaynè Marie Sampson, CTP
Portfolio Strategy Manager
Primary Investment Contact
• Implements portfolio strategies for local
governments
• Monitors alignment with client objectives and
policies
• Member of Investment Management team and
serves on Portfolio Strategy Committee
B.A. Women’s Studies, Cornell
University
Series 65 registration
Certified Treasury Professional
(CTP®)
Industry Tenure: 24 years | Firm Tenure: 4 years
Aaron Nail, CFA
Portfolio Manager
Primary Portfolio Manager
• Portfolio management and trading
• Implements portfolio strategies
• Conducts economic and fixed income research
• Member of Credit Committee
B.S. Finance, University of North
Carolina at Charlotte;
Chartered Financial Analyst (CFA®)
Series 7, 63 Registrations
Industry Tenure: 9 years | Firm Tenure: 4 years
Engagement Manage & Client Service
Mia Corral Brown
Regional Director
Relationship Management
• Serves as direct client contact for the
engagement
• Conducts contracting and onboarding process
• Oversees client service and communications
• Coordinates project deliverables
• Focuses on client satisfaction
B.A. Communications,
San Diego State
University
Series 7 and 63 registrations
Industry Tenure: 29 years | Firm Tenure: 22 years
Gabrielle Eacock
Senior Client Service Specialist
Client Service Contact
• Reporting requirements and Client Portal
• Schedules training and educational
presentations
B.A. Psychology, San Diego State
University; CFA Institute Investment
Foundations Certificate
Industry Tenure: 7 years | Firm Tenure: 7 years
Biographies of engagement team members are provided in the next question. 8 | Page
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2. Resumes should include the number of years at your Firm, total years of experience, professional licenses and designations, and the number of accounts managed.
Biographical information for engagement team members is provided below:
Alaynè Marie Sampson, CTP, Portfolio Strategy Manager, joined Chandler in 2022, bringing a dynamic combination of business acumen, market knowledge and insatiable curiosity to the Firm. During her 20+ year career, Alaynè has held roles in process improvement and systems analysis, marketing, operations and multiple facets of finance, making her a go-to resource for clients and colleagues alike.
One of her favorite ways of supporting clients is helping them understand market conditions and the broader economy so they can put public funds to their best and highest use within communities. As a member of Chandler’s Credit Committee, she assesses the financial health and trajectories of companies that might benefit client portfolios and keeps a pulse on economic trends. She is known for being an excellent presenter and is frequently invited to speak at industry events and educational sessions.
Chandler’s commitment to improving communities aligned with her personal mission as well; she has been an active volunteer throughout her life and serves as the Board Emerita of CASA of Los Angeles.
Alaynè is a graduate of Cornell University with her B.A. in Women's Studies. She holds the FINRA Series 65 registration and the Certified Treasury Professional (CTP) designation.
Aaron Nail, CFA, Portfolio Manager, joined Chandler in 2022 as an Assistant Portfolio Manager. He is responsible for supporting the investment management team with portfolio and fixed income research as well as assisting with trading and reporting issues. In addition to assisting with the implementation of portfolio strategies, he is a member of the Sector Committee and Credit Committee.
Previously, Aaron worked as a Capital Markets Analyst at Wells Fargo Securities where he was responsible for assisting traders with new issues, repricing current securities, and placing trades with other primary dealers. Aaron also provided economic and fixed income research to trading, sales and upper management.
Aaron graduated from the University of North Carolina at Charlotte in 2016 with a B.S. in Finance. He holds the FINRA Series 7 and 63 registrations. He is a member of the CFA Institute and the CFA Society of San Diego and holds the designation of Chartered Financial Analyst (CFA).
Mia Corral Brown, Regional Director, has over two decades of experience working alongside institutional and public sector clients to achieve the goals of their investment programs. She is adept at ensuring seamless onboarding and overall client satisfaction. Mia’s area of focus is on business development and engagement oversight for Public Sector clients in Southern California, which includes cities, water districts, counties, special districts, and joint power authorities.
In her tenure at Chandler, Mia has dedicated the last two decades to working alongside local public agencies to provide comprehensive investment management and client service solutions.
Prior to joining Chandler, Mia was employed at Nicholas Applegate Capital Management as an Assistant Marketing Manager and worked as a Sales Assistant in her early years in the financial Industry. Mia is an active member of the California Society of Municipal Finance Officers (CSMFO), the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), and is a member of the California Association of California Treasurers and Tax Collectors and several other associations which support California public agencies.
Mia is a founding member and past president of Women in Public Finance, San Diego Chapter.
Mia is a graduate of San Diego State University, where she earned her B.A. in communications with an emphasis in business. She holds the FINRA Series 7 and Series 63 registrations. 9 | Page
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Gabrielle Eacock, Senior Client Service Specialist, joined Chandler in 2019. She serves as a primary point of contact for our clients, maintaining existing client relationships through effective responses to client inquiries, conducting timely portfolio reviews, and engaging in strategic communication. She also maintains the client database and oversees the Chandler Client Portal.
Prior to joining Chandler, Gabrielle was a research assistant at San Diego State University. She has over 10 years of customer service and hospitality experience.
Gabrielle holds a B.A. in Psychology with an emphasis in Industrial and Organizational Psychology as well as a minor in Women’s Studies from San Diego State University.
All the above professionals are supported by Chandler’s investment management, client service, marketing, and operations teams to provide comprehensive service. In addition to the Firm’s SEC registration, the following members of Chandler’s team are investment adviser representatives:
Chandler Investment Adviser Representatives
Biographies for all team members are provided in the Appendix. 10 | Page
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3. Identify the investment professionals (portfolio managers, analysts, and researchers) employed by your Firm, by classification, and specify the average number of accounts handled by portfolio managers. Are there any established limits on accounts or assets under management? As of December 31, 2025, Chandler had 55 employees, including 20 investment professionals:
Chandler Investment Professional Staff
Classification # of
Professionals
Co-Chief Investment Officers 3
Deputy Chief Investment Officer 1
Portfolio Management 5
Portfolio Strategists 9
Traders 1
Research 1
Total 20
While there are no established limits on accounts or assets under management, we have a comprehensive plan in place to maintain our bandwidth around servicing our clients to our desired level of excellence, as well as to maintain the high level of performance and service that is one of the hallmarks of our Firm.
Each member of the investment management team is responsible for providing investment advice and managing funds for our public agency clients. They also conduct research, analysis, and strategy development, and oversee the Firm’s investment management processes. The successful implementation of the team’s investment process is not dependent upon any one individual. The workload for each account is distributed across the entire team.
4. Describe your Firm's training and education efforts to keep portfolio managers informed of developments relevant to government investment managers.
We provide our investment professionals with the training they need to stay informed on changes to financial markets and evolving practices that impact our local government clients. Many of our investment professionals have demonstrated their understanding of and commitment to portfolio management by earning industry credentials, such as the Chartered Financial Analyst (CFA), the Certified Treasury Professional (CTP), and several Financial Industry Regulatory Authority (FINRA) licenses that require continuing education. Other team members are working to achieve these designations, and all employees are encouraged and supported to achieve these and other industry certifications or training that will assist them in their careers and give our clients access to knowledgeable professionals.
Our compliance professionals monitor regulatory changes affecting local governments and stay up to date on SEC updates and legislative changes. The Firm engages an outside consultant to assist us with the complex practice of regulatory compliance as it applies to varied aspects of the management of public funds.
Chandler is also deeply involved with the Government Finance Officers Association (GFOA). Our investment professionals and members of our compliance and operations teams are guided by the GFOA’s publications and best practices regarding investment management, compliance, and Government Accounting Standards Board (GASB) reporting for public agencies. In addition, our investment and client service professionals serve as committee members and are active participants, sponsors, and speakers at national and regional associations in California such as the California Society of Municipal Finance Officers (CSMFO) and California Municipal Treasurer’s Association (CMTA) that develop recommended best practices and training curricula. Through our involvement and participation with these organizations, Chandler’s professionals stay informed about current themes and relevant topics affecting the constituents of the member entities. 11 | Page
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Chandler’s professionals are also involved on a local level. Individuals from Chandler’s investment management team support the San Diego CFA Society’s Board of Directors in serving its over 500 members. Chandler’s professionals assist the program’s chair by planning the calendar of industry focused events and sourcing speakers from academia, government, and consultants to present at events during the year. Additionally, members of our team serve on the Advocacy Committee which has initiatives and events such as “Putting Investors First”, “Diversity and Inclusion” and “Women in Investment Management”.
As a Firm comprised of nearly fifty percent women, a significant portion of Chandler’s staff is also involved with Women in Public Finance (WPF), a non-profit, educational, and professional networking organization. Chandler’s client service and investment professionals participate in educational activities and forums and foster WPF’s mission to advance women’s leadership opportunities in the public finance industry.
5. Has there been any turnover of professional staff in the Firm in the last three years who were assigned to public sector clients?
Chandler is committed to maintaining continuity and stability among professional staff assigned to public sector clients. The table below summarizes professional staff gains and losses for the past three years among Investment Professionals and Relationship Managers:
Gained Lost
2023 4 2
2024 4 3
2025 4 1
5) ASSETS UNDER MANAGEMENT
1. Summarize your institutional investment assets under management by category as shown below for your latest reporting period:
Assets under management by category as of December 31, 2025 is provided below:
Governmental Non-Governmental
Operating/Bond Funds $35.5 Billion $2.5 Billion
Pension Funds $184 Million $14 Million
Foundations/Endowments $0 $116 Million
Equity Funds $82 Million $2.7 Billion
Other (specify) $4.3 Billion (LGIPs, other
public investment
accounts)
$29 Million (non-profit
investment accounts)
Total $40.1 Billion $5.3 Billion
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2. Summarize your assets under management (institutional only) over the past five years and average assets per client.
The table below shows our track record of growth in assets over the past five years. As of December 31, 2025, all of our assets are institutional:
Year-End Total AUM ($B) Clients Average Assets Per Client 2021 $25.8 210 $123 million
2022 $28.6 222 $129 million
2023 $35.8 234 $153 million
2024 $41.6 245 $170 million
2025 $45.3 247 $183 million
3. Provide relevant performance statistics on a comparable portfolio and compare with industry averages or benchmarks for the last one, three, five, ten-year periods and/or since inception. Note whether these performance statistics are reported based on GIPS (Global Investment Performance Standards) formerly known as Al MR (Association for Investment Management and Research).
We have included performance for two of Chandler’s composite strategies most commonly used by our public agency clients: Chandler’s Limited Maturity (1-3 year strategy) and Short Term Bond (1-5 year strategy). These strategy composites are comprised of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE BofA 1-3 Year US Treasury Index and the ICE BofA 1-5 Year US Treasury & Agency Index, respectively, and a final stated maturity of individual securities of five years.
Each strategy’s performance is compared to its appropriate benchmark. Performance is reported based on GIPS.
Our GIPS performance composites for both strategies and our verification report are provided in the Appendix.
These strategies have historically outperformed client benchmarks in rising, falling, and stable rate environments 2 .
Composite Performance – Gross and Net of Fees*
Based on Chandler’s Limited Maturity (1-3 year strategy) and Short Term Bond (1-5 year strategy) composites as of December 31, 2025. Please see the GIPS Composite Reports in the Appendix. Past performance is not indicative of future results. Performance is presented gross and net of investment management fees. *Net returns are for a sample fee of 8 basis points (0.08 of 1%). All investment strategies have the potential for profit or loss. Market conditions or economic factors may alter the performance and results of a portfolio. Performance for periods greater than one year is annualized. Please refer to Important Disclosures in the Appendix.
2 Past performance is not indicative of future results. While our conservative investment approach promotes safety, investing in securities carries varying degrees of risk and we cannot guarantee safety of principal. 13 | Page
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4. How many accounts have you gained in the last 12 months? How many accounts have been lost in the last 12 months and why?
In 2025, we gained 12 institutional accounts and lost 6. Occasionally, clients choose not to renew an investment management or advisory services contract for various reasons. These may include budgetary constraints, spending down investable assets, or internal changes in finance administration/staff. 6) INVESTMENT MANAGEMENT APPROACH AND DISCIPLINE
1. Briefly describe your Firm's investment management philosophy, including your approach to managing governmental portfolios.
Investment Philosophy
We believe that through effective risk management, we can enhance the potential for higher total returnsfor riskconscious clients while maintaining their shared primary objectives of safety, liquidity, and return. Our approach uses investment processes and strategies we have developed over three decades and focuses on:
• Safety of principal
• Appropriate levels of liquidity
• Diversification of risk
• Compliance with policies, legal requirements, and risk/return objectives • Active management to generate investment income and total return Our goal is to consistently exceed market benchmarks that reflect the overall risk profile of the City over a market cycle. We aim to mitigate risk by diversifying the portfolio across sectors, credit quality, maturity, sub-sectors, and issuers.
Chandler’s focus stems from our clients' collective philosophy that safety and liquidity are higher priorities than chasing returns that may put their principal at increased risk. As a result, we take a risk management approach to all aspects of the investment and portfolio management process.
Investment Process
For each strategy, we will execute the investment program through our rigorous investment process, composed of three stages: portfolio construction, security selection, and periodic rebalancing. Our process is tailored for each client's portfolio. For the City, as for all our clients, we believe the development and maintenance of a strong investment program should focus on the following elements:
Investment Approach
Our process for establishing investment objectives and constraints for the City is customized after an extensive review and thorough understanding of the investment policy and the current and expected needs of the City, and its financial staff. We believe that a successful investment program focuses on the following elements:
• Duration. We strive to maintain duration (the portfolio’s price sensitivity to changes in interest rates) within a defined range that reflects the City’s return requirements and acceptable volatility. We will work with City staff to identify a target duration range to limit relative market risk. • Term Structure. Using the market outlook from our Economic and Market Analysis Committee and the output of our Horizon Analysis Model, the term structure for the portfolio is structured to prioritize the protection and return of the portfolio under both anticipated and unanticipated shifts of the yield curve over a six-month horizon. Depending on our outlook and market conditions, the portfolio may have a “laddered” structure, with equal allocations across permitted maturities, a “barbell” structure, with 14 | Page
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maturities concentrated in short and long maturities, or a “bullet” structure, with maturities concentrated around the target duration. As interest rates evolve, the Chandler team alters the maturity distribution of the portfolio based on the prevailing market conditions. • Diversification. Chandler will develop a well-diversified portfolio based on the City’s investment policy.
Our sector allocation strategy provides broad diversification by sector and by issuer and works to minimize exposure to credit risk. We can add considerable value through rotating sectors, thus identifying the best relative value at the time of purchase. Additionally, if the City takes advantage of all sectors allowed by State Code, we will be able to bring our extensive credit and investment analytic capabilities to further diversify the portfolio and increase potential return.
• Credit Quality. We employ a robust credit analysis process that helps us identify investment opportunities in securities appropriate for the investment of public funds. We believe that each client should establish credit quality constraints that reflect the community’s risk preference. These constraints may be more conservative than the State Code. Within that framework, we will purchase securities that our credit and value analyses have identified as having value and being appropriate for the City’s portfolio. We will limit our investment in corporate securities to highly rated companies, subject to the City’s restrictions. • Total Return. We search diligently to add value at every stage in our process. We manage the portfolio to enhance return and long-term growth within the constraints of the City’s risk profile and return objectives.
Finally, we strive to find the best execution for each transaction, seeking multiple price quotations on all purchases and sales.
• Security Selection. Chandler employs a proprietary credit analysis process designed to identify stable and improving credits while detecting weak and deteriorating credits to avoid or remove from client portfolios.
It includes both qualitative and quantitative aspects.
• Periodic Rebalancing. With the passage of time, portfolio characteristics drift away from the desired structure. We rerun the Horizon Analysis Model monthly and rebalance the portfolio as markets and our investment process evolve to support our targeted performance.
2. How frequently do you formulate and review fixed income strategy? How is that carried out, and who is involved?
The investment team employs an integrated multi-committee structure designed to facilitate effective analysis, decision-making, and consistent performance across strategies on an ongoing basis. The underlying committees have broad representation across the overall investment team to oversee breadth of input into the investment process. The entire investment team participates in semi-annual offsite meetings to discuss and evaluate strategic investment topics influencing both our portfolio strategies and our ability to partner with our clients to achieve investment objectives.
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The Investment Risk Committee is the standing decision-making body within the Firm’s overall investment governance framework charged with providing Firmwide oversight of portfolio risk, positioning, and strategy. The Committee receives input from, provides governance over, and coordinates the output of the Firm's underlying sector and discipline-specific investment committees (Economic and Market Analysis, Credit, Investment Pool, Multi-Asset Class, and Portfolio Strategy). The Committee establishes Firmwide risk budgets across investment strategies, including duration targets, sector allocation parameters, and term structure guidelines. The Committee monitors market liquidity, idiosyncratic risk across strategies, reviewing portfolio and composite level performance, and ultimately providing the overall framework to deliver consistent, risk-adjusted total returns over an investment cycle to our clients.
The Economic and Market Analysis Committee assesses the current and forward-looking macroeconomic environment to inform Chandler’s tactical and strategic market outlook and support portfolio positioning across Chandler investment strategies. The Committee is responsible for periodically updating our interest rate forecast, based on a six-month time horizon, to further support our outlook on markets and as inputs into the proprietary Horizon Analysis Model. Additionally, the Committee is responsible for providing Chandler’s growth, inflation, and monetary policy outlook to the Portfolio Management Risk Committee.
The Credit Committee evaluates issuers for inclusion, monitoring, and possible removal from the Firm’s approved issuer list. In determining the suitability of a security, the Credit Committee analyzes company fundamentals with a focus on relative balance sheet strength and the overall earnings outlook of the issuer, paired with Chandler’s view of the forward-looking macroeconomic environment. After determining the fundamental outlook of an issuer, the Credit Committee focuses on the relative value of current and historical spreads of both the issuer and its industry sector. Chandler’s internal credit process is designed to identify and evaluate changing fundamentals and the current relative value of issuers versus sector peers.
The Local Government Investment Pool (LGIP) Committee oversees the risk management of our LGIP strategy, provides updates on money market indicators, presents key risk metrics, and establishes portfolio targets. The Committee is also responsible for preparing presentation material for pool performance, asset flows, and competitiveness.
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The Portfolio Strategy Committee creates investment topic discussions, attends local and national investment conferences, and provides information on relevant client discussions/questions. The Committee is responsible for communications, webinars, speaking engagements, quarterly reviews, and white papers.
The Multi-Asset Class (MAC) Committee prepares the Firm’s capital market assumptions, basing them on the Firm’s analysis of the global markets and our forward-looking outlook of the market environment. The committee then develops the Efficient Frontier and reviews and recommends initial and ongoing portfolio asset allocations and fund vehicles for our clients.
3. What are the primary strategies for adding value to portfolios (e.g., market timing, credit research, trading)? Chandler's philosophy is distinctive in that we take a risk management approach to portfolio management, prioritizing safety and liquidity before seeking returns, as stipulated by State Code. Chandler’s proactive portfolio management, diligent security analysis, and attention to cash flow needs add value to client portfolios and promote consistent returns over time, due to the following key elements:
Duration Management. We have observed that longer-duration portfolios have historically outperformed shorter-duration portfolios over long-term investment horizons2 . We will work with the City to identify an
appropriate duration target that takes advantage of longer maturity investments with higher yields, while limiting volatility and providing for needed liquidity. We attempt to minimize the impact of the duration decisions on return volatility by limiting duration to within a +/- 20% duration band around the target (benchmark) duration.
Sector Allocation. Our sector allocation process is based on the belief that portfolios are more robust and prepared for unforeseen events if they have well-diversified exposure to high-quality, fixed-income securities across eligible investment types. Using the output of the Sector Committee and the overall Investment Committee, we allocate to asset classes we believe will provide the best economic opportunities and protection for the portfolio. We can add considerable value through rotating sectors as market conditions evolve and our outlook changes, identifying the best relative value to capitalize on market opportunities.
Security Selection. Once the team has determined the percentage of the portfolio in any duration range or security type, we purchase individual securities to complete the portfolio structure. Chandler’s investment team closely follows trends in the new issue market to take advantage of the cyclical swings in issuance and obtain attractive spreads over the risk-free Treasury rate. Chandler’s seasoned professionals are also well versed in the technical differences between various names in the investment universe and frequently adjust the underlying name and sector exposure to take advantage of market anomalies that skilled investors can consistently identify.
Securities are subjected to a rigorous review process, including fundamental credit analysis and quantitative analysis using proprietary tools.
Our investment professionals select securities for purchase from an approved issuer list based on underlying credit fundamentals and relative value considerations. In addition, our Credit Committee seeks to identify both improving and deteriorating creditsso we can work to reposition client portfolios by seeking favorable factors and avoiding detrimental determinants not yet understood by market participants. Analyzing the creditworthiness of individual issuers to enhance portfolio total returns, while minimizing exposure to idiosyncratic credit and downgrade risk, is a key element in mitigating risk and adding value to our clients’ portfolios.
Competitive Execution. We recognize our duty to provide value to our clients and uphold the quality of our services as a fiduciary. The City’s staff is assured that through Chandler’s best execution practices, it is receiving competitive, institutional pricing on transactions, as the Firm seeks a minimum of three quotes per trade, consistent with industry best practices. The practice of competitively bidding for transactions results in an incremental net financial advantage for our clients over time and is an additional source of value in selecting Chandler as investment manager.
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Access to Portfolio Managers. Chandler gives clients direct access to the investment team members responsible for making portfolio decisions on the underlying portfolio, allowing for customization and flexibility in your program. Your key investment contacts and the rest of the investment management team will have a significant understanding of your investment portfolio, its objectives, and where it fits in the overall program.
4. How are portfolios managed (e.g., by team, individual manager)? What is the backup when the manager is away?
Chandler manages portfolios in a team environment so that all investment team members and client service personnel are familiar with your portfolio. This team approach provides that there will always be professionals available who are knowledgeable about your portfolio management needs. Successful implementation of the Firm’s investment process is not dependent upon any one individual, as all of our portfolio managers have research, trading, and management responsibilities that benefit all of our client accounts. In addition, our client service personnel are adept at handling the non-investment needs of the engagement and will escalate any issues by routing them through the correct channels, if necessary.
5. What oversight is provided to portfolio managers?
Portfolio managers use order management (OMS) and portfolio compliance software from Bloomberg AIM for monitoring compliance with client objectives, policies, trust indentures, and legal requirements on a pre-trade, post-trade, and end-of-day basis. At the inception of the relationship, a member of the compliance team codes each element of the investment policy and guidelines into the Bloomberg system. Since each trade originates in the system, pre-trade compliance testing is generated each time a portfolio manager prepares to execute a transaction. The system prohibits execution of the trade if it does not comply with the imputed guidelines. If an issue of non-compliance is identified through the system, it cannot be overridden by an investment team member and is escalated for review by a member of the compliance team.
Chandler’s compliance team is responsible for all regulatory requirements, client guidelines, and Firm policies and procedures. The Firm’s Chief Compliance Officer provides oversight of portfolio compliance and trade compliance management. These duties are conducted separately from the portfolio management team under the appropriate segregation of duties. As a part of our regular process of policy and guideline monitoring, we provide clients with a monthly detailed Statement of Compliance, based on our complete review of investments. This report details adherence to requirements such as permitted investments, asset class exposure, minimum credit quality, maximum maturities, issuer size and concentration limits, and compliance with the City’s investment guidelines and legal requirements. This statement also serves as an effective means of reporting compliance to the City Council, oversight committees, and other stakeholders, and demonstrates that the City and its adviser take its fiduciary duty seriously to protect taxpayer dollars.
As part of our multi-level compliance process, further procedures to maintain compliance with state laws, your investment policy, and objectives include:
• A daily reconciliation of transactions and cash balances with custodian information • A month-end review of the portfolio to confirm compliance with the investment policy • A continuous review process by the Firm’s Credit Committee to maintain credit quality policy standards and our strict quality requirements
• A portfolio structure that satisfies liquidity objectives with short-maturity securities and return objectives with higher duration investments
• Frequent communication between our team and yours to help us stay informed of any new developments that may modify your objectives
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• Regular meetings with your staff to provide additional opportunities for a high-level review of portfolio composition and performance.
Chandler’s Risk Committee is comprised of the Chief Compliance Officer and seven of the Firm’s senior executives responsible for the Firm’s risk management practices and policies. In addition, Chandler maintains a comprehensive Compliance Manual that covers all subjects relating to our investment activities and responsibility for client assets and the safety of information. The Firm’s Compliance Manual includes policies and procedures for internal controls, code of ethics, privacy and information safeguarding, cybersecurity, e-mail communications and social media, insider trading, and all matters related to our investment processes and record keeping.
All employees are required to provide quarterly disclosures of conflicts of interest and brokerage activities on our internal Code of Ethics platform, in accordance with our Code of Ethics. Furthermore, Chandler conforms to the Code of Ethics and Standards of Professional Conduct as put forth by the CFA Institute. All Chandler employees abide by these standards, placing our clients’ interests and the integrity of the investment management profession above our own, and pledging to act with integrity, competence, and respect in all matters related to our advisory and investment management business. We have a comprehensive compliance program in place that is reviewed annually by our Chief Compliance Officer and overseen by the Risk Committee.
6. Describe how your Firm selects broker/dealers with which to trade and how their performance is evaluated.
Chandler’s investment management team maintains an active, productive relationship with the broker-dealer community to promote an ongoing flow of market information and to execute trades for our clients at competitive prices. Chandler executes security transactions on a transparent and highly competitive basis, in accordance with our commitment to best execution.
On a given day, various factors may combine to generate the best price for a given transaction, including current dealer inventories, dealer profit/loss positions, and individual dealer sentiments about the market. No one dealer will consistently provide the best execution. For that reason, we monitor and compare inventories and prices from each of our broker-dealers. Our broker-dealer relationships and competitive bid process provide market access for our clients that they would likely not achieve on their own, resulting in an incremental net financial advantage over time and an additional source of value in selecting Chandler as investment manager. This process includes:
• Working with a broad range of security broker-dealers that provide a high level of market liquidity and product inventory.
• Reviewing the credentials and regulatory background of each broker-dealer firm and their employees with whom we trade using FINRA’s online Broker Check System. • Consistently placing several dealers in competition by seeking a minimum of three quotations that are documented on trade tickets made available to clients the same day trades occur.
Evaluation of Broker-Dealer Performance
The Investment team will conduct quarterly reviews of all brokers on our approved list using the procedures in the Best Execution section of our policies. Additionally, they will review an annual report detailing the volume traded with all brokers for the year. The PM/trader will consider:
• The full range and quality of a broker’s services in placing brokerage including, but not limited to execution capability in light of the following factors: (1) order handling ability, (2) order size, (3) trading character of the security, (4) broker’s ability to find buyers and sellers, (5) access to the markets, (6) difficulty of markets, (7) trade management, and (8) responsiveness to PM/Trader • Operational efficiency (i.e., settlements, errors, etc.) • Commission rate
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• Financial responsibility
• Broker integrity and reputation (Firm and individual coverage - Use FINRA Broker Check) • The value of the research provided, if any
• The PM/Trader will periodically and systematically evaluate the execution performance of broker-dealers executing their transactions. This review must be documented.
7. Describe your Firm's in-house technical and research capabilities. Are outside sources used by the Firm regularly? Describe your credit review process.
Chandler conducts nearly 100% of research in-house. We augment our analysis with a variety of private research providers, including BCA Research, CreditSights, S&P IQ, Bloomberg, as well as additional research providers.
Internally developed, proprietary tools such as our Horizon Analysis Model and our credit review/security selection provide the foundation for Chandler’s portfolio construction process. The team keeps abreast of sellside research from a broad group of domestic and international investment banks. These tools not only provide data for our investment processes but allow our clients access to the most current and relevant market information. Chandler’s professionals also conduct ad hoc research projects on issues concerning our industry and clients, such as changes in the brokerage world, studies on how legislative changes impact our clients, and research on new sectors or investment structures.
Proprietary Tools and Resources for Portfolio Construction Chandler’s proprietary Horizon Analysis Model (the Model) is the quantitative foundation for the portfolio construction process. The Model enables our portfolio management team to integrate their research into the portfolio management process in a disciplined and repeatable way. Inputs to the Model include:
• Current yields on Treasury, agency, and corporate securities • Specific client constraints, such as maturity restrictions and maximum sector exposure • Nine different probability-weighted forecasted interest rate scenarios that may occur at the six-month horizon date. Our analysis of current macroeconomic conditions is one of the factors we consider as we develop the nine scenarios that comprise the third input to the Model.
Chandler’s Investment Process
Through an iterative process, the Model generates the most favorable portfolio structure (duration, maturity distribution, and sector allocation), which we define as the structure we expect will outperform the portfolio’s benchmark over a wide range of possible future interest rate movements. The investment team then evaluates the portfolio structure using their expertise and judgment and may adjust as they begin portfolio construction.
This combination of a rigorous quantitative structure and experienced qualitative oversight is a hallmark of all of Chandler’s portfolio management activities.
Periodic Rebalancing. With the passage of time, portfolio characteristics tend to drift from the desired structure, so the team reruns the Model each month, reevaluates the portfolio structure, and rebalances to obtain the 20 | Page
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desired sector allocation and duration target as market conditions change. In addition, the fixed income benchmarks used by our clients for performance measurement are reconstituted monthly; therefore, we realign our portfolios to confirm proper active sector, term structure, and duration allocation relative to the benchmark.
As part of our active management approach, we will also adjust positioning when we find securities of superior value in terms of expected return, reduced risk, or adjust the credit quality of a holding for the portfolio.
In addition to our internal research tools and capabilities, the following external systems and software support our trading, portfolio accounting, and client reporting:
• CWAN (Formerly Clearwater Analytics): Provides 24/7 web and mobile access to customizable reports, holdings, transactions, ratings, performance calculations, and other data. The City will benefit from a robust performance and accounting platform that will allow for greater transparency of the City’s investment program.
• Bloomberg AIM - Order Management System: The compliance system used for pre-trade, post-trade, end-of-day compliance testing, and straight-through processing of investment transactions. The City’s internally and externally managed portfolios will be integrated into our platform to maintain compliance with State Code. The City will benefit from a holistic approach to compliance across LGIPs, the City's internally managed portfolio, and the externally managed portfolio. • Bloomberg AIM - Effects of Security Purchases/Sale: Bloomberg AIM also allows the portfolio manager to test the effects that new securities will have on an existing portfolio. For example, the team can propose a trade in Bloomberg AIM, and determine what impact the position will have on the portfolio’s overall duration, sector allocation, and credit quality. In addition, we can perform an analysis on how a portfolio will be affected given a specified change in interest rates to monitor that the portfolio will continue to meet the objectives of the client. The City will benefit from our methodical approach to investment management and will have a portfolio that consistently tracks to its strategic goals • Salesforce CRM: Contact management, portfolio settings, report distribution settings.
The City is not required to purchase any additional programs or software utilized for services under this engagement, relieving the need to allocate capital for portfolio construction, policy compliance, financial reporting, and other crucial aspects of managing your funds.
Credit Review Process
Members of the Firm’s Credit Committee conduct credit research as a team using a proprietary process designed to identify stable and improving credits. Although the Nationally Recognized Statistical Rating Organizations (NRSROs) determine the initial eligibility of a security, Chandler does not rely on these ratings to determine whether a security is suitable for a Chandler portfolio. Chandler’s Credit Committee, with input from the entire investment team, further determines the suitability of an investment based on our own internal research and a thorough understanding of each client’s investment objectives and risk tolerances. This combination of qualitative and quantitative analysis enables the team to identify and invest in securities consistent with our clients’ objectives of safety, liquidity, and return.
The dynamic nature of the process also provides the team with the ability to detect weak and deteriorating credits, which may be removed from client portfolios and Chandler’s approved issuer list. In determining the suitability of a security, the Credit Committee analyzes company fundamentals with a focus on relative balance sheet strength and the overall earnings outlook of the issuer, paired with Chandler’s view of the forward-looking macroeconomic environment. After determining the fundamental outlook of an issuer, the Credit Committee focuses on the relative value of current and historical spreads of both the issuer and its industry sector. 21 | Page
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Chandler’s Credit Process
The Credit Committee meets regularly to rank corporate issuers into three tiers and categorizes those securities based on individual client risk tolerance and policy guidelines. Each sector and issuer are reviewed at least quarterly. The goal is to proactively identify and invest in stable and improving credits, while avoiding deteriorating credits.
8. What percentage of your research is conducted in-house? Chandler conducts nearly 100% of research in-house.
9. Describe your Firm's research capability.
Please refer to our responses to Questions 2 and 7 in this Section.
10. What technical analysis (if any) do you use?
We do not rely on pure technical analysis. Instead, we use quantitative measures to support our qualitative insights. Periodically, the investment team applies technical methods to guide the timing of purchases, aiming to buy near the lower end of a recent trading range and sell near the upper end. We also use technical analysis to identify momentum in specific securities or broader indices, helping the team assess market breadth and key support and resistance levels. While technical analysis does not drive our research or portfolio management, it guides certain trading decisions from a timing perspective.
11. What role does interest-rate forecasting play in your portfolio management strategy? Chandler incorporates forward-looking macroeconomic assumptions into our forecasts through our committee structure. One example is the probability-weighted interest rate scenarios on a forward-looking six-month horizon embedded within our proprietary Model. The probabilities are adjusted multiple times a year, while the actual scenarios are also regularly adjusted to best reflect the range of probable outcomes of interest rates based on the macroeconomic outlook of the Firm’s Economic and Market Analysis sub-committee. Scenarios typically include parallel up and down yield curve changes, as well as nonparallel shifts, and the “unchanged” case. We then structure portfolios we expect will outperform the portfolio’s benchmark over a wide range of possible future interest rate movements.
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12. How will you handle fluctuating cash?
The Chandler investment team is an advocate of bifurcating portfolios between the liquidity needs of the entity and the residual monies that can be invested with a longer maturity profile and a higher level of risk to generate higher total returns over an investment cycle.
At the inception of an engagement with a client, one of Chandler’s first steps is to conduct a statistical analysis of cash usage. This analysis seeks to incorporate any known budgetary events to project future cash balances.
Additionally, it helps to assess the client’s liquidity needs and identify opportunities to enhance investments by allocating to longer-duration investment strategies.
By modeling the City’s historical use of cash and developing an understanding of upcoming budgetary needs on cash, we can develop a profile of the cash flows. With staff input, we can then forecast future balances and structure an effective investment program that would serve the City in both predictable and unexpected circumstances. Our objective is to provide enough liquidity for operations and liabilities, while reducing the costly impacts of maintaining excess liquidity in shorter-maturity investments that have historically paid lower yields.
As in the following example, we will identify the funds that are needed in the short term, and those that are unnecessarily being kept liquid. For liquidity purposes, we will explore a solution that may involve utilizing investment pools or segregating into a portfolio of short-duration securities. These will be invested with a shortduration target or aligned with a known cash flow date. We would structure funds for the City’s portfolio to align with cash flow needs, and expected project reimbursements, and cash liabilities for each project. Funds not needed for liquidity purposes can be structured to safely enhance earnings and long-term capital appreciation through investments in high-quality longer-maturity investments that have historically offered higher returns2 .
Sample Illustration of Cash Flow Analysis
This sample illustration is being provided to demonstrate the tools in how we analyze cash balances.
As the City continues to grow, we expect there will be even more funds to allocate between its liquid and core portfolios. We will continue to assist the City with analysis to project balances into the future to handle fluctuating cash flows. We will maintain ongoing dialogue with your staff to understand all issues that may impact future liquidity needs. This way, securities can be structured in advance by maturing concurrently with cash needs and avoiding the sale of securities to raise cash when needed. 23 | Page
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Many of our clients leverage our Limited Maturity and Short Term Bond strategies for the liquid portions of their portfolios. Characteristics of these strategies as of December 31, 2025 follow:
I
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13. Describe the ongoing daily investment procedures proposed for, including procedures for trades, security choice, controls, etc., and how you will provide liquidity.
Once the City’s staff and Chandler’s investment team have determined the portfolio strategy, the investment team seeks individual securities to complete the portfolio structure. The City's investment policy dictates the authorized investments that are suitable for their unique risk tolerance. Spread products, corporates, supranationals, municipals, and structured products are subject to our rigorous credit analysis process, which results in an approved issuer list. Our investment professionals recommend securities from the approved issuer list based on relative value considerations.
Trades
Chandler will buy and sell approved securities on a transparent and highly competitive basis, in accordance with our commitment to best execution. The main consideration for broker selection is best execution, including best price and reliability of delivery. As part of this process, we seek a broad range of security trading partners that provide a high level of market liquidity and product inventory. We seek a minimum of three quotations, which are documented on trade tickets and reported to clients at the time of execution. The selected broker then delivers securities directly to your custodian bank, using standard delivery-versus-payment procedures.
In seeking best execution, we “block” trades for a number of clients where possible and then allocate the trades to individual portfolios using an allocation process designed to treat all clients fairly in the transaction. We execute transactions through online trading platforms, such as Bloomberg and MarketAxess, or directly through individual brokers, with the goal of seeking competitive executions.
Trade Monitoring & Oversight
Chandler has a robust process for maintaining portfolio compliance with client objectives, policies, and directives.
The Firm utilizes the Bloomberg AIM trade order management and portfolio compliance system to monitor compliance with client investment guidelines. Each element of a client’s investment policy and guidelines is hardcoded into the system by a member of the Compliance team. Pre-trade compliance testing is activated each time a Portfolio Manager prepares to execute a transaction. The system prohibits execution of the trade if it does not comply with the policy. If an “alert” is triggered for non-compliance, it cannot be lifted by a portfolio manager.
Chandler maintains a Compliance team member alongside our portfolio management team to address any trading compliance issues and respond expeditiously.
Reporting
As a part of our regular process of policy and guideline monitoring, we provide clients with a monthly detailed Statement of Compliance, where we detail adherence to requirements such as permitted investments, minimum credit quality, maximum maturities, and concentration limits. This statement also serves as an effective means of reporting compliance to the governing body.
In addition to providing pre-trade compliance, Bloomberg AIM integrates seamlessly with Chandler’s accounting system. Our investment professionals electronically send executed transaction information to Chandler’s investment operations professionals for settlement processing and broker/custodian notification. Transactions are then electronically imported into the portfolio accounting/reporting system. We designed these controls to provide appropriate separation of duties and to reduce the possibility of human error in the process.
Providing Liquidity
We recognize that liquidity is second only to safety on our clients’ list of objectives. We will review historical balances and assist your staff in developing and maintaining cash flow forecasts to both manage liquidity, and mark the funds available to be invested in longer-term strategies to capture additional yield opportunities. One 25 | Page
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of the primary tasks at the beginning of the engagement will be to understand the pattern of your cash flows. A straightforward historical analysis of cash balances is a simple but effective method for determining liquidity needs. Future liquidity needs will be accommodated in advance so that cash is available on the date you need it.
Generally, all securities in the portfolio are liquid and available for sale in case of any unforeseen or emergency cash distribution. We encourage our clients to maintain balances in money market funds and other short-term investments.
Chandler’s approach to structuring portfolios is designed to be scalable to changes in your investment program or cash flow needs.
14. Describe your Firm's electronic and manual controls surrounding compliance with the City's investment policy.
Our team will provide assurance of portfolio compliance with applicable policies and laws. Chandler has a robust process for maintaining portfolio compliance with client objectives, policies, and directives. The Firm utilizes the Bloomberg Asset and Investment Manager (AIM) system to monitor compliance with client investment guidelines. Additional controls include our Disaster Recovery/Business Continuity Plan that details the Firm’s data backup and recovery, cybersecurity, and data security policies, procedures, and safeguards. As an investment adviser, Chandler is subject to the regulations set forth by the Securities and Exchange Commission (SEC). The SEC requires that our Firm have a compliance program that is reasonably designed to prevent, detect, and correct any actual or potential violations of the Advisers Act and any other federal securities laws or rules adopted under the Advisers Act. Our compliance program includes policies and procedures that address all aspects of our investment advisory operations, including our accounting systems, IT security, and privacy controls.
Reconciliation and Settlement of Holdings and Transactions. Chandler invests in tools and technology to support the portfolio management process and simplify investment reporting and compliance. Reconciliations of cash balances and positions in all accounts are conducted daily. This reconciliation discloses any contributions/withdrawals of cash, whether interest or maturities were posted correctly, and whether trades were settled on the appropriate settlement date.
In the event a discrepancy is found, an operations employee will research the issue to see if the error is in our system or, alternatively, in the client’s custodian bank records. If the discrepancy resides in our records, the error shall be revised, and new client statements must be generated and distributed to the client with an explanation of the error. If the discrepancy resides in the custodian bank records, Chandler shall notify the custodian bank of the discrepancy or error and would work with the custodian to correct and document the error.
Vendor Due Diligence. Chandler performs ongoing levels of due diligence on each third-party vendor under contract. This due diligence includes the review of all vendor SSAE-18 and/or SOC-1 reports, as well as a detailed review of each firm’s policies and procedures. Additional due diligence processes may be conducted, as deemed necessary.
Compliance Program Audit. To confirm that Chandler’s internal controls are effective to mitigate inherent risks, we engage a third-party vendor (Optima Partners (Optima)) to conduct quarterly independent assessments of our advisory policies and processes. Summary reports are provided by Optima to Chandler’s management team quarterly, and any recommended enhancements to our internal controls are promptly addressed. There have been no material issues or concerns raised by Optima regarding the effectiveness of our internal controls. 26 | Page
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15. Given the City's current investment portfolio inventory, describe your Firm's work plan for the first 60 days of the contract. What changes would you make to the City's investment policy or portfolio holdings and why?
Chandler will collaborate and work closely with City staff to create a seamless transition, as described below. The following list details the tasks necessary for implementation. Our goal is to have the City fully onboarded to begin investing within the first 60 days following notice of award and assuming there is no meaningful change in market conditions or interest rates. Our process is flexible, and we can customize a timeline to effectively accommodate your requirements.
Implementation Timeline
Tasks Timelines Team
Contract Negotiations
• Negotiate terms
• Execute investment management agreement
Notice of
award to
Council
approval
• Nicole Dragoo, JD, CEO
• Michael Rasmussen, JD, General
Counsel and CCO
• Mia Corral Brown, Regional Director
Investment Program Implementation Upon Contract Approval • Complete opening documentation
• Establish or review the custodial relationship
Weeks
1-2
• Mia Corral Brown, Regional Director
• Gabrielle Eacock, Senior Client Service
Specialist
• Alaynè Marie Sampson, CTP, Portfolio
Strategy Manager
• Aaron Nail, CFA, Portfolio Manager
Strategy Development
• Kick-off Meeting
• Redline investment policy
• Analyze cash needs
• Discuss investment objectives
• Assess risk parameters
• Create a customized investment strategy
• Draft management directive for each pool of
funds
Week
2-3
• Alaynè Marie Sampson, CTP, Portfolio
Strategy Manager
• Aaron Nail, CFA, Portfolio Manager
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Preparing to Invest
• Finalize management directive
• Set up read-only access to a custodial account
• Build assets in Chandler trading and accounting
systems
• Assign Chandler Client Portal credentials and
train the City’s staff
• Establish trading rules with Chandler Compliance
team
Week 3
• Mia Corral Brown, Regional Director
• Gabrielle Eacock, Senior Client Service
Specialist
• Alaynè Marie Sampson, CTP, Portfolio
Strategy Manager
• Aaron Nail, CFA, Portfolio Manager
• Michael Rasmussen, JD, General
Counsel and CCO
Investment of Funds
• Confirm with the City and execute funding
strategy for initial purchases
• Carry out active, discretionary investment to
maintain target portfolio structure
• Communicate regularly with staff; provide
monthly reports and quarterly formal portfolio
reviews
Week 4
and
ongoing
• Alaynè Marie Sampson, CTP, Portfolio
Strategy Manager
• Aaron Nail, CFA, Portfolio Manager
Prior to making any changes, we will review your Investment Policy and analyze your portfolio and discuss our strategy with you beginning at our kickoff meeting.
We reviewed the City ’s investment policy approved by City Council on January 13, 2026. We recommend the policy be refined to incorporate some of the latest State Code changes and best practices, namely:
• Enhance the list of authorized financial institutions to include Federal Reserve Bank, direct issuers, and other licensed broker-dealers of CGC 53601 eligible securities. • Expand authorized investments to include:
o Mortgage Pass Through Securities
o Asset Backed Securities (ABS)
o Money Market Mutual Funds
• Incorporate latest changes from State Code
o Senate Bill 1489 (2022)
Add the prohibition of investments that have forward settlement > 45 days Provide more time for quarterly report submission from 30 days to 45 days Clarify the definition of maturity date to be aligned to settlement date o Senate Bill 2618 (2024)
Allow up to 50% of the portfolio to be invested in Placement Deposit Services (fka CDARS) o Senate Bill 595 (2025):
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For commercial paper, extended the ability for up to 40% of the portfolio to be invested in commercial paper through 2031 for Agencies with a total portfolio greater than $100 million, and the terms for the maximum maturity were updated to 397 days. The extension of zero-and-negative interest US Government debt to be permissible through 2031.
• Add Delegation of Authority language that allows engagement of external investment advisors, who are authorized to engage in transactions with broker-dealers on behalf of the City, using a competitive bidding process
We have also spent time analyzing the City’s current portfolio, based on the schedule of investments provided by the City as part of the RFP packet, dated as of December 31, 2025:
Analysis
The invested portion of the portfolio resembles a 1-3 year strategy with roughly 1.5 year duration. Allocations are comprised of Agencies, municipals, supranationals, and CDs. The portfolio has no exposure to Treasuries, corporates, or structured products that could enhance diversification and liquidity.
From a maturity distribution perspective, the City is well diversified along the 0-4 year part of the yield curve. The portfolio has a high amount of small-issue securities that could be difficult to sell if the City needs to generate cash quickly.
Recommendations
Our portfolio management team recommends taking advantage of approved investment options like corporates, Treasuries, and structured products to increase potential yield and diversify into high-quality sectors that are large and liquid.
About 75% of the total investment program is in very short-term products like LAIF, CAMP, etc. Depending on the City’s cash flows, there could be more allocation to the longer term portfolio.
Signal Hill’s invested portfolio
Inclusive of LAIF, CAMP, CLASS, Money Market Funds
Portfolio Market Value $ 26,424,912.89
Portfolio Average Maturity (yrs) 1.66
Portfolio YTM 3.07%
Portfolio Duration 1.41
Portfolio Average Coupon 2.92
Portfolio Average Rating AA
Portfolio % Callables 23.38%
Portfolio % Small Issue Size 58.51%
Portfolio Market Value $ 106,696,667.89
Portfolio Average Maturity (yrs) 0.41
Portfolio YTM 0.76%
Portfolio Duration 0.52
Portfolio Average Coupon 0.72
Portfolio Average Rating AA
Portfolio % Callables 5.79%
Portfolio % Small Issue Size 14.49%
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7) REPORTING
1. Describe the investment accounting and reporting system used by your Firm.
Chandler uses CWAN (formerly Clearwater Analytics) for portfolio accounting and reporting. We provide monthly statements that include a management summary of portfolio characteristics, performance, and full accounting details, including detailed portfolio holdings, transactions, accruals, interest received, original cost, amortized cost, market value, book value, a cash flow summary, maturity, ratings breakdown, and more.
2. Is a client portal available? If so, what kind of information is available in the client portal and for how long? Yes, we provide 24/7 online access to our portal, which is also designed to be viewed on mobile devices. Monthly, quarterly, and annual reports are published to the portal, and we can help clients configure additional customized reports accessible on demand.
3. Describe your Firm's trade settlement and account reconciliation process.
Confirmations are sent directly by the broker/dealer to the client’s custodian via the following process:
Trade Execution
• Chandler sets up the trade in our trade order management system, Bloomberg AIM. • Bloomberg AIM performs a pre-trade compliance check on each transaction, which evaluates whether the proposed security complies with the City’s investment policy guidelines. Any transaction that does not comply with the City’s investment policy is prohibited by the compliance system. • Chandler seeks best execution from our extensive network of approved broker/dealers, seeking a minimum of three quotes (when possible) and utilizing electronic trading platforms where appropriate.
Settlement and Accounting
• Trade details are sent from Bloomberg Asset and Investment Manager (AIM) to portfolio accounting software, CWAN.
• Chandler’s procedures and processes work to align data integrity between Bloomberg AIM and CWAN for accounting and reporting purposes.
• Bloomberg AIM trade allocation files are sent to the Central Trade Matching (CTM) platform to verify that the broker has instructions available.
• Trade allocations are sent to broker via the CTM secured network, and brokers retrieve settlement instructions from the Omgeo ALERT secured network.
• Broker matches or rejects details; issues a confirmation assuming no further reconciliation is required. • Chandler facilitates communication between the executing broker and custodian to confirm the timely and accurate settlement of all transactions.
Safekeeping, Custody and Reporting
• Custodial trade ticket distributions are sent out via Society for Worldwide Interbank Financial Telecommunications (SWIFT), electronic submission, secured email or fax with authorized trade signatures depending on the specific procedures at the custodian.
4. Specify whether our Firm's reports are reconciled with the City's safekeeping account and how.
Reconciliations of cash balances and positions in all accounts are conducted daily. We invest in the tools and technology required to effectively support the portfolio management process and simplify investment reporting and compliance. This is completed by comparing each account’s cash and security positions in our CWAN 30 | Page
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accounting system against the relative holdings maintained and provided by the clients’ custodian bank. This reconciliation discloses any contributions/withdrawals of cash, if interest or maturities were posted correctly, and if trades were settled on the appropriate settlement date.
A monthly reconciliation of all accounts compares the client’s Chandler statement to the client’s custodian bank statement. This reconciliation is done electronically for clients whose custodian bank provides a downloadable file and manually for those clients whose custodian bank does not provide a downloadable or electronic file.
In the event a discrepancy is found, a member of the operations team will research the issue to identify if the error is within our system or alternatively, in the client’s custodian bank records. If the discrepancy resides in our records, the error will be revised, and new client statements must be generated and distributed to the client with an explanation of the error. If the discrepancy resides in the custodian bank records, Chandler shall notify the custodian bank of the discrepancy and will work with the custodian to correct and document the error.
5. The investment advisory firm shall provide monthly and quarterly investment reports suitable for inclusion in the City's Investment Reports to the City Council. Quarterly reports shall be delivered within forty-five (45) days following quarter-end and shall include, at a minimum: investment type and issuer; par value, amortized cost, and market value; maturity date and remaining term; a statement of compliance with the City's Statement of Investment Policy and applicable provisions of the California Government Code; a sixmonth liquidity certification; and verification of market valuation and safekeeping reconciliation.
Chandler can provide all of these reports within the stated timelines.
Monthly Statements: Monthly statements include a summary of portfolio characteristics, performance, and full accounting details. Chandler’s monthly statements conform to reporting standards required under State Code and other guidelines from governing public investments. Statement details include full asset listings, including fair market value of investments, issuer, maturity date, interest rate, transactions for the period, and a description of the funds and investment programs. In addition, Chandler offers its clients transparency through a Statement of Compliance with state legal requirements and the investment policy, and a one-page summary with portfolio characteristics and total return for various periods compared to market benchmarks.
In addition, Chandler’s reports will detail the following:
• A holdings report, showing security description, par value, cost value, book value, market value, accrued interest, gain/loss, book yield, duration, maturity, Moody’s, Fitch, and S&P ratings, and percent of portfolio for each holding.
• A cash flow projection from upcoming maturities and interest payments. • A transaction ledger that reports all acquisitions, dispositions, interest payments, cash contributions and withdrawals, and any other transactions for the period. • An earned interest report, displaying all interest earnings, including accrued and received interest, amortization and accretion in detail form and summarized. 31 | Page
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Quarterly Reports: We present quarterly investment reports designed to facilitate discussion between Chandler’s investment professionals and the City’s staff and stakeholders. The reports provide current economic data, portfolio characteristics, return for both aggregate and individual portfolios, compliance statements, and a summary of accounts under management using graphs, charts, and illustrations. We provide this report for our regular presentations to the City.
Sample reports are provided in the Appendix.
Ad-Hoc Reporting: The City will have direct access to a team of dedicated partners at Chandler. If there are adhoc reporting requirements, a package can be created for the City that addresses specific needs. Chandler’s professionals excel at the type of communication required to provide full transparency of your investment portfolio and to assist with translating the details of the entire investment program efficiently and effectively.
Statement of Compliance: As a part of our regular process of policy and guideline monitoring, we provide clients with a monthly detailed Statement of Compliance, based on our complete review of investments. This report details adherence to requirements such as permitted investments, asset class exposure, minimum credit quality, maximum maturities, issuer size and concentration limits, and compliance with the City’s investment guidelines and legal requirements. This statement also serves as an effective means of reporting compliance to the City Council, oversight committees, and other stakeholders, and demonstrates that the City and its adviser take its fiduciary duty seriously to protect taxpayer dollars.
This sample report is being provided for illustrative purposes to demonstrate Chandler Asset Management's reporting capabilities. Elements of the Compliance Report are representative of investment guidelines promulgated by State Law or the entity's investment policy.
In the event of a compliance violation, the details and actions taken to correct the violation would be detailed in this report.
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6. Firms shall describe the format of reports to be provided, the timing of monthly report delivery, and attach sample monthly and quarterly reports. (For example, when could the City expect to receive its reports for the month ended January 31, 2026?) Attach a sample.
The formats of reports that Chandler will provide the City are described in Questions 1, 2, and 5 in this Section.
The City could expect to receive its reports for any month by the 7th calendar day of the following month (e.g., the month ended January 31, 2026 would be delivered by February 7, 2026). Sample monthly and quarterly reports are attached in the Appendix.
7. What performance benchmarks would you suggest for this portfolio? Provide recommendations regarding performance benchmarks for a portfolio similar to that of the City of Signal Hill. What experience has the Firm had in developing benchmarks for public operating portfolios? Chandler has over 38 years of experience developing performance benchmarks for public operating portfolios. At the inception of the engagement with the City, Chandler's investment professionals will present characteristics of our investment strategies. In addition, they will conduct a benchmark study to analyze the risk and return characteristics of several benchmarks. An appropriate benchmark will reflect the City’s investment objectives, permitted investments, risk tolerance, and liquidity requirements. The benchmark should have a similar duration, weighted average maturity, and credit profile as the portfolio. This analysis will help determine a suitable benchmark for performance measurement that aligns with the City's risk tolerance.
Benchmarks that some of our other public agency clients have selected, which may also be appropriate for the City include the Limited Maturity (1-3 year strategy) and the Short Term Bond (1-5 year strategy). While these are possible suggestions, our goal is to select the benchmark that is right for you. As such, we can discuss other possible benchmarks or even customize benchmarks for the City. 8) FEES
1. Provide the complete fee schedule that would apply to this account. Please provide examples of assessed fees in the chart below:
Chandler is pleased to provide comprehensive investment management and advisory services to the City as described herein and in the City's Scope of Services in accordance with the following fee schedule:
Proposed Fee Schedule for the City of Signal Hill
Assets Under Management Annual Asset Management Fee (%) First $50 million 0.09 of 1% (9 basis points)
Next $50 million 0.06 of 1% (6 basis points)
Over $100 million 0.04 of 1% (4 basis points)
Examples of Assessed Fees
Investments ($) Annual Asset Management Fee (%) Annual Asset Management Fee ($) $10 million 0.09 of 1% (9 basis points) $9,000
$25 million 0.09 of 1% (9 basis points) $22,500
$50 million 0.09 of 1% (9 basis points) $45,000
$100 million 0.075 of 1% (7.5 basis points) $75,000
$125 million 0.068 of 1% (6.8 basis points) $85,000
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2. Are fees charged in arrears? Please specify the billing cycle (e.g., monthly, quarterly) and payment terms.
Fees are charged monthly in arrears and can be debited directly from your third-party custody account.
3. What additional expenses not covered through the fee structure will be expected in order to implement your investment advisory services?
Chandler charges management fees only on assets directly under our management. All fees are firm for the entire initial contract term, and the City will not be subject to any increases during this period. We charge 1 basis point (0.01%) to report on assets that are not under our direct management.
Our fee schedule does not include charges the City would incur for third-party custodial services, which, as an important control in the investment process, are not provided by Chandler. 9) REFERENCES
List the name, address, telephone number, and email of references from at least three (3) current clients similar in size and scope to the City. Include a brief description of the work provided for each reference and the size of the entity's investment portfolio that your Firm manages (or managed). California municipal or county projects are preferred. You may offer more than three recent similar projects if desired. The references should include the start date of the project and the date of completion for each project.
Chandler Current Client References
Client Contact
Information Work Provided Dates of Service AUM*
City of Fountain Valley
10200 Slater Avenue
Fountain Valley, CA 92708
Ryan Smith
Finance Director
(714) 593-4501
[email protected]
Discretionary
management of
operating funds
2015 -
present $58 M
City of Compton
205 S. Willowbrook Ave
Compton, CA 90220
Claudia Mijares
Chief Deputy Treasurer
310-605-5515
[email protected]
Discretionary
management of
operating funds
2024 -
present $83 M
City of Lake Forest
100 Civic Center Drive
Lake Forest, CA 92630
Kevin Shirah
Finance Director/Treasurer
(949) 461-3564
[email protected]
Discretionary
management of
operating funds
2022 -
present $160 M
*As of December 31, 2025
10) ADDITIONAL INFORMATION
1. Provide a copy of your Firm's most recent ADV Parts 1 and 2 on file with the SEC.
A link to Chandler’s most recent Form ADV, Parts 1 and 2A, and Privacy Notice are provided in the Appendix.
2. Provide a copy of your Firm's most recent Annual Compliance Report (completed in accordance with Rule 206(4)-7 of the Investment Advisers Act).
As an SEC-Registered Investment Adviser, Chandler conducts annual reviews in accordance with Rule 206(4)-7.
We conduct periodic reviews depending on the area of compliance throughout the year. Annually, we conduct a formal review of the Firm’s policies and procedures to assess whether they are adequate, current, and effective 34 | Page
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in light of the Firm’s businesses, practices, advisory services, and the current regulatory environment. We will amend our policies and procedures annually or as necessary to reflect any changes in the Firm’s activities, personnel, or regulatory developments.
Approximately every 2-3 years, we will engage an outside consultant to conduct our annual review, which provides us with a valuable outside perspective and typically helps us to identify additional areas in our program that can be improved upon.
While we generally do not provide a copy of our Annual Compliance Report with RFPs, we would be happy to discuss it with you. We have included an attestation from our Chief Compliance Officer and General Counsel, Michael Rasmussen, JD, in the Appendix regarding the findings of our most recent audit.
3. Provide a copy of your Firm's most recent GIPS Composite Report and Verification Letter.
A copy of our most recent GIPS Composite Reports for our Limited Maturity and Short Term Bond strategies, and Verification Letter, is provided in the Appendix.
4. Describe your Firm's business continuity plan, how often it is updated, and what assistance would be available to the government.
As part of our fiduciary duty to our clients, and as required under securities laws, Chandler has adopted a Disaster Recovery/Business Continuity Plan (the Plan or BCP) to provide for the Firm’s recovery from an emergency or disaster, and for the resumption of business operations in as short a period as possible. These policies and procedures are designed to address specific types of disasters that Chandler might reasonably face, given its business and location. The Plan includes a consolidated list of all employee contacts and a call tree.
It is Chandler’s policy to respond to a significant business disruption by safeguarding employees’ lives and Firm property, making a financial and operational assessment, quickly recovering and resuming operations, protecting the Firm’s books and records, and allowing our clients to transact business. If we cannot continue business, we will assure clients prompt access to their funds and securities.
If Chandler’s principal office in San Diego is damaged or otherwise inaccessible, Chandler has designated any of our other locations as temporary alternate locations from which to restore normal business operations. Each location has working space, power, telephone service and internet access. Alternate locations in California are Oakland, Ventura, and Novato. Outside of California, we have locations in Seattle, Washington; Denver, Colorado; and the Clearwater, Florida area.
Testing and Updating
Our Chief Compliance Officer and the designated BCP team periodically, and on at least an annual basis, will test the Plan. Such tests may be as complex as running a simulation of an actual disaster, including the restoration of data to alternate systems, or as basic as testing the employee call tree. Typically, but not always, testing will be conducted after hours to minimize disruption of normal business operations. In order to gain realistic results that may be used to revise and enhance the effectiveness of the Plan in the event of a real emergency, not all tests will be announced ahead of time to all employees.
The Plan will be revised accordingly to fill gaps discovered during testing. The Plan may also be revised pursuant to reviews and the issuance of regulatory guidance. 35 | Page
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5. Describe your Firm's technological controls, including: a) Physical access; b) Logical access; c) Change controls; and d) Remote access, including use of mobile devices.
Access to Chandler’s data is managed through access control lists. Access control lists provide read/write access to data based on role and need. Remote access to data is protected through virtual private networks (VPNs) and multi-factor authentication (MFA) services.
Chandler’s comprehensive Cybersecurity Policy includes procedures that cover acceptable use by employees of Chandler’s network resources, as well as data backup, data destruction, data encryption, security monitoring, vendor access, and incident management. The Firm has addressed several cybersecurity components that our processes monitor, including:
• Websites and domains
• Firewalls
• Antivirus
• Patch management
• Employee access/privileges
• VPN/encryption
• Mobile device management (MDM)
• Intrusion prevention
• IDS and security alert
• Multi-factor authentication (MFA) requirements
• The physical security of our office, servers, and individual workstations.
Chandler, with the assistance of a third-party technology vendor, Corporate Technologies, conducts cyber-hygiene and resilience tests quarterly. These tests include third-party penetration testing, including but not limited to websites, on- premise workstations, wireless access points, servers, routers, etc. In addition, we conduct social engineering tests such as email phishing, CEO spear phishing, domain spoofing, pretexting, baiting, and quid pro quo to gauge employee vigilance. Each of these tests results in a post-mortem, with any resolutions put in place immediately and prior to the next quarter’s testing. Since the audit report may contain confidential IT security information, this report is not made available but can be discussed upon request.
6. Include a description of how the Firm is prepared to defend its systems from a cyberattack.
Please refer to our response to the previous questions.
7. Briefly describe any additional features, attributes, or conditions which the City should consider in selecting your Firm. Describe any other services your Firm can provide.
Leveraging resources from across the Firm, we provide advice and investment analysis while bringing clients a personalized and local perspective. We are an investment management Firm founded by former investment officers of large public agencies, with the ability to understand your unique needs and how a successful investment program adds value to your entity’s bottom line. Chandler works to distinguish itself from its competition in several ways, including its relationship with its clients through investment management capabilities.
Deep history and experience. Chandler’s founder, CFO, and other key investment professionals have worked as investment officers and finance directors of public agencies. They possess extensive experience and knowledge of the challenges public entities face in effectively managing their assets. Since 1988, Chandler has assisted public agency clients with fulfilling their fiduciary duty to their constituents by providing high-quality fixed income portfolios in a risk-conscious framework that conforms to all state laws and directives. Chandler has both depth 36 | Page
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(experience) and breadth (service capabilities) as an investment manager and is particularly qualified to meet the City’s investment needs because of our decades of experience in safeguarding our clients’ funds and structuring them to meet all objectives.
Based in California. Chandler has been headquartered in San Diego since its inception and has regional offices in the State. Our investment professionals have deep experience in California’s investment landscape and possess significant expertise in structuring portfolios that adhere to the State Code. Investment professionals are in the same time zone as the City and will provide timely updates on changes in legislation and best investment practices for California public agencies.
Resources. Chandler’s clients count on our extensive research and analytical capabilities used to identify opportunities and minimize risk. Our access to market information, in conjunction with our proprietary credit review process, makes our services of significant value. Our independent compliance team will work to confirm that all trades conform to the State Code, the City’s investment policy, and the customized investment strategy that we will co-develop with the City’s staff.
Independence. Chandler holds its fiduciary duty to our clients in the highest regard, which is why we remain an independent, employee-owned California corporation. We believe in creating strong partnerships with public agency staff who depend on transparency and integrity. We are committed to aligning with our clients to help them achieve their investment goals, rather than aligning our interests with a parent company to help its shareholders achieve their goals.
Access to portfolio managers. Chandler offers its clients direct access to its lead portfolio managers and other members of the investment management team who conduct research and analysis on your portfolio, allowing for customization and flexibility to changes in your program. Your key investment contacts and the rest of the investment management team will have a significant understanding of not only your investment portfolio, but also where it fits in your overall investment program.
Commitment to client success. We strive to ease the responsibility and operational requirements needed to effectively invest public assets. Our client-centered approach hinges on education, transparency, responsiveness and above-benchmark investment program outcomes.
Chandler provides additional services that could add value to the City’s investment program, including:
• Strategy development or customization of the City’s internally managed cash and securities • Other Post-Employment Benefit (OPEB) management. Chandler has been managing OPEB accounts such as pension trusts and medical benefit trusts for clients since 2003. We use a multi-asset class strategy (Chandler’s “MAC” Strategy) to achieve plan objectives and target returns. • Management of the City’s cash in strategies, including short-term securities as a supplement or alternative to Local Government Investment Pools/other overnight investment vehicles • Independent evaluation of California Local Government Investment Pool options, management of bond reserves, and/or bond proceeds
• Custodial bank/safekeeping services review and selection • Broker/dealer selection and monitoring
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8. Firm shall comply with all applicable provisions of the California Government Code relating to ethics, conflicts of interest, and gift limitations, including the Political Reform Act.
Chandler will comply with all applicable provisions of the California Government Code relating to Ethics, conflicts of interest, and gift limitations, including the Political Reform Act.
9. The Firm shall disclose any actual or potential conflicts of interest upon proposal submission and annually thereafter, and shall certify ongoing compliance with fiduciary and ethical obligations applicable to public agency investment advisors.
Chandler will act as a fiduciary to the City, putting your interests ahead of our own and pledging to act only with the highest ethical standards in all of our investment management activities and dealings. We commit to disclose any potential conflicts of interest, including those that could be seen as a beneficial relationship that would abuse our position of trust and responsibility, in the unlikely event that one arises. Chandler’s fiduciary obligations are detailed in the Firm’s comprehensive Code of Ethics manual that is adopted and demonstrated by the Firm and all of its employees. We certify ongoing compliance with fiduciary and ethical obligations applicable to public agency investment advisors.
Chandler does not have any exceptions to the General Terms and Conditions described in the City's RFP. Please refer to the Appendix for our Proposed Additional Terms for Agreement and Sample Investment Services Contract.
Chandler Asset Management
Appendices
Form ADV, Parts 1 and 2A and Privacy Notice
For additional disclosures (Form ADV), please see https://adviserinfo.sec.gov/firm/summary/107287.
If you have any further questions, please reach out to your relationship manager.
Rev [06/2025]
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 third-party financial
companies No We do not share
For our affiliates’ everyday business purposes—
information about your transactions and experiences Yes No For our affiliates’ everyday business purposes—
information about your creditworthiness No We do not share For our affiliates to market to you Yes No
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. is affiliated with Chandler Distribution Services, LLC, a registered broker-dealer.
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]
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Chandler Asset Management Inc
9255 Towne Centre Drive
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San Diego, CA 92121
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Chandler Asset Management, Inc
9255 Towne Center Drive, Suite 600
San Diego, CA 92121
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Professional Biographies
Investment Management
William Dennehy II, CFA
Co-Chief Investment Officer
William Dennehy is a Co-Chief Investment Officer at Chandler Asset Management and maintains multiple leadership responsibilities at the firm, including being a member of the Executive Leadership Team since 2016, focused on setting the overall strategic direction of the firm. Specific to the investment team, William co-chairs both the Economic and Market Analysis Committee as well as the Credit Committee and is also a voting member of the firm’s Multi-Asset Class Committee. In addition to his responsibilities in helping to lead the investment team, he is also actively involved with specific client relationships to implement portfolio strategies and securities trading. Of particular emphasis during his time at Chandler, which began in 2011, has been collaborating with clients to expand their investment mandates in an effort to identify more creative and robust investment strategy solutions to meet client goals.
Prior to joining Chandler, William spent 10 years working for Northern Trust Global Investments in Chicago, IL, most recently as a Senior Portfolio Manager and Vice President, with a wide range of responsibilities in asset allocation, quantitative and qualitative analysis, and trading in client accounts. William began his investment career in New York City, working for several financial institutions, including Kidder Peabody, Swiss Bank, and UBS, primarily trading short term interest rate products to support the overall capital market operations of the respective institutions.
William earned his B.S. in Business Administration with an option in Finance from California State University at Chico.
He is a member of the CFA Institute and the CFA Society of San Diego and holds the designation of Chartered Financial Analyst (CFA).
Scott Prickett, CTP
Co-Chief Investment Officer
Scott Prickett is a Co-Chief Investment Officer. He is responsible for managing the Portfolio Strategist Team as well as building and maintaining client relationships with a focus upon developing and enhancing client investment programs. Scott actively participates in the portfolio management process and meets with clients on a regular basis to review their accounts, portfolio activity, portfolio strategy and financial markets. Scott started his investment industry career in 1987, with a focus largely on managing short-term fixed income strategies for governmental and institutional non-profit clients.
Prior to joining Chandler, Scott was Managing Director and Portfolio Manager at Davidson Fixed Income Management. Scott was directly responsible for managing over $750 million in client assets and had management responsibilities over multiple business units with combined total assets of over $5 billion. These included taxable and tax-exempt SMA programs, a Local Government Investment Pool (LGIP) and SeaCap Investment Advisors. At ALPS Mutual Fund Services, Scott played a key role in developing two SEC registered mutual funds. Scott also spent two years at Pacific Investment Management Company (PIMCO) as a fixed income Portfolio Specialist for over $1.4 billion in assets.
Scott 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 a Co-Chief Investment Officer at Chandler Asset Management. In addition to his duties as a Co-CIO, he oversees daily trading. He has been instrumental in the development and integration of quantitative analytic tools for the portfolio management process. Jayson co-chairs both the Quantitative Analysis Committee and Multi-Asset Class Committee and is also a member of the Economic and Market Analysis Committee.
Prior to joining Chandler in 1995, Jayson was employed as a Financial Analyst with USA Federal Credit Union in San Diego, managing a $100 million liquidity book. His responsibilities there also included asset/liability management.
Jayson earned his B.A. in economics from San Diego State University. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst.
Daniel Delaney, CFA
Deputy Chief Investment Officer
Daniel (Dan) Delaney is a Deputy Chief Investment Officer at Chandler Asset Management. He plays a pivotal role in investment strategy development and portfolio risk management alongside the Co-CIOs and is responsible for implementing portfolio strategy and securities trading in client accounts. Dan is co-Chair of the Sector Committee and a member of both the Credit Committee and the Economic and Market Analysis Committee.
Prior to joining Chandler in 2021, Dan was a Senior Portfolio Manager with Allianz Global Investors, based in New York, responsible for managing Global Credit mandates. He also spent ten years as a Global Credit Analyst and Portfolio Manager with Rogge Global Partners, both in London and New York.
Dan earned a B.A. (Honors) degree in Business Economics from the University of Exeter, UK. He holds the designation of Chartered Financial Analyst (CFA).
Genny Lynkiewicz, CFA
Senior Portfolio Manager
Genny Lynkiewicz is a Senior Portfolio Manager at Chandler Asset Management. She is responsible for implementing portfolio strategy and securities trading in client accounts.
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, CTP
Portfolio Strategy Manager
Alaynè Marie Sampson, CTP, joined Chandler Asset Management in 2022 as a Senior Portfolio Strategist, bringing a dynamic combination of business acumen, market knowledge and insatiable curiosity to the firm. During her 20+ year career, Alayne has held roles in process improvement and systems analysis, marketing, operations and multiple facets of finance, making her a go-to resource for clients and colleagues alike.
One of her favorite ways of supporting clients is helping them understand market conditions and the broader economy so they can put public funds to their best and highest use within communities. As a member of Chandler’s Credit Committee, she assesses the financial health and trajectories of companies that might benefit client portfolios and keeps a pulse on economic trends. She is known for being an excellent presenter and is frequently invited to speak at industry events and educational sessions.
Alaynè is a graduate of Cornell University with her B.A. in Women's Studies. She holds the FINRA Series 65 registration and the Certified Treasury Professional (CTP) designation.
John McDowell, CFA, CMT
Senior Portfolio Manager
John McDowell is a Senior Portfolio Manager at Chandler Asset Management. He is responsible for implementing portfolio strategy and securities trading in client accounts and contributing to the firm’s market outlook.
Prior to joining Chandler in 2023, John spent eleven years performing fundamental company and market research and analysis and portfolio management at an investment management firm in Santa Monica and the Irvine Company in Newport Beach. John was also an equity trader with a private practice for five years.
John earned a B.S. degree in Electrical Engineering from the University of Southern California and an M.B.A. from the New York University Stern School of Business. He holds the designation of Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT).
Chris Blackwood
Senior Portfolio and Investment Pool Strategist
Chris Blackwood joined Chandler in 2024 as a Senior Portfolio and Investment Pool Strategist. He brings more than 25 years of experience in the financial services industry, with a focus on local government investment pools (LGIPs), separately managed accounts and bond proceeds portfolios.
Prior to joining the firm, Chris was a managing director at PFM Asset Management, providing investment advisory services to local governments throughout the Rocky Mountain region. His experience also includes serving as an administrator and/or portfolio manager for three LGIPs; as a research director for several bond underwriting firms; and as a senior economist to the Governor of Colorado. He is the author of four books, including his most recent publication, Investing Public Funds in Colorado, a definitive guide to permitted public investments in the Centennial State.
Chris holds a bachelor's and master's degrees in economics from the University of Colorado and has executive education from the University of Denver and the Massachusetts Institute of Technology.
Julie Hughes
Senior Portfolio Strategist
Julie Hughes, Senior Portfolio Strategist, has more than 30 years of finance, strategy, and client relationship management experience. Julie works extensively with clients to develop and implement investment strategies for operating funds and bond proceeds. She is a frequent speaker at industry conferences and regularly writes the Firm’s economic and market commentary. She is a member of Chandler’s Economic and Market Analysis Committee and Qualitative analysis Committee.
Prior to joining Chandler, Julie worked as a fixed income portfolio manager, municipal advisor, and municipal credit analyst for Davidson Fixed Income Capital Management, where she served as a portfolio strategist for the City of Tamarac. She has deep expertise with structured products and hedging interest rate risk for municipal dept. In addition to advising the public sector, Julie has held positions in corporate strategy and management consulting.
Julie earned an M.B.A. from the Wharton School of the University of Pennsylvania and a B.A. in Marketing from the University of Texas of Austin.
Carlos Oblites
Senior Portfolio Strategist and Investment Pool Strategist Carlos Oblites is Senior Portfolio Strategist and Investment Pool Strategist at Chandler Asset Management. He is responsible for building and maintaining client relationships with public agencies along with participating actively in the portfolio management process. Carlos has 29 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 B.A. degree in History from the University of California, Santa Barbara, and earned a M.B.A. from San Francisco State University.
Steve Huntley
Senior Portfolio Strategist
Steve Huntley joined Chandler in March of 2025 as a Senior Portfolio Strategist. His responsibilities include maintaining relationships with clients and helping guide their portfolios through varying market cycles.
Prior to joining Chandler, Steve served as the Director of Finance and Administration at the City of Farmersville in Central California while holding multiple leadership roles in the broader financial industry. He served on the Board and the Executive Committee of Central San Joaquin Valley Risk Management Authority (CSJVRMA) for more than a decade, including a term as President from 2020 to 2022. He also served on the board of the California Affiliated Risk Management Authority (CARMA, an excess liability JPA), from 2019-2025, and helped found CARMA’s Captive Insurance Company, California Affiliated Risk Management Authority Captive (CARMAC). Steve has six years of private-sector investment experience from Capital Group and Cambridge Investment Research.
Steve graduated from Biola University with his B.S. in Business Administration Management. He holds his Certified Public Finance Officer (CPFO) designation and is a Senior Certified Professional through the Public Sector HR Association (PSHRA-SCP). When Steve isn’t assisting clients, he enjoys hiking, camping, and snowshoeing with friends and family and visiting national parks (nearly 30 and counting!).
Scott Stitcher, CFA, CMFC
Senior Portfolio Strategist
Scott Stitcher joined Chandler in 2025 as a Senior Portfolio Strategist in the Clearwater, Florida office. As a member of the Chandler Investment Team, he is responsible for building and maintaining client relationships with public entities, along with participating actively in the portfolio management process. Scott has 28 years of investment experience, focused largely on working with governmental, corporate and non-profit clients.
Before joining Chandler, Scott was a director at PFM Asset Management (PFMAM), a division of U.S. Bancorp Asset Management, Inc. where his focus was primarily on providing a broad range of investment advisory and consulting services, including developing investment strategies, modeling cash flows; and reviewing portfolio performance and investment policy development for operating, reserve, bond proceed and multi asset class portfolios.
Before joining PFMAM, Scott was a senior investment consultant with the Newport Group, Inc. where he was responsible for institutional retirement plan clients. Prior to the Newport Group, Scott was a senior vice president and director in Institutional Client Management with Evergreen Investments, the asset management division of Wachovia (later Wells Fargo). In that position he worked with clients on the planning, implementation and ongoing supervision of their investment strategies.
Scott graduated from West Virginia University with a degree in Finance with an emphasis on Security Markets and Investments. Scott is a member of the CFA societies of Atlanta and Orlando and holds the designation of Chartered Financial Analyst (CFA). Additionally, he holds the Chartered Mutual Fund Counselor (CMFC) designation previously awarded by the College for Financial Planning, now part of Kaplan, Scott holds the FINRA series 7 and 63 licenses.
Jason Washburn, CFA
Credit Analyst
Jason Washburn, CFA, joined Chandler in 2025 as a credit research analyst, bringing nearly 20 years of investment industry experience spanning private equity, equity research, and portfolio valuation.
Previously, Jason led a team at Franklin Templeton, which was responsible for valuing private equity and debt holdings. He has also worked for KeyBanc, where he published sell-side equity research on IT services and fintech.
He began his career at CalPERS, investing in private companies through leveraged buyouts and growth equity strategies. He earned his Master of Science in Financial Analysis from the University of San Francisco and is a CFA charter holder.
Karl Meng
Portfolio Strategist
Karl Meng joined Chandler Asset Management in 2022 as a Portfolio Strategist, bringing extensive market and economic expertise to the firm. He is an integral member of the Investment Management Team, actively contributing to portfolio management and cultivating client relationships. Karl also serves on the Economic and Market Analysis Committee and provides regular written economic commentary for both internal use and broader distribution. His primary focus is identifying and communicating key investment themes and trends for integration into client portfolios.
With over 18 years of experience spanning Fixed Income Institutional Sales & Trading and Portfolio Strategies, Karl brings a deep understanding of the fixed income markets. Prior to joining Chandler, he was Vice President at Vining Sparks IBG LP, responsible for establishing and maintaining trading relationships with government entities and institutional asset managers. Karl holds a B.A. in Economics from San Diego State University and currently holds FINRA Series 7, 63, and 65 licenses. He is currently pursuing the Chartered Financial Analyst® designation.
Stephen Church
Trader/Assistant Portfolio Manager
Stephen Church joined Chandler in 2022 as an Assistant Portfolio Manager. He is responsible for supporting the investment management team with portfolio and fixed income research as well as assisting with trading and reporting issues. In addition to assisting with the implementation of portfolio strategies, he is a member of the Quantitative Analysis Committee and the Credit Committee.
Previously, Stephen worked as an Associate Portfolio Manager at Hearthstone Wealth Management where he provided research on economic and market conditions, trends, asset classes, individual investments, and investment strategies as well as assisted in investment model construction, implementation, management, and maintenance.
Prior to working at Hearthstone, he worked at Fisher Investments as a Research Analyst within the Portfolio Evaluation Group.
Stephen graduated from the University of Arizona in 2012 with a B.S. in Business Administration. Stephen is currently pursuing the Chartered Financial Analyst® designation.
Aaron Nail, CFA
Portfolio Manager
Aaron Nail joined Chandler in 2022 as an Assistant Portfolio Manager. He is responsible for supporting the investment management team with portfolio and fixed income research as well as assisting with trading and reporting issues. In addition to assisting with the implementation of portfolio strategies, he is a member of the Sector Committee and Credit Committee.
Previously, Aaron worked as a Capital Markets Analyst at Wells Fargo Securities where he was responsible for assisting traders with new issues, repricing current securities, and placing trades with other primary dealers. Aaron was also providing economic and fixed income research to trading, sales and upper management.
Aaron graduated from the University of North Carolina at Charlotte in 2016 with a B.S. in Finance. He holds the FINRA Series 7 and 63 registrations. He is a member of the CFA Institute and the CFA Society of San Diego and holds the designation of Chartered Financial Analyst (CFA).
Kara Hooks , CTP
Portfolio Strategist
Kara Hooks, CTP, joined Chandler Asset Management in 2012 as an administrative assistant and has had a front row seat to the firm’s growth ever since. Within a year of joining the team, she was tapped to help build and grow the firm’s client service function, instilling the values of proactive communication, fiduciary responsibility, and doing right by every client into the company’s core values.
When she moved from the Client Service Director role to the investment side of the business to become a Portfolio Strategist in 2022, she took those client-centric fundamentals with her. Today, she serves as a primary contact for public agency finance staff across the Western region of the U.S., helping clients understand current market dynamics, choose appropriate investment strategies, update investment policies in line with government code, and build investment programs that benefit their communities.
Kara graduated with her B.A. in communication, emphasis in public relations, from University of the Pacific and earned her M.A. in communication from San Diego State University. Kara was awarded the CFA Institute’s Investment Foundations Certificate (formerly Claritas® Investment Certificate) in 2013. She holds the FINRA Series 65 license and the Certified Treasury Professional (CTP) designation. She is a frequent speaker for various local and national organizations.
Kyle Perry
Associate Portfolio Strategist
Kyle Perry joined Chandler Asset Management in 2024 as an Associate Portfolio Strategist.
He actively participates in the portfolio management process with a focus on building and maintaining client relationships. He is responsible for identifying and communicating key investment themes and trends for implementation into client portfolios.
Prior to joining Chandler, Kyle owned a commercial insurance business and worked as an investment advisor and broker with Farm Bureau. He holds the FINRA Series 6, 7, and 65 registrations.
Kyle was a Division I football player for the University of Idaho, where he graduated with a B.S. in Finance in 2020, and earned his Master’s in Finance from the University of Colorado in 2024. In his spare time, he coached high school football and baseball while studying for his FINRA exams.
Raré Williams, CFA
Associate Portfolio Manager
Raré Williams joined Chandler Asset Management in 2024 as an Associate Portfolio Manager. In this role, he supports the investment management team with portfolio strategy, fixed income research, trading execution, and reporting.
Before joining Chandler, Raré worked as a Trader at Fidelity Investments, where he specialized in executing complex multi-asset class trades, with a focus on options strategies and margin risk management. He also provided analytical support for trade execution, corporate actions, and portfolio strategy implementation.
Raré earned his B.S. in Finance from Central Michigan University in 2017. He holds FINRA Series 7, 63, 65, and 66 licenses and the designation of Chartered Financial Analyst (CFA). He is also a member of the CFA Institute and the CFA Society of San Diego.
Yi Shao, PhD
Associate Portfolio Manager
Yi Shao joined Chandler Asset Management in 2024 as an Associate Portfolio Manager. She is responsible for portfolio management, trading, and research.
Previously to Chandler, Yi worked as an Investment Professional at Nationwide Mutual where she was responsible for external manager selection and monitoring of long-term strategies. Yi was also involved in macroeconomic and geopolitical research. Prior to Nationwide, Yi worked at Huntington National Bank and was a member of the quantitative risk modeling team.
Yi graduated from Oklahoma State University at Stillwater with a Ph.D. in Economics. She is currently pursuing her Chartered Financial Analyst (CFA) designation.
Business Development
Ryan Tauber
Chief Operating Officer
Ryan joined Chandler Asset Management as Managing Director of Business Development in 2020 and was promoted to Chief Operating Officer in 2024. As COO, Ryan is responsible for leveraging new technology, building efficient processes, leading high-performing teams, and spearheading new initiatives that drive business growth and deliver exceptional client experiences. He oversees the Marketing, Client Service, Relationship Management and Operations departments.
Prior to joining Chandler, Ryan worked in business development, strategy and risk management roles for multiple prominent financial institutions, including Morgan Stanley, Bank of America, and Union Bank. He earned his M.B.A. from Pepperdine University and his undergraduate degree in Finance from the University of Southern California.
Hillary Schuler-Jones
Director of Marketing
Hillary Schuler-Jones is a Director of Marketing and joined the firm in 2023. She is responsible for shaping the company’s marketing strategy, driving growth in key segments, and ensuring the brand is consistently and effectively represented across all channels.
Hillary has nearly 20 years of experience in marketing, advertising, and public relations. Prior to joining Chandler, she served as Director of Downstream Marketing for a Breg, Inc., where she oversaw corporate communications, events, channel marketing and customer experience. She is a passionate word nerd and grammar fanatic. Prior to Breg, she held roles at The Omidyar Group, Porter Novelli and Sharp HealthCare.
Hillary earned her MBA and dual Bachelor’s degrees in Journalism and Political Science from Cal Poly, San Luis Obispo.
Mia Corral Brown
Regional Director
Mia Corral Brown is a Regional Director at Chandler. Leveraging over two decades of experience providing client service to both institutional and public sector clients, Mia’s area of focus is on business development and engagement oversight for Public Sector clients in Southern California which include, Cities, Water Districts, Counties, Special Districts and Joint Power Authorities.
In her tenure at Chandler, Mia has served as an Associate, Vice President, Senior Vice President and Sr. Relationship Manager. She is adept at working alongside Public Agencies to provide comprehensive investment management and client service solutions.
Prior to joining Chandler, Mia was employed at Nicholas Applegate Capital Management as an Assistant Marketing Manager and has worked as a Sales Assistant in her early years in the Financial Industry. Mia is an active member of the California Society of Municipal Finance Officers (CSMFO), the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), and is a Member of the California Association of California Treasurers and Tax Collectors and several other Associations which support CA Public Agencies. Mia is a founding member of Women in Public Finance, San Diego Chapter and is a member of our Firm’s DEIB Committee.
Mia is a graduate of San Diego State University where she earned her B.A. in communications with an emphasis in business. She currently holds her FINRA SIE, Series 7 and Series 63 licenses.
Mel Hamilton
Senior Relationship Manager
Mel Hamilton is a Senior Relationship Manager at Chandler Asset Management. He is responsible for developing and servicing institutional client relationships in the Southeast, including public agencies, healthcare organizations, higher education, insurance funds, and special districts. Mel has over 25 years of investment industry experience that has focused on developing and enhancing investment programs encompassing fixed income and equity strategies for government and institutional clients.
Mel joined the Firm in 2014. Prior to joining Chandler, Mel was a Senior Vice President at Davidson Fixed Income Management where he served as a Director of Client Services. He was also a Senior Managing Consultant at PFM Asset Management where he led the firm’s efforts in the Southeast for public agencies, healthcare, higher education, and insurance funds. He also previously worked at Trustco Capital Management where he led not for profit institutional sales in Florida.
Mel is a graduate of the University of Virginia, McIntire School of Commerce, with his B.S. in Business Administration.
He also currently holds FINRA Series 7, 63 and 65 registrations.
Neil Murthy
Senior Relationship Manager
Aneil (Neil) Murthy is a Senior Relationship Manager and joined the firm in 2020. He has over a decade of experience in finance servicing public agency and institutional clients. Neil’s area of focus is on the development of client relationships in the public sector and he serves as a relationship manager for existing clients throughout Northern California.
Prior to joining Chandler, Neil was a Relationship Manager for BNY Mellon Corporate Trust’s Public-Not-For-Profit segment and was dedicated exclusively to California. Neil’s responsibilities included ensuring satisfaction for the bank’s high value clients and seeking out new opportunities. In this role, Neil serviced California cities, counties, special districts and transportation authorities and gained a broad understanding of the specific investment needs and financial challenges these entities face. Neil also worked for The Hartford Financial Services and served in a variety of client facing roles.
Neil is a graduate of the University of Connecticut with a B.A. in Political Science and earned an M.B.A. from Post University. Neil holds the FINRA Series 7, 63 and 65 registrations.
Victor Shin
Senior Relationship Manager
Victor Shin joined Chandler in 2025 as a Senior Relationship Manager. With over two decades of experience in the finance industry, Victor's responsibilities at Chandler involve developing client relationships in the public sector and with a focus of managing current relations throughout California.
Prior to joining Chandler, Victor was the Director of the Government Banking Division at BMO Bank N.A, where he covered Northern California and the Pacific Northwest focusing on municipalities providing Treasury Management, Public Finance and Fixed Income Strategies. Victor also currently holds the role of Senior Adjunct Professor at Golden Gate University in San Francisco, where he teaches Management and Organizational Leadership.
As for Victor's community involvement, he is the President and Chairman of the Board for the Asian Business League of San Francisco. He has a variety of involvements with government associations as well, such as CSMFO, CACTTC (Associate Chair), CMTA, GFOA WASBO, and the Oregon GFOA.
Victor completed his BA in Accounting/Management at Sonoma State in 1996 and obtained his Executive M.B.A. at Golden Gate University in San Francisco in 2004.
Lili Arnsdorff
Relationship Manager
Lili Arnsdorff joined Chandler Asset Management in 2023 as a Relationship Manager. She is responsible for the development of institutional client relationships across the southeastern United States including public agencies, healthcare organizations, higher education, insurance funds, and special districts.
Lili has spent her career in the Financial Services Industry and comes from a technological background. Her previous roles include time with Nasdaq, John Hancock, and Backstop Solutions in various client-facing roles based in Atlanta.
In her previous roles, she worked with the investment teams for Institutional Investors such as Public Pensions, Endowments, Foundations, and Consultants. She holds professional certifications including FINRA Series 7 and 63, Life Insurance and Variable Annuity Certification, and a B2 Certification in Spanish Language.
She graduated from the University of Tennessee with a B.S. in Communications with an emphasis in Spanish and Business.
Investment Support Services
Kristin Franco
Investment Support Services Director
Kristin Franco joined Chandler in 2022 as the Director of Investment Operations. She is responsible for implementing investment operation best practices, supervising the operations team, and managing the supporting accounting/investment systems and processes.
Prior to joining the firm, Kristin served as Vice President and Head of Account Implementation in PIMCO’s Municipal SMA Client Service and Operations department. Kristin has over 15 years in the financial industry where she served in various Client Service and Operational roles at Gurtin Municipal Bond Management LLC, Wells Fargo Advisors, LLC and Merrill Lynch.
Kristin is a graduate of Humboldt State University where she earned her B.A in Psychology with an emphasis in Organizational Management. Kristin also received her M.A. in Management from the University of Redlands with an emphasis in Training, Coaching, and Development.
Stacey Alderson, CTP
Fund Accounting and Administration 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).
Gabrielle Eacock
Client Service Specialist
Gabrielle Eacock joined Chandler in 2019 and is a Client Service Associate. Prior to her current role, she held the titles of Administrative Assistant I and II at Chandler.
Gabrielle serves as a liaison between clients and the Chandler team to maintain existing client relationships. She proactively schedules client meetings, creates and distributes client reports, and responds to client-generated requests. She also maintains the client database and assists with the Chandler Client Portal. Prior to joining Chandler, Gabrielle was a research assistant at San Diego State University. She has over eight years of customer service and hospitality experience.
Gabrielle earned her B.A. in psychology with an emphasis in industrial and organizational psychology and a minor in women’s studies from San Diego State University in 2018. She was awarded the CFA Institute’s Investment Foundations Certificate (formerly Claritas® Investment Certificate) in 2022.
Katie Yuan
Client Service Specialist
Katie Yuan joined Chandler Asset Management in 2021. She serves as a liaison between clients and the Chandler team to maintain existing client relationships. She proactively schedules client meetings, creates and distributes client reports, and responds to client-generated requests. She also maintains the client database and assists with the Chandler Client Portal.
Katie is a graduate of Colorado State University and earned her B.S. in business administration with a dual emphasis in finance and management.
Compliance and Administration
Nicole Dragoo, JD
Chief Executive Officer
Nicole Dragoo is the Chief Executive Officer at Chandler Asset Management. Nicole joined the firm in December 2001 in an operations role. Over her tenure, she has been a core driver in cultivating the culture that makes Chandler unique and has led the expansion of the operations, compliance, legal and administrative functions as the firm has grown. From 2008 to 2021, she served in the roles of Chief Operating and Chief Compliance Officer and as President from 2021-2022.
As CEO, she leads the Executive committee, provides oversight of all aspects of the firm and is responsible for the firm’s strategy, culture and administration of resources. She is passionate about cultivating a culture of shared success by building a diverse and talented team of people dedicated to being stewards of the assets and communities entrusted to us.
Nicole started her investment career with Merrill Lynch on the institutional fixed income sales desk. Nicole earned her B.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 American Bar Association, the San Diego County Bar Association, and the Southern California Compliance Group.
Martin Cassell, CFA
Chief Financial Officer
Martin Cassell is the Chief Financial Officer at Chandler Asset Management and is a principal of the firm. After being CEO for 15 years Martin has changed his role to usher in the next generation of leadership. He will remain part of Chandler’s executive team as CFO, corporate advisor, a member of the firm’s Executive Committee as well as Chair of the Board.
As CFO, Martin is responsible for the firm’s finances and manages the Employee Stock Ownership Plan. He is focused on building and sustaining the financial health of the firm and providing thought leadership and mentoring to the Executive Team. Martin designed the proprietary quantitative models that drive our investment process, establishing duration, structure, and asset allocation throughout client portfolios and continues working with our Chief Investment Officers to continually improve client portfolio outcomes.
Martin joined Chandler in 1991 from the City of San Diego where he managed a $1 billion fixed income portfolio. He began his investment career in 1987 managing portfolios at World Savings and Loan. Martin received his B.S. in Finance from California State University, Hayward. He is a member of the CFA Society of San Diego and holds the designation of Chartered Financial Analyst®.
Michael Rasmussen, JD
Chief Compliance Officer and General Counsel
Michael Rasmussen joined Chandler Asset Management in March of 2023 as the firm’s Chief Compliance Officer and General Counsel. He leads the compliance team, provides day-to-day guidance and compliance monitoring of the firm’s regulatory environment and the legal framework governing SEC-registered investment advisors. Michael also assists the firm’s CEO with the oversight functions within the firm and administering all aspects of the compliance program.
Michael began his career in the securities industry as a regulator with the Financial Industry Regulatory Authority (FINRA) and since that time has provided legal and compliance consulting services to hundreds of investment advisers, private fund managers, and broker-dealers. Michael has also served as Chief Compliance Officer and General Counsel for several established investment advisory firms. Michael graduated from Nova Southeastern University Shepard Broad College of Law and is a licensed attorney in Florida and a registered solicitor in the United Kingdom. He has passed the FINRA Series 7, 14, 24, 51, 63, and 65 examinations and has taught several courses on investment adviser compliance.
Michael Ramos
Business Analyst – Investments Technology
Michael Ramos is a Business Analyst -Investments Technology at Chandler Asset Management. He is responsible for managing the firm's IT resources. Mike oversees trade processing, trade settlements, portfolio accounting, statement reconciliation, and client reporting. He joined Chandler Asset Management in 2004 as an Operation Associate. His previous experience includes financial accounting and reporting.
Mike earned his B.S. in business administration with a specialization in finance from California State University, San Marcos in 2003. In 2009, he received his M.B.A. in finance from National University.
Adriana Haefner, SHRM-SCP
Human Resources Director
Adriana Haefner joined Chandler as Human Resources Director and oversees core HR functions including payroll, benefits, performance management, employee relations, and safety. In her role, Adriana also works to enhance Chandler’s workplace culture through training, development, and recruiting efforts, as well as spearheads the planning, implementation, and evaluation of employee policies, programs, and practices.
Adriana has over twelve years’ experience in Human Resources. Before her role with Chandler, she served as the HR Director for Keller Interiors. Prior positions include HR Manager for the San Diego Convention Center and HR Director for Westcore Properties. Adriana has also served as the HR Manager for El Super Grocery Stores and Target Corporation. Her positions at Target also included Assets Protection Investigator, Logistics Manager, and Operations Manager.
Adriana holds a B.A. from the University of Southern California and has her SHRM Senior Certified Professional designation.
Global Investment Performance Standards (GIPS®) and
Verification Letter
1 GIPS® Compliant Verification Statement
2 1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser’s Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm’s composites is available upon request.
2. The Short Term Bond Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE BofA 1-5 Year US Treasury & Agency Index and a maximum final stated maturity of individual securities of five years. The minimum account size required to be included in this composite is $2 million. This composite was created in September 1995 and incepted September 1995. The name of this composite was changed from 1-5 Year Government Fixed Income effective September 30, 2009. 3 The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. Index calculations do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. Index data contained herein (and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.
4. Valuations are computed and performance reported in U.S. Dollars.
5. Performance is calculated using a time-weighted total rate of return, which links performance monthly, and is reported gross of investment management fees and custodial fees, but after all trading expenses. Results reflect the reinvestment of income, dividends and other earnings, and include realized and unrealized gains and losses and interest accrued through the last day of each month.
Results do not reflect the potential impact of taxes. Past performance is not indicative of future results. Fees charged by Chandler Asset Management will reduce performance.
6. Net-of-fees performance returns are calculated by reducing the monthly gross performance by one-twelfth (1/12) of the actual maximum applicable fee of 0.25%, which is reflective of our current fee schedule for this composite. These monthly returns are then geometrically linked to produce annual returns which are presented before custodial fees but after management fees and all trading expenses. Fees are negotiable and additional information regarding Chandler's fees is included in our Part 2A of Form ADV.
7. Dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For years when less than six portfolios were included in the composite for the full year, no dispersion measure is presented. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period.
8. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
9. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits the use of ICE Indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representation, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third-party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use is at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.
Annual Rates of Return 2015 through 2024
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) 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 2022 -4.82% -5.06% -5.25% 2.22% 2.42% 0.15% 75 8,221 28.70% 28,641 2023 4.83% 4.57% 4.32% 2.72% 2.86% 0.10% 81 9,207 25.72% 35,804 2024 3.86% 3.61% 3.42% 3.10% 3.25% 0.10% 92 10,538 25.34% 41,585 Chandler Asset Management claims compliance with
the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in
compliance with the GIPS standards.
Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through December 31, 2024. The verification report is available upon request. A Firm that claims
compliance with the GIPS standards must establish
policies and procedures for complying with all the
applicable requirements of the GIPS standards.
Verification provides assurance on whether the firm's
policies and procedures related to composite
maintenance, as well as the calculation, presentation,
and distribution of performance, have been designed
in compliance with the GIPS standards and have been
implemented on a firm-wide basis. Verification does
not provide assurance on the accuracy of any specific
performance report.
GIPS® Composite Report: Short Term Bond
3 1. Chandler Asset Management is an independent investment adviser registered as such with the Securities and Exchange Commission under the Investment Adviser’s Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Since 1988, Chandler Asset Management has provided fixed income investment management services to the public sector, as well as to foundations, endowments, individuals and corporations. A complete list and description of all of the firm’s composites is available upon request.
2. The Limited Maturity Composite is a composite of individually managed accounts with an average modified duration approximately equal to the modified duration of the ICE BofA 1-3 Year US Treasury Index and a final stated maturity of individual securities of five years. The minimum account size required to be included in this composite is $2 million. This composite was created September 1988 and incepted October 1988. The name of this composite was changed from Short-Term Fixed Income effective September 30, 2009.
3. The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. Indexes are referred to for comparative purposes only and are not intended to parallel the risk or investment style of the portfolios in the Composite. Indexes do not utilize leverage. Index calculations do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. Index data contained herein (and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.
4. Valuations are computed and performance reported in U.S. Dollars.
5. Performance is calculated using a time-weighted total rate of return, which links performance monthly, and is reported gross of investment management fees and custodial fees, but after all trading expenses. Results reflect the reinvestment of income, dividends and other earnings, and include realized and unrealized gains and losses and interest accrued through the last day of each month.
Results do not reflect the potential impact of taxes. Past performance is not indicative of future results. Fees charged by Chandler Asset Management will reduce performance.
6. Net-of-fees performance returns are calculated by reducing the monthly gross performance by one-twelfth (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.
8. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
9. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Chandler Asset Management claims compliance with
the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in
compliance with the GIPS standards.
Chandler Asset Management has been independently
verified by ACA Performance Services for the period of
July 1, 1997 through December 31, 2024. The verification report is available upon request. A Firm that claims
compliance with the GIPS standards must establish
policies and procedures for complying with all the
applicable requirements of the GIPS standards.
Verification provides assurance on whether the firm's
policies and procedures related to composite
maintenance, as well as the calculation, presentation,
and distribution of performance, have been designed
in compliance with the GIPS standards and have been
implemented on a firm-wide basis. Verification does
not provide assurance on the accuracy of any specific
performance report.
Annual Rates of Return 2015 through 2024
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) 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 2022 -3.13% -3.37% -3.65% 1.52% 1.71% 0.17% 54 3,655 12.76% 28,641 2023 4.79% 4.53% 4.26% 1.92% 2.04% 0.08% 59 4,576 12.78% 35,804 2024 4.33% 4.07% 4.08% 2.20% 2.33% 0.12% 63 5,077 12.04% 41,585 GIPS® Composite Report: Limited Maturity
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.
Important Disclosures
Index Descriptions and Disclosures 1 | Page
IMPORTANT DISCLOSURES
ICE BofA 1-3 Year US Treasury Index
The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance.
ICE BofA 1-5 Year US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third-party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data, its affiliates or their respective third-party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use is at licensee's own risk. ICE Data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler Asset Management, or any of its products or services.
This report is being provided for informational purposes only. No investment decision should be made based solely on the information provided herein. All investments involve risk, including loss of principal invested. The strategies referenced may not be suitable for all investors. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the strategies. While not guaranteed as to accuracy or completeness, some of the information has been obtained from sources we believe to be reliable. Third-party source information is provided by independent sources deemed to be reliable but is not guaranteed. Opinions expressed herein are subject to change without notice. There can be no assurance that an account or specific investment product will be able to achieve its investment objective. No guarantee of investment performance is being provided and no inference to the contrary should be made.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Fixed income investments are subject to interest, credit, and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Sample Client Monthly Statements and Quarterly
Reports
MONTHLY ACCOUNT STATEMENT
Client Name | Account #00000 | As of September 30, 2024 CHANDLER ASSET MANAGEMENT | chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:
ABC Bank
SAMPLE
CONFIDENTIAL | 2
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Total Rate of Return 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (07/01/13)
Client 1.37% 5.46% 4.83% 11.57% 6.17% (0.95%) 0.69% 1.88% 1.83% Benchmark Return* 1.34% 5.48% 4.89% 11.40% 5.73% (1.45%) 0.36% 1.67% 1.60% Average Modified Duration 6.08
Average Coupon 3.84%
Average Purchase YTM 4.14%
Average Market YTM 3.97%
Average Quality AAAverage Final Maturity 7.30
Average Life 6.21
Beg. Values as of
09/01/2024
End Values as of
09/30/2024
Market Value 1,146,548,781.38 1,162,382,225.38
Accrued Interest 10,250,953.97 10,323,055.24
Total Market Value 1,156,799,735.35 1,172,705,280.62
Income Earned 2,507,679.99 4,816,436.68
Cont/WD 0.00 0.00
Par 1,165,498,310.22 1,168,514,288.65
Book Value 1,141,144,020.91 1,144,671,371.96
Cost Value 1,141,140,370.95 1,144,668,049.60
United States 57.42%
Federal Home Loan Banks 2.20%
Bank of America Corporation 1.27%
UnitedHealth Group Incorporated 1.25%
Toyota Motor Corporation 1.20%
JPMorgan Chase & Co. 1.19%
Deere & Company 1.10%
BlackRock, Inc. 1.09%
*Periods over 1 year are annualized.
Benchmark: DNU-ICE BofA 5-10 Year AAA-A US Corporate & Government Index Secondary Benchmark:
*See Footnote
The credit quality is a weighted average calculation of the highest of S&P, Moody’s’ and Fitch SAMPLE
CONFIDENTIAL | 3
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
144A SECURITIES
Max % (MV) 15.0 1.8 Compliant
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS) 10.0 0.2 Compliant
Max Maturity (WAL) 10.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS) 10.0 0.2 Compliant
Max Maturity (WAL) 2.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 25.0 0.0 Compliant
Max % (MV) 50.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A- by 2) 0.0 0.0 Compliant
CANADIAN AGENCY SECURITIES
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
CANADIAN TREASURY BILLS
Max % (MV) 25.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 25.0 0.0 Compliant
Max % (MV) 50.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-1 by 2) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % (MV; Commercial Paper & Corporate) 50.0 39.3 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-2 by 2 & A- Issuer by 2) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
SAMPLE
CONFIDENTIAL | 4
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
Industry Concentration % (MV) 25.0 6.4 Compliant
Max % (MV; Commercial Paper & Corporate) 50.0 39.3 Compliant Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 109 Compliant
Min Rating (A- by 2) 0.0 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 50.0 3.0 Compliant
Max % Issuer (MV) 20.0 2.2 Compliant
Max Maturity (Years) 109 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 100.0 0.2 Compliant
Min Rating (AAA by 1) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
Min Rating (A- by 2) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 50.0 0.0 Compliant
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-1 by 2) 0.0 0.0 Compliant
NON-US CORPORATE
Max % (MV; Non-U.S.) 25.0 4.6 Compliant
REPURCHASE AGREEMENTS
SAMPLE
CONFIDENTIAL | 5
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 50.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 10 0.0 Compliant
Min Rating (AA- by 2) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 57.4 Compliant
Max Maturity (Years) 10
SAMPLE
9 Compliant
CONFIDENTIAL | 6
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2024)
Beginning Book Value 1,141,144,020.92 1,133,373,493.67
Maturities/Calls 0.00 0.00
Principal Paydowns (35,249.28) (82,934.98)
Purchases 27,328,305.52 79,976,184.25
Sales (22,555,208.47) (67,981,307.23)
Change in Cash, Payables, Receivables (1,168,491.19) (484,436.29) Amortization/Accretion 0.00 0.00
Realized Gain (Loss) (42,005.54) (129,627.46)
Ending Book Value 1,144,671,371.96 1,144,671,371.96
Month to Date Fiscal Year to Date
(07/01/2024)
Beginning Market Value 1,146,548,781.38 1,101,222,272.80 Maturities/Calls 0.00 0.00
Principal Paydowns (35,249.28) (82,934.98)
Purchases 27,328,305.52 79,976,184.25
Sales (22,555,208.47) (67,981,307.23)
Change in Cash, Payables, Receivables (1,168,491.19) (484,436.29) Amortization/Accretion 0.00 0.00
Change in Net Unrealized Gain (Loss) 12,306,092.96 49,862,074.29 Realized Gain (Loss) (42,005.54) (129,627.46)
Ending Market Value 1,162,382,225.38 1,162,382,225.38
Maturities / Calls
Month to Date 0.00
Fiscal Year to Date 0.00
Principal Paydowns
Month to Date (35,249.28)
Fiscal Year to Date (82,934.98)
Purchases
Month to Date 27,328,305.52
Fiscal Year to Date 79,976,184.25
Sales
Month to Date (22,555,208.47)
Fiscal Year to Date (67,981,307.23)
Interest Received
Month to Date 4,753,201.86
Fiscal Year to Date 12,270,123.51
Purchased / Sold Interest
Month to Date (8,866.45)
Fiscal Year to Date (194,131.12)
SAMPLE
CONFIDENTIAL | 7
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
AGENCY
3135G05Y5 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.75 10/08/2027 5,000,000.00 10/27/20200.75% 5,000,450.00
5,000,450.00
91.96 3.58%
4,597,909.85
18,020.83
0.40%
(402,540.15)
Aaa/AA+
AA+
3.02 2.93
3130AEB25 FEDERAL HOME LOAN BANKS
3.25 06/09/2028 5,000,000.00 --3.39%
4,943,980.00
4,943,980.00
98.89 3.57%
4,944,358.65
50,555.56
0.43%
378.65
Aaa/AA+
AA+
3.69 3.41
3130AGDY8 FEDERAL HOME LOAN BANKS
2.75 06/08/2029 2,725,000.00 06/21/20192.42%
2,804,651.75
2,804,651.75
96.11 3.66%
2,619,020.47
23,522.05
0.23%
(185,631.28)
Aaa/AA+
AA+
4.69 4.31
3135G05Q2 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.875 08/05/2030 5,000,000.00 --0.97%
4,954,299.70
4,954,299.70
85.19 3.72%
4,259,673.40
6,805.56
0.37%
(694,626.30)
Aaa/AA+
AA+
5.85 5.58
3130AV4X7 FEDERAL HOME LOAN BANKS
4.375 03/11/2033 5,000,000.00 04/26/20234.03%
5,137,800.00
5,137,800.00
102.59
4.01%
5,129,323.70
12,152.78
0.44%
(8,476.30)
Aaa/AA+
AA+
8.44 7.01
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0
06/10/2033 5,000,000.00 07/20/20234.33%
4,869,100.00
4,869,100.00
99.69 4.04%
4,984,472.75
61,666.67
0.43%
115,372.75
Aaa/AA+
AA+
8.69 7.19
3130B0X87 FEDERAL HOME LOAN BANKS
4.75 03/10/2034 7,500,000.00 06/26/20244.60%
7,586,700.00
7,586,700.00
105.53
4.04%
7,914,721.05
20,781.25
0.68%
328,021.05
Aaa/AA+
AA+
9.44 7.60
Total Agency 35,225,000.00 3.17%
35,296,981.45
35,296,981.45
98.25 3.84%
34,449,479.87
193,504.69
2.96%
(847,501.58)
Aaa/AA+
AA+
6.70 5.73
AGENCY MBS
3138WHCP5 FN AS7277 3.0 05/01/2031 433,951.92 06/28/2016
2.56%
456,557.26
456,557.26
97.41 4.01%
422,730.66
1,084.88
0.04%
(33,826.60)
Aaa/AA+
AA+
6.58 2.44
3128NHXW8 FH 1J1593 6.639 04/01/2037 68,938.48 10/22/2009
5.36%
68,866.32
72,188.67
103.72
4.94%
71,504.79
381.40
0.01%
(683.88)
Aaa/AA+
AA+
12.50 0.65
3128S4ME4 FH 1Q0357 6.853 11/01/2037 14,778.93 08/13/2009
5.25%
15,663.81
15,663.81
101.45
5.82%
14,993.77
84.40 0.00%
(670.04)
Aaa/AA+
AA+
13.09 1.00
36225FF79 G2 082889 3.625 07/20/2041 100,371.77 03/14/2012
3.62%
107,084.14
107,084.14
101.24
5.14%
101,614.83
303.21
0.01%
(5,469.31)
Aaa/AA+
AA+
16.80 5.71
36225FJE0 G2 082960 3.75 10/20/2041 90,127.54 05/03/2012
3.16%
95,845.03
95,845.03
100.74
5.19%
90,790.09
281.65
0.01%
(5,054.94)
Aaa/AA+
AA+
17.05 5.87
36225FJZ3 G2 082979 3.75 11/20/2041 79,123.91 --
3.16%
84,143.29
84,143.29
100.74
4.97%
79,708.83
247.26
0.01%
(4,434.47)
Aaa/AA+
AA+
17.14 3.61
36179MN71 G2 MA0414 3.625 09/20/2042 26,273.89 09/11/2012
1.83%
27,250.99
27,250.99
101.52
5.01%
26,674.18
79.37 0.00%
(576.82)
Aaa/AA+
AA+
17.97 4.83
36179QB67 G2 MA1861 4.875 04/20/2044 13,156.61 06/03/2014
1.91%
13,411.83
13,411.83
100.48
5.41%
13,219.74
53.45 0.00%
(192.09)
Aaa/AA+
AA+
19.56 8.14
SAMPLE
CONFIDENTIAL | 8
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
31418CNE0 FN MA3088 4.0 08/01/2047 334,610.40 08/27/2018
3.86%
341,616.24
341,616.24
97.27 4.46%
325,468.41
1,115.37
0.03%
(16,147.83)
Aaa/AA+
AA+
22.84 5.78
3128MJ2T6 FH G08785 4.0 10/01/2047 422,469.39 09/18/2018
3.92%
427,370.68
427,370.68
97.08 4.51%
410,116.02
1,408.23
0.04%
(17,254.66)
Aaa/AA+
AA+
23.00 5.88
3140J6GR2 FN BM2007 4.0 09/01/2048 321,890.28 02/25/2019
3.85%
329,233.41
329,233.41
97.27 4.45%
313,094.90
1,072.97
0.03%
(16,138.51)
Aaa/AA+
AA+
23.92 5.90
3140JG6L4 FN BN0874 4.0 11/01/2048 384,621.55 06/10/2019
3.80%
397,241.92
397,241.92
97.27 4.45%
374,111.70
1,282.07
0.03%
(23,130.22)
Aaa/AA+
AA+
24.09 5.94
Total Agency MBS 2,290,314.69 3.57%
2,364,284.92
2,367,607.28
98.01 4.50%
2,244,027.91
7,394.26
0.19%
(123,579.37)
Aaa/AA+
AA+
18.98 4.94
CASH
CCYUSD Receivable 19,849.64 --
0.00%
19,849.64
19,849.64
1.00 0.00%
19,849.64
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 19,849.64 0.00%
19,849.64
19,849.64
1.00 0.00%
19,849.64
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
CORPORATE
20030NCA7 COMCAST CORP 3.15
02/15/2028 2,000,000.00 10/25/20192.46%
2,099,560.00
2,099,560.00
97.11 4.07%
1,942,264.96
8,050.00
0.17%
(157,295.04)
A3/AA3.38
3.15 404280BK4 HSBC HOLDINGS PLC 4.041
03/13/2028 2,500,000.00 11/25/20193.08%
2,655,625.00
2,655,625.00
98.97 5.02%
2,474,266.43
5,051.25
0.21%
(181,358.58)
A3/AA+3.45
2.30 79466LAH7 SALESFORCE INC 1.5 07/15/2028 2,340,000.00 06/29/2021
1.58%
2,327,925.60
2,327,925.60
91.66 3.89%
2,144,919.75
7,410.00
0.18%
(183,005.85)
A1/A+
NA
3.79 3.61
037833EH9 APPLE INC 1.4 08/05/2028 2,000,000.00 --
1.45%
1,993,900.00
1,993,900.00
91.75 3.72%
1,834,910.78
4,355.56
0.16%
(158,989.22)
Aaa/AA+
NA
3.85 3.67
40139LBE2 GUARDIAN LIFE GLOBAL
FUNDING 1.625 09/16/2028 5,070,000.00 09/13/2021
1.63%
5,067,008.70
5,067,008.70
90.81 4.17%
4,604,015.84
3,432.81
0.40%
(462,992.86)
Aa1/AA+
NA
3.96 3.76
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 2,000,000.00 --2.66%
2,121,594.11
2,121,594.11
97.66 4.61%
1,953,232.90
13,256.22
0.17%
(168,361.21)
A1/AAA4.31
3.07 91159HJK7 US BANCORP 4.653 02/01/2029 4,000,000.00 03/09/2023
5.37%
3,877,840.00
3,877,840.00
100.97
4.71%
4,038,715.20
31,020.00
0.35%
160,875.20
A3/A
A
4.34 3.04
58933YAX3 MERCK & CO INC 3.4 03/07/2029 3,000,000.00 --
2.97%
3,107,740.00
3,107,740.00
97.72 3.97%
2,931,612.00
6,800.00
0.25%
(176,128.00)
A1/A+
WR
4.43 4.06
717081ET6 PFIZER INC 3.45 03/15/2029 1,500,000.00 06/12/2019
2.93%
1,564,020.00
1,564,020.00
97.99 3.95%
1,469,816.55
2,300.00
0.13%
(94,203.45)
A2/A
WR
4.45 4.08
SAMPLE
CONFIDENTIAL | 9
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
87612EBH8 TARGET CORP 3.375 04/15/2029 3,000,000.00 04/23/2019
3.27%
3,025,020.00
3,025,020.00
97.70 3.93%
2,930,963.97
46,687.50
0.25%
(94,056.03)
A2/A
A
4.54 4.10
693475AW5 PNC FINANCIAL SERVICES
GROUP INC 3.45 04/23/2029 2,000,000.00 --2.61%
2,138,025.00
2,138,025.00
97.18 4.13%
1,943,575.74
30,283.33
0.17%
(194,449.26)
A3/AA4.56
4.10 09247XAP6 BLACKROCK INC 3.25
04/30/2029 2,500,000.00 06/05/20192.96%
2,560,250.00
2,560,250.00
97.10 3.95%
2,427,431.18
34,079.86
0.21%
(132,818.83)
Aa3/AANA4.58
4.15 665859AU8 NORTHERN TRUST CORP 3.15
05/03/2029 1,500,000.00 12/05/20192.52%
1,576,680.00
1,576,680.00
96.45 4.00%
1,446,810.69
19,425.00
0.12%
(129,869.31)
A2/A+
A+
4.59 4.16
808513BA2 CHARLES SCHWAB CORP 3.25
05/22/2029 1,500,000.00 06/24/2019
2.85%
1,550,340.00
1,550,340.00
96.11 4.18%
1,441,602.80
17,468.75
0.12%
(108,737.21)
A2/AA4.64
4.20 437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,500,000.00 06/11/20192.96%
1,498,455.00
1,498,455.00
95.48 4.01%
1,432,158.47
13,029.17
0.12%
(66,296.54)
A2/A
A
4.71 4.30
24422EUY3 JOHN DEERE CAPITAL CORP 2.8
07/18/2029 2,000,000.00 08/27/20192.32%
2,084,160.00
2,084,160.00
94.71 4.02%
1,894,110.52
11,355.56
0.16%
(190,049.48)
A1/A
A+
4.80 4.40
30231GBE1 EXXON MOBIL CORP 2.44
08/16/2029 3,000,000.00 08/20/20192.27%
3,043,560.00
3,043,560.00
93.61 3.89%
2,808,196.26
9,150.00
0.24%
(235,363.74)
Aa2/AANA4.88
4.51 822582CD2 SHELL INTERNATIONAL FINANCE
BV 2.375 11/07/2029 2,000,000.00 11/05/20192.53%
1,972,580.00
1,972,580.00
92.68 3.97%
1,853,692.58
19,000.00
0.16%
(118,887.42)
Aa2/A+
AA5.104.68
06417XAP6 BANK OF NOVA SCOTIA 4.85
02/01/2030 5,000,000.00 10/23/20236.38%
4,608,450.00
4,608,450.00
102.33
4.35%
5,116,692.20
40,416.67
0.44%
508,242.20
A2/AAA5.34
4.63 756109BR4 REALTY INCOME CORP 4.85
03/15/2030 4,000,000.00 --4.98%
3,969,460.00
3,969,460.00
102.48
4.33%
4,099,253.64
8,622.22
0.35%
129,793.64
A3/ANA5.45
4.63 911312BY1 UNITED PARCEL SERVICE INC
4.45 04/01/2030 2,000,000.00 09/27/20224.98%
1,934,520.00
1,934,520.00
101.98
4.05%
2,039,565.58
44,500.00
0.18%
105,045.58
A2/A
NA
5.50 4.65
89236TGY5 TOYOTA MOTOR CREDIT CORP
3.375 04/01/2030 5,000,000.00 --5.12%
4,493,920.00
4,493,920.00
95.91 4.22%
4,795,422.40
84,375.00
0.41%
301,502.40
A1/A+
A+
5.50 4.95
822582CG5 SHELL INTERNATIONAL FINANCE
BV 2.75 04/06/2030 5,000,000.00 --3.61%
4,758,960.00
4,758,960.00
93.14 4.16%
4,656,842.30
66,840.28
0.40%
(102,117.70)
Aa2/A+
AA5.51
4.96 665859AV6 NORTHERN TRUST CORP 1.95
05/01/2030 1,500,000.00 07/22/20201.34%
1,581,525.00
1,581,525.00
89.13 4.15%
1,337,007.68
12,187.50
0.12%
(244,517.33)
A2/A+
A+
5.58 5.14
037833EU0 APPLE INC 4.15 05/10/2030 2,000,000.00 05/08/2023
4.20%
1,994,580.00
1,994,580.00
102.48
3.66%
2,049,618.38
32,508.33
0.18%
55,038.38
Aaa/AA+
NA
5.61 4.77
747525BK8 QUALCOMM INC 2.15
05/20/2030 5,500,000.00 --2.51%
5,436,382.86
5,436,382.86
90.47 4.06%
4,976,094.09
43,029.86
0.43%
(460,288.77)
A2/A
NA
5.64 5.17
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 5,000,000.00 --
4.14%
4,826,210.00
4,826,210.00
94.65 4.70%
4,732,468.65
30,165.56
0.41%
(93,741.35)
A1/AAA5.81
4.36 SAMPLE
CONFIDENTIAL | 10
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
171239AG1 CHUBB INA HOLDINGS LLC 1.375
09/15/2030 3,000,000.00 --1.41%
2,989,083.12
2,989,083.12
85.74 4.10%
2,572,196.55
1,833.33
0.22%
(416,886.57)
A3/A
A
5.96 5.60
797440BZ6 SAN DIEGO GAS & ELECTRIC CO
1.7 10/01/2030 3,000,000.00 03/08/20212.33%
2,839,620.00
2,839,620.00
86.52 4.27%
2,595,505.59
25,500.00
0.22%
(244,114.41)
A1/A
A
6.00 5.58
084664CW9 BERKSHIRE HATHAWAY FINANCE
CORP 1.45 10/15/2030 3,000,000.00 --1.50%
2,986,390.40
2,986,390.40
86.49 3.99%
2,594,758.14
20,058.33
0.22%
(391,632.26)
Aa2/AA
A+
6.04 5.62
20030NDM0 COMCAST CORP 1.95
01/15/2031 1,000,000.00 01/13/20211.84%
1,009,430.00
1,009,430.00
86.82 4.37%
868,234.57
4,116.67
0.07%
(141,195.43)
A3/AA6.29
5.76 756109AX2 REALTY INCOME CORP 3.25
01/15/2031 3,000,000.00 09/19/2022
5.01%
2,644,890.00
2,644,890.00
93.29 4.49%
2,798,655.27
20,583.33
0.24%
153,765.27
A3/AWR6.29
5.55 828807DM6 SIMON PROPERTY GROUP LP 2.2
02/01/2031 2,500,000.00 09/15/20212.20%
2,499,975.00
2,499,975.00
87.72 4.45%
2,192,922.00
9,166.67
0.19%
(307,053.00)
A3/ANA6.34
5.76 17275RBS0 CISCO SYSTEMS INC 4.95
02/26/2031 8,000,000.00 --4.97%
7,991,466.50
7,991,466.50
104.52
4.14%
8,361,888.08
38,500.00
0.72%
370,421.58
A1/AANA6.41
5.33 46647PBJ4 JPMORGAN CHASE & CO 4.493
03/24/2031 3,000,000.00 --5.37%
2,830,150.00
2,830,150.00
100.54
4.93%
3,016,084.71
2,620.92
0.26%
185,934.71
A1/AAA6.48
4.81 6174468P7 MORGAN STANLEY 3.622
04/01/2031 5,000,000.00 --5.52%
4,440,275.00
4,440,275.00
96.02 4.93%
4,800,827.40
90,550.00
0.41%
360,552.40
A1/AA+6.50
4.92 46647PBL9 JPMORGAN CHASE & CO 2.522
04/22/2031 2,000,000.00 02/14/20223.10%
1,906,620.00
1,906,620.00
90.83 4.75%
1,816,619.24
22,277.67
0.16%
(90,000.76)
A1/AAA6.56
5.03 023135BZ8 AMAZON.COM INC 2.1
05/12/2031 4,670,000.00 05/10/20212.10%
4,669,159.40
4,669,159.40
88.52 4.10%
4,134,002.34
37,865.92
0.36%
(535,157.06)
A1/AA
AA6.616.00
0641594B9 BANK OF NOVA SCOTIA 2.15
08/01/2031 7,000,000.00 --3.55%
6,334,190.00
6,334,190.00
86.57 4.45%
6,059,983.44
25,083.33
0.52%
(274,206.56)
A2/AAA6.84
6.19 717081FB4 PFIZER INC 1.75 08/18/2031 2,000,000.00 11/16/2021
2.14%
1,931,500.00
1,931,500.00
85.82 4.14%
1,716,488.02
4,180.56
0.15%
(215,011.98)
A2/A
WR
6.88 6.33
89114TZJ4 TORONTO-DOMINION BANK 2.0
09/10/2031 3,000,000.00 09/17/20212.05%
2,985,720.00
2,985,720.00
86.70 4.23%
2,600,850.27
3,500.00
0.22%
(384,869.73)
A1/A
AA6.94
6.33 713448FE3 PEPSICO INC 1.95 10/21/2031 3,000,000.00 --
2.02%
2,981,718.20
2,981,718.20
86.85 4.12%
2,605,376.91
26,000.00
0.22%
(376,341.29)
A1/A+
NA
7.06 6.39
78016EYH4 ROYAL BANK OF CANADA 2.3
11/03/2031 3,500,000.00 11/12/20212.29%
3,504,620.00
3,504,620.00
87.48 4.37%
3,061,633.16
33,094.44
0.26%
(442,986.85)
A1/A
AA7.096.33
25731VAA2 DOMINION ENERGY SOUTH
CAROLINA INC 2.3 12/01/2031 4,000,000.00 --2.33%
3,990,882.64
3,990,882.64
86.43 4.54%
3,457,117.48
30,666.67
0.30%
(533,765.16)
A2/A
A+
7.17 6.40
26444HAK7 DUKE ENERGY FLORIDA LLC 2.4
12/15/2031 2,000,000.00 --
3.07%
1,895,405.00
1,895,405.00
87.60 4.43%
1,752,091.30
14,133.33
0.15%
(143,313.70)
A1/A
NA
7.21 6.42
SAMPLE
CONFIDENTIAL | 11
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
808513CA1 CHARLES SCHWAB CORP 2.9
03/03/2032 3,000,000.00 --4.93%
2,560,635.00
2,560,635.00
89.83 4.53%
2,694,944.22
6,766.67
0.23%
134,309.22
A2/AA7.42
6.52 12572QAK1 CME GROUP INC 2.65
03/15/2032 5,000,000.00 --3.79%
4,583,388.40
4,583,388.40
90.35 4.17%
4,517,263.40
5,888.89
0.39%
(66,125.00)
Aa3/AAAA7.46
6.63 084664DA6 BERKSHIRE HATHAWAY FINANCE
CORP 2.875 03/15/2032 7,000,000.00 --4.43%
6,210,120.00
6,210,120.00
92.32 4.08%
6,462,364.30
8,944.44
0.56%
252,244.30
Aa2/AA
A+
7.46 6.59
91324PEJ7 UNITEDHEALTH GROUP INC 4.2
05/15/2032 4,500,000.00 --4.36%
4,452,775.00
4,452,775.00
99.21 4.32%
4,464,633.65
71,400.00
0.38%
11,858.65
A2/A+
A
7.62 6.36
747525BQ5 QUALCOMM INC 4.25
05/20/2032 3,000,000.00 --
4.49%
2,945,505.00
2,945,505.00
99.94 4.26%
2,998,324.35
46,395.83
0.26%
52,819.35
A2/A
NA
7.64 6.37
89115A2E1 TORONTO-DOMINION BANK
4.456 06/08/2032 9,000,000.00 --5.54%
8,312,940.00
8,312,940.00
99.35 4.56%
8,941,444.29
125,882.00
0.77%
628,504.29
A1/A
NA
7.69 6.35
713448FM5 PEPSICO INC 3.9 07/18/2032 9,000,000.00 --
4.99%
8,304,380.00
8,304,380.00
98.40 4.14%
8,856,155.43
71,175.00
0.76%
551,775.43
A1/A+
NA
7.80 6.60
037833EP1 APPLE INC 3.35 08/08/2032 3,500,000.00 --
4.24%
3,253,415.00
3,253,415.00
95.51 4.02%
3,342,911.04
17,261.81
0.29%
89,496.04
Aaa/AA+
NA
7.86 6.77
931142EY5 WALMART INC 4.15 09/09/2032 2,000,000.00 09/20/2022
4.45%
1,952,260.00
1,952,260.00
101.17
3.98%
2,023,313.72
5,072.22
0.17%
71,053.72
Aa2/AA
AA
7.94 6.52
24422EWL9 JOHN DEERE CAPITAL CORP 4.35
09/15/2032 4,000,000.00 --4.64%
3,911,405.00
3,911,405.00
100.71
4.24%
4,028,537.44
7,733.33
0.35%
117,132.44
A1/A
A+
7.96 6.66
437076CS9 HOME DEPOT INC 4.5
09/15/2032 7,500,000.00 --4.95%
7,260,535.00
7,260,535.00
102.28
4.16%
7,671,117.23
15,000.00
0.66%
410,582.23
A2/A
A
7.96 6.46
756109BP8 REALTY INCOME CORP 5.625
10/13/2032 3,000,000.00 10/19/20236.56%
2,811,960.00
2,811,960.00
106.29
4.68%
3,188,633.85
78,750.00
0.27%
376,673.85
A3/ANA8.04
6.16 023135CR5 AMAZON.COM INC 4.7
12/01/2032 6,000,000.00 --4.54%
6,073,270.00
6,073,270.00
103.96
4.12%
6,237,467.64
94,000.00
0.54%
164,197.64
A1/AA
AA8.176.50
89236TKR5 TOYOTA MOTOR CREDIT CORP
4.7 01/12/2033 5,000,000.00 --4.60%
5,038,315.00
5,038,315.00
101.96
4.41%
5,097,782.15
51,569.44
0.44%
59,467.15
A1/A+
A+
8.28 6.75
26442CBJ2 DUKE ENERGY CAROLINAS LLC
4.95 01/15/2033 5,000,000.00 --4.93%
5,007,380.00
5,007,380.00
103.09
4.50%
5,154,293.20
52,250.00
0.44%
146,913.20
Aa3/A
NA
8.29 6.54
87612EBQ8 TARGET CORP 4.4 01/15/2033 7,000,000.00 --
4.51%
6,942,200.00
6,942,200.00
100.91
4.27%
7,063,688.03
65,022.22
0.61%
121,488.03
A2/A
A
8.29 6.66
637432PA7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP
5.8 01/15/2033
7,000,000.00 --
6.17%
6,821,460.00
6,821,460.00
108.33
4.58%
7,582,798.72
85,711.11
0.65%
761,338.72
A1/AA+8.29
6.23 SAMPLE
CONFIDENTIAL | 12
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
78016FZX5 ROYAL BANK OF CANADA 5.0
02/01/2033 8,000,000.00 --5.47%
7,735,430.00
7,735,430.00
103.47
4.49%
8,277,891.92
66,666.67
0.71%
542,461.92
A1/A
AA8.346.74
20030NEC1 COMCAST CORP 4.65
02/15/2033 5,000,000.00 --4.68%
4,986,780.00
4,986,780.00
101.43
4.44%
5,071,500.05
29,708.33
0.44%
84,720.05
A3/AA8.38
6.68 438516CK0 HONEYWELL INTERNATIONAL
INC 5.0 02/15/2033 10,000,000.00 --5.10%
9,934,460.00
9,934,460.00
104.53
4.35%
10,452,877.30
63,888.89
0.90%
518,417.30
A2/A
A
8.38 6.62
532457CF3 ELI LILLY AND CO 4.7 02/27/2033 7,000,000.00 --
4.64%
7,032,030.00
7,032,030.00
102.88
4.29%
7,201,379.78
31,072.22
0.62%
169,349.78
A1/A+
NA
8.41 6.72
911312BZ8 UNITED PARCEL SERVICE INC
4.875 03/03/2033 5,000,000.00 --4.78%
5,036,405.00
5,036,405.00
103.48
4.38%
5,173,756.65
18,958.33
0.45%
137,351.65
A2/A
NA
8.42 6.69
009158BF2 AIR PRODUCTS AND CHEMICALS
INC 4.8 03/03/2033 8,500,000.00 --4.77%
8,521,575.00
8,521,575.00
103.30
4.33%
8,780,275.52
31,733.33
0.76%
258,700.52
A2/A
NA
8.42 6.71
828807DU8 SIMON PROPERTY GROUP LP 5.5
03/08/2033 4,500,000.00 --5.52%
4,491,950.00
4,491,950.00
105.63
4.68%
4,753,317.56
15,812.50
0.41%
261,367.56
A3/ANA8.44
6.57 57636QAX2 MASTERCARD INC 4.85
03/09/2033 3,000,000.00 06/13/20234.66%
3,042,750.00
3,042,750.00
103.93
4.29%
3,118,018.35
8,891.67
0.27%
75,268.35
Aa3/A+
NA
8.44 6.72
74456QCL8 PUBLIC SERVICE ELECTRIC AND
GAS CO 4.65 03/15/2033 8,000,000.00 --5.09%
7,748,688.00
7,748,688.00
101.42
4.45%
8,113,311.04
16,533.33
0.70%
364,623.04
A1/A
NA
8.45 6.76
59217GFP9 METROPOLITAN LIFE GLOBAL
FUNDING I 5.15 03/28/2033 5,000,000.00 --5.20%
4,981,340.00
4,981,340.00
103.79
4.61%
5,189,650.25
2,145.83
0.45%
208,310.25
Aa3/AAAA8.49
6.86 341081GL5 FLORIDA POWER & LIGHT CO 5.1
04/01/2033 7,000,000.00 --4.77%
7,176,590.00
7,176,590.00
104.61
4.44%
7,322,649.60
178,500.00
0.63%
146,059.60
Aa2/A+
AA8.506.72
931142FD0 WALMART INC 4.1 04/15/2033 5,000,000.00 --
4.23%
4,945,725.00
4,945,725.00
100.28
4.06%
5,014,247.40
94,527.78
0.43%
68,522.40
Aa2/AA
AA
8.54 6.84
91324PEV0 UNITEDHEALTH GROUP INC 4.5
04/15/2033 10,000,000.00 --4.77%
9,798,905.00
9,798,905.00
100.45
4.44%
10,044,500.80
207,500.00
0.86%
245,595.80
A2/A+
A
8.54 6.72
46647PDC7 JPMORGAN CHASE & CO 4.586
04/26/2033 7,000,000.00 --5.45%
6,592,710.00
6,592,710.00
100.02
4.79%
7,001,482.74
138,216.94
0.60%
408,772.74
A1/AAA8.57
6.21 06051GKQ1 BANK OF AMERICA CORP 4.571
04/27/2033 7,500,000.00 --5.33%
7,105,085.00
7,105,085.00
99.52 4.85%
7,463,976.08
146,652.92
0.64%
358,891.08
A1/AAA8.57
6.21 037833EV8 APPLE INC 4.3 05/10/2033 2,500,000.00 05/10/2023
4.23%
2,514,750.00
2,514,750.00
103.13
3.87%
2,578,340.05
42,104.17
0.22%
63,590.05
Aaa/AA+
NA
8.61 6.88
857477BU6 STATE STREET CORP 4.421
05/13/2033 2,000,000.00 05/12/20234.94%
1,924,940.00
1,924,940.00
99.42 4.70%
1,988,381.16
33,894.33
0.17%
63,441.16
A1/A
AA8.626.29
20030NEE7 COMCAST CORP 4.8 05/15/2033 3,500,000.00 --
6.02%
3,192,540.00
3,192,540.00
101.97
4.52%
3,569,096.51
63,466.67
0.31%
376,556.51
A3/AA8.62
6.73 SAMPLE
CONFIDENTIAL | 13
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
30303M8N5 META PLATFORMS INC 4.95
05/15/2033 5,000,000.00 10/18/20235.84%
4,675,300.00
4,675,300.00
104.96
4.26%
5,248,220.15
93,500.00
0.45%
572,920.15
Aa3/AANA8.62
6.73 58933YBK0 MERCK & CO INC 4.5 05/17/2033 5,000,000.00 05/11/2023
4.33%
5,065,650.00
5,065,650.00
101.64
4.27%
5,081,935.25
83,750.00
0.44%
16,285.25
A1/A+
NA
8.63 6.82
716973AE2
PFIZER INVESTMENT
ENTERPRISES PTE LTD 4.75
05/19/2033
7,500,000.00 --
5.18%
7,265,650.00
7,265,650.00
101.93
4.48%
7,644,735.38
130,625.00
0.66%
379,085.38
A2/A
WR
8.63 6.76
747525BS1 QUALCOMM INC 5.4 05/20/2033 4,000,000.00 --
5.21%
4,055,920.00
4,055,920.00
107.74
4.32%
4,309,762.92
78,600.00
0.37%
253,842.92
A2/A
NA
8.64 6.65
09247XAT8 BLACKROCK INC 4.75
05/25/2033 10,000,000.00 --5.04%
9,783,895.00
9,783,895.00
102.90
4.34%
10,289,869.50
166,250.00
0.89%
505,974.50
Aa3/AANA8.65
6.79 74340XCE9 PROLOGIS LP 4.75 06/15/2033 7,000,000.00 --
5.47%
6,624,720.00
6,624,720.00
101.35
4.56%
7,094,567.83
97,902.78
0.61%
469,847.83
A3/A
NA
8.71 6.82
61747YEU5 MORGAN STANLEY 4.889
07/20/2033 5,000,000.00 06/16/20235.45%
4,800,950.00
4,800,950.00
101.25
4.90%
5,062,480.45
48,210.97
0.44%
261,530.45
A1/AA+8.80
6.38 857477BV4 STATE STREET CORP 4.164
08/04/2033 2,000,000.00 10/30/20236.43%
1,699,560.00
1,699,560.00
97.29 4.77%
1,945,716.10
13,186.00
0.17%
246,156.10
A1/A
AA8.846.56
404280DH9 HSBC HOLDINGS PLC 5.402
08/11/2033 2,500,000.00 09/26/20244.85%
2,588,925.00
2,588,925.00
103.59
5.11%
2,589,757.35
18,756.94
0.22%
832.35
A3/AA+8.86
6.34 05565ECF0 BMW US CAPITAL LLC 5.15
08/11/2033 8,000,000.00 --5.52%
7,786,280.00
7,786,280.00
103.11
4.72%
8,248,655.60
57,222.22
0.71%
462,375.60
A2/A
NA
8.86 6.88
24422EXE4 JOHN DEERE CAPITAL CORP 5.15
09/08/2033 4,000,000.00 --5.80%
3,806,060.00
3,806,060.00
105.62
4.38%
4,224,822.60
13,161.11
0.36%
418,762.60
A1/A
A+
8.94 7.15
06406RBM8 BANK OF NEW YORK MELLON
CORP 5.834 10/25/2033 10,000,000.00 --6.22%
9,740,660.00
9,740,660.00
108.32
4.47%
10,831,629.60
252,806.67
0.93%
1,090,969.60
A1/A
AA9.076.32
89236TLM5 TOYOTA MOTOR CREDIT CORP
4.8 01/05/2034 4,000,000.00 02/07/20244.92%
3,961,600.00
3,961,600.00
101.97
4.54%
4,078,618.80
45,866.67
0.35%
117,018.80
A1/A+
A+
9.27 7.35
02665WEZ0 AMERICAN HONDA FINANCE
CORP 4.9 01/10/2034 8,500,000.00 --5.08%
8,381,005.00
8,381,005.00
101.71
4.67%
8,645,748.48
93,712.50
0.74%
264,743.48
A3/ANA9.28
7.33 26442CBM5 DUKE ENERGY CAROLINAS LLC
4.85 01/15/2034 3,000,000.00 01/17/20245.09%
2,945,190.00
2,945,190.00
102.28
4.55%
3,068,438.31
30,716.67
0.26%
123,248.31
Aa3/A
NA
9.29 7.21
29379VCF8 ENTERPRISE PRODUCTS
OPERATING LLC 4.85 01/31/2034 5,000,000.00 --5.43%
4,783,850.00
4,783,850.00
101.45
4.66%
5,072,308.05
41,090.28
0.44%
288,458.05
A3/AA9.34
7.24 74340XCJ8 PROLOGIS LP 5.0 03/15/2034 5,000,000.00 --
5.23%
4,911,330.00
4,911,330.00
102.54
4.66%
5,127,228.10
11,111.11
0.44%
215,898.10
A3/A
NA
9.45 7.33
SAMPLE
CONFIDENTIAL | 14
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
171239AK2 CHUBB INA HOLDINGS LLC 5.0
03/15/2034 7,000,000.00 --4.95%
7,025,160.00
7,025,160.00
103.85
4.50%
7,269,240.86
15,555.56
0.63%
244,080.86
A3/A
A
9.45 7.35
05565ECK9 BMW US CAPITAL LLC 5.15
04/02/2034 3,000,000.00 05/16/20245.28%
2,970,330.00
2,970,330.00
102.05
4.88%
3,061,434.84
76,820.83
0.26%
91,104.84
A2/A
NA
9.50 7.14
61747YFE0 MORGAN STANLEY 5.25
04/21/2034 2,500,000.00 04/18/20245.84%
2,398,075.00
2,398,075.00
103.28
4.94%
2,581,972.53
58,333.33
0.22%
183,897.53
A1/AA+9.56
6.72 06051GLH0 BANK OF AMERICA CORP 5.288
04/25/2034 2,500,000.00 04/16/20245.87%
2,399,025.00
2,399,025.00
103.97
4.89%
2,599,194.10
57,286.67
0.22%
200,169.10
A1/AAA9.57
6.72 191216DR8 COCA-COLA CO 5.0 05/13/2034 5,000,000.00 05/14/2024
5.01%
4,997,650.00
4,997,650.00
105.37
4.31%
5,268,703.30
95,833.33
0.45%
271,053.30
A1/A+
NA
9.62 7.35
24422EXU8 JOHN DEERE CAPITAL CORP 5.05
06/12/2034 2,500,000.00 06/11/20245.21%
2,469,875.00
2,469,875.00
104.41
4.48%
2,610,268.85
38,576.39
0.22%
140,393.85
A1/A
A+
9.70 7.55
Total Corporate 458,080,000.00 4.61%
446,640,642.93
446,640,642.93
99.83 4.40%
455,776,130.31
4,672,503.51
39.21%
9,135,487.38
A1/A
A+
7.68 6.18
MONEY MARKET
FUND
665278404 NORTHERN INST:US GVT SHS 2,399,124.32 --
4.78%
2,399,124.32
2,399,124.32
1.00 4.78%
2,399,124.32
0.00 0.21%
0.00 Aaa/
AAAm
NA
0.00 0.00
Total Money
Market Fund 2,399,124.32 4.78%
2,399,124.32
2,399,124.32
1.00 4.78%
2,399,124.32
0.00 0.21%
0.00 Aaa/
AAAm
NA
0.00 0.00
US TREASURY
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 5,000,000.00 --3.05%
4,926,728.51
4,926,728.51
96.15 3.58%
4,807,617.20
16,762.91
0.41%
(119,111.31)
Aaa/AA+
AA+
4.38 4.07
91282CEE7 UNITED STATES TREASURY 2.375
03/31/2029 3,000,000.00 04/19/20222.93%
2,895,117.19
2,895,117.19
95.01 3.59%
2,850,351.57
195.74
0.25%
(44,765.62)
Aaa/AA+
AA+
4.50 4.21
9128286T2 UNITED STATES TREASURY 2.375
05/15/2029 5,000,000.00 06/26/20192.05%
5,145,117.19
5,145,117.19
94.91 3.58%
4,745,312.50
44,853.94
0.41%
(399,804.69)
Aaa/AA+
AA+
4.62 4.28
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 7,500,000.00 --3.88%
7,006,582.03
7,006,582.03
96.43 3.59%
7,232,519.55
69,313.52
0.62%
225,937.52
Aaa/AA+
AA+
4.67 4.29
91282CEV9 UNITED STATES TREASURY 3.25
06/30/2029 30,000,000.00 --3.72%
29,223,437.51
29,223,437.51
98.56 3.58%
29,567,578.20
246,399.46
2.54%
344,140.69
Aaa/AA+
AA+
4.75 4.32
SAMPLE
CONFIDENTIAL | 15
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 30,000,000.00 --3.93%
28,595,039.07
28,595,039.07
97.92 3.59%
29,375,390.70
80,283.15
2.53%
780,351.63
Aaa/AA+
AA+
4.92 4.50
912828YS3 UNITED STATES TREASURY 1.75
11/15/2029 10,000,000.00 --1.38%
10,346,875.00
10,346,875.00
91.61 3.56%
9,161,328.10
66,100.54
0.79%
(1,185,546.90)
Aaa/AA+
AA+
5.13 4.79
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 20,000,000.00 --3.85%
20,037,304.69
20,037,304.69
101.31
3.59%
20,261,718.80
260,450.82
1.74%
224,414.11
Aaa/AA+
AA+
5.17 4.59
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 35,000,000.00 --3.95%
34,055,078.14
34,055,078.14
99.50 3.60%
34,825,000.00
206,385.87
3.00%
769,921.86
Aaa/AA+
AA+
5.34 4.79
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 10,000,000.00 --
1.06%
10,417,732.56
10,417,732.56
89.79 3.61%
8,979,296.90
19,157.61
0.77%
(1,438,435.66)
Aaa/AA+
AA+
5.38 5.07
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 35,000,000.00 --4.03%
34,940,820.33
34,940,820.33
101.92
3.61%
35,671,289.15
119,889.50
3.07%
730,468.82
Aaa/AA+
AA+
5.41 4.82
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 35,000,000.00 --3.89%
34,477,343.76
34,477,343.76
100.07
3.61%
35,023,242.10
3,485.58
3.01%
545,898.34
Aaa/AA+
AA+
5.50 4.94
912828ZQ6 UNITED STATES TREASURY 0.625
05/15/2030 5,000,000.00 --0.70%
4,962,890.63
4,962,890.63
84.92 3.61%
4,246,093.75
11,803.67
0.37%
(716,796.88)
Aaa/AA+
AA+
5.62 5.41
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 30,000,000.00 --3.87%
29,784,667.97
29,784,667.97
100.66
3.62%
30,198,046.80
378,073.77
2.60%
413,378.83
Aaa/AA+
AA+
5.67 5.00
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 20,000,000.00 --4.67%
19,230,859.38
19,230,859.38
101.96
3.62%
20,391,406.20
134,782.61
1.75%
1,160,546.82
Aaa/AA+
AA+
5.83 5.14
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 2,500,000.00 --0.76%
2,467,070.31
2,467,070.31
84.27 3.62%
2,106,835.95
1,995.58
0.18%
(360,234.36)
Aaa/AA+
AA+
5.87 5.66
91282CHZ7 UNITED STATES TREASURY 4.625
09/30/2030 20,000,000.00 --4.95%
19,622,656.25
19,622,656.25
105.32
3.63%
21,063,281.20
2,541.21
1.81%
1,440,624.95
Aaa/AA+
AA+
6.00 5.23
91282CJG7 UNITED STATES TREASURY 4.875
10/31/2030 20,000,000.00 --4.08%
20,944,921.88
20,944,921.88
106.73
3.63%
21,346,875.00
408,016.30
1.84%
401,953.12
Aaa/AA+
AA+
6.08 5.17
91282CAV3 UNITED STATES TREASURY 0.875
11/15/2030 5,000,000.00 --1.01%
4,938,632.81
4,938,632.81
85.11 3.61%
4,255,468.75
16,525.14
0.37%
(683,164.06)
Aaa/AA+
AA+
6.13 5.83
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 10,000,000.00 --1.42%
9,731,298.84
9,731,298.84
85.99 3.60%
8,599,218.80
14,368.21
0.74%
(1,132,080.04)
Aaa/AA+
AA+
6.38 6.03
91282CKN0 UNITED STATES TREASURY 4.625
04/30/2031 7,500,000.00 05/30/20244.57%
7,525,781.25
7,525,781.25
105.64
3.65%
7,923,339.83
145,159.65
0.68%
397,558.58
Aaa/AA+
AA+
6.58 5.57
91282CCB5 UNITED STATES TREASURY 1.625
05/15/2031 2,500,000.00 07/23/20211.31%
2,572,656.25
2,572,656.25
88.16 3.65%
2,204,003.90
15,344.77
0.19%
(368,652.35)
Aaa/AA+
AA+
6.62 6.12
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 5,000,000.00 --
1.36%
4,948,144.54
4,948,144.54
85.40 3.67%
4,270,117.20
7,982.34
0.37%
(678,027.34)
Aaa/AA+
AA+
6.87 6.45
SAMPLE
CONFIDENTIAL | 16
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CEP2 UNITED STATES TREASURY 2.875
05/15/2032 25,000,000.00 --3.45%
23,876,875.01
23,876,875.01
94.52 3.71%
23,630,859.50
271,484.38
2.03%
(246,015.51)
Aaa/AA+
AA+
7.62 6.67
91282CFF3 UNITED STATES TREASURY 2.75
08/15/2032 25,000,000.00 --3.75%
22,993,457.03
22,993,457.03
93.45 3.72%
23,361,328.00
87,805.71
2.01%
367,870.97
Aaa/AA+
AA+
7.88 6.95
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 35,000,000.00 --4.03%
35,324,511.73
35,324,511.73
102.86
3.71%
36,002,148.35
545,329.48
3.10%
677,636.62
Aaa/AA+
AA+
8.13 6.77
91282CGM7 UNITED STATES TREASURY 3.5
02/15/2033 30,000,000.00 --3.89%
29,046,679.70
29,046,679.70
98.26 3.74%
29,477,343.60
134,103.26
2.54%
430,663.90
Aaa/AA+
AA+
8.38 7.15
91282CHC8 UNITED STATES TREASURY 3.375
05/15/2033 40,000,000.00 --
4.05%
37,882,324.23
37,882,324.23
97.22 3.75%
38,889,062.40
509,918.48
3.35%
1,006,738.17
Aaa/AA+
AA+
8.62 7.30
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 40,000,000.00 --4.76%
37,253,906.26
37,253,906.26
100.80
3.77%
40,321,875.20
197,961.96
3.47%
3,067,968.94
Aaa/AA+
AA+
8.87 7.42
91282CJJ1 UNITED STATES TREASURY 4.5
11/15/2033 25,000,000.00 --4.02%
25,966,992.19
25,966,992.19
105.61
3.77%
26,401,367.25
424,932.07
2.27%
434,375.06
Aaa/AA+
AA+
9.13 7.37
91282CJZ5 UNITED STATES TREASURY 4.0
02/15/2034 30,000,000.00 --4.39%
29,079,687.52
29,079,687.52
101.72
3.78%
30,515,625.00
153,260.87
2.63%
1,435,937.48
Aaa/AA+
AA+
9.38 7.74
91282CKQ3 UNITED STATES TREASURY 4.375
05/15/2034 45,000,000.00 --4.37%
45,019,335.94
45,019,335.94
104.73
3.78%
47,130,468.75
743,631.11
4.05%
2,111,132.81
Aaa/AA+
AA+
9.62 7.73
91282CLF6 UNITED STATES TREASURY 3.875
08/15/2034 22,500,000.00 --3.76%
22,706,640.63
22,706,640.63
100.70
3.79%
22,658,203.13
111,353.60
1.95%
(48,437.51)
Aaa/AA+
AA+
9.87 8.11
Total US Treasury 670,500,000.00 3.87%
657,947,166.33
657,947,166.33
99.77 3.68%
667,493,613.32
5,449,652.79
57.42%
9,546,446.99
Aaa/AA+
AA+
7.05 6.06
Total Portfolio 1,168,514,288.65 4.14%
1,144,668,049.60
1,144,671,371.96
99.54 3.97%
1,162,382,225.38
10,323,055.24
100.00%
17,710,853.42
Aa3/AAAA7.30
6.08 Total Market
Value + Accrued 1,172,705,280.62
SAMPLE
CONFIDENTIAL | 17
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 09/03/2024 665278404 1,556,844.05 NORTHERN INST:US GVT SHS 1.000 5.11% (1,556,844.05) 0.00 (1,556,844.05) 0.00 Purchase 09/09/2024 665278404 392,000.00 NORTHERN INST:US GVT SHS 1.000 5.09% (392,000.00) 0.00 (392,000.00) 0.00
Purchase 09/10/2024 665278404 172,500.00 NORTHERN INST:US GVT SHS 1.000 5.08% (172,500.00) 0.00 (172,500.00) 0.00
Purchase 09/11/2024 665278404 109,375.00 NORTHERN INST:US GVT SHS 1.000 5.07% (109,375.00) 0.00 (109,375.00) 0.00
Purchase 09/13/2024 665278404 50,512.50 NORTHERN INST:US GVT SHS 1.000 5.24% (50,512.50) 0.00 (50,512.50) 0.00
Purchase 09/16/2024 665278404 1,142,038.79 NORTHERN INST:US GVT SHS 1.000 5.07% (1,142,038.79) 0.00 (1,142,038.79) 0.00 Purchase 09/17/2024 665278404 9,764,894.70 NORTHERN INST:US GVT SHS 1.000 5.05% (9,764,894.70) 0.00 (9,764,894.70) 0.00 Purchase 09/18/2024 91282CLF6 10,000,000.00 UNITED STATES TREASURY
3.875 08/15/2034 101.852 3.65% (10,185,156.25) (35,801.63) (10,220,957.88) 0.00 Purchase 09/20/2024 665278404 9,647.60 NORTHERN INST:US GVT SHS 1.000 4.84% (9,647.60) 0.00 (9,647.60) 0.00
Purchase 09/24/2024 665278404 67,395.00 NORTHERN INST:US GVT SHS 1.000 4.75% (67,395.00) 0.00 (67,395.00) 0.00
Purchase 09/25/2024 665278404 27,766.63 NORTHERN INST:US GVT SHS 1.000 4.75% (27,766.63) 0.00 (27,766.63) 0.00
Purchase 09/27/2024 404280DH9 2,500,000.00 HSBC HOLDINGS PLC
5.402 08/11/2033 103.557 4.85% (2,588,925.00) (17,256.39) (2,606,181.39) 0.00 Purchase 09/30/2024 665278404 1,261,250.00 NORTHERN INST:US GVT SHS 1.000 4.74% (1,261,250.00) 0.00 (1,261,250.00) 0.00 Total Purchase 27,054,224.27 (27,328,305.52) (53,058.02) (27,381,363.54) 0.00 TOTAL
ACQUISITIONS 27,054,224.27 (27,328,305.52) (53,058.02) (27,381,363.54) 0.00 OTHER
Sale 09/17/2024 9128286B1 (7,500,000.00) UNITED STATES TREASURY
2.625 02/15/2029 96.691 3.68% 7,251,855.47 (17,654.55) 7,269,510.02 (138,237.30) SAMPLE
CONFIDENTIAL | 18
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 09/17/2024 9128285M8 (2,500,000.00) UNITED STATES TREASURY
3.125 11/15/2028 98.754 4.24% 2,468,847.66 (26,537.02) 2,495,384.68 97,721.36 Sale 09/18/2024 665278404 (10,220,957.88) NORTHERN INST:US GVT SHS 1.000 5.09% 10,220,957.88 0.00 10,220,957.88 0.00
Sale 09/26/2024 665278404 (7,366.07) NORTHERN INST:US GVT SHS 1.000 4.78% 7,366.07 0.00 7,366.07 0.00
Sale 09/27/2024 665278404 (2,606,181.39) NORTHERN INST:US GVT SHS 1.000 4.75% 2,606,181.39 0.00 2,606,181.39 0.00
Total Sale (22,834,505.34) 22,555,208.47 (44,191.57) 22,599,400.04 (40,515.94)
TOTAL OTHER
TRANSACTIONS (22,834,505.34) 22,555,208.47 (44,191.57) 22,599,400.04 (40,515.94) OTHER
Coupon 09/01/2024 3138WHCP5 0.00 FN AS7277 3.0
05/01/2031 2.56% 1,100.40 0.00 1,100.40 0.00
Coupon 09/01/2024 36225FF79 0.00 G2 082889 3.625
07/20/2041 3.10% 308.34 0.00 308.34 0.00
Coupon 09/01/2024 36225FJE0 0.00 G2 082960 3.75
10/20/2041 3.25% 282.70 0.00 282.70 0.00
Coupon 09/01/2024 36225FJZ3 0.00 G2 082979 3.75
11/20/2041 3.25% 266.30 0.00 266.30 0.00
Coupon 09/01/2024 36179MN71 0.00 G2 MA0414 3.625
09/20/2042 3.33% 80.86 0.00 80.86 0.00
Coupon 09/01/2024 3140JG6L4 0.00 FN BN0874 4.0
11/01/2048 3.80% 1,295.80 0.00 1,295.80 0.00
Coupon 09/01/2024 3140J6GR2 0.00 FN BM2007 4.0
09/01/2048 3.85% 1,083.07 0.00 1,083.07 0.00
Coupon 09/01/2024 31418CNE0 0.00 FN MA3088 4.0
08/01/2047 3.86% 1,123.49 0.00 1,123.49 0.00
Coupon 09/01/2024 3128MJ2T6 0.00 FH G08785 4.0
10/01/2047 3.92% 1,421.32 0.00 1,421.32 0.00
Coupon 09/01/2024 36179QB67 0.00 G2 MA1861 4.875
04/20/2044 4.70% 53.59 0.00 53.59 0.00
SAMPLE
CONFIDENTIAL | 19
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 09/03/2024 009158BF2 0.00
AIR PRODUCTS AND
CHEMICALS INC 4.8
03/03/2033
4.77% 204,000.00 0.00 204,000.00 0.00
Coupon 09/03/2024 911312BZ8 0.00 UNITED PARCEL SERVICE
INC 4.875 03/03/2033 4.78% 121,875.00 0.00 121,875.00 0.00 Coupon 09/03/2024 808513CA1 0.00 CHARLES SCHWAB CORP
2.9 03/03/2032 4.93% 43,500.00 0.00 43,500.00 0.00
Coupon 09/07/2024 58933YAX3 0.00 MERCK & CO INC 3.4
03/07/2029 2.97% 51,000.00 0.00 51,000.00 0.00
Coupon 09/08/2024 828807DU8 0.00 SIMON PROPERTY GROUP
LP 5.5 03/08/2033 5.52% 123,750.00 0.00 123,750.00 0.00 Coupon 09/08/2024 24422EXE4 0.00 JOHN DEERE CAPITAL
CORP 5.15 09/08/2033 5.80% 103,000.00 0.00 103,000.00 0.00 Coupon 09/09/2024 931142EY5 0.00 WALMART INC 4.15
09/09/2032 4.45% 41,500.00 0.00 41,500.00 0.00
Coupon 09/09/2024 57636QAX2 0.00 MASTERCARD INC 4.85
03/09/2033 4.66% 72,750.00 0.00 72,750.00 0.00
Coupon 09/10/2024 89114TZJ4 0.00 TORONTO-DOMINION
BANK 2.0 09/10/2031 2.05% 30,000.00 0.00 30,000.00 0.00 Coupon 09/10/2024 3130B0X87 0.00 FEDERAL HOME LOAN
BANKS 4.75 03/10/2034 4.60% 142,500.00 0.00 142,500.00 0.00 Coupon 09/11/2024 3130AV4X7 0.00 FEDERAL HOME LOAN
BANKS 4.375 03/11/2033 4.03% 109,375.00 0.00 109,375.00 0.00 Coupon 09/13/2024 404280BK4 0.00 HSBC HOLDINGS PLC
4.041 03/13/2028 3.08% 50,512.50 0.00 50,512.50 0.00
Coupon 09/15/2024 171239AG1 0.00 CHUBB INA HOLDINGS
LLC 1.375 09/15/2030 1.41% 20,625.00 0.00 20,625.00 0.00 Coupon 09/15/2024 717081ET6 0.00 PFIZER INC 3.45
03/15/2029 2.93% 25,875.00 0.00 25,875.00 0.00
Coupon 09/15/2024 12572QAK1 0.00 CME GROUP INC 2.65
03/15/2032 3.79% 66,250.00 0.00 66,250.00 0.00
Coupon 09/15/2024 084664DA6 0.00
BERKSHIRE HATHAWAY
FINANCE CORP 2.875
03/15/2032
4.43% 100,625.00 0.00 100,625.00 0.00
SAMPLE
CONFIDENTIAL | 20
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 09/15/2024 24422EWL9 0.00 JOHN DEERE CAPITAL
CORP 4.35 09/15/2032 4.64% 87,000.00 0.00 87,000.00 0.00 Coupon 09/15/2024 171239AK2 0.00 CHUBB INA HOLDINGS
LLC 5.0 03/15/2034 4.95% 182,777.78 0.00 182,777.78 0.00 Coupon 09/15/2024 437076CS9 0.00 HOME DEPOT INC 4.5
09/15/2032 4.95% 168,750.00 0.00 168,750.00 0.00
Coupon 09/15/2024 756109BR4 0.00 REALTY INCOME CORP
4.85 03/15/2030 4.98% 97,000.00 0.00 97,000.00 0.00
Coupon 09/15/2024 74456QCL8 0.00
PUBLIC SERVICE ELECTRIC
AND GAS CO 4.65
03/15/2033
5.09% 186,000.00 0.00 186,000.00 0.00
Coupon 09/15/2024 74340XCJ8 0.00 PROLOGIS LP 5.0
03/15/2034 5.23% 159,722.22 0.00 159,722.22 0.00
Coupon 09/16/2024 40139LBE2 0.00
GUARDIAN LIFE GLOBAL
FUNDING 1.625
09/16/2028
1.63% 41,193.75 0.00 41,193.75 0.00
Coupon 09/24/2024 46647PBJ4 0.00 JPMORGAN CHASE & CO
4.493 03/24/2031 5.37% 67,395.00 0.00 67,395.00 0.00
Coupon 09/28/2024 59217GFP9 0.00
METROPOLITAN LIFE
GLOBAL FUNDING I 5.15
03/28/2033
5.20% 128,750.00 0.00 128,750.00 0.00
Coupon 09/30/2024 91282CEE7 0.00 UNITED STATES TREASURY
2.375 03/31/2029 2.93% 35,625.00 0.00 35,625.00 0.00
Coupon 09/30/2024 91282CGS4 0.00 UNITED STATES TREASURY
3.625 03/31/2030 3.89% 634,375.00 0.00 634,375.00 0.00
Coupon 09/30/2024 91282CHZ7 0.00 UNITED STATES TREASURY
4.625 09/30/2030 4.95% 462,500.00 0.00 462,500.00 0.00
Total Coupon 0.00 3,565,242.12 0.00 3,565,242.12 0.00
Dividend 09/30/2024 665278404 0.00 NORTHERN INST:US GVT SHS 4.91% 12,483.59 0.00 12,483.59 0.00
Total Dividend 0.00 12,483.59 0.00 12,483.59 0.00
Principal
Paydown 09/01/2024 3138WHCP5 6,209.73 FN AS7277 3.0
05/01/2031 2.56% 6,209.73 -- 6,209.73 (323.48)
Principal
Paydown 09/01/2024 36225FF79 1,699.33 G2 082889 3.625
07/20/2041 3.10% 1,699.33 -- 1,699.33 (113.65)
SAMPLE
CONFIDENTIAL | 21
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Principal
Paydown 09/01/2024 36225FJE0 336.66 G2 082960 3.7510/20/2041 3.25% 336.66 -- 336.66 (21.36) Principal
Paydown 09/01/2024 36225FJZ3 6,090.91 G2 082979 3.7511/20/2041 3.28% 6,090.91 -- 6,090.91 (386.41) Principal
Paydown 09/01/2024 36179MN71 493.93 G2 MA0414 3.62509/20/2042 3.33% 493.93 -- 493.93 (18.36) Principal
Paydown 09/01/2024 3140JG6L4 4,119.82 FN BN0874 4.0
11/01/2048 3.80% 4,119.82 -- 4,119.82 (135.18)
Principal
Paydown 09/01/2024 3140J6GR2 3,030.95 FN BM2007 4.009/01/2048 3.85% 3,030.95 -- 3,030.95 (69.15) Principal
Paydown 09/01/2024 31418CNE0 2,437.30 FN MA3088 4.008/01/2047 3.86% 2,437.30 -- 2,437.30 (51.03) Principal
Paydown 09/01/2024 3128MJ2T6 3,926.94 FH G08785 4.0 10/01/2047 3.92% 3,926.94 -- 3,926.94 (45.56) Principal
Paydown 09/01/2024 36179QB67 34.98 G2 MA1861 4.875 04/20/2044 4.70% 34.98 -- 34.98 (0.68) Total Principal
Paydown 28,380.55 28,380.55 -- 28,380.55 (1,164.86)
TOTAL OTHER
TRANSACTIONS 28,380.55 3,606,106.26 0.00 3,606,106.26 (1,164.86) SAMPLE
CONFIDENTIAL | 22
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
CASH & EQUIVALENTS
665278404 NORTHERN INST:US GVT SHS
2,399,124.32
679,405.39
14,554,224.27
(12,834,505.34)
2,399,124.32
0.00 18,719.05
0.00 18,719.05
0.00 0.00
0.00 18,719.05
18,719.05
CCYUSD Cash
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
CCYUSD Receivable
19,849.64
1,188,340.83
0.00 0.00
19,849.64
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 Total Cash & Equivalents 2,418,973.97
1,867,746.22
14,554,224.27
(12,834,505.34)
2,418,973.97
0.00 18,719.05
0.00 18,719.05
0.00 0.00
0.00 18,719.05 18,719.05
FIXED INCOME
009158BF2
AIR PRODUCTS AND
CHEMICALS INC 4.8
03/03/2033 8,500,000.00
8,521,575.00
0.00 0.00
8,521,575.00
201,733.33
204,000.00
31,733.33
34,000.00
0.00 0.00
0.00 34,000.00
34,000.00
023135BZ8 AMAZON.COM INC 2.1
05/12/2031
05/10/2021
05/12/2021
4,670,000.00
4,669,159.40
0.00 0.00
4,669,159.40
29,693.42
0.00 37,865.92
8,172.50
0.00 0.00
0.00 8,172.50
8,172.50
023135CR5 AMAZON.COM INC 4.7
12/01/2032 6,000,000.00
6,073,270.00
0.00 0.00
6,073,270.00
70,500.00
0.00 94,000.00
23,500.00
0.00 0.00
0.00 23,500.00
23,500.00
02665WEZ0 AMERICAN HONDA FINANCE
CORP 4.9 01/10/2034 8,500,000.00
8,381,005.00
0.00 0.00
8,381,005.00
59,004.17
0.00 93,712.50
34,708.33
0.00 0.00
0.00 34,708.33
34,708.33
SAMPLE
CONFIDENTIAL | 23
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
037833EH9 APPLE INC 1.4 08/05/2028
2,000,000.00
1,993,900.00
0.00 0.00
1,993,900.00
2,022.22
0.00 4,355.56
2,333.33
0.00 0.00
0.00 2,333.33
2,333.33
037833EP1 APPLE INC 3.35 08/08/2032
3,500,000.00
3,253,415.00
0.00 0.00
3,253,415.00
7,490.97
0.00 17,261.81
9,770.83
0.00 0.00
0.00 9,770.83
9,770.83
037833EU0 APPLE INC 4.15 05/10/2030
05/08/2023
05/10/2023
2,000,000.00
1,994,580.00
0.00 0.00
1,994,580.00
25,591.67
0.00 32,508.33
6,916.67
0.00 0.00
0.00 6,916.67
6,916.67
037833EV8 APPLE INC 4.3 05/10/2033
05/10/2023
05/12/2023
2,500,000.00
2,514,750.00
0.00 0.00
2,514,750.00
33,145.83
0.00 42,104.17
8,958.33
0.00 0.00
0.00 8,958.33
8,958.33
05565ECF0 BMW US CAPITAL LLC 5.15
08/11/2033 8,000,000.00
7,786,280.00
0.00 0.00
7,786,280.00
22,888.89
0.00 57,222.22
34,333.33
0.00 0.00
0.00 34,333.33
34,333.33
05565ECK9 BMW US CAPITAL LLC 5.15
04/02/2034
05/16/2024
05/20/2024
3,000,000.00
2,970,330.00
0.00 0.00
2,970,330.00
63,945.83
0.00 76,820.83
12,875.00
0.00 0.00
0.00 12,875.00
12,875.00
06051GHV4 BANK OF AMERICA CORP
3.194 07/23/2030 5,000,000.00
4,826,210.00
0.00 0.00
4,826,210.00
16,857.22
0.00 30,165.56
13,308.33
0.00 0.00
0.00 13,308.33
13,308.33
06051GKQ1 BANK OF AMERICA CORP
4.571 04/27/2033 7,500,000.00
7,105,085.00
0.00 0.00
7,105,085.00
118,084.17
0.00 146,652.92
28,568.75
0.00 0.00
0.00 28,568.75
28,568.75
06051GLH0 BANK OF AMERICA CORP
5.288 04/25/2034
04/16/2024
04/18/2024
2,500,000.00
2,399,025.00
0.00 0.00
2,399,025.00
46,270.00
0.00 57,286.67
11,016.67
0.00 0.00
0.00 11,016.67
11,016.67
SAMPLE
CONFIDENTIAL | 24
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
06406RBM8 BANK OF NEW YORK MELLON
CORP 5.834 10/25/2033 10,000,000.00
9,740,660.00
0.00 0.00
9,740,660.00
204,190.00
0.00 252,806.67
48,616.67
0.00 0.00
0.00 48,616.67
48,616.67
0641594B9 BANK OF NOVA SCOTIA 2.15
08/01/2031 7,000,000.00
6,334,190.00
0.00 0.00
6,334,190.00
12,541.67
0.00 25,083.33
12,541.67
0.00 0.00
0.00 12,541.67
12,541.67
06417XAP6 BANK OF NOVA SCOTIA 4.85
02/01/2030
10/23/2023
10/25/2023
5,000,000.00
4,608,450.00
0.00 0.00
4,608,450.00
20,208.33
0.00 40,416.67
20,208.33
0.00 0.00
0.00 20,208.33
20,208.33
084664CW9
BERKSHIRE HATHAWAY
FINANCE CORP 1.45
10/15/2030 3,000,000.00
2,986,390.40
0.00 0.00
2,986,390.40
16,433.33
0.00 20,058.33
3,625.00
0.00 0.00
0.00 3,625.00
3,625.00
084664DA6
BERKSHIRE HATHAWAY
FINANCE CORP 2.875
03/15/2032 7,000,000.00
6,210,120.00
0.00 0.00
6,210,120.00
92,798.61
100,625.00
8,944.44
16,770.83
0.00 0.00
0.00 16,770.83
16,770.83
09247XAP6 BLACKROCK INC 3.25
04/30/2029
06/05/2019
06/07/2019
2,500,000.00
2,560,250.00
0.00 0.00
2,560,250.00
27,309.03
0.00 34,079.86
6,770.83
0.00 0.00
0.00 6,770.83
6,770.83
09247XAT8 BLACKROCK INC 4.75
05/25/2033 10,000,000.00
9,783,895.00
0.00 0.00
9,783,895.00
126,666.67
0.00 166,250.00
39,583.33
0.00 0.00
0.00 39,583.33
39,583.33
12572QAK1 CME GROUP INC 2.65
03/15/2032 5,000,000.00
4,583,388.40
0.00 0.00
4,583,388.40
61,097.22
66,250.00
5,888.89
11,041.67
0.00 0.00
0.00 11,041.67
11,041.67
171239AG1 CHUBB INA HOLDINGS LLC
1.375 09/15/2030 3,000,000.00
2,989,083.12
0.00 0.00
2,989,083.12
19,020.83
20,625.00
1,833.33
3,437.50
0.00 0.00
0.00 3,437.50
3,437.50
SAMPLE
CONFIDENTIAL | 25
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
171239AK2 CHUBB INA HOLDINGS LLC
5.0 03/15/2034 7,000,000.00
7,025,160.00
0.00 0.00
7,025,160.00
169,166.67
182,777.78
15,555.56
29,166.67
0.00 0.00
0.00 29,166.67
29,166.67
17275RBS0 CISCO SYSTEMS INC 4.95
02/26/2031 8,000,000.00
7,991,466.50
0.00 0.00
7,991,466.50
5,500.00
0.00 38,500.00
33,000.00
0.00 0.00
0.00 33,000.00
33,000.00
191216DR8 COCA-COLA CO 5.0
05/13/2034
05/14/2024
05/16/2024
5,000,000.00
4,997,650.00
0.00 0.00
4,997,650.00
75,000.00
0.00 95,833.33
20,833.33
0.00 0.00
0.00 20,833.33
20,833.33
20030NCA7 COMCAST CORP 3.15
02/15/2028
10/25/2019
10/29/2019
2,000,000.00
2,099,560.00
0.00 0.00
2,099,560.00
2,800.00
0.00 8,050.00
5,250.00
0.00 0.00
0.00 5,250.00
5,250.00
20030NDM0 COMCAST CORP 1.95
01/15/2031
01/13/2021
01/15/2021
1,000,000.00
1,009,430.00
0.00 0.00
1,009,430.00
2,491.67
0.00 4,116.67
1,625.00
0.00 0.00
0.00 1,625.00
1,625.00
20030NEC1 COMCAST CORP 4.65
02/15/2033 5,000,000.00
4,986,780.00
0.00 0.00
4,986,780.00
10,333.33
0.00 29,708.33
19,375.00
0.00 0.00
0.00 19,375.00
19,375.00
20030NEE7 COMCAST CORP 4.8
05/15/2033 3,500,000.00
3,192,540.00
0.00 0.00
3,192,540.00
49,466.67
0.00 63,466.67
14,000.00
0.00 0.00
0.00 14,000.00
14,000.00
24422EUY3 JOHN DEERE CAPITAL CORP
2.8 07/18/2029
08/27/2019
08/29/2019
2,000,000.00
2,084,160.00
0.00 0.00
2,084,160.00
6,688.89
0.00 11,355.56
4,666.67
0.00 0.00
0.00 4,666.67
4,666.67
24422EWL9 JOHN DEERE CAPITAL CORP
4.35 09/15/2032 4,000,000.00
3,911,405.00
0.00 0.00
3,911,405.00
80,233.33
87,000.00
7,733.33
14,500.00
0.00 0.00
0.00 14,500.00
14,500.00
SAMPLE
CONFIDENTIAL | 26
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
24422EXE4 JOHN DEERE CAPITAL CORP
5.15 09/08/2033 4,000,000.00
3,806,060.00
0.00 0.00
3,806,060.00
98,994.44
103,000.00
13,161.11
17,166.67
0.00 0.00
0.00 17,166.67
17,166.67
24422EXU8 JOHN DEERE CAPITAL CORP
5.05 06/12/2034
06/11/2024
06/12/2024
2,500,000.00
2,469,875.00
0.00 0.00
2,469,875.00
28,055.56
0.00 38,576.39
10,520.83
0.00 0.00
0.00 10,520.83
10,520.83
25731VAA2
DOMINION ENERGY
SOUTH CAROLINA INC 2.3
12/01/2031
11/29/2021
4,000,000.00
3,990,882.64
0.00 0.00
3,990,882.64
23,000.00
0.00 30,666.67
7,666.67
0.00 0.00
0.00 7,666.67
7,666.67
26442CBJ2 DUKE ENERGY CAROLINAS
LLC 4.95 01/15/2033 5,000,000.00
5,007,380.00
0.00 0.00
5,007,380.00
31,625.00
0.00 52,250.00
20,625.00
0.00 0.00
0.00 20,625.00
20,625.00
26442CBM5 DUKE ENERGY CAROLINAS
LLC 4.85 01/15/2034
01/17/2024
01/19/2024
3,000,000.00
2,945,190.00
0.00 0.00
2,945,190.00
18,591.67
0.00 30,716.67
12,125.00
0.00 0.00
0.00 12,125.00
12,125.00
26444HAK7 DUKE ENERGY FLORIDA LLC
2.4 12/15/2031 2,000,000.00
1,895,405.00
0.00 0.00
1,895,405.00
10,133.33
0.00 14,133.33
4,000.00
0.00 0.00
0.00 4,000.00
4,000.00
29379VCF8
ENTERPRISE PRODUCTS
OPERATING LLC 4.85
01/31/2034 5,000,000.00
4,783,850.00
0.00 0.00
4,783,850.00
20,881.94
0.00 41,090.28
20,208.33
0.00 0.00
0.00 20,208.33
20,208.33
30231GBE1 EXXON MOBIL CORP 2.44
08/16/2029
08/20/2019
08/22/2019
3,000,000.00
3,043,560.00
0.00 0.00
3,043,560.00
3,050.00
0.00 9,150.00
6,100.00
0.00 0.00
0.00 6,100.00
6,100.00
30303M8N5 META PLATFORMS INC 4.95
05/15/2033
10/18/2023
10/20/2023
5,000,000.00
4,675,300.00
0.00 0.00
4,675,300.00
72,875.00
0.00 93,500.00
20,625.00
0.00 0.00
0.00 20,625.00
20,625.00
SAMPLE
CONFIDENTIAL | 27
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
3128MJ2T6 FH G08785 4.0 10/01/2047
09/18/2018
09/20/2018
422,469.39
431,343.18
0.00 (3,972.50)
427,370.68
1,421.32
1,421.32
1,408.23
1,408.23
0.00 0.00
0.00 1,408.23
1,408.23
3128NHXW8 FH 1J1593 6.639 04/01/2037
10/22/2009
10/22/2009
68,938.48
79,306.95
0.00 (7,118.28)
72,188.67
417.87
419.63
381.40
383.16
0.00 0.00
0.00 383.16
383.16
3128S4ME4 FH 1Q0357 6.853 11/01/2037
08/13/2009
08/13/2009
14,778.93
15,739.00
0.00 (75.19)
15,663.81
79.45 71.06
84.40 76.01
0.00 0.00
0.00 76.01
76.01 3130AEB25 FEDERAL HOME LOAN BANKS
3.25 06/09/2028 5,000,000.00
4,943,980.00
0.00 0.00
4,943,980.00
37,013.89
0.00 50,555.56
13,541.67
0.00 0.00
0.00 13,541.67
13,541.67
3130AGDY8 FEDERAL HOME LOAN BANKS
2.75 06/08/2029
06/21/2019
06/25/2019
2,725,000.00
2,804,651.75
0.00 0.00
2,804,651.75
17,277.26
0.00 23,522.05
6,244.79
0.00 0.00
0.00 6,244.79
6,244.79
3130AV4X7 FEDERAL HOME LOAN BANKS
4.375 03/11/2033
04/26/2023
04/27/2023
5,000,000.00
5,137,800.00
0.00 0.00
5,137,800.00
103,298.61
109,375.00
12,152.78
18,229.17
0.00 0.00
0.00 18,229.17
18,229.17
3130AVWG3 FEDERAL HOME LOAN BANKS
4.0 06/10/2033
07/20/2023
07/21/2023
5,000,000.00
4,869,100.00
0.00 0.00
4,869,100.00
45,000.00
0.00 61,666.67
16,666.67
0.00 0.00
0.00 16,666.67
16,666.67
3130B0X87 FEDERAL HOME LOAN BANKS
4.75 03/10/2034
06/26/2024
06/27/2024
7,500,000.00
7,586,700.00
0.00 0.00
7,586,700.00
133,593.75
142,500.00
20,781.25
29,687.50
0.00 0.00
0.00 29,687.50
29,687.50
3135G05Q2
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.875 08/05/2030 5,000,000.00
4,954,299.70
0.00 0.00
4,954,299.70
3,159.72
0.00 6,805.56
3,645.83
0.00 0.00
0.00 3,645.83
3,645.83
SAMPLE
CONFIDENTIAL | 28
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
3135G05Y5
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.75 10/08/2027
10/27/2020
10/28/2020
5,000,000.00
5,000,450.00
0.00 0.00
5,000,450.00
14,895.83
0.00 18,020.83
3,125.00
0.00 0.00
0.00 3,125.00
3,125.00
3138WHCP5 FN AS7277 3.0 05/01/2031
06/28/2016
06/28/2016
433,951.92
463,090.47
0.00 (6,533.21)
456,557.26
1,100.40
1,100.40
1,084.88
1,084.88
0.00 0.00
0.00 1,084.88
1,084.88
3140J6GR2 FN BM2007 4.0 09/01/2048
02/25/2019
02/27/2019
321,890.28
332,333.51
0.00 (3,100.10)
329,233.41
1,083.07
1,083.07
1,072.97
1,072.97
0.00 0.00
0.00 1,072.97
1,072.97
3140JG6L4 FN BN0874 4.0 11/01/2048
06/10/2019
06/13/2019
384,621.55
401,496.92
0.00 (4,255.00)
397,241.92
1,295.80
1,295.80
1,282.07
1,282.07
0.00 0.00
0.00 1,282.07
1,282.07
31418CNE0 FN MA3088 4.0 08/01/2047
08/27/2018
08/29/2018
334,610.40
344,104.57
0.00 (2,488.33)
341,616.24
1,123.49
1,123.49
1,115.37
1,115.37
0.00 0.00
0.00 1,115.37
1,115.37
341081GL5 FLORIDA POWER & LIGHT CO
5.1 04/01/2033 7,000,000.00
7,176,590.00
0.00 0.00
7,176,590.00
148,750.00
0.00 178,500.00
29,750.00
0.00 0.00
0.00 29,750.00
29,750.00
36179MN71 G2 MA0414 3.625
09/20/2042
09/11/2012
09/11/2012
26,273.89
27,763.28
0.00 (512.29)
27,250.99
80.86 80.86
79.37 79.37
0.00 0.00
0.00 79.37
79.37 36179QB67 G2 MA1861 4.875
04/20/2044
06/03/2014
06/03/2014
13,156.61
13,447.49
0.00 (35.66)
13,411.83
53.59 53.59
53.45 53.45
0.00 0.00
0.00 53.45
53.45 36225FF79 G2 082889 3.625 07/20/2041
03/14/2012
03/14/2012
100,371.77
108,897.12
0.00 (1,812.98)
107,084.14
308.34
308.34
303.21
303.21
0.00 0.00
0.00 303.21
303.21
SAMPLE
CONFIDENTIAL | 29
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
36225FJE0 G2 082960 3.75 10/20/2041
05/03/2012
05/03/2012
90,127.54
96,203.05
0.00 (358.02)
95,845.03
282.70
282.70
281.65
281.65
0.00 0.00
0.00 281.65
281.65
36225FJZ3 G2 082979 3.75 11/20/2041
79,123.91
90,620.61
0.00 (6,477.32)
84,143.29
266.30
266.30
247.26
247.27
0.00 0.00
0.00 247.27
247.27
40139LBE2 GUARDIAN LIFE GLOBAL
FUNDING 1.625 09/16/2028
09/13/2021
09/16/2021
5,070,000.00
5,067,008.70
0.00 0.00
5,067,008.70
37,760.94
41,193.75
3,432.81
6,865.63
0.00 0.00
0.00 6,865.63
6,865.63
404280BK4 HSBC HOLDINGS PLC 4.041
03/13/2028
11/25/2019
11/27/2019
2,500,000.00
2,655,625.00
0.00 0.00
2,655,625.00
47,145.00
50,512.50
5,051.25
8,418.75
0.00 0.00
0.00 8,418.75
8,418.75
404280DH9 HSBC HOLDINGS PLC 5.402
08/11/2033
09/26/2024
09/27/2024
2,500,000.00
0.00 2,588,925.00
0.00 2,588,925.00
0.00 (17,256.39)
18,756.94
1,500.55
0.00 0.00
0.00 1,500.55
1,500.55
437076BY7 HOME DEPOT INC 2.95
06/15/2029
06/11/2019
06/17/2019
1,500,000.00
1,498,455.00
0.00 0.00
1,498,455.00
9,341.67
0.00 13,029.17
3,687.50
0.00 0.00
0.00 3,687.50
3,687.50
437076CS9 HOME DEPOT INC 4.5
09/15/2032 7,500,000.00
7,260,535.00
0.00 0.00
7,260,535.00
155,625.00
168,750.00
15,000.00
28,125.00
0.00 0.00
0.00 28,125.00
28,125.00
438516CK0 HONEYWELL INTERNATIONAL
INC 5.0 02/15/2033 10,000,000.00
9,934,460.00
0.00 0.00
9,934,460.00
22,222.22
0.00 63,888.89
41,666.67
0.00 0.00
0.00 41,666.67
41,666.67
46647PAM8 JPMORGAN CHASE & CO
3.509 01/23/2029 2,000,000.00
2,121,594.11
0.00 0.00
2,121,594.11
7,407.89
0.00 13,256.22
5,848.33
0.00 0.00
0.00 5,848.33
5,848.33
SAMPLE
CONFIDENTIAL | 30
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
46647PBJ4 JPMORGAN CHASE & CO
4.493 03/24/2031 3,000,000.00
2,830,150.00
0.00 0.00
2,830,150.00
58,783.42
67,395.00
2,620.92
11,232.50
0.00 0.00
0.00 11,232.50
11,232.50
46647PBL9 JPMORGAN CHASE & CO
2.522 04/22/2031
02/14/2022
02/16/2022
2,000,000.00
1,906,620.00
0.00 0.00
1,906,620.00
18,074.33
0.00 22,277.67
4,203.33
0.00 0.00
0.00 4,203.33
4,203.33
46647PDC7 JPMORGAN CHASE & CO
4.586 04/26/2033 7,000,000.00
6,592,710.00
0.00 0.00
6,592,710.00
111,465.28
0.00 138,216.94
26,751.67
0.00 0.00
0.00 26,751.67
26,751.67
532457CF3 ELI LILLY AND CO 4.7
02/27/2033 7,000,000.00
7,032,030.00
0.00 0.00
7,032,030.00
3,655.56
0.00 31,072.22
27,416.67
0.00 0.00
0.00 27,416.67
27,416.67
57636QAX2 MASTERCARD INC 4.85
03/09/2033
06/13/2023
06/15/2023
3,000,000.00
3,042,750.00
0.00 0.00
3,042,750.00
69,516.67
72,750.00
8,891.67
12,125.00
0.00 0.00
0.00 12,125.00
12,125.00
58933YAX3 MERCK & CO INC 3.4
03/07/2029 3,000,000.00
3,107,740.00
0.00 0.00
3,107,740.00
49,300.00
51,000.00
6,800.00
8,500.00
0.00 0.00
0.00 8,500.00
8,500.00
58933YBK0 MERCK & CO INC 4.5
05/17/2033
05/11/2023
05/17/2023
5,000,000.00
5,065,650.00
0.00 0.00
5,065,650.00
65,000.00
0.00 83,750.00
18,750.00
0.00 0.00
0.00 18,750.00
18,750.00
59217GFP9 METROPOLITAN LIFE GLOBAL
FUNDING I 5.15 03/28/2033 5,000,000.00
4,981,340.00
0.00 0.00
4,981,340.00
109,437.50
128,750.00
2,145.83
21,458.33
0.00 0.00
0.00 21,458.33
21,458.33
6174468P7 MORGAN STANLEY 3.622
04/01/2031 5,000,000.00
4,440,275.00
0.00 0.00
4,440,275.00
75,458.33
0.00 90,550.00
15,091.67
0.00 0.00
0.00 15,091.67
15,091.67
SAMPLE
CONFIDENTIAL | 31
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
61747YEU5 MORGAN STANLEY 4.889
07/20/2033
06/16/2023
06/21/2023
5,000,000.00
4,800,950.00
0.00 0.00
4,800,950.00
27,840.14
0.00 48,210.97
20,370.83
0.00 0.00
0.00 20,370.83
20,370.83
61747YFE0 MORGAN STANLEY 5.25
04/21/2034
04/18/2024
04/22/2024
2,500,000.00
2,398,075.00
0.00 0.00
2,398,075.00
47,395.83
0.00 58,333.33
10,937.50
0.00 0.00
0.00 10,937.50
10,937.50
637432PA7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP
5.8 01/15/2033 7,000,000.00
6,821,460.00
0.00 0.00
6,821,460.00
51,877.78
0.00 85,711.11
33,833.33
0.00 0.00
0.00 33,833.33
33,833.33
665859AU8 NORTHERN TRUST CORP 3.15
05/03/2029
12/05/2019
12/09/2019
1,500,000.00
1,576,680.00
0.00 0.00
1,576,680.00
15,487.50
0.00 19,425.00
3,937.50
0.00 0.00
0.00 3,937.50
3,937.50
665859AV6 NORTHERN TRUST CORP 1.95
05/01/2030
07/22/2020
07/24/2020
1,500,000.00
1,581,525.00
0.00 0.00
1,581,525.00
9,750.00
0.00 12,187.50
2,437.50
0.00 0.00
0.00 2,437.50
2,437.50
693475AW5 PNC FINANCIAL SERVICES
GROUP INC 3.45 04/23/2029 2,000,000.00
2,138,025.00
0.00 0.00
2,138,025.00
24,533.33
0.00 30,283.33
5,750.00
0.00 0.00
0.00 5,750.00
5,750.00
713448FE3 PEPSICO INC 1.95 10/21/2031
3,000,000.00
2,981,718.20
0.00 0.00
2,981,718.20
21,125.00
0.00 26,000.00
4,875.00
0.00 0.00
0.00 4,875.00
4,875.00
713448FM5 PEPSICO INC 3.9 07/18/2032
9,000,000.00
8,304,380.00
0.00 0.00
8,304,380.00
41,925.00
0.00 71,175.00
29,250.00
0.00 0.00
0.00 29,250.00
29,250.00
716973AE2
PFIZER INVESTMENT
ENTERPRISES PTE LTD 4.75
05/19/2033 7,500,000.00
7,265,650.00
0.00 0.00
7,265,650.00
100,937.50
0.00 130,625.00
29,687.50
0.00 0.00
0.00 29,687.50
29,687.50
SAMPLE
CONFIDENTIAL | 32
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
717081ET6 PFIZER INC 3.45 03/15/2029
06/12/2019
06/14/2019
1,500,000.00
1,564,020.00
0.00 0.00
1,564,020.00
23,862.50
25,875.00
2,300.00
4,312.50
0.00 0.00
0.00 4,312.50
4,312.50
717081FB4 PFIZER INC 1.75 08/18/2031
11/16/2021
11/18/2021
2,000,000.00
1,931,500.00
0.00 0.00
1,931,500.00
1,263.89
0.00 4,180.56
2,916.67
0.00 0.00
0.00 2,916.67
2,916.67
74340XCE9 PROLOGIS LP 4.75
06/15/2033 7,000,000.00
6,624,720.00
0.00 0.00
6,624,720.00
70,194.44
0.00 97,902.78
27,708.33
0.00 0.00
0.00 27,708.33
27,708.33
74340XCJ8 PROLOGIS LP 5.0 03/15/2034
5,000,000.00
4,911,330.00
0.00 0.00
4,911,330.00
150,000.00
159,722.22
11,111.11
20,833.33
0.00 0.00
0.00 20,833.33
20,833.33
74456QCL8
PUBLIC SERVICE ELECTRIC
AND GAS CO 4.65
03/15/2033 8,000,000.00
7,748,688.00
0.00 0.00
7,748,688.00
171,533.33
186,000.00
16,533.33
31,000.00
0.00 0.00
0.00 31,000.00
31,000.00
747525BK8 QUALCOMM INC 2.15
05/20/2030 5,500,000.00
5,436,382.86
0.00 0.00
5,436,382.86
33,175.69
0.00 43,029.86
9,854.17
0.00 0.00
0.00 9,854.17
9,854.17
747525BQ5 QUALCOMM INC 4.25
05/20/2032 3,000,000.00
2,945,505.00
0.00 0.00
2,945,505.00
35,770.83
0.00 46,395.83
10,625.00
0.00 0.00
0.00 10,625.00
10,625.00
747525BS1 QUALCOMM INC 5.4
05/20/2033 4,000,000.00
4,055,920.00
0.00 0.00
4,055,920.00
60,600.00
0.00 78,600.00
18,000.00
0.00 0.00
0.00 18,000.00
18,000.00
756109AX2 REALTY INCOME CORP 3.25
01/15/2031
09/19/2022
09/21/2022
3,000,000.00
2,644,890.00
0.00 0.00
2,644,890.00
12,458.33
0.00 20,583.33
8,125.00
0.00 0.00
0.00 8,125.00
8,125.00
SAMPLE
CONFIDENTIAL | 33
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
756109BP8 REALTY INCOME CORP 5.625
10/13/2032
10/19/2023
10/23/2023
3,000,000.00
2,811,960.00
0.00 0.00
2,811,960.00
64,687.50
0.00 78,750.00
14,062.50
0.00 0.00
0.00 14,062.50
14,062.50
756109BR4 REALTY INCOME CORP 4.85
03/15/2030 4,000,000.00
3,969,460.00
0.00 0.00
3,969,460.00
89,455.56
97,000.00
8,622.22
16,166.67
0.00 0.00
0.00 16,166.67
16,166.67
78016EYH4 ROYAL BANK OF CANADA 2.3
11/03/2031
11/12/2021
11/16/2021
3,500,000.00
3,504,620.00
0.00 0.00
3,504,620.00
26,386.11
0.00 33,094.44
6,708.33
0.00 0.00
0.00 6,708.33
6,708.33
78016FZX5 ROYAL BANK OF CANADA 5.0
02/01/2033 8,000,000.00
7,735,430.00
0.00 0.00
7,735,430.00
33,333.33
0.00 66,666.67
33,333.33
0.00 0.00
0.00 33,333.33
33,333.33
79466LAH7 SALESFORCE INC 1.5
07/15/2028
06/29/2021
07/12/2021
2,340,000.00
2,327,925.60
0.00 0.00
2,327,925.60
4,485.00
0.00 7,410.00
2,925.00
0.00 0.00
0.00 2,925.00
2,925.00
797440BZ6 SAN DIEGO GAS & ELECTRIC
CO 1.7 10/01/2030
03/08/2021
03/10/2021
3,000,000.00
2,839,620.00
0.00 0.00
2,839,620.00
21,250.00
0.00 25,500.00
4,250.00
0.00 0.00
0.00 4,250.00
4,250.00
808513BA2 CHARLES SCHWAB CORP 3.25
05/22/2029
06/24/2019
06/26/2019
1,500,000.00
1,550,340.00
0.00 0.00
1,550,340.00
13,406.25
0.00 17,468.75
4,062.50
0.00 0.00
0.00 4,062.50
4,062.50
808513CA1 CHARLES SCHWAB CORP 2.9
03/03/2032 3,000,000.00
2,560,635.00
0.00 0.00
2,560,635.00
43,016.67
43,500.00
6,766.67
7,250.00
0.00 0.00
0.00 7,250.00
7,250.00
822582CD2
SHELL INTERNATIONAL
FINANCE BV 2.375
11/07/2029
11/05/2019
11/07/2019
2,000,000.00
1,972,580.00
0.00 0.00
1,972,580.00
15,041.67
0.00 19,000.00
3,958.33
0.00 0.00
0.00 3,958.33
3,958.33
SAMPLE
CONFIDENTIAL | 34
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
822582CG5 SHELL INTERNATIONAL
FINANCE BV 2.75 04/06/2030 5,000,000.00
4,758,960.00
0.00 0.00
4,758,960.00
55,381.94
0.00 66,840.28
11,458.33
0.00 0.00
0.00 11,458.33
11,458.33
828807DM6 SIMON PROPERTY GROUP LP
2.2 02/01/2031
09/15/2021
09/17/2021
2,500,000.00
2,499,975.00
0.00 0.00
2,499,975.00
4,583.33
0.00 9,166.67
4,583.33
0.00 0.00
0.00 4,583.33
4,583.33
828807DU8 SIMON PROPERTY GROUP LP
5.5 03/08/2033 4,500,000.00
4,491,950.00
0.00 0.00
4,491,950.00
118,937.50
123,750.00
15,812.50
20,625.00
0.00 0.00
0.00 20,625.00
20,625.00
857477BU6 STATE STREET CORP 4.421
05/13/2033
05/12/2023
05/16/2023
2,000,000.00
1,924,940.00
0.00 0.00
1,924,940.00
26,526.00
0.00 33,894.33
7,368.33
0.00 0.00
0.00 7,368.33
7,368.33
857477BV4 STATE STREET CORP 4.164
08/04/2033
10/30/2023
11/01/2023
2,000,000.00
1,699,560.00
0.00 0.00
1,699,560.00
6,246.00
0.00 13,186.00
6,940.00
0.00 0.00
0.00 6,940.00
6,940.00
87612EBH8 TARGET CORP 3.375
04/15/2029
04/23/2019
04/25/2019
3,000,000.00
3,025,020.00
0.00 0.00
3,025,020.00
38,250.00
0.00 46,687.50
8,437.50
0.00 0.00
0.00 8,437.50
8,437.50
87612EBQ8 TARGET CORP 4.4 01/15/2033
7,000,000.00
6,942,200.00
0.00 0.00
6,942,200.00
39,355.56
0.00 65,022.22
25,666.67
0.00 0.00
0.00 25,666.67
25,666.67
89114TZJ4 TORONTO-DOMINION BANK
2.0 09/10/2031
09/17/2021
09/21/2021
3,000,000.00
2,985,720.00
0.00 0.00
2,985,720.00
28,500.00
30,000.00
3,500.00
5,000.00
0.00 0.00
0.00 5,000.00
5,000.00
89115A2E1 TORONTO-DOMINION BANK
4.456 06/08/2032 9,000,000.00
8,312,940.00
0.00 0.00
8,312,940.00
92,462.00
0.00 125,882.00
33,420.00
0.00 0.00
0.00 33,420.00
33,420.00
SAMPLE
CONFIDENTIAL | 35
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
89236TGY5 TOYOTA MOTOR CREDIT
CORP 3.375 04/01/2030 5,000,000.00
4,493,920.00
0.00 0.00
4,493,920.00
70,312.50
0.00 84,375.00
14,062.50
0.00 0.00
0.00 14,062.50
14,062.50
89236TKR5 TOYOTA MOTOR CREDIT
CORP 4.7 01/12/2033 5,000,000.00
5,038,315.00
0.00 0.00
5,038,315.00
31,986.11
0.00 51,569.44
19,583.33
0.00 0.00
0.00 19,583.33
19,583.33
89236TLM5 TOYOTA MOTOR CREDIT
CORP 4.8 01/05/2034
02/07/2024
02/09/2024
4,000,000.00
3,961,600.00
0.00 0.00
3,961,600.00
29,866.67
0.00 45,866.67
16,000.00
0.00 0.00
0.00 16,000.00
16,000.00
911312BY1 UNITED PARCEL SERVICE INC
4.45 04/01/2030
09/27/2022
09/29/2022
2,000,000.00
1,934,520.00
0.00 0.00
1,934,520.00
37,083.33
0.00 44,500.00
7,416.67
0.00 0.00
0.00 7,416.67
7,416.67
911312BZ8 UNITED PARCEL SERVICE INC
4.875 03/03/2033 5,000,000.00
5,036,405.00
0.00 0.00
5,036,405.00
120,520.83
121,875.00
18,958.33
20,312.50
0.00 0.00
0.00 20,312.50
20,312.50
91159HJK7 US BANCORP 4.653
02/01/2029
03/09/2023
03/13/2023
4,000,000.00
3,877,840.00
0.00 0.00
3,877,840.00
15,510.00
0.00 31,020.00
15,510.00
0.00 0.00
0.00 15,510.00
15,510.00
9128285M8 UNITED STATES TREASURY
3.125 11/15/2028 0.00
2,371,126.30
0.00 (2,371,126.30)
0.00 23,140.29
26,537.02
0.00 3,396.73
0.00 0.00
0.00 3,396.73
3,396.73
9128286B1 UNITED STATES TREASURY
2.625 02/15/2029 5,000,000.00
12,316,821.29
0.00 (7,390,092.77)
4,926,728.51
15,157.95
17,654.55
16,762.91
19,259.51
0.00 0.00
0.00 19,259.51
19,259.51
9128286T2 UNITED STATES TREASURY
2.375 05/15/2029
06/26/2019
06/27/2019
5,000,000.00
5,145,117.19
0.00 0.00
5,145,117.19
35,173.23
0.00 44,853.94
9,680.71
0.00 0.00
0.00 9,680.71
9,680.71
SAMPLE
CONFIDENTIAL | 36
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
912828YS3 UNITED STATES TREASURY
1.75 11/15/2029 10,000,000.00
10,346,875.00
0.00 0.00
10,346,875.00
51,834.24
0.00 66,100.54
14,266.30
0.00 0.00
0.00 14,266.30
14,266.30
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 10,000,000.00
10,417,732.56
0.00 0.00
10,417,732.56
6,929.35
0.00 19,157.61
12,228.26
0.00 0.00
0.00 12,228.26
12,228.26
912828ZQ6 UNITED STATES TREASURY
0.625 05/15/2030 5,000,000.00
4,962,890.63
0.00 0.00
4,962,890.63
9,256.11
0.00 11,803.67
2,547.55
0.00 0.00
0.00 2,547.55
2,547.55
91282CAE1 UNITED STATES TREASURY
0.625 08/15/2030 2,500,000.00
2,467,070.31
0.00 0.00
2,467,070.31
721.81
0.00 1,995.58
1,273.78
0.00 0.00
0.00 1,273.78
1,273.78
91282CAV3 UNITED STATES TREASURY
0.875 11/15/2030 5,000,000.00
4,938,632.81
0.00 0.00
4,938,632.81
12,958.56
0.00 16,525.14
3,566.58
0.00 0.00
0.00 3,566.58
3,566.58
91282CBL4 UNITED STATES TREASURY
1.125 02/15/2031 10,000,000.00
9,731,298.84
0.00 0.00
9,731,298.84
5,197.01
0.00 14,368.21
9,171.20
0.00 0.00
0.00 9,171.20
9,171.20
91282CCB5 UNITED STATES TREASURY
1.625 05/15/2031
07/23/2021
07/26/2021
2,500,000.00
2,572,656.25
0.00 0.00
2,572,656.25
12,032.95
0.00 15,344.77
3,311.82
0.00 0.00
0.00 3,311.82
3,311.82
91282CCS8 UNITED STATES TREASURY
1.25 08/15/2031 5,000,000.00
4,948,144.54
0.00 0.00
4,948,144.54
2,887.23
0.00 7,982.34
5,095.11
0.00 0.00
0.00 5,095.11
5,095.11
91282CEE7 UNITED STATES TREASURY
2.375 03/31/2029
04/19/2022
04/20/2022
3,000,000.00
2,895,117.19
0.00 0.00
2,895,117.19
29,979.51
35,625.00
195.74
5,841.23
0.00 0.00
0.00 5,841.23
5,841.23
SAMPLE
CONFIDENTIAL | 37
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
91282CEP2 UNITED STATES TREASURY
2.875 05/15/2032 25,000,000.00
23,876,875.01
0.00 0.00
23,876,875.01
212,890.63
0.00 271,484.38
58,593.75
0.00 0.00
0.00 58,593.75
58,593.75
91282CES6 UNITED STATES TREASURY
2.75 05/31/2029 7,500,000.00
7,006,582.03
0.00 0.00
7,006,582.03
52,407.79
0.00 69,313.52
16,905.74
0.00 0.00
0.00 16,905.74
16,905.74
91282CEV9 UNITED STATES TREASURY
3.25 06/30/2029 30,000,000.00
29,223,437.51
0.00 0.00
29,223,437.51
166,915.76
0.00 246,399.46
79,483.70
0.00 0.00
0.00 79,483.70
79,483.70
91282CFF3 UNITED STATES TREASURY
2.75 08/15/2032 25,000,000.00
22,993,457.03
0.00 0.00
22,993,457.03
31,759.51
0.00 87,805.71
56,046.20
0.00 0.00
0.00 56,046.20
56,046.20
91282CFJ5 UNITED STATES TREASURY
3.125 08/31/2029 30,000,000.00
28,595,039.07
0.00 0.00
28,595,039.07
2,589.78
468,750.00
80,283.15
546,443.37
0.00 0.00
0.00 546,443.37
546,443.37
91282CFV8 UNITED STATES TREASURY
4.125 11/15/2032 35,000,000.00
35,324,511.73
0.00 0.00
35,324,511.73
427,632.47
0.00 545,329.48
117,697.01
0.00 0.00
0.00 117,697.01
117,697.01
91282CFY2 UNITED STATES TREASURY
3.875 11/30/2029 20,000,000.00
20,037,304.69
0.00 0.00
20,037,304.69
196,926.23
0.00 260,450.82
63,524.59
0.00 0.00
0.00 63,524.59
63,524.59
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 35,000,000.00
34,055,078.14
0.00 0.00
34,055,078.14
106,521.74
0.00 206,385.87
99,864.13
0.00 0.00
0.00 99,864.13
99,864.13
91282CGM7 UNITED STATES TREASURY 3.5
02/15/2033 30,000,000.00
29,046,679.70
0.00 0.00
29,046,679.70
48,505.43
0.00 134,103.26
85,597.83
0.00 0.00
0.00 85,597.83
85,597.83
SAMPLE
CONFIDENTIAL | 38
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 35,000,000.00
34,940,820.33
0.00 0.00
34,940,820.33
3,867.40
700,000.00
119,889.50
816,022.10
0.00 0.00
0.00 816,022.10
816,022.10
91282CGS4 UNITED STATES TREASURY
3.625 03/31/2030 35,000,000.00
34,477,343.76
0.00 0.00
34,477,343.76
533,845.63
634,375.00
3,485.58
104,014.95
0.00 0.00
0.00 104,014.95
104,014.95
91282CHC8 UNITED STATES TREASURY
3.375 05/15/2033 40,000,000.00
37,882,324.23
0.00 0.00
37,882,324.23
399,864.13
0.00 509,918.48
110,054.35
0.00 0.00
0.00 110,054.35
110,054.35
91282CHF1 UNITED STATES TREASURY
3.75 05/31/2030 30,000,000.00
29,784,667.97
0.00 0.00
29,784,667.97
285,860.66
0.00 378,073.77
92,213.11
0.00 0.00
0.00 92,213.11
92,213.11
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 20,000,000.00
19,230,859.38
0.00 0.00
19,230,859.38
69,565.22
0.00 134,782.61
65,217.39
0.00 0.00
0.00 65,217.39
65,217.39
91282CHT1 UNITED STATES TREASURY
3.875 08/15/2033 40,000,000.00
37,253,906.26
0.00 0.00
37,253,906.26
71,603.26
0.00 197,961.96
126,358.70
0.00 0.00
0.00 126,358.70
126,358.70
91282CHZ7 UNITED STATES TREASURY
4.625 09/30/2030 20,000,000.00
19,622,656.25
0.00 0.00
19,622,656.25
389,207.65
462,500.00
2,541.21
75,833.56
0.00 0.00
0.00 75,833.56
75,833.56
91282CJG7 UNITED STATES TREASURY
4.875 10/31/2030 20,000,000.00
20,944,921.88
0.00 0.00
20,944,921.88
328,532.61
0.00 408,016.30
79,483.70
0.00 0.00
0.00 79,483.70
79,483.70
91282CJJ1 UNITED STATES TREASURY 4.5
11/15/2033 25,000,000.00
25,966,992.19
0.00 0.00
25,966,992.19
333,220.11
0.00 424,932.07
91,711.96
0.00 0.00
0.00 91,711.96
91,711.96
SAMPLE
CONFIDENTIAL | 39
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
91282CJZ5 UNITED STATES TREASURY 4.0
02/15/2034 30,000,000.00
29,079,687.52
0.00 0.00
29,079,687.52
55,434.78
0.00 153,260.87
97,826.09
0.00 0.00
0.00 97,826.09
97,826.09
91282CKN0 UNITED STATES TREASURY
4.625 04/30/2031
05/30/2024
05/31/2024
7,500,000.00
7,525,781.25
0.00 0.00
7,525,781.25
116,881.79
0.00 145,159.65
28,277.85
0.00 0.00
0.00 28,277.85
28,277.85
91282CKQ3 UNITED STATES TREASURY
4.375 05/15/2034 45,000,000.00
45,019,335.94
0.00 0.00
45,019,335.94
583,135.19
0.00 743,631.11
160,495.92
0.00 0.00
0.00 160,495.92
160,495.92
91282CLF6 UNITED STATES TREASURY
3.875 08/15/2034 22,500,000.00
12,521,484.38
10,185,156.25
0.00 22,706,640.63
22,376.02
(35,801.63)
111,353.60
53,175.95
0.00 0.00
0.00 53,175.95
53,175.95
91324PEJ7 UNITEDHEALTH GROUP INC
4.2 05/15/2032 4,500,000.00
4,452,775.00
0.00 0.00
4,452,775.00
55,650.00
0.00 71,400.00
15,750.00
0.00 0.00
0.00 15,750.00
15,750.00
91324PEV0 UNITEDHEALTH GROUP INC
4.5 04/15/2033 10,000,000.00
9,798,905.00
0.00 0.00
9,798,905.00
170,000.00
0.00 207,500.00
37,500.00
0.00 0.00
0.00 37,500.00
37,500.00
931142EY5 WALMART INC 4.15
09/09/2032
09/20/2022
09/22/2022
2,000,000.00
1,952,260.00
0.00 0.00
1,952,260.00
39,655.56
41,500.00
5,072.22
6,916.67
0.00 0.00
0.00 6,916.67
6,916.67
931142FD0 WALMART INC 4.1
04/15/2033 5,000,000.00
4,945,725.00
0.00 0.00
4,945,725.00
77,444.44
0.00 94,527.78
17,083.33
0.00 0.00
0.00 17,083.33
17,083.33
Total Fixed Income 1,166,095,314.69
1,139,276,274.69
12,774,081.25
(9,797,957.95)
1,142,252,397.99
10,250,953.97
4,725,616.36
10,323,055.24
4,797,717.63
0.00 0.00
0.00 4,797,717.63 4,797,717.63
SAMPLE
CONFIDENTIAL | 40
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
TOTAL PORTFOLIO 1,168,514,288.66
1,141,144,020.92
27,328,305.52
(22,632,463.29)
1,144,671,371.96
10,250,953.97
4,744,335.41
10,323,055.24
4,816,436.68
0.00 0.00
0.00 4,816,436.68 4,816,436.68
SAMPLE
CONFIDENTIAL | 41
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount OCTOBER 2024
10/01/2024 Dividend 665278404 0.00 12,483.59 12,483.59
10/01/2024 Coupon 341081GL5 0.00 FLORIDA POWER & LIGHT CO 5.1 04/01/2033 178,500.00 178,500.00 10/01/2024 Coupon 6174468P7 0.00 MORGAN STANLEY 3.622 04/01/2031 90,550.00 90,550.00 10/01/2024 Coupon 797440BZ6 0.00 SAN DIEGO GAS & ELECTRIC CO 1.7 10/01/2030 25,500.00 25,500.00 10/01/2024 Coupon 89236TGY5 0.00 TOYOTA MOTOR CREDIT CORP 3.375 04/01/2030 84,375.00 84,375.00
10/01/2024 Coupon 911312BY1 0.00 UNITED PARCEL SERVICE INC 4.45 04/01/2030 44,500.00 44,500.00 10/02/2024 Coupon 05565ECK9 3,000,000.00 BMW US CAPITAL LLC 5.15 04/02/2034 77,250.00 77,250.00 10/07/2024 Coupon 822582CG5 5,000,000.00 SHELL INTERNATIONAL FINANCE BV 2.75 04/06/2030 68,750.00 68,750.00
10/08/2024 Coupon 3135G05Y5 5,000,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION
0.75 10/08/2027 18,750.00 18,750.00
10/15/2024 Coupon 084664CW9 3,000,000.00 BERKSHIRE HATHAWAY FINANCE CORP 1.45 10/15/2030 21,750.00 21,750.00
10/15/2024 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,408.23 1,408.23 10/15/2024 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,703.16 3,703.16 10/15/2024 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 417.87 417.87 10/15/2024 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 6,797.79 6,797.79 10/15/2024 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 79.45 79.45 10/15/2024 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 70.94 70.94 10/15/2024 Coupon 756109BP8 3,000,000.00 REALTY INCOME CORP 5.625 10/13/2032 84,375.00 84,375.00 10/15/2024 Coupon 87612EBH8 3,000,000.00 TARGET CORP 3.375 04/15/2029 50,625.00 50,625.00 10/15/2024 Coupon 91324PEV0 10,000,000.00 UNITEDHEALTH GROUP INC 4.5 04/15/2033 225,000.00 225,000.00 10/15/2024 Coupon 931142FD0 5,000,000.00 WALMART INC 4.1 04/15/2033 102,500.00 102,500.00 10/20/2024 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 79.37 79.37 10/21/2024 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 53.45 53.45 10/21/2024 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 317.89 317.89 10/21/2024 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 303.21 303.21 10/21/2024 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 747.84 747.84 10/21/2024 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 281.65 281.65 10/21/2024 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 555.38 555.38 SAMPLE
CONFIDENTIAL | 42
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/21/2024 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 247.26 247.26 10/21/2024 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,524.31 1,524.31 10/21/2024 Coupon 61747YFE0 2,500,000.00 MORGAN STANLEY 5.25 04/21/2034 65,625.00 65,625.00 10/21/2024 Coupon 713448FE3 3,000,000.00 PEPSICO INC 1.95 10/21/2031 29,250.00 29,250.00 10/22/2024 Coupon 46647PBL9 2,000,000.00 JPMORGAN CHASE & CO 2.522 04/22/2031 25,220.00 25,220.00 10/23/2024 Coupon 693475AW5 2,000,000.00 PNC FINANCIAL SERVICES GROUP INC 3.45 04/23/2029 34,500.00 34,500.00
10/25/2024 Coupon 06051GLH0 2,500,000.00 BANK OF AMERICA CORP 5.288 04/25/2034 66,100.00 66,100.00 10/25/2024 Coupon 06406RBM8 10,000,000.00 BANK OF NEW YORK MELLON CORP 5.834 10/25/2033 291,700.00 291,700.00
10/25/2024 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 1,084.88 1,084.88 10/25/2024 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 8,083.23 8,083.23 10/25/2024 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,072.97 1,072.97 10/25/2024 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,758.98 2,758.98 10/25/2024 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,282.07 1,282.07 10/25/2024 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,284.86 3,284.86 10/25/2024 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,115.37 1,115.37 10/25/2024 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,950.43 2,950.43 10/28/2024 Coupon 06051GKQ1 7,500,000.00 BANK OF AMERICA CORP 4.571 04/27/2033 171,412.50 171,412.50 10/28/2024 Coupon 46647PDC7 7,000,000.00 JPMORGAN CHASE & CO 4.586 04/26/2033 160,510.00 160,510.00 10/30/2024 Coupon 09247XAP6 2,500,000.00 BLACKROCK INC 3.25 04/30/2029 40,625.00 40,625.00 10/31/2024 Coupon 91282CJG7 20,000,000.00 UNITED STATES TREASURY 4.875 10/31/2030 487,500.00 487,500.00 10/31/2024 Coupon 91282CKN0 7,500,000.00 UNITED STATES TREASURY 4.625 04/30/2031 173,437.50 173,437.50 October 2024
Total 43,278.41 2,625,730.78 2,669,009.19
NOVEMBER 2024
11/01/2024 Coupon 665859AV6 1,500,000.00 NORTHERN TRUST CORP 1.95 05/01/2030 14,625.00 14,625.00 11/04/2024 Coupon 665859AU8 1,500,000.00 NORTHERN TRUST CORP 3.15 05/03/2029 23,625.00 23,625.00 11/04/2024 Coupon 78016EYH4 3,500,000.00 ROYAL BANK OF CANADA 2.3 11/03/2031 40,250.00 40,250.00 11/07/2024 Coupon 822582CD2 2,000,000.00 SHELL INTERNATIONAL FINANCE BV 2.375 11/07/2029 23,750.00 23,750.00
11/12/2024 Coupon 023135BZ8 4,670,000.00 AMAZON.COM INC 2.1 05/12/2031 49,035.00 49,035.00 SAMPLE
CONFIDENTIAL | 43
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/12/2024 Coupon 037833EU0 2,000,000.00 APPLE INC 4.15 05/10/2030 41,500.00 41,500.00 11/12/2024 Coupon 037833EV8 2,500,000.00 APPLE INC 4.3 05/10/2033 53,750.00 53,750.00 11/13/2024 Coupon 191216DR8 5,000,000.00 COCA-COLA CO 5.0 05/13/2034 125,000.00 125,000.00 11/13/2024 Coupon 857477BU6 2,000,000.00 STATE STREET CORP 4.421 05/13/2033 44,210.00 44,210.00 11/15/2024 Coupon 20030NEE7 3,500,000.00 COMCAST CORP 4.8 05/15/2033 84,000.00 84,000.00 11/15/2024 Coupon 30303M8N5 5,000,000.00 META PLATFORMS INC 4.95 05/15/2033 123,750.00 123,750.00 11/15/2024 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,395.89 1,395.89 11/15/2024 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,676.08 3,676.08 11/15/2024 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 381.40 381.40 11/15/2024 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 84.40 84.40 11/15/2024 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 318.16 318.16 11/15/2024 Coupon 9128286T2 5,000,000.00 UNITED STATES TREASURY 2.375 05/15/2029 59,375.00 59,375.00 11/15/2024 Coupon 912828YS3 10,000,000.00 UNITED STATES TREASURY 1.75 11/15/2029 87,500.00 87,500.00 11/15/2024 Coupon 912828ZQ6 5,000,000.00 UNITED STATES TREASURY 0.625 05/15/2030 15,625.00 15,625.00 11/15/2024 Coupon 91282CAV3 5,000,000.00 UNITED STATES TREASURY 0.875 11/15/2030 21,875.00 21,875.00 11/15/2024 Coupon 91282CCB5 2,500,000.00 UNITED STATES TREASURY 1.625 05/15/2031 20,312.50 20,312.50 11/15/2024 Coupon 91282CEP2 25,000,000.00 UNITED STATES TREASURY 2.875 05/15/2032 359,375.00 359,375.00 11/15/2024 Coupon 91282CFV8 35,000,000.00 UNITED STATES TREASURY 4.125 11/15/2032 721,875.00 721,875.00 11/15/2024 Coupon 91282CHC8 40,000,000.00 UNITED STATES TREASURY 3.375 05/15/2033 675,000.00 675,000.00 11/15/2024 Coupon 91282CJJ1 25,000,000.00 UNITED STATES TREASURY 4.5 11/15/2033 562,500.00 562,500.00 11/15/2024 Coupon 91282CKQ3 45,000,000.00 UNITED STATES TREASURY 4.375 05/15/2034 984,375.00 984,375.00 11/15/2024 Coupon 91324PEJ7 4,500,000.00 UNITEDHEALTH GROUP INC 4.2 05/15/2032 94,500.00 94,500.00 11/18/2024 Coupon 58933YBK0 5,000,000.00 MERCK & CO INC 4.5 05/17/2033 112,500.00 112,500.00 11/19/2024 Coupon 716973AE2 7,500,000.00 PFIZER INVESTMENT ENTERPRISES PTE LTD
4.75 05/19/2033 178,125.00 178,125.00
11/20/2024 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 78.41 78.41 11/20/2024 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 391.29 391.29 11/20/2024 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 52.16 52.16 11/20/2024 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 283.32 283.32 11/20/2024 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 300.95 300.95 11/20/2024 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 705.65 705.65 11/20/2024 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 279.91 279.91 SAMPLE
CONFIDENTIAL | 44
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/20/2024 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 639.55 639.55 11/20/2024 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 347.14 347.14 11/20/2024 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,338.55 1,338.55 11/20/2024 Coupon 747525BK8 5,500,000.00 QUALCOMM INC 2.15 05/20/2030 59,125.00 59,125.00 11/20/2024 Coupon 747525BQ5 3,000,000.00 QUALCOMM INC 4.25 05/20/2032 63,750.00 63,750.00 11/20/2024 Coupon 747525BS1 4,000,000.00 QUALCOMM INC 5.4 05/20/2033 108,000.00 108,000.00 11/22/2024 Coupon 808513BA2 1,500,000.00 CHARLES SCHWAB CORP 3.25 05/22/2029 24,375.00 24,375.00 11/25/2024 Coupon 09247XAT8 10,000,000.00 BLACKROCK INC 4.75 05/25/2033 237,500.00 237,500.00 11/25/2024 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 1,064.67 1,064.67 11/25/2024 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 8,010.77 8,010.77 11/25/2024 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,063.77 1,063.77 11/25/2024 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,739.21 2,739.21 11/25/2024 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,271.12 1,271.12 11/25/2024 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,261.33 3,261.33 11/25/2024 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,105.53 1,105.53 11/25/2024 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,928.81 2,928.81 November 2024
Total 24,292.72 5,016,607.85 5,040,900.57
DECEMBER 2024
12/02/2024 Coupon 023135CR5 6,000,000.00 AMAZON.COM INC 4.7 12/01/2032 141,000.00 141,000.00 12/02/2024 Coupon 25731VAA2 4,000,000.00 DOMINION ENERGY SOUTH CAROLINA INC 2.3 12/01/2031 46,000.00 46,000.00
12/02/2024 Coupon 91282CES6 7,500,000.00 UNITED STATES TREASURY 2.75 05/31/2029 103,125.00 103,125.00 12/02/2024 Coupon 91282CFY2 20,000,000.00 UNITED STATES TREASURY 3.875 11/30/2029 387,500.00 387,500.00 12/02/2024 Coupon 91282CHF1 30,000,000.00 UNITED STATES TREASURY 3.75 05/31/2030 562,500.00 562,500.00 12/09/2024 Coupon 3130AEB25 5,000,000.00 FEDERAL HOME LOAN BANKS 3.25 06/09/2028 81,250.00 81,250.00 12/09/2024 Coupon 3130AGDY8 2,725,000.00 FEDERAL HOME LOAN BANKS 2.75 06/08/2029 37,468.75 37,468.75 12/09/2024 Coupon 89115A2E1 9,000,000.00 TORONTO-DOMINION BANK 4.456 06/08/2032 200,520.00 200,520.00 12/10/2024 Coupon 3130AVWG3 5,000,000.00 FEDERAL HOME LOAN BANKS 4.0 06/10/2033 100,000.00 100,000.00 12/12/2024 Coupon 24422EXU8 2,500,000.00 JOHN DEERE CAPITAL CORP 5.05 06/12/2034 63,475.69 63,475.69 12/16/2024 Coupon 26444HAK7 2,000,000.00 DUKE ENERGY FLORIDA LLC 2.4 12/15/2031 24,000.00 24,000.00 12/16/2024 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,383.63 1,383.63 SAMPLE
CONFIDENTIAL | 45
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/16/2024 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,649.18 3,649.18 12/16/2024 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 374.91 374.91 12/16/2024 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,062.09 1,062.09 12/16/2024 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 83.28 83.28 12/16/2024 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 283.56 283.56 12/16/2024 Coupon 437076BY7 1,500,000.00 HOME DEPOT INC 2.95 06/15/2029 22,125.00 22,125.00 12/16/2024 Coupon 74340XCE9 7,000,000.00 PROLOGIS LP 4.75 06/15/2033 166,250.00 166,250.00 12/20/2024 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 77.23 77.23 12/20/2024 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 366.44 366.44 12/20/2024 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 51.01 51.01 12/20/2024 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 261.49 261.49 12/20/2024 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 298.82 298.82 12/20/2024 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 679.87 679.87 12/20/2024 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 277.91 277.91 12/20/2024 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 615.29 615.29 12/20/2024 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 341.15 341.15 12/20/2024 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,742.75 1,742.75 12/26/2024 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 1,044.64 1,044.64 12/26/2024 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,938.86 7,938.86 12/26/2024 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,054.64 1,054.64 12/26/2024 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,719.57 2,719.57 12/26/2024 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,260.25 1,260.25 12/26/2024 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,237.96 3,237.96 12/26/2024 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,095.77 1,095.77 12/26/2024 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,907.34 2,907.34 12/31/2024 Coupon 91282CEV9 30,000,000.00 UNITED STATES TREASURY 3.25 06/30/2029 487,500.00 487,500.00 December 2024
Total 25,464.40 2,430,057.68 2,455,522.08
JANUARY 2025
01/06/2025 Coupon 89236TLM5 4,000,000.00 TOYOTA MOTOR CREDIT CORP 4.8 01/05/2034 96,000.00 96,000.00 01/10/2025 Coupon 02665WEZ0 8,500,000.00 AMERICAN HONDA FINANCE CORP 4.9 01/10/2034 208,250.00 208,250.00
SAMPLE
CONFIDENTIAL | 46
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/13/2025 Coupon 89236TKR5 5,000,000.00 TOYOTA MOTOR CREDIT CORP 4.7 01/12/2033 117,500.00 117,500.00 01/15/2025 Coupon 20030NDM0 1,000,000.00 COMCAST CORP 1.95 01/15/2031 9,750.00 9,750.00 01/15/2025 Coupon 26442CBJ2 5,000,000.00 DUKE ENERGY CAROLINAS LLC 4.95 01/15/2033 123,750.00 123,750.00
01/15/2025 Coupon 26442CBM5 3,000,000.00 DUKE ENERGY CAROLINAS LLC 4.85 01/15/2034 72,750.00 72,750.00
01/15/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,371.47 1,371.47 01/15/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,622.47 3,622.47 01/15/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 369.03 369.03 01/15/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,372.31 1,372.31 01/15/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 81.63 81.63 01/15/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 316.25 316.25 01/15/2025 Coupon 637432PA7 7,000,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 5.8 01/15/2033 203,000.00 203,000.00
01/15/2025 Coupon 756109AX2 3,000,000.00 REALTY INCOME CORP 3.25 01/15/2031 48,750.00 48,750.00 01/15/2025 Coupon 79466LAH7 2,340,000.00 SALESFORCE INC 1.5 07/15/2028 17,550.00 17,550.00 01/15/2025 Coupon 87612EBQ8 7,000,000.00 TARGET CORP 4.4 01/15/2033 154,000.00 154,000.00 01/20/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 76.12 76.12 01/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 331.09 331.09 01/20/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 49.94 49.94 01/20/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 231.54 231.54 01/20/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 296.76 296.76 01/20/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 641.10 641.10 01/20/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 275.99 275.99 01/20/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 578.77 578.77 01/20/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 333.35 333.35 01/20/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,540.71 1,540.71 01/21/2025 Coupon 24422EUY3 2,000,000.00 JOHN DEERE CAPITAL CORP 2.8 07/18/2029 28,000.00 28,000.00 01/21/2025 Coupon 61747YEU5 5,000,000.00 MORGAN STANLEY 4.889 07/20/2033 122,225.00 122,225.00 01/21/2025 Coupon 713448FM5 9,000,000.00 PEPSICO INC 3.9 07/18/2032 175,500.00 175,500.00 01/23/2025 Coupon 06051GHV4 5,000,000.00 BANK OF AMERICA CORP 3.194 07/23/2030 79,850.00 79,850.00 01/23/2025 Coupon 46647PAM8 2,000,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029 35,090.00 35,090.00 SAMPLE
CONFIDENTIAL | 47
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/27/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 1,024.80 1,024.80 01/27/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,867.49 7,867.49 01/27/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,045.58 1,045.58 01/27/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,700.06 2,700.06 01/27/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,249.46 1,249.46 01/27/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,214.74 3,214.74 01/27/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,086.08 1,086.08 01/27/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,886.02 2,886.02 01/31/2025 Coupon 29379VCF8 5,000,000.00 ENTERPRISE PRODUCTS OPERATING LLC 4.85 01/31/2034 121,250.00 121,250.00
01/31/2025 Coupon 91282CGJ4 35,000,000.00 UNITED STATES TREASURY 3.5 01/31/2030 612,500.00 612,500.00 01/31/2025 Coupon 91282CHR5 20,000,000.00 UNITED STATES TREASURY 4.0 07/31/2030 400,000.00 400,000.00 January 2025 Total 25,302.55 2,632,975.22 2,658,277.77
FEBRUARY 2025
02/03/2025 Coupon 0641594B9 7,000,000.00 BANK OF NOVA SCOTIA 2.15 08/01/2031 75,250.00 75,250.00 02/03/2025 Coupon 06417XAP6 5,000,000.00 BANK OF NOVA SCOTIA 4.85 02/01/2030 121,250.00 121,250.00 02/03/2025 Coupon 78016FZX5 8,000,000.00 ROYAL BANK OF CANADA 5.0 02/01/2033 200,000.00 200,000.00 02/03/2025 Coupon 828807DM6 2,500,000.00 SIMON PROPERTY GROUP LP 2.2 02/01/2031 27,500.00 27,500.00 02/03/2025 Coupon 91159HJK7 4,000,000.00 US BANCORP 4.653 02/01/2029 93,060.00 93,060.00 02/04/2025 Coupon 857477BV4 2,000,000.00 STATE STREET CORP 4.164 08/04/2033 41,640.00 41,640.00 02/05/2025 Coupon 037833EH9 2,000,000.00 APPLE INC 1.4 08/05/2028 14,000.00 14,000.00 02/05/2025 Coupon 3135G05Q2 5,000,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION
0.875 08/05/2030 21,875.00 21,875.00
02/10/2025 Coupon 037833EP1 3,500,000.00 APPLE INC 3.35 08/08/2032 58,625.00 58,625.00 02/11/2025 Coupon 05565ECF0 8,000,000.00 BMW US CAPITAL LLC 5.15 08/11/2033 206,000.00 206,000.00 02/11/2025 Coupon 404280DH9 2,500,000.00 HSBC HOLDINGS PLC 5.402 08/11/2033 67,525.00 67,525.00 02/17/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 361.44 361.44 02/17/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,129.74 1,129.74 02/17/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 79.82 79.82 02/17/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 257.43 257.43 02/18/2025 Coupon 20030NCA7 2,000,000.00 COMCAST CORP 3.15 02/15/2028 31,500.00 31,500.00 02/18/2025 Coupon 20030NEC1 5,000,000.00 COMCAST CORP 4.65 02/15/2033 116,250.00 116,250.00 SAMPLE
CONFIDENTIAL | 48
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/18/2025 Coupon 30231GBE1 3,000,000.00 EXXON MOBIL CORP 2.44 08/16/2029 36,600.00 36,600.00 02/18/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,359.40 1,359.40 02/18/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,595.94 3,595.94 02/18/2025 Coupon 438516CK0 10,000,000.00 HONEYWELL INTERNATIONAL INC 5.0 02/15/2033 250,000.00 250,000.00
02/18/2025 Coupon 717081FB4 2,000,000.00 PFIZER INC 1.75 08/18/2031 17,500.00 17,500.00 02/18/2025 Coupon 9128286B1 5,000,000.00 UNITED STATES TREASURY 2.625 02/15/2029 65,625.00 65,625.00 02/18/2025 Coupon 912828Z94 10,000,000.00 UNITED STATES TREASURY 1.5 02/15/2030 75,000.00 75,000.00 02/18/2025 Coupon 91282CAE1 2,500,000.00 UNITED STATES TREASURY 0.625 08/15/2030 7,812.50 7,812.50 02/18/2025 Coupon 91282CBL4 10,000,000.00 UNITED STATES TREASURY 1.125 02/15/2031 56,250.00 56,250.00 02/18/2025 Coupon 91282CCS8 5,000,000.00 UNITED STATES TREASURY 1.25 08/15/2031 31,250.00 31,250.00 02/18/2025 Coupon 91282CFF3 25,000,000.00 UNITED STATES TREASURY 2.75 08/15/2032 343,750.00 343,750.00 02/18/2025 Coupon 91282CGM7 30,000,000.00 UNITED STATES TREASURY 3.5 02/15/2033 525,000.00 525,000.00 02/18/2025 Coupon 91282CHT1 40,000,000.00 UNITED STATES TREASURY 3.875 08/15/2033 775,000.00 775,000.00 02/18/2025 Coupon 91282CJZ5 30,000,000.00 UNITED STATES TREASURY 4.0 02/15/2034 600,000.00 600,000.00 02/18/2025 Coupon 91282CLF6 22,500,000.00 UNITED STATES TREASURY 3.875 08/15/2034 435,937.50 435,937.50 02/20/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 75.12 75.12 02/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 343.21 343.21 02/20/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 49.00 49.00 02/20/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 240.29 240.29 02/20/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 294.83 294.83 02/20/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 658.07 658.07 02/20/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 274.18 274.18 02/20/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 594.80 594.80 02/20/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 326.46 326.46 02/20/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,594.06 1,594.06 02/25/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 1,005.13 1,005.13 02/25/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,796.67 7,796.67 02/25/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,036.57 1,036.57 02/25/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,680.68 2,680.68 02/25/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,238.74 1,238.74 02/25/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,191.68 3,191.68 SAMPLE
CONFIDENTIAL | 49
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/25/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,076.46 1,076.46 02/25/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,864.85 2,864.85 02/26/2025 Coupon 17275RBS0 8,000,000.00 CISCO SYSTEMS INC 4.95 02/26/2031 198,000.00 198,000.00 02/27/2025 Coupon 532457CF3 7,000,000.00 ELI LILLY AND CO 4.7 02/27/2033 164,500.00 164,500.00 02/28/2025 Coupon 91282CFJ5 30,000,000.00 UNITED STATES TREASURY 3.125 08/31/2029 468,750.00 468,750.00 02/28/2025 Coupon 91282CGQ8 35,000,000.00 UNITED STATES TREASURY 4.0 02/28/2030 700,000.00 700,000.00 February 2025
Total 24,947.41 5,832,627.15 5,857,574.57
MARCH 2025
03/03/2025 Coupon 009158BF2 8,500,000.00 AIR PRODUCTS AND CHEMICALS INC 4.8 03/03/2033 204,000.00 204,000.00
03/03/2025 Coupon 808513CA1 3,000,000.00 CHARLES SCHWAB CORP 2.9 03/03/2032 43,500.00 43,500.00 03/03/2025 Coupon 911312BZ8 5,000,000.00 UNITED PARCEL SERVICE INC 4.875 03/03/2033 121,875.00 121,875.00 03/07/2025 Coupon 58933YAX3 3,000,000.00 MERCK & CO INC 3.4 03/07/2029 51,000.00 51,000.00 03/10/2025 Coupon 24422EXE4 4,000,000.00 JOHN DEERE CAPITAL CORP 5.15 09/08/2033 103,000.00 103,000.00 03/10/2025 Coupon 3130B0X87 7,500,000.00 FEDERAL HOME LOAN BANKS 4.75 03/10/2034 178,125.00 178,125.00 03/10/2025 Coupon 57636QAX2 3,000,000.00 MASTERCARD INC 4.85 03/09/2033 72,750.00 72,750.00 03/10/2025 Coupon 828807DU8 4,500,000.00 SIMON PROPERTY GROUP LP 5.5 03/08/2033 123,750.00 123,750.00 03/10/2025 Coupon 89114TZJ4 3,000,000.00 TORONTO-DOMINION BANK 2.0 09/10/2031 30,000.00 30,000.00 03/10/2025 Coupon 931142EY5 2,000,000.00 WALMART INC 4.15 09/09/2032 41,500.00 41,500.00 03/11/2025 Coupon 3130AV4X7 5,000,000.00 FEDERAL HOME LOAN BANKS 4.375 03/11/2033 109,375.00 109,375.00
03/13/2025 Coupon 404280BK4 2,500,000.00 HSBC HOLDINGS PLC 4.041 03/13/2028 50,512.50 50,512.50 03/17/2025 Coupon 084664DA6 7,000,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.875 03/15/2032 100,625.00 100,625.00
03/17/2025 Coupon 12572QAK1 5,000,000.00 CME GROUP INC 2.65 03/15/2032 66,250.00 66,250.00 03/17/2025 Coupon 171239AG1 3,000,000.00 CHUBB INA HOLDINGS LLC 1.375 09/15/2030 20,625.00 20,625.00 03/17/2025 Coupon 171239AK2 7,000,000.00 CHUBB INA HOLDINGS LLC 5.0 03/15/2034 175,000.00 175,000.00 03/17/2025 Coupon 24422EWL9 4,000,000.00 JOHN DEERE CAPITAL CORP 4.35 09/15/2032 87,000.00 87,000.00 03/17/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,347.41 1,347.41 03/17/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,569.59 3,569.59 03/17/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 355.19 355.19 SAMPLE
CONFIDENTIAL | 50
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/17/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,399.28 1,399.28 03/17/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 78.34 78.34 03/17/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 320.44 320.44 03/17/2025 Coupon 40139LBE2 5,070,000.00 GUARDIAN LIFE GLOBAL FUNDING 1.625 09/16/2028 41,193.75 41,193.75
03/17/2025 Coupon 437076CS9 7,500,000.00 HOME DEPOT INC 4.5 09/15/2032 168,750.00 168,750.00 03/17/2025 Coupon 717081ET6 1,500,000.00 PFIZER INC 3.45 03/15/2029 25,875.00 25,875.00 03/17/2025 Coupon 74340XCJ8 5,000,000.00 PROLOGIS LP 5.0 03/15/2034 125,000.00 125,000.00 03/17/2025 Coupon 74456QCL8 8,000,000.00 PUBLIC SERVICE ELECTRIC AND GAS CO 4.65 03/15/2033 186,000.00 186,000.00
03/17/2025 Coupon 756109BR4 4,000,000.00 REALTY INCOME CORP 4.85 03/15/2030 97,000.00 97,000.00 03/20/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 74.09 74.09 03/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 351.55 351.55 03/20/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 48.03 48.03 03/20/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 245.83 245.83 03/20/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 292.84 292.84 03/20/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 670.81 670.81 03/20/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 272.32 272.32 03/20/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 606.86 606.86 03/20/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 319.33 319.33 03/20/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,625.81 1,625.81 03/24/2025 Coupon 46647PBJ4 3,000,000.00 JPMORGAN CHASE & CO 4.493 03/24/2031 67,395.00 67,395.00 03/25/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 985.64 985.64 03/25/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,726.38 7,726.38 03/25/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,027.64 1,027.64 03/25/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,661.43 2,661.43 03/25/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,228.10 1,228.10 03/25/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,168.78 3,168.78 03/25/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,066.91 1,066.91 03/25/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,843.83 2,843.83 03/28/2025 Coupon 59217GFP9 5,000,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 5.15 03/28/2033 128,750.00 128,750.00
SAMPLE
CONFIDENTIAL | 51
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/31/2025 Coupon 91282CEE7 3,000,000.00 UNITED STATES TREASURY 2.375 03/31/2029 35,625.00 35,625.00 03/31/2025 Coupon 91282CGS4 35,000,000.00 UNITED STATES TREASURY 3.625 03/31/2030 634,375.00 634,375.00 03/31/2025 Coupon 91282CHZ7 20,000,000.00 UNITED STATES TREASURY 4.625 09/30/2030 462,500.00 462,500.00 March 2025 Total 25,190.60 3,558,447.08 3,583,637.68
APRIL 2025
04/01/2025 Coupon 341081GL5 7,000,000.00 FLORIDA POWER & LIGHT CO 5.1 04/01/2033 178,500.00 178,500.00 04/01/2025 Coupon 6174468P7 5,000,000.00 MORGAN STANLEY 3.622 04/01/2031 90,550.00 90,550.00 04/01/2025 Coupon 797440BZ6 3,000,000.00 SAN DIEGO GAS & ELECTRIC CO 1.7 10/01/2030 25,500.00 25,500.00 04/01/2025 Coupon 89236TGY5 5,000,000.00 TOYOTA MOTOR CREDIT CORP 3.375 04/01/2030 84,375.00 84,375.00
04/01/2025 Coupon 911312BY1 2,000,000.00 UNITED PARCEL SERVICE INC 4.45 04/01/2030 44,500.00 44,500.00 04/02/2025 Coupon 05565ECK9 3,000,000.00 BMW US CAPITAL LLC 5.15 04/02/2034 77,250.00 77,250.00 04/07/2025 Coupon 822582CG5 5,000,000.00 SHELL INTERNATIONAL FINANCE BV 2.75 04/06/2030 68,750.00 68,750.00
04/08/2025 Coupon 3135G05Y5 5,000,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION
0.75 10/08/2027 18,750.00 18,750.00
04/14/2025 Coupon 756109BP8 3,000,000.00 REALTY INCOME CORP 5.625 10/13/2032 84,375.00 84,375.00 04/15/2025 Coupon 084664CW9 3,000,000.00 BERKSHIRE HATHAWAY FINANCE CORP 1.45 10/15/2030 21,750.00 21,750.00
04/15/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,335.51 1,335.51 04/15/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,543.43 3,543.43 04/15/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 347.45 347.45 04/15/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,255.12 1,255.12 04/15/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 76.50 76.50 04/15/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 285.21 285.21 04/15/2025 Coupon 87612EBH8 3,000,000.00 TARGET CORP 3.375 04/15/2029 50,625.00 50,625.00 04/15/2025 Coupon 91324PEV0 10,000,000.00 UNITEDHEALTH GROUP INC 4.5 04/15/2033 225,000.00 225,000.00 04/15/2025 Coupon 931142FD0 5,000,000.00 WALMART INC 4.1 04/15/2033 102,500.00 102,500.00 04/21/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 73.02 73.02 04/21/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 368.66 368.66 04/21/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 47.03 47.03 04/21/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 258.22 258.22 SAMPLE
CONFIDENTIAL | 52
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/21/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 290.81 290.81 04/21/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 694.42 694.42 04/21/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 270.43 270.43 04/21/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 629.16 629.16 04/21/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 312.06 312.06 04/21/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,701.86 1,701.86 04/21/2025 Coupon 61747YFE0 2,500,000.00 MORGAN STANLEY 5.25 04/21/2034 65,625.00 65,625.00 04/21/2025 Coupon 713448FE3 3,000,000.00 PEPSICO INC 1.95 10/21/2031 29,250.00 29,250.00 04/22/2025 Coupon 46647PBL9 2,000,000.00 JPMORGAN CHASE & CO 2.522 04/22/2031 25,220.00 25,220.00 04/23/2025 Coupon 693475AW5 2,000,000.00 PNC FINANCIAL SERVICES GROUP INC 3.45 04/23/2029 34,500.00 34,500.00
04/25/2025 Coupon 06051GLH0 2,500,000.00 BANK OF AMERICA CORP 5.288 04/25/2034 66,100.00 66,100.00 04/25/2025 Coupon 06406RBM8 10,000,000.00 BANK OF NEW YORK MELLON CORP 5.834 10/25/2033 291,700.00 291,700.00
04/25/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 966.32 966.32 04/25/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,656.63 7,656.63 04/25/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,018.77 1,018.77 04/25/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,642.32 2,642.32 04/25/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,217.54 1,217.54 04/25/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,146.03 3,146.03 04/25/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,057.43 1,057.43 04/25/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,822.95 2,822.95 04/28/2025 Coupon 06051GKQ1 7,500,000.00 BANK OF AMERICA CORP 4.571 04/27/2033 171,412.50 171,412.50 04/28/2025 Coupon 46647PDC7 7,000,000.00 JPMORGAN CHASE & CO 4.586 04/26/2033 160,510.00 160,510.00 04/30/2025 Coupon 09247XAP6 2,500,000.00 BLACKROCK INC 3.25 04/30/2029 40,625.00 40,625.00 04/30/2025 Coupon 91282CJG7 20,000,000.00 UNITED STATES TREASURY 4.875 10/31/2030 487,500.00 487,500.00 04/30/2025 Coupon 91282CKN0 7,500,000.00 UNITED STATES TREASURY 4.625 04/30/2031 173,437.50 173,437.50 April 2025 Total 25,004.01 2,625,317.87 2,650,321.87
MAY 2025
05/01/2025 Coupon 665859AV6 1,500,000.00 NORTHERN TRUST CORP 1.95 05/01/2030 14,625.00 14,625.00 05/05/2025 Coupon 665859AU8 1,500,000.00 NORTHERN TRUST CORP 3.15 05/03/2029 23,625.00 23,625.00 05/05/2025 Coupon 78016EYH4 3,500,000.00 ROYAL BANK OF CANADA 2.3 11/03/2031 40,250.00 40,250.00 SAMPLE
CONFIDENTIAL | 53
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/07/2025 Coupon 822582CD2 2,000,000.00 SHELL INTERNATIONAL FINANCE BV 2.375 11/07/2029 23,750.00 23,750.00
05/12/2025 Coupon 023135BZ8 4,670,000.00 AMAZON.COM INC 2.1 05/12/2031 49,035.00 49,035.00 05/12/2025 Coupon 037833EU0 2,000,000.00 APPLE INC 4.15 05/10/2030 41,500.00 41,500.00 05/12/2025 Coupon 037833EV8 2,500,000.00 APPLE INC 4.3 05/10/2033 53,750.00 53,750.00 05/13/2025 Coupon 191216DR8 5,000,000.00 COCA-COLA CO 5.0 05/13/2034 125,000.00 125,000.00 05/13/2025 Coupon 857477BU6 2,000,000.00 STATE STREET CORP 4.421 05/13/2033 44,210.00 44,210.00 05/15/2025 Coupon 20030NEE7 3,500,000.00 COMCAST CORP 4.8 05/15/2033 84,000.00 84,000.00 05/15/2025 Coupon 30303M8N5 5,000,000.00 META PLATFORMS INC 4.95 05/15/2033 123,750.00 123,750.00 05/15/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,323.70 1,323.70 05/15/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,517.45 3,517.45 05/15/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 340.50 340.50 05/15/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,227.73 1,227.73 05/15/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 74.86 74.86 05/15/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 277.71 277.71 05/15/2025 Coupon 9128286T2 5,000,000.00 UNITED STATES TREASURY 2.375 05/15/2029 59,375.00 59,375.00 05/15/2025 Coupon 912828YS3 10,000,000.00 UNITED STATES TREASURY 1.75 11/15/2029 87,500.00 87,500.00 05/15/2025 Coupon 912828ZQ6 5,000,000.00 UNITED STATES TREASURY 0.625 05/15/2030 15,625.00 15,625.00 05/15/2025 Coupon 91282CAV3 5,000,000.00 UNITED STATES TREASURY 0.875 11/15/2030 21,875.00 21,875.00 05/15/2025 Coupon 91282CCB5 2,500,000.00 UNITED STATES TREASURY 1.625 05/15/2031 20,312.50 20,312.50 05/15/2025 Coupon 91282CEP2 25,000,000.00 UNITED STATES TREASURY 2.875 05/15/2032 359,375.00 359,375.00 05/15/2025 Coupon 91282CFV8 35,000,000.00 UNITED STATES TREASURY 4.125 11/15/2032 721,875.00 721,875.00 05/15/2025 Coupon 91282CHC8 40,000,000.00 UNITED STATES TREASURY 3.375 05/15/2033 675,000.00 675,000.00 05/15/2025 Coupon 91282CJJ1 25,000,000.00 UNITED STATES TREASURY 4.5 11/15/2033 562,500.00 562,500.00 05/15/2025 Coupon 91282CKQ3 45,000,000.00 UNITED STATES TREASURY 4.375 05/15/2034 984,375.00 984,375.00 05/15/2025 Coupon 91324PEJ7 4,500,000.00 UNITEDHEALTH GROUP INC 4.2 05/15/2032 94,500.00 94,500.00 05/19/2025 Coupon 58933YBK0 5,000,000.00 MERCK & CO INC 4.5 05/17/2033 112,500.00 112,500.00 05/19/2025 Coupon 716973AE2 7,500,000.00 PFIZER INVESTMENT ENTERPRISES PTE LTD
4.75 05/19/2033 178,125.00 178,125.00
05/20/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 71.91 71.91 05/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 352.67 352.67 05/20/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 49.88 49.88 SAMPLE
CONFIDENTIAL | 54
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/20/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 242.92 242.92 05/20/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 288.71 288.71 05/20/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 678.29 678.29 05/20/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 268.46 268.46 05/20/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 614.00 614.00 05/20/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 304.44 304.44 05/20/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,605.08 1,605.08 05/20/2025 Coupon 747525BK8 5,500,000.00 QUALCOMM INC 2.15 05/20/2030 59,125.00 59,125.00 05/20/2025 Coupon 747525BQ5 3,000,000.00 QUALCOMM INC 4.25 05/20/2032 63,750.00 63,750.00 05/20/2025 Coupon 747525BS1 4,000,000.00 QUALCOMM INC 5.4 05/20/2033 108,000.00 108,000.00 05/22/2025 Coupon 808513BA2 1,500,000.00 CHARLES SCHWAB CORP 3.25 05/22/2029 24,375.00 24,375.00 05/27/2025 Coupon 09247XAT8 10,000,000.00 BLACKROCK INC 4.75 05/25/2033 237,500.00 237,500.00 05/27/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 947.18 947.18 05/27/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,587.40 7,587.40 05/27/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,009.96 1,009.96 05/27/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,623.33 2,623.33 05/27/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,207.05 1,207.05 05/27/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,123.44 3,123.44 05/27/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,048.02 1,048.02 05/27/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,802.21 2,802.21 May 2025 Total 24,652.22 5,016,117.19 5,040,769.41
JUNE 2025
06/02/2025 Coupon 023135CR5 6,000,000.00 AMAZON.COM INC 4.7 12/01/2032 141,000.00 141,000.00 06/02/2025 Coupon 25731VAA2 4,000,000.00 DOMINION ENERGY SOUTH CAROLINA INC 2.3 12/01/2031 46,000.00 46,000.00
06/02/2025 Coupon 91282CES6 7,500,000.00 UNITED STATES TREASURY 2.75 05/31/2029 103,125.00 103,125.00 06/02/2025 Coupon 91282CFY2 20,000,000.00 UNITED STATES TREASURY 3.875 11/30/2029 387,500.00 387,500.00 06/02/2025 Coupon 91282CHF1 30,000,000.00 UNITED STATES TREASURY 3.75 05/31/2030 562,500.00 562,500.00 06/09/2025 Coupon 3130AEB25 5,000,000.00 FEDERAL HOME LOAN BANKS 3.25 06/09/2028 81,250.00 81,250.00 06/09/2025 Coupon 3130AGDY8 2,725,000.00 FEDERAL HOME LOAN BANKS 2.75 06/08/2029 37,468.75 37,468.75 06/09/2025 Coupon 89115A2E1 9,000,000.00 TORONTO-DOMINION BANK 4.456 06/08/2032 200,520.00 200,520.00 06/10/2025 Coupon 3130AVWG3 5,000,000.00 FEDERAL HOME LOAN BANKS 4.0 06/10/2033 100,000.00 100,000.00 SAMPLE
CONFIDENTIAL | 55
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/12/2025 Coupon 24422EXU8 2,500,000.00 JOHN DEERE CAPITAL CORP 5.05 06/12/2034 63,125.00 63,125.00 06/16/2025 Coupon 26444HAK7 2,000,000.00 DUKE ENERGY FLORIDA LLC 2.4 12/15/2031 24,000.00 24,000.00 06/16/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,311.97 1,311.97 06/16/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,491.64 3,491.64 06/16/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 310.50 310.50 06/16/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,263.02 1,263.02 06/16/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 73.27 73.27 06/16/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 282.96 282.96 06/16/2025 Coupon 437076BY7 1,500,000.00 HOME DEPOT INC 2.95 06/15/2029 22,125.00 22,125.00 06/16/2025 Coupon 74340XCE9 7,000,000.00 PROLOGIS LP 4.75 06/15/2033 166,250.00 166,250.00 06/20/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 70.85 70.85 06/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 330.77 330.77 06/20/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 48.81 48.81 06/20/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 221.50 221.50 06/20/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 286.66 286.66 06/20/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 654.57 654.57 06/20/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 266.54 266.54 06/20/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 591.66 591.66 06/20/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 297.26 297.26 06/20/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,480.43 1,480.43 06/25/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 928.21 928.21 06/25/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,518.70 7,518.70 06/25/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 1,001.22 1,001.22 06/25/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,604.48 2,604.48 06/25/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,196.64 1,196.64 06/25/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,101.00 3,101.00 06/25/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,038.68 1,038.68 06/25/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,781.62 2,781.62 06/30/2025 Coupon 91282CEV9 30,000,000.00 UNITED STATES TREASURY 3.25 06/30/2029 487,500.00 487,500.00 June 2025 Total 24,322.36 2,429,194.36 2,453,516.72
JULY 2025
07/07/2025 Coupon 89236TLM5 4,000,000.00 TOYOTA MOTOR CREDIT CORP 4.8 01/05/2034 96,000.00 96,000.00 SAMPLE
CONFIDENTIAL | 56
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/10/2025 Coupon 02665WEZ0 8,500,000.00 AMERICAN HONDA FINANCE CORP 4.9 01/10/2034 208,250.00 208,250.00
07/14/2025 Coupon 89236TKR5 5,000,000.00 TOYOTA MOTOR CREDIT CORP 4.7 01/12/2033 117,500.00 117,500.00 07/15/2025 Coupon 20030NDM0 1,000,000.00 COMCAST CORP 1.95 01/15/2031 9,750.00 9,750.00 07/15/2025 Coupon 26442CBJ2 5,000,000.00 DUKE ENERGY CAROLINAS LLC 4.95 01/15/2033 123,750.00 123,750.00
07/15/2025 Coupon 26442CBM5 3,000,000.00 DUKE ENERGY CAROLINAS LLC 4.85 01/15/2034 72,750.00 72,750.00
07/15/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,300.33 1,300.33 07/15/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,466.02 3,466.02 07/15/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 304.00 304.00 07/15/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,278.07 1,278.07 07/15/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 71.64 71.64 07/15/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 285.40 285.40 07/15/2025 Coupon 637432PA7 7,000,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 5.8 01/15/2033 203,000.00 203,000.00
07/15/2025 Coupon 756109AX2 3,000,000.00 REALTY INCOME CORP 3.25 01/15/2031 48,750.00 48,750.00 07/15/2025 Coupon 79466LAH7 2,340,000.00 SALESFORCE INC 1.5 07/15/2028 17,550.00 17,550.00 07/15/2025 Coupon 87612EBQ8 7,000,000.00 TARGET CORP 4.4 01/15/2033 154,000.00 154,000.00 07/18/2025 Coupon 24422EUY3 2,000,000.00 JOHN DEERE CAPITAL CORP 2.8 07/18/2029 28,000.00 28,000.00 07/18/2025 Coupon 713448FM5 9,000,000.00 PEPSICO INC 3.9 07/18/2032 175,500.00 175,500.00 07/21/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 69.85 69.85 07/21/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 310.36 310.36 07/21/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 47.84 47.84 07/21/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 204.86 204.86 07/21/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 413.30 413.30 07/21/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 584.84 584.84 07/21/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 264.69 264.69 07/21/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 570.58 570.58 07/21/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 290.64 290.64 07/21/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,366.14 1,366.14 07/21/2025 Coupon 61747YEU5 5,000,000.00 MORGAN STANLEY 4.889 07/20/2033 122,225.00 122,225.00 SAMPLE
CONFIDENTIAL | 57
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/23/2025 Coupon 06051GHV4 5,000,000.00 BANK OF AMERICA CORP 3.194 07/23/2030 79,850.00 79,850.00 07/23/2025 Coupon 46647PAM8 2,000,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029 35,090.00 35,090.00 07/25/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 909.41 909.41 07/25/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,450.53 7,450.53 07/25/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 992.53 992.53 07/25/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,585.75 2,585.75 07/25/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,186.31 1,186.31 07/25/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,078.71 3,078.71 07/25/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,029.41 1,029.41 07/25/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,761.17 2,761.17 07/31/2025 Coupon 29379VCF8 5,000,000.00 ENTERPRISE PRODUCTS OPERATING LLC 4.85 01/31/2034 121,250.00 121,250.00
07/31/2025 Coupon 91282CGJ4 35,000,000.00 UNITED STATES TREASURY 3.5 01/31/2030 612,500.00 612,500.00 07/31/2025 Coupon 91282CHR5 20,000,000.00 UNITED STATES TREASURY 4.0 07/31/2030 400,000.00 400,000.00 July 2025 Total 23,942.42 2,632,594.95 2,656,537.37
AUGUST 2025
08/01/2025 Coupon 0641594B9 7,000,000.00 BANK OF NOVA SCOTIA 2.15 08/01/2031 75,250.00 75,250.00 08/01/2025 Coupon 06417XAP6 5,000,000.00 BANK OF NOVA SCOTIA 4.85 02/01/2030 121,250.00 121,250.00 08/01/2025 Coupon 78016FZX5 8,000,000.00 ROYAL BANK OF CANADA 5.0 02/01/2033 200,000.00 200,000.00 08/01/2025 Coupon 828807DM6 2,500,000.00 SIMON PROPERTY GROUP LP 2.2 02/01/2031 27,500.00 27,500.00 08/01/2025 Coupon 91159HJK7 4,000,000.00 US BANCORP 4.653 02/01/2029 93,060.00 93,060.00 08/04/2025 Coupon 857477BV4 2,000,000.00 STATE STREET CORP 4.164 08/04/2033 41,640.00 41,640.00 08/05/2025 Coupon 037833EH9 2,000,000.00 APPLE INC 1.4 08/05/2028 14,000.00 14,000.00 08/05/2025 Coupon 3135G05Q2 5,000,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION
0.875 08/05/2030 21,875.00 21,875.00
08/08/2025 Coupon 037833EP1 3,500,000.00 APPLE INC 3.35 08/08/2032 58,625.00 58,625.00 08/11/2025 Coupon 05565ECF0 8,000,000.00 BMW US CAPITAL LLC 5.15 08/11/2033 206,000.00 206,000.00 08/11/2025 Coupon 404280DH9 2,500,000.00 HSBC HOLDINGS PLC 5.402 08/11/2033 67,525.00 67,525.00 08/15/2025 Coupon 20030NCA7 2,000,000.00 COMCAST CORP 3.15 02/15/2028 31,500.00 31,500.00 08/15/2025 Coupon 20030NEC1 5,000,000.00 COMCAST CORP 4.65 02/15/2033 116,250.00 116,250.00 08/15/2025 Coupon 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 1,288.78 1,288.78 08/15/2025 Principal Paydown 3128MJ2T6 422,469.39 FH G08785 4.0 10/01/2047 3,440.57 3,440.57 SAMPLE
CONFIDENTIAL | 58
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/15/2025 Coupon 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 297.42 297.42 08/15/2025 Principal Paydown 3128NHXW8 68,938.48 FH 1J1593 6.639 04/01/2037 1,171.51 1,171.51 08/15/2025 Coupon 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 70.00 70.00 08/15/2025 Principal Paydown 3128S4ME4 14,778.93 FH 1Q0357 6.853 11/01/2037 259.67 259.67 08/15/2025 Coupon 438516CK0 10,000,000.00 HONEYWELL INTERNATIONAL INC 5.0 02/15/2033 250,000.00 250,000.00
08/15/2025 Coupon 9128286B1 5,000,000.00 UNITED STATES TREASURY 2.625 02/15/2029 65,625.00 65,625.00 08/15/2025 Coupon 912828Z94 10,000,000.00 UNITED STATES TREASURY 1.5 02/15/2030 75,000.00 75,000.00 08/15/2025 Coupon 91282CAE1 2,500,000.00 UNITED STATES TREASURY 0.625 08/15/2030 7,812.50 7,812.50 08/15/2025 Coupon 91282CBL4 10,000,000.00 UNITED STATES TREASURY 1.125 02/15/2031 56,250.00 56,250.00 08/15/2025 Coupon 91282CCS8 5,000,000.00 UNITED STATES TREASURY 1.25 08/15/2031 31,250.00 31,250.00 08/15/2025 Coupon 91282CFF3 25,000,000.00 UNITED STATES TREASURY 2.75 08/15/2032 343,750.00 343,750.00 08/15/2025 Coupon 91282CGM7 30,000,000.00 UNITED STATES TREASURY 3.5 02/15/2033 525,000.00 525,000.00 08/15/2025 Coupon 91282CHT1 40,000,000.00 UNITED STATES TREASURY 3.875 08/15/2033 775,000.00 775,000.00 08/15/2025 Coupon 91282CJZ5 30,000,000.00 UNITED STATES TREASURY 4.0 02/15/2034 600,000.00 600,000.00 08/15/2025 Coupon 91282CLF6 22,500,000.00 UNITED STATES TREASURY 3.875 08/15/2034 435,937.50 435,937.50 08/18/2025 Coupon 30231GBE1 3,000,000.00 EXXON MOBIL CORP 2.44 08/16/2029 36,600.00 36,600.00 08/18/2025 Coupon 717081FB4 2,000,000.00 PFIZER INC 1.75 08/18/2031 17,500.00 17,500.00 08/20/2025 Coupon 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 68.91 68.91 08/20/2025 Principal Paydown 36179MN71 26,273.89 G2 MA0414 3.625 09/20/2042 299.16 299.16 08/20/2025 Coupon 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 46.93 46.93 08/20/2025 Principal Paydown 36179QB67 13,156.61 G2 MA1861 4.875 04/20/2044 195.52 195.52 08/20/2025 Coupon 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 410.73 410.73 08/20/2025 Principal Paydown 36225FF79 100,371.77 G2 082889 3.625 07/20/2041 706.36 706.36 08/20/2025 Coupon 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 262.91 262.91 08/20/2025 Principal Paydown 36225FJE0 90,127.54 G2 082960 3.75 10/20/2041 559.85 559.85 08/20/2025 Coupon 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 284.53 284.53 08/20/2025 Principal Paydown 36225FJZ3 79,123.91 G2 082979 3.75 11/20/2041 1,300.41 1,300.41 08/25/2025 Coupon 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 890.79 890.79 08/25/2025 Principal Paydown 3138WHCP5 433,951.92 FN AS7277 3.0 05/01/2031 7,382.87 7,382.87 08/25/2025 Coupon 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 983.91 983.91 08/25/2025 Principal Paydown 3140J6GR2 321,890.28 FN BM2007 4.0 09/01/2048 2,567.14 2,567.14 SAMPLE
CONFIDENTIAL | 59
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/25/2025 Coupon 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 1,176.04 1,176.04 08/25/2025 Principal Paydown 3140JG6L4 384,621.55 FN BN0874 4.0 11/01/2048 3,056.57 3,056.57 08/25/2025 Coupon 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 1,020.20 1,020.20 08/25/2025 Principal Paydown 31418CNE0 334,610.40 FN MA3088 4.0 08/01/2047 2,740.86 2,740.86 08/26/2025 Coupon 17275RBS0 8,000,000.00 CISCO SYSTEMS INC 4.95 02/26/2031 198,000.00 198,000.00 08/27/2025 Coupon 532457CF3 7,000,000.00 ELI LILLY AND CO 4.7 02/27/2033 164,500.00 164,500.00 August 2025 Total 23,680.49 4,663,501.17 4,687,181.66
Grand Total
SAMPLE
2,116,831,710.80 290,077.58 39,463,171.31 39,753,248.89 CONFIDENTIAL | 60
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).
To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.
Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.
Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance: Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Source ice Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN “AS IS” BASIS; ICE, ITS AFFILIATES AND
THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM.
NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS GUARANTEE THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND LICENSEE’S USE IS AT LICENSEE’S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Ratings: Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
SAMPLE
CONFIDENTIAL | 61
Client Name| Account #00000| As of September 30, 2024
Execution Time: 10/02/2024 02:25:09 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
BENCHMARK INDEX & DISCLOSURES
Benchmark Disclosure
DNU-ICE BofA 5-10 Year AAA-A US
Corporate & Government Index
The ICE BofA 5-10 AAA-A Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt
publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities.
Qualifying securities must be rated AAA through A3 (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must
have at least five years remaining term to final maturity and less than ten years remaining term to final maturity, at least five years 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.
The ICE BofA US 1-5 Year AAA-A 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 issued from US issuers and 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 five 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.
The ICE BofA US 6-Month 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, six months from the rebalancing date.
SAMPLE
INVESTMENT REPORT
(Client Name)| As of September 30, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questionsabout your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
SAMPLE
TABLE OF CONTENTS
(Client Name) | Account #(0) | As of September 30, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 SAMPLE
ECONOMIC UPDATE
2 SAMPLE
3
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth. Inflationary trends are subsiding, but core levels remain above the Fed’s target. The labor market is showing signs of cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will continue to lower rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle with a 50 basis point cut at the September meeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem. The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 due to lower inflation expectations and a higher projected unemployment rate. We believe the Fed will continue to lower rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.
The US Treasury yield curve shifted lower in September following the 50 basis points rate cut by the FOMC mid-month. The 2-year Treasury yield fell 28 basis points to 3.64%, the 5-year Treasury dropped 15 basis points to 3.56%, and the 10-year Treasury yield declined 12 basis points to 3.78%. The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month-end versus -2 basis points at August month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -47 basis points. The inversion between 3-month and 10-year Treasuries ended the month of September at -85 basis points.
ECONOMIC UPDATE
SAMPLE
-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
4 UnderemploymentRate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 254,000 jobs in September, well above expectations of 150,000. The three-month moving average and six-month moving average payrolls continued to trend weaker to 186,000 and 167,000 respectively. The unemployment rate declined to 4.1% in September, and the labor participation rate remained at 62.7%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined to 7.7% from 7.9%. Average hourly earnings rose 4.0% year-over-year in September. U.S. labor market data from September surprised to the upside, with strong job growth and a sharper-than-expected drop in unemployment, suggesting the economy may be more resilient than anticipated. The Federal Reserve’s view is that there has been “substantial” progress towards better balance in the labor market between demand and supply for workers.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
SAMPLE
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
5 YOY (%) Change
In September, the Consumer Price Index (CPI) rose 0.2% month-over-month and 2.4% year-over-year, down from 2.5% in August, but slightly higher than expected. The Core CPI, which excludes volatile food and energy components, rose by 0.3% month-over-month and
3.3% year-over-year, also exceeding consensus forecasts. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.2% year-over-year in August. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% month-over-month and 2.7% over the past year, still above the Fed’s 2% inflation target. Much of the lingering inflation has been driven by shelter costs and demand forservices, but recent data provide confirmation that inflation is moderating.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
SAMPLE
Source: Federal Reserve Source: Bloomberg
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0 Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the Septembermeeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between whetherthe FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employmentin tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 to 3.1 – 3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.8T to approximately $7.1T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
6 Recession
Yield (%)
FEDERAL RESERVE
SAMPLE
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
Retail Sales YOY % Change
YOY (%) Change
Retail Sales grew more than expected month-over-month in September at 0.4% after growth of 0.1% in August. On a year-over-year basis, Retail Sales grew 1.7% in September versus 2.2% in August. Control-group sales, which are used to calculate gross domestic product, rose
0.7% month-over-month in September after last month’s increase of 0.3%. Apparel, grocery stores, and miscellaneous store retailers led the advance, while gas station sales fell reflecting lower gas prices. The Conference Board’s Consumer Confidence Index for September came in below expectations, contracting to 98.7 after an upward revision to 105.6 in August. The decline reflects recent softening in labor market conditions, and less optimism about the job market and income growth. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending. 0 20
40 60
80 100
120
140
160
Index Level
7 Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70(1/31/00);All time low is 25.30(2/28/09)
CONSUMER
SAMPLE
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
8 Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) remained in negative territory at -0.5% in September following a downwardly revised -0.3% in August. The LEI continued to signal uncertainty for economic activity ahead and is consistent with The Conference Board’s expectation for moderate growth at the end of 2024 and into early 2025. The Chicago Fed National Activity Index (CFNAI) declined to -0.28 in September after a downwardly revised -0.01 in August. The three-month moving average fell to -0.19 in September from -0.14 in August, indicating below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
SAMPLE
2,400
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0 In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surprised to the downside in September, declining -0.5% month-over-month to 1.354 million units after an increase of 7.8% in August. The decline can be attributed to a drop in multi-family housing projects. Total starts were down 0.7% year-over-year. The Freddie Mac average rate for a 30-year fixed mortgage dropped to 6.18% in September from 6.44% in August. According to the CaseShiller 20-City Home Price Index, housing prices rose 5.9% year-over-year in July, decelerating from 6.5% reported in the previous month.
Although the trend is gradually improving, tight inventories and higher mortgage rates continue to impact affordability.
Source: US Department of Commerce Source: S&P
24.0%
20.0%
16.0%
12.0%
8.0%
4.0%
0.0%
-4.0%
-8.0%
-12.0%
-16.0%
-20.0%
S&P/Case-Shiller 20 City Composite Home Price Index
9 Recession
YOY (%) Change
HOUSING
SAMPLE
45 40
50 65
60 55
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
10 EXPANDING
CONTRACTING
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index contracted at a slower rate of 47.2 in September compared to 47.5 in August. Demand remains subdued and companies are continuing to reduce head counts through layoffs, attrition and hiring freezes. The ISM Services Index increased to 54.9 in September, increasing from 51.7 in August, due to stronger production and new orders. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
SURVEY BASED MEASURES
SAMPLE
0.6% 0.6% 0.3% 0.3%
4.4% 3.2% 1.6% 3.0%
Components of GDP 9/23 12/23 3/24 6/24
Personal Consumption Expenditures 1.7% 2.3% 1.3% 1.9%
Gross Private Domestic Investment 1.8% 0.2% 0.6% 1.5%
Net Exports and Imports -0.1% 0.1% -0.6% -0.9%
Federal Government Expenditures 0.3% 0.0% 0.0% 0.3%
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
11 Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, second quarter GDP increased at an annualized rate of 3.0%, unchanged from the prior estimate. Growth continues to be powered by personal consumption expenditures. Gross fixed investment, government consumption expenditures, and inventories also had positive contributions, with a negative offset by net exports. The consensus projection calls for 2.0% growth in the third quarter and 2.6% growth for the full year 2024.
GROSS DOMESTIC PRODUCT (GDP)
SAMPLE
Source: Federal Reserve Source: Bloomberg
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0 Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the Septembermeeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between whetherthe FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employmentin tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 to 3.1 – 3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.8T to approximately $7.1T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
12 Recession
Yield (%)
FEDERAL RESERVE
SAMPLE
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Sep-24
Jun-24
Sep-23
13 Yield (%)
At the end of September, the 2-year Treasury yield was 140 basis points lower, and the 10-Year Treasury yield was 79 basis points lower, year-over-year. The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month-end versus -2 basis points at August month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2003) is about +110 basis points. The inversion between 3-month and 10-year Treasuries tightened to -85 basis points in Septemberfrom -121 basis points in August.
BOND YIELDS
SAMPLE
ACCOUNT PROFILE
14 SAMPLE
OBJECTIVES
(Client Name) | Account #(0) | As of September 30, 2024 15 Investment Objectives
The investment objectives of the (Client Name) are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio;second, to maintain sufficient liquidity to meet all operating requirements; and third, to earn a commensurate rate ofreturn consistent with the constraintsimposed the safety and liquidity objectives.
Chandler Asset Management Performance Objective
The performance objective forthe account isto achieve a rate of return over a market cycle that equals or exceeds the return on the ICE BofA 5-10 Year US Corp & Govt Rated AAA-A Index.
Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities.
SAMPLE
STATEMENT OF COMPLIANCE
(Client Name) | Account #(0) | As of September 30, 2024 16 Rules Name Limit Actual Compliance
Status Notes
144A SECURITIES
Max % (MV) 15.0 1.8 Compliant
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS) 10.0 0.2 Compliant
Max Maturity (WAL) 10.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS) 10.0 0.2 Compliant
Max Maturity (WAL) 2.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 25.0 0.0 Compliant
Max % (MV) 50.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A- by 2) 0.0 0.0 Compliant
CANADIAN AGENCY SECURITIES
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
CANADIAN TREASURY BILLS
Max % (MV) 25.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV) 25.0 0.0 Compliant
Max % (MV) 50.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-1 by 2) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
SAMPLE
STATEMENT OF COMPLIANCE
(Client Name) | Account #(0) | As of September 30, 2024 17 Rules Name Limit Actual Compliance
Status Notes
Max % (MV; Commercial Paper & Corporate) 50.0 39.3 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-2 by 2 & A- Issuer by 2) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Industry Concentration % (MV) 25.0 6.4 Compliant
Max % (MV; Commercial Paper & Corporate) 50.0 39.3 Compliant Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 10 9 Compliant
Min Rating (A- by 2) 0.0 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 50.0 3.0 Compliant
Max % Issuer (MV) 20.0 2.2 Compliant
Max Maturity (Years) 10 9 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 100.0 0.2 Compliant
Min Rating (AAA by 1) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 10.0 0.0 Compliant
SAMPLE
STATEMENT OF COMPLIANCE
(Client Name) | Account #(0) | As of September 30, 2024 18 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- by 2) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 50.0 0.0 Compliant
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (A-1 by 2) 0.0 0.0 Compliant
NON-US CORPORATE
Max % (MV; Non-U.S.) 25.0 4.6 Compliant
REPURCHASE AGREEMENTS
Max % (MV) 50.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 10 0.0 Compliant
Min Rating (AA- by 2) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 57.4 Compliant
Max Maturity (Years) 10 9 Compliant
SAMPLE
PORTFOLIO CHARACTERISTICS
(Client Name) | Account #(0) | As of September 30, 2024 19 Benchmark* 9/30/2024
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 7.12 7.30 7.31
Average Modified Duration 6.13 6.08 6.08
Average Purchase Yield 4.14% 4.12%
Average Market Yield 3.91% 3.97% 4.67%
Average Quality** AA AA- AATotal Market Value 1,172,705,281 1,112,162,711 *Benchmark: DNU-ICE BofA 5-10 Year AAA-A US Corporate & Government Index **The credit quality is a weighted average calculation of the highest of S&P,Moody’s and Fitch.
SAMPLE
SECTOR DISTRIBUTION
(Client Name) | Account #(0) | As of September 30, 2024 Sector as a Percentage of Market Value
20 Sector 09/30/2024 06/30/2024
US Treasury 57.42% 57.94%
Corporate 39.21% 38.71%
Agency 2.96% 3.00%
Money Mkt Fd 0.21% 0.11%
Agency MBS 0.19% 0.20%
SAMPLE
ISSUERS
(Client Name) | Account #(0) | As of September 30, 2024 21 Issuer Investment Type % Portfolio
United States US Treasury 57.42%
Federal Home Loan Banks Agency 2.20%
Bank of America Corporation Corporate 1.27%
UnitedHealth Group Incorporated Corporate 1.25%
ToyotaMotor Corporation Corporate 1.20%
JPMorgan Chase & Co. Corporate 1.19%
Deere & Company Corporate 1.10%
BlackRock, Inc. Corporate 1.09%
Morgan Stanley Corporate 1.07%
QUALCOMM Incorporated Corporate 1.06%
Prologis, Inc. Corporate 1.05%
The Toronto-Dominion Bank Corporate 0.99%
PepsiCo, Inc. Corporate 0.99%
Comcast Corporation Corporate 0.99%
Royal Bank of Canada Corporate 0.98%
Bayerische Motoren Werke Aktiengesel Corporate 0.97%
The Bank of Nova Scotia Corporate 0.96%
BNY Mellon Corp Corporate 0.93%
Pfizer Inc. Corporate 0.93%
Honeywell International Inc. Corporate 0.90%
Amazon.com, Inc. Corporate 0.89%
Realty Income Corporation Corporate 0.87%
Target Corporation Corporate 0.86%
Duke Energy Corporation Corporate 0.86%
Chubb Limited Corporate 0.85%
Apple Inc. Corporate 0.84%
The Home Depot, Inc. Corporate 0.78%
Berkshire Hathaway Inc. Corporate 0.78%
FNMA Agency 0.76%
Air Products and Chemicals, Inc. Corporate 0.76%
SAMPLE
ISSUERS
(Client Name) | Account #(0) | As of September 30, 2024 22 Issuer Investment Type % Portfolio
Honda Motor Co., Ltd. Corporate 0.74%
Cisco Systems, Inc. Corporate 0.72%
Public Service Enterprise Group Inco Corporate 0.70%
Merck & Co., Inc. Corporate 0.69%
National Rural Utilities Cooperative Corporate 0.65%
NextEra Energy, Inc. Corporate 0.63%
United Parcel Service, Inc. Corporate 0.62%
Eli Lilly and Company Corporate 0.62%
Walmart Inc. Corporate 0.61%
Simon Property Group, Inc. Corporate 0.60%
Shell plc Corporate 0.56%
The Coca-Cola Company Corporate 0.45%
Meta Platforms, Inc. Corporate 0.45%
Metropolitan Life Global Funding I Corporate 0.45%
Enterprise Products Partners L.P. Corporate 0.44%
HSBC Holdings plc Corporate 0.44%
Guardian Life Global Funding Corporate 0.40%
CME Group Inc. Corporate 0.39%
The Charles Schwab Corporation Corporate 0.36%
U.S. Bancorp Corporate 0.35%
State Street Corporation Corporate 0.34%
Dominion Energy, Inc. Corporate 0.30%
Mastercard Incorporated Corporate 0.27%
Exxon Mobil Corporation Corporate 0.24%
Northern Trust Corporation Corporate 0.24%
Sempra Corporate 0.22%
Northern Trust Corporation Money Mkt Fd 0.21%
Salesforce, Inc. Corporate 0.18%
The PNC Financial Services Group, In Corporate 0.17%
FNMA Agency MBS 0.12%
SAMPLE
ISSUERS
(Client Name) | Account #(0) | As of September 30, 2024 23 Issuer Investment Type % Portfolio
FHLMC Agency MBS 0.04%
GNMA Agency MBS 0.03%
Cash Cash 0.00%
TOTAL 100.00%
SAMPLE
QUALITY DISTRIBUTION
Rating 09/30/2024 06/30/2024
AAA 0.2% 0.2%
AA 67.4% 67.9%
A 32.4% 31.9%
Rating 09/30/2024 06/30/2024
AAA 61.6% 62.1%
AA 6.6% 6.6%
A 31.8% 31.3%
Rating 09/30/2024 06/30/2024
AAA 0.0% 0.0%
AA 70.0% 70.5%
A 12.9% 12.5%
NR 17.1% 17.0%
(Client Name) | Account #(0) | As of September 30, 2024 S&P Rating Moody’s Rating Fitch Rating
24 SAMPLE
DURATION DISTRIBUTION
(Client Name) | Account #(0) | As of September 30, 2024 Portfolio Compared to the Benchmark
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
0 - 0.5 0.5 - 1 1 - 2 2 - 3 10+
Client
3 - 5 5 - 7 7 - 10
ICE BofA 5-10 Yr AAA-A US Corp & Govt Index
25 0 - 0.5 0.5 - 1 1 - 2 2 - 3 3 - 5 5 - 7 7 - 10 10+
Portfolio 0.2% 0.0% 0.0% 0.6% 25.3% 47.8% 26.0% 0.0%
Benchmark* 0.2% 0.0% 0.0% 0.0% 15.4% 62.1% 22.3% 0.0%
*ICE BofA 5-10Yr AAA-A US Corp & Govt Index
SAMPLE
DURATION DISTRIBUTION
(Client Name) | Account #(0) | As of September 30, 2024 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2024 0.2% 0.0% 0.0% 0.0% 0.6% 1.8% 23.5% 47.8% 26.0% 06/30/2024 0.1% 0.0% 0.0% 0.0% 0.2% 2.2% 21.4% 44.1% 26.3% 26 SAMPLE
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
State of Client 5.46% 11.57% 6.17% (0.95%) 0.69% 1.88% 1.83% Benchmark 5.48% 11.40% 5.73% (1.45%) 0.36% 1.67% 1.60%
*Periods over 1 year are annualized.
Benchmark: DNU-ICE BofA 5-10 Year AAA-A US Corporate & Government Index Total rate of return: A measure of a portfolio’s performance over time. Itis the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
(Client Name) | Account #(0) | As of September 30, 2024 TotalRate of Return : Inception | 07/01/2013
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
-2.00%
-4.00%
12 months 2 years 3 years
Client
5 years 10 years Since Inception
ICE BofA 5-10 Year AAA-A US Corporate & Government Index 27 SAMPLE
PORTFOLIO HOLDINGS
28 SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 29 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
AGENCY
3135G05Y5 FEDERAL NATIONAL MORTGAGE 5,000,000.00 10/27/2020 5,000,450.00 91.96 4,597,909.85 0.40% Aaa/AA+ 3.02 ASSOCIATION 0.75 10/08/2027 0.75% 5,000,450.00 3.58% 18,020.83 (402,540.15) AA+ 2.93 3130AEB25 FEDERAL HOME LOAN BANKS 3.25 5,000,000.00 -- 4,943,980.00 98.89 4,944,358.65 0.43% Aaa/AA+ 3.69 06/09/2028 3.39% 4,943,980.00 3.57% 50,555.56 378.65 AA+ 3.41 3130AGDY8 FEDERAL HOME LOAN BANKS 2.75 2,725,000.00 06/21/2019 2,804,651.75 96.11 2,619,020.47 0.23% Aaa/AA+ 4.69 06/08/2029 2.42% 2,804,651.75 3.66% 23,522.05 (185,631.28) AA+ 4.31 3135G05Q2 FEDERAL NATIONAL MORTGAGE 5,000,000.00 -- 4,954,299.70 85.19 4,259,673.40 0.37% Aaa/AA+ 5.85 ASSOCIATION 0.875 08/05/2030 0.97% 4,954,299.70 3.72% 6,805.56 (694,626.30) AA+ 5.58 3130AV4X7 FEDERAL HOME LOAN BANKS 5,000,000.00 04/26/2023 5,137,800.00 102.59 5,129,323.70 0.44% Aaa/AA+ 8.44
4.375 03/11/2033 4.03% 5,137,800.00 4.01% 12,152.78 (8,476.30) AA+ 7.01 3130AVWG3 FEDERAL HOME LOAN BANKS 4.0 5,000,000.00 07/20/2023 4,869,100.00 99.69 4,984,472.75 0.43% Aaa/AA+ 8.69 06/10/2033 4.33% 4,869,100.00 4.04% 61,666.67 115,372.75 AA+ 7.19 3130B0X87 FEDERAL HOME LOAN BANKS 4.75 7,500,000.00 06/26/2024 7,586,700.00 105.53 7,914,721.05 0.68% Aaa/AA+ 9.44 03/10/2034 4.60% 7,586,700.00 4.04% 20,781.25 328,021.05 AA+ 7.60 35,296,981.45 98.25 34,449,479.87 2.96% Aaa/AA+ 6.70
Total Agency 35,225,000.00 3.17% 35,296,981.45 3.84% 193,504.69 (847,501.58) AA+ 5.73
AGENCY MBS
3138WHCP5 FN AS7277 3.0 05/01/2031 433,951.92 06/28/2016 456,557.26 97.41 422,730.66 0.04% Aaa/AA+ 6.58
2.56% 456,557.26 4.01% 1,084.88 (33,826.60) AA+ 2.44
3128NHXW8 FH 1J1593 6.639 04/01/2037 68,938.48 10/22/2009 68,866.32 103.72 71,504.79 0.01% Aaa/AA+ 12.50
5.36% 72,188.67 4.94% 381.40 (683.88) AA+ 0.65
3128S4ME4 FH 1Q0357 6.853 11/01/2037 14,778.93 08/13/2009 15,663.81 101.45 14,993.77 0.00% Aaa/AA+ 13.09
5.25% 15,663.81 5.82% 84.40 (670.04) AA+ 1.00
36225FF79 G2 082889 3.625 07/20/2041 100,371.77 03/14/2012 107,084.14 101.24 101,614.83 0.01% Aaa/AA+ 16.80
3.62% 107,084.14 5.14% 303.21 (5,469.31) AA+ 5.71
36225FJE0 G2 082960 3.75 10/20/2041 90,127.54 05/03/2012 95,845.03 100.74 90,790.09 0.01% Aaa/AA+ 17.05
3.16% 95,845.03 5.19% 281.65 (5,054.94) AA+ 5.87
36225FJZ3 G2 082979 3.75 11/20/2041 79,123.91 -- 84,143.29 100.74 79,708.83 0.01% Aaa/AA+ 17.14
3.16% 84,143.29 4.97% 247.26 (4,434.47) AA+ 3.61
36179MN71 G2 MA0414 3.625 09/20/2042 26,273.89 09/11/2012 27,250.99 101.52 26,674.18 0.00% Aaa/AA+ 17.97
1.83% 27,250.99 5.01% 79.37 (576.82) AA+ 4.83
SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 30 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
36179QB67 G2 MA1861 4.875 04/20/2044 13,156.61 06/03/2014 13,411.83 100.48 13,219.74 0.00% Aaa/AA+ 19.56
1.91% 13,411.83 5.41% 53.45 (192.09) AA+ 8.14
31418CNE0 FN MA3088 4.0 08/01/2047 334,610.40 08/27/2018 341,616.24 97.27 325,468.41 0.03% Aaa/AA+ 22.84
3.86% 341,616.24 4.46% 1,115.37 (16,147.83) AA+ 5.78
3128MJ2T6 FH G08785 4.0 10/01/2047 422,469.39 09/18/2018 427,370.68 97.08 410,116.02 0.04% Aaa/AA+ 23.00
3.92% 427,370.68 4.51% 1,408.23 (17,254.66) AA+ 5.88
3140J6GR2 FN BM2007 4.0 09/01/2048 321,890.28 02/25/2019 329,233.41 97.27 313,094.90 0.03% Aaa/AA+ 23.92
3.85% 329,233.41 4.45% 1,072.97 (16,138.51) AA+ 5.90
3140JG6L4 FN BN0874 4.0 11/01/2048 384,621.55 06/10/2019 397,241.92 97.27 374,111.70 0.03% Aaa/AA+ 24.09
3.80% 397,241.92 4.45% 1,282.07 (23,130.22) AA+ 5.94
2,364,284.92 98.01 2,244,027.91 0.19% Aaa/AA+ 18.98
Total Agency MBS 2,290,314.69 3.57% 2,367,607.28 4.50% 7,394.26 (123,579.37) AA+ 4.94 CASH
CCYUSD Receivable 19,849.64 -- 19,849.64 1.00 19,849.64 0.00% Aaa/AAA 0.00
0.00% 19,849.64 0.00% 0.00 0.00 AAA 0.00
19,849.64 1.00 19,849.64 0.00% Aaa/AAA 0.00
Total Cash 19,849.64 0.00% 19,849.64 0.00% 0.00 0.00 AAA 0.00
CORPORATE
20030NCA7 COMCAST CORP 3.15 02/15/2028 2,000,000.00 10/25/2019 2,099,560.00 97.11 1,942,264.96 0.17% A3/A- 3.38
2.46% 2,099,560.00 4.07% 8,050.00 (157,295.04) A- 3.15
404280BK4 HSBC HOLDINGS PLC 4.041 2,500,000.00 11/25/2019 2,655,625.00 98.97 2,474,266.43 0.21% A3/A- 3.45 03/13/2028 3.08% 2,655,625.00 5.02% 5,051.25 (181,358.58) A+ 2.30 79466LAH7 SALESFORCE INC 1.5 07/15/2028 2,340,000.00 06/29/2021 2,327,925.60 91.66 2,144,919.75 0.18% A1/A+ 3.79
1.58% 2,327,925.60 3.89% 7,410.00 (183,005.85) NA 3.61
037833EH9 APPLE INC 1.4 08/05/2028 2,000,000.00 -- 1,993,900.00 91.75 1,834,910.78 0.16% Aaa/AA+ 3.85
1.45% 1,993,900.00 3.72% 4,355.56 (158,989.22) NA 3.67
40139LBE2 GUARDIAN LIFE GLOBAL FUNDING 5,070,000.00 09/13/2021 5,067,008.70 90.81 4,604,015.84 0.40% Aa1/AA+ 3.96
1.625 09/16/2028 1.63% 5,067,008.70 4.17% 3,432.81 (462,992.86) NA 3.76 46647PAM8 JPMORGAN CHASE & CO 3.509 2,000,000.00 -- 2,121,594.11 97.66 1,953,232.90 0.17% A1/A- 4.31 01/23/2029 2.66% 2,121,594.11 4.61% 13,256.22 (168,361.21) AA- 3.07 SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 31 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91159HJK7 US BANCORP 4.653 02/01/2029 4,000,000.00 03/09/2023
5.37%
3,877,840.00
3,877,840.00
100.97
4.71%
4,038,715.20
31,020.00
0.35%
160,875.20
A3/A
A
4.34 3.04
58933YAX3 MERCK & CO INC 3.4 03/07/2029 3,000,000.00 --
2.97%
3,107,740.00
3,107,740.00
97.72 3.97%
2,931,612.00
6,800.00
0.25%
(176,128.00)
A1/A+
WR
4.43 4.06
717081ET6 PFIZER INC 3.45 03/15/2029 1,500,000.00 06/12/2019
2.93%
1,564,020.00
1,564,020.00
97.99 3.95%
1,469,816.55
2,300.00
0.13%
(94,203.45)
A2/A
WR
4.45 4.08
87612EBH8 TARGET CORP 3.375 04/15/2029 3,000,000.00 04/23/2019
3.27%
3,025,020.00
3,025,020.00
97.70 3.93%
2,930,963.97
46,687.50
0.25%
(94,056.03)
A2/A
A
4.54 4.10
693475AW5 PNC FINANCIAL SERVICES GROUP
INC 3.45 04/23/2029 2,000,000.00 --
2.61%
2,138,025.00
2,138,025.00
97.18 4.13%
1,943,575.74
30,283.33
0.17%
(194,449.26)
A3/AA4.56
4.10 09247XAP6 BLACKROCK INC 3.25 04/30/2029 2,500,000.00 06/05/2019
2.96%
2,560,250.00
2,560,250.00
97.10 3.95%
2,427,431.18
34,079.86
0.21%
(132,818.83)
Aa3/AANA4.58
4.15 665859AU8 NORTHERN TRUST CORP 3.15
05/03/2029 1,500,000.00 12/05/20192.52%
1,576,680.00
1,576,680.00
96.45 4.00%
1,446,810.69
19,425.00
0.12%
(129,869.31)
A2/A+
A+
4.59 4.16
808513BA2 CHARLES SCHWAB CORP 3.25
05/22/2029 1,500,000.00 06/24/20192.85%
1,550,340.00
1,550,340.00
96.11 4.18%
1,441,602.80
17,468.75
0.12%
(108,737.21)
A2/AA4.64
4.20 437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,500,000.00 06/11/20192.96%
1,498,455.00
1,498,455.00
95.48 4.01%
1,432,158.47
13,029.17
0.12%
(66,296.54)
A2/A
A
4.71 4.30
24422EUY3 JOHN DEERE CAPITAL CORP 2.8
07/18/2029 2,000,000.00 08/27/2019
2.32%
2,084,160.00
2,084,160.00
94.71 4.02%
1,894,110.52
11,355.56
0.16%
(190,049.48)
A1/A
A+
4.80 4.40
30231GBE1 EXXONMOBIL CORP 2.44
08/16/2029 3,000,000.00 08/20/2019
2.27%
3,043,560.00
3,043,560.00
93.61 3.89%
2,808,196.26
9,150.00
0.24%
(235,363.74)
Aa2/AANA4.88
4.51 822582CD2 SHELL INTERNATIONAL FINANCE
BV 2.375 11/07/2029 2,000,000.00 11/05/20192.53%
1,972,580.00
1,972,580.00
92.68 3.97%
1,853,692.58
19,000.00
0.16%
(118,887.42)
Aa2/A+
AA5.104.68
06417XAP6 BANK OF NOVA SCOTIA 4.85
02/01/2030 5,000,000.00 10/23/20236.38%
4,608,450.00
4,608,450.00
102.33
4.35%
5,116,692.20
40,416.67
0.44%
508,242.20
A2/AAA5.34
4.63 756109BR4 REALTY INCOME CORP 4.85
03/15/2030 4,000,000.00 -- 4.98%
3,969,460.00
3,969,460.00
102.48
4.33%
4,099,253.64
8,622.22
0.35%
129,793.64
A3/ANA5.45
4.63 911312BY1 UNITED PARCEL SERVICE INC 4.45
04/01/2030 2,000,000.00 09/27/20224.98%
1,934,520.00
1,934,520.00
101.98
4.05%
2,039,565.58
44,500.00
0.18%
105,045.58
A2/A
NA
5.50 4.65
89236TGY5 TOYOTAMOTOR CREDIT CORP
3.375 04/01/2030 5,000,000.00 -- 5.12%
4,493,920.00
4,493,920.00
95.91 4.22%
4,795,422.40
84,375.00
0.41%
301,502.40
A1/A+
A+
5.50 4.95
822582CG5 SHELL INTERNATIONAL FINANCE
BV 2.75 04/06/2030 5,000,000.00 --
3.61%
4,758,960.00
4,758,960.00
93.14 4.16%
4,656,842.30
66,840.28
0.40%
(102,117.70)
Aa2/A+
AA5.514.96
SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 32 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
665859AV6 NORTHERN TRUST CORP 1.95
05/01/2030 1,500,000.00 07/22/20201.34%
1,581,525.00
1,581,525.00
89.13 4.15%
1,337,007.68
12,187.50
0.12%
(244,517.33)
A2/A+
A+
5.58 5.14
037833EU0 APPLE INC 4.15 05/10/2030 2,000,000.00 05/08/2023
4.20%
1,994,580.00
1,994,580.00
102.48
3.66%
2,049,618.38
32,508.33
0.18%
55,038.38
Aaa/AA+
NA
5.61 4.77
747525BK8 QUALCOMM INC 2.15 05/20/2030 5,500,000.00 --
2.51%
5,436,382.86
5,436,382.86
90.47 4.06%
4,976,094.09
43,029.86
0.43%
(460,288.77)
A2/A
NA
5.64 5.17
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 5,000,000.00 -- 4.14%
4,826,210.00
4,826,210.00
94.65 4.70%
4,732,468.65
30,165.56
0.41%
(93,741.35)
A1/AAA5.81
4.36 171239AG1 CHUBB INA HOLDINGS LLC 1.375
09/15/2030 3,000,000.00 -- 1.41%
2,989,083.12
2,989,083.12
85.74 4.10%
2,572,196.55
1,833.33
0.22%
(416,886.57)
A3/A
A
5.96 5.60
797440BZ6 SAN DIEGOGAS & ELECTRICCO
1.7 10/01/2030 3,000,000.00 03/08/20212.33%
2,839,620.00
2,839,620.00
86.52 4.27%
2,595,505.59
25,500.00
0.22%
(244,114.41)
A1/A
A
6.00 5.58
084664CW9 BERKSHIRE HATHAWAY FINANCE
CORP 1.45 10/15/2030 3,000,000.00 -- 1.50%
2,986,390.40
2,986,390.40
86.49 3.99%
2,594,758.14
20,058.33
0.22%
(391,632.26)
Aa2/AA
A+
6.04 5.62
20030NDM0 COMCAST CORP 1.95 01/15/2031 1,000,000.00 01/13/2021
1.84%
1,009,430.00
1,009,430.00
86.82 4.37%
868,234.57
4,116.67
0.07%
(141,195.43)
A3/AA6.29
5.76 756109AX2 REALTY INCOME CORP 3.25
01/15/2031 3,000,000.00 09/19/2022
5.01%
2,644,890.00
2,644,890.00
93.29 4.49%
2,798,655.27
20,583.33
0.24%
153,765.27
A3/AWR6.29
5.55 828807DM6 SIMON PROPERTYGROUP LP 2.2
02/01/2031 2,500,000.00 09/15/2021
2.20%
2,499,975.00
2,499,975.00
87.72 4.45%
2,192,922.00
9,166.67
0.19%
(307,053.00)
A3/ANA6.34
5.76 17275RBS0 CISCO SYSTEMS INC 4.95
02/26/2031 8,000,000.00 --
4.97%
7,991,466.50
7,991,466.50
104.52
4.14%
8,361,888.08
38,500.00
0.72%
370,421.58
A1/AANA6.41
5.33 46647PBJ4 JPMORGAN CHASE & CO 4.493
03/24/2031 3,000,000.00 -- 5.37%
2,830,150.00
2,830,150.00
100.54
4.93%
3,016,084.71
2,620.92
0.26%
185,934.71
A1/AAA6.48
4.81 6174468P7 MORGAN STANLEY 3.622
04/01/2031 5,000,000.00 --
5.52%
4,440,275.00
4,440,275.00
96.02 4.93%
4,800,827.40
90,550.00
0.41%
360,552.40
A1/AA+6.50
4.92 46647PBL9 JPMORGAN CHASE & CO 2.522
04/22/2031 2,000,000.00 02/14/20223.10%
1,906,620.00
1,906,620.00
90.83 4.75%
1,816,619.24
22,277.67
0.16%
(90,000.76)
A1/AAA6.56
5.03 023135BZ8 AMAZON.COM INC 2.1
05/12/2031 4,670,000.00 05/10/20212.10%
4,669,159.40
4,669,159.40
88.52 4.10%
4,134,002.34
37,865.92
0.36%
(535,157.06)
A1/AA
AA6.616.00
0641594B9 BANK OF NOVA SCOTIA 2.15
08/01/2031 7,000,000.00 --
3.55%
6,334,190.00
6,334,190.00
86.57 4.45%
6,059,983.44
25,083.33
0.52%
(274,206.56)
A2/AAA6.84
6.19 717081FB4 PFIZER INC 1.75 08/18/2031 2,000,000.00 11/16/2021
2.14%
1,931,500.00
1,931,500.00
85.82 4.14%
1,716,488.02
4,180.56
0.15%
(215,011.98)
A2/A
WR
6.88 6.33
SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 33 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89114TZJ4 TORONTO-DOMINION BANK 2.0
09/10/2031 3,000,000.00 09/17/20212.05%
2,985,720.00
2,985,720.00
86.70 4.23%
2,600,850.27
3,500.00
0.22%
(384,869.73)
A1/A
AA6.946.33
713448FE3 PEPSICO INC 1.95 10/21/2031 3,000,000.00 --
2.02%
2,981,718.20
2,981,718.20
86.85 4.12%
2,605,376.91
26,000.00
0.22%
(376,341.29)
A1/A+
NA
7.06 6.39
78016EYH4 ROYALBANK OF CANADA 2.3
11/03/2031 3,500,000.00 11/12/20212.29%
3,504,620.00
3,504,620.00
87.48 4.37%
3,061,633.16
33,094.44
0.26%
(442,986.85)
A1/A
AA7.096.33
25731VAA2 DOMINION ENERGY SOUTH
CAROLINA INC 2.3 12/01/2031 4,000,000.00 --
2.33%
3,990,882.64
3,990,882.64
86.43 4.54%
3,457,117.48
30,666.67
0.30%
(533,765.16)
A2/A
A+
7.17 6.40
26444HAK7 DUKE ENERGY FLORIDA LLC 2.4
12/15/2031 2,000,000.00 -- 3.07%
1,895,405.00
1,895,405.00
87.60 4.43%
1,752,091.30
14,133.33
0.15%
(143,313.70)
A1/A
NA
7.21 6.42
808513CA1 CHARLES SCHWAB CORP 2.9
03/03/2032 3,000,000.00 -- 4.93%
2,560,635.00
2,560,635.00
89.83 4.53%
2,694,944.22
6,766.67
0.23%
134,309.22
A2/AA7.42
6.52 12572QAK1 CME GROUP INC 2.65 03/15/2032 5,000,000.00 --
3.79%
4,583,388.40
4,583,388.40
90.35 4.17%
4,517,263.40
5,888.89
0.39%
(66,125.00)
Aa3/AAAA7.46
6.63 084664DA6 BERKSHIRE HATHAWAY FINANCE
CORP 2.875 03/15/2032 7,000,000.00 -- 4.43%
6,210,120.00
6,210,120.00
92.32 4.08%
6,462,364.30
8,944.44
0.56%
252,244.30
Aa2/AA
A+
7.46 6.59
91324PEJ7 UNITEDHEALTH GROUP INC 4.2
05/15/2032 4,500,000.00 -- 4.36%
4,452,775.00
4,452,775.00
99.21 4.32%
4,464,633.65
71,400.00
0.38%
11,858.65
A2/A+
A
7.62 6.36
747525BQ5 QUALCOMM INC 4.25 05/20/2032 3,000,000.00 --
4.49%
2,945,505.00
2,945,505.00
99.94 4.26%
2,998,324.35
46,395.83
0.26%
52,819.35
A2/A
NA
7.64 6.37
89115A2E1 TORONTO-DOMINION BANK 4.456
06/08/2032 9,000,000.00 --
5.54%
8,312,940.00
8,312,940.00
99.35 4.56%
8,941,444.29
125,882.00
0.77%
628,504.29
A1/A
NA
7.69 6.35
713448FM5 PEPSICO INC 3.9 07/18/2032 9,000,000.00 --
4.99%
8,304,380.00
8,304,380.00
98.40 4.14%
8,856,155.43
71,175.00
0.76%
551,775.43
A1/A+
NA
7.80 6.60
037833EP1 APPLE INC 3.35 08/08/2032 3,500,000.00 --
4.24%
3,253,415.00
3,253,415.00
95.51 4.02%
3,342,911.04
17,261.81
0.29%
89,496.04
Aaa/AA+
NA
7.86 6.77
931142EY5 WALMART INC 4.15 09/09/2032 2,000,000.00 09/20/2022
4.45%
1,952,260.00
1,952,260.00
101.17
3.98%
2,023,313.72
5,072.22
0.17%
71,053.72
Aa2/AA
AA
7.94 6.52
24422EWL9 JOHN DEERE CAPITAL CORP 4.35
09/15/2032 4,000,000.00 -- 4.64%
3,911,405.00
3,911,405.00
100.71
4.24%
4,028,537.44
7,733.33
0.35%
117,132.44
A1/A
A+
7.96 6.66
437076CS9 HOME DEPOT INC 4.5 09/15/2032 7,500,000.00 --
4.95%
7,260,535.00
7,260,535.00
102.28
4.16%
7,671,117.23
15,000.00
0.66%
410,582.23
A2/A
A
7.96 6.46
756109BP8 REALTY INCOME CORP 5.625
10/13/2032 3,000,000.00 10/19/2023
6.56%
2,811,960.00
2,811,960.00
106.29
4.68%
3,188,633.85
78,750.00
0.27%
376,673.85
A3/ANA8.04
6.16 SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 34 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
023135CR5 AMAZON.COM INC 4.7
12/01/2032 6,000,000.00 -- 4.54%
6,073,270.00
6,073,270.00
103.96
4.12%
6,237,467.64
94,000.00
0.54%
164,197.64
A1/AA
AA8.176.50
89236TKR5 TOYOTAMOTOR CREDIT CORP 4.7
01/12/2033 5,000,000.00 -- 4.60%
5,038,315.00
5,038,315.00
101.96
4.41%
5,097,782.15
51,569.44
0.44%
59,467.15
A1/A+
A+
8.28 6.75
26442CBJ2 DUKE ENERGY CAROLINAS LLC
4.95 01/15/2033 5,000,000.00 -- 4.93%
5,007,380.00
5,007,380.00
103.09
4.50%
5,154,293.20
52,250.00
0.44%
146,913.20
Aa3/A
NA
8.29 6.54
87612EBQ8 TARGET CORP 4.4 01/15/2033 7,000,000.00 --
4.51%
6,942,200.00
6,942,200.00
100.91
4.27%
7,063,688.03
65,022.22
0.61%
121,488.03
A2/A
A
8.29 6.66
637432PA7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.8
01/15/2033
7,000,000.00 --
6.17%
6,821,460.00
6,821,460.00
108.33
4.58%
7,582,798.72
85,711.11
0.65%
761,338.72
A1/AA+8.29
6.23 78016FZX5 ROYALBANK OF CANADA 5.0
02/01/2033 8,000,000.00 -- 5.47%
7,735,430.00
7,735,430.00
103.47
4.49%
8,277,891.92
66,666.67
0.71%
542,461.92
A1/A
AA8.346.74
20030NEC1 COMCAST CORP 4.65 02/15/2033 5,000,000.00 --
4.68%
4,986,780.00
4,986,780.00
101.43
4.44%
5,071,500.05
29,708.33
0.44%
84,720.05
A3/AA8.38
6.68 438516CK0 HONEYWELL INTERNATIONAL INC
5.0 02/15/2033 10,000,000.00 -- 5.10%
9,934,460.00
9,934,460.00
104.53
4.35%
10,452,877.30
63,888.89
0.90%
518,417.30
A2/A
A
8.38 6.62
532457CF3 ELI LILLYAND CO 4.7 02/27/2033 7,000,000.00 --
4.64%
7,032,030.00
7,032,030.00
102.88
4.29%
7,201,379.78
31,072.22
0.62%
169,349.78
A1/A+
NA
8.41 6.72
911312BZ8 UNITED PARCEL SERVICE INC
4.875 03/03/2033 5,000,000.00 -- 4.78%
5,036,405.00
5,036,405.00
103.48
4.38%
5,173,756.65
18,958.33
0.45%
137,351.65
A2/A
NA
8.42 6.69
009158BF2 AIR PRODUCTS AND CHEMICALS
INC 4.8 03/03/2033 8,500,000.00 -- 4.77%
8,521,575.00
8,521,575.00
103.30
4.33%
8,780,275.52
31,733.33
0.76%
258,700.52
A2/A
NA
8.42 6.71
828807DU8 SIMON PROPERTYGROUP LP 5.5
03/08/2033 4,500,000.00 -- 5.52%
4,491,950.00
4,491,950.00
105.63
4.68%
4,753,317.56
15,812.50
0.41%
261,367.56
A3/ANA8.44
6.57 57636QAX2 MASTERCARD INC 4.85
03/09/2033 3,000,000.00 06/13/2023
4.66%
3,042,750.00
3,042,750.00
103.93
4.29%
3,118,018.35
8,891.67
0.27%
75,268.35
Aa3/A+
NA
8.44 6.72
74456QCL8 PUBLICSERVICE ELECTRICAND
GAS CO 4.65 03/15/2033 8,000,000.00 -- 5.09%
7,748,688.00
7,748,688.00
101.42
4.45%
8,113,311.04
16,533.33
0.70%
364,623.04
A1/A
NA
8.45 6.76
59217GFP9 METROPOLITAN LIFE GLOBAL
FUNDING I 5.15 03/28/2033 5,000,000.00 -- 5.20%
4,981,340.00
4,981,340.00
103.79
4.61%
5,189,650.25
2,145.83
0.45%
208,310.25
Aa3/AAAA8.49
6.86 341081GL5 FLORIDA POWER & LIGHT CO 5.1
04/01/2033 7,000,000.00 --
4.77%
7,176,590.00
7,176,590.00
104.61
4.44%
7,322,649.60
178,500.00
0.63%
146,059.60
Aa2/A+
AA8.506.72
SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 35 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
931142FD0 WALMART INC 4.1 04/15/2033 5,000,000.00 --
4.23%
4,945,725.00
4,945,725.00
100.28
4.06%
5,014,247.40
94,527.78
0.43%
68,522.40
Aa2/AA
AA
8.54 6.84
91324PEV0 UNITEDHEALTH GROUP INC 4.5
04/15/2033 10,000,000.00 -- 4.77%
9,798,905.00
9,798,905.00
100.45
4.44%
10,044,500.80
207,500.00
0.86%
245,595.80
A2/A+
A
8.54 6.72
46647PDC7 JPMORGAN CHASE & CO 4.586
04/26/2033 7,000,000.00 -- 5.45%
6,592,710.00
6,592,710.00
100.02
4.79%
7,001,482.74
138,216.94
0.60%
408,772.74
A1/AAA8.57
6.21 06051GKQ1 BANK OF AMERICA CORP 4.571
04/27/2033 7,500,000.00 --
5.33%
7,105,085.00
7,105,085.00
99.52 4.85%
7,463,976.08
146,652.92
0.64%
358,891.08
A1/AAA8.57
6.21 037833EV8 APPLE INC 4.3 05/10/2033 2,500,000.00 05/10/2023
4.23%
2,514,750.00
2,514,750.00
103.13
3.87%
2,578,340.05
42,104.17
0.22%
63,590.05
Aaa/AA+
NA
8.61 6.88
857477BU6 STATE STREET CORP 4.421
05/13/2033 2,000,000.00 05/12/20234.94%
1,924,940.00
1,924,940.00
99.42 4.70%
1,988,381.16
33,894.33
0.17%
63,441.16
A1/A
AA8.626.29
20030NEE7 COMCAST CORP 4.8 05/15/2033 3,500,000.00 --
6.02%
3,192,540.00
3,192,540.00
101.97
4.52%
3,569,096.51
63,466.67
0.31%
376,556.51
A3/AA8.62
6.73 30303M8N5 META PLATFORMS INC 4.95
05/15/2033 5,000,000.00 10/18/20235.84%
4,675,300.00
4,675,300.00
104.96
4.26%
5,248,220.15
93,500.00
0.45%
572,920.15
Aa3/AANA
8.62 6.73
58933YBK0 MERCK & CO INC 4.5 05/17/2033 5,000,000.00 05/11/2023
4.33%
5,065,650.00
5,065,650.00
101.64
4.27%
5,081,935.25
83,750.00
0.44%
16,285.25
A1/A+
NA
8.63 6.82
716973AE2 PFIZER INVESTMENT ENTERPRISES
PTE LTD 4.75 05/19/2033 7,500,000.00 --
5.18%
7,265,650.00
7,265,650.00
101.93
4.48%
7,644,735.38
130,625.00
0.66%
379,085.38
A2/A
WR
8.63 6.76
747525BS1 QUALCOMM INC 5.4 05/20/2033 4,000,000.00 --
5.21%
4,055,920.00
4,055,920.00
107.74
4.32%
4,309,762.92
78,600.00
0.37%
253,842.92
A2/A
NA
8.64 6.65
09247XAT8 BLACKROCK INC 4.75 05/25/2033 10,000,000.00 --
5.04%
9,783,895.00
9,783,895.00
102.90
4.34%
10,289,869.50
166,250.00
0.89%
505,974.50
Aa3/AANA8.65
6.79 74340XCE9 PROLOGIS LP 4.75 06/15/2033 7,000,000.00 --
5.47%
6,624,720.00
6,624,720.00
101.35
4.56%
7,094,567.83
97,902.78
0.61%
469,847.83
A3/A
NA
8.71 6.82
61747YEU5 MORGAN STANLEY 4.889
07/20/2033 5,000,000.00 06/16/20235.45%
4,800,950.00
4,800,950.00
101.25
4.90%
5,062,480.45
48,210.97
0.44%
261,530.45
A1/AA+8.80
6.38 857477BV4 STATE STREET CORP 4.164
08/04/2033 2,000,000.00 10/30/20236.43%
1,699,560.00
1,699,560.00
97.29 4.77%
1,945,716.10
13,186.00
0.17%
246,156.10
A1/A
AA8.846.56
404280DH9 HSBC HOLDINGS PLC 5.402
08/11/2033 2,500,000.00 09/26/20244.85%
2,588,925.00
2,588,925.00
103.59
5.11%
2,589,757.35
18,756.94
0.22%
832.35
A3/AA+8.86
6.34 05565ECF0 BMW US CAPITAL LLC 5.15
08/11/2033 8,000,000.00 --
5.52%
7,786,280.00
7,786,280.00
103.11
4.72%
8,248,655.60
57,222.22
0.71%
462,375.60
A2/A
NA
8.86 6.88
SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 36 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
24422EXE4 JOHN DEERE CAPITAL CORP 5.15
09/08/2033 4,000,000.00 -- 5.80%
3,806,060.00
3,806,060.00
105.62
4.38%
4,224,822.60
13,161.11
0.36%
418,762.60
A1/A
A+
8.94 7.15
06406RBM8 BANK OF NEW YORK MELLON
CORP 5.834 10/25/2033 10,000,000.00 -- 6.22%
9,740,660.00
9,740,660.00
108.32
4.47%
10,831,629.60
252,806.67
0.93%
1,090,969.60
A1/A
AA9.076.32
89236TLM5 TOYOTAMOTOR CREDIT CORP 4.8
01/05/2034 4,000,000.00 02/07/20244.92%
3,961,600.00
3,961,600.00
101.97
4.54%
4,078,618.80
45,866.67
0.35%
117,018.80
A1/A+
A+
9.27 7.35
02665WEZ0 AMERICAN HONDA FINANCE
CORP 4.9 01/10/2034 8,500,000.00 --
5.08%
8,381,005.00
8,381,005.00
101.71
4.67%
8,645,748.48
93,712.50
0.74%
264,743.48
A3/ANA9.28
7.33 26442CBM5 DUKE ENERGY CAROLINAS LLC
4.85 01/15/2034 3,000,000.00 01/17/20245.09%
2,945,190.00
2,945,190.00
102.28
4.55%
3,068,438.31
30,716.67
0.26%
123,248.31
Aa3/A
NA
9.29 7.21
29379VCF8 ENTERPRISEPRODUCTS
OPERATING LLC 4.85 01/31/2034 5,000,000.00 -- 5.43%
4,783,850.00
4,783,850.00
101.45
4.66%
5,072,308.05
41,090.28
0.44%
288,458.05
A3/AA9.34
7.24 74340XCJ8 PROLOGIS LP 5.0 03/15/2034 5,000,000.00 --
5.23%
4,911,330.00
4,911,330.00
102.54
4.66%
5,127,228.10
11,111.11
0.44%
215,898.10
A3/A
NA
9.45 7.33
171239AK2 CHUBB INA HOLDINGS LLC 5.0
03/15/2034 7,000,000.00 -- 4.95%
7,025,160.00
7,025,160.00
103.85
4.50%
7,269,240.86
15,555.56
0.63%
244,080.86
A3/A
A
9.45 7.35
05565ECK9 BMW US CAPITAL LLC 5.15
04/02/2034 3,000,000.00 05/16/2024
5.28%
2,970,330.00
2,970,330.00
102.05
4.88%
3,061,434.84
76,820.83
0.26%
91,104.84
A2/A
NA
9.50 7.14
61747YFE0 MORGAN STANLEY 5.25
04/21/2034 2,500,000.00 04/18/2024
5.84%
2,398,075.00
2,398,075.00
103.28
4.94%
2,581,972.53
58,333.33
0.22%
183,897.53
A1/AA+9.56
6.72 06051GLH0 BANK OF AMERICA CORP 5.288
04/25/2034 2,500,000.00 04/16/2024
5.87%
2,399,025.00
2,399,025.00
103.97
4.89%
2,599,194.10
57,286.67
0.22%
200,169.10
A1/AAA9.57
6.72 191216DR8 COCA-COLA CO 5.0 05/13/2034 5,000,000.00 05/14/2024
5.01%
4,997,650.00
4,997,650.00
105.37
4.31%
5,268,703.30
95,833.33
0.45%
271,053.30
A1/A+
NA
9.62 7.35
24422EXU8 JOHN DEERE CAPITAL CORP 5.05
06/12/2034 2,500,000.00 06/11/2024
5.21%
2,469,875.00
2,469,875.00
104.41
4.48%
2,610,268.85
38,576.39
0.22%
140,393.85
A1/A
A+
9.70 7.55
Total Corporate 458,080,000.00 4.61%
446,640,642.93
446,640,642.93
99.83 4.40%
455,776,130.31
4,672,503.51
39.21%
9,135,487.38
A1/A
A+
7.68 6.18
MONEY MARKET
FUND
665278404 NORTHERN INST:US GVT SHS 2,399,124.32 --
4.78%
2,399,124.32
2,399,124.32
1.00 4.78%
2,399,124.32
0.00 0.21%
0.00 Aaa/AAAm
NA
0.00 0.00
SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 37 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Money Market 2,399,124.32 1.00 2,399,124.32 0.21% Aaa/AAAm 0.00 Fund 2,399,124.32 4.78% 2,399,124.32 4.78% 0.00 0.00 NA 0.00
US TREASURY
9128286B1 UNITED STATES TREASURY 2.625 5,000,000.00 -- 4,926,728.51 96.15 4,807,617.20 0.41% Aaa/AA+ 4.38 02/15/2029 3.05% 4,926,728.51 3.58% 16,762.91 (119,111.31) AA+ 4.07 91282CEE7 UNITED STATES TREASURY 2.375 3,000,000.00 04/19/2022 2,895,117.19 95.01 2,850,351.57 0.25% Aaa/AA+ 4.50 03/31/2029 2.93% 2,895,117.19 3.59% 195.74 (44,765.62) AA+ 4.21 9128286T2 UNITED STATES TREASURY 2.375 5,000,000.00 06/26/2019 5,145,117.19 94.91 4,745,312.50 0.41% Aaa/AA+ 4.62 05/15/2029 2.05% 5,145,117.19 3.58% 44,853.94 (399,804.69) AA+ 4.28 91282CES6 UNITED STATES TREASURY 2.75 7,500,000.00 -- 7,006,582.03 96.43 7,232,519.55 0.62% Aaa/AA+ 4.67 05/31/2029 3.88% 7,006,582.03 3.59% 69,313.52 225,937.52 AA+ 4.29 91282CEV9 UNITED STATES TREASURY 3.25 30,000,000.00 -- 29,223,437.51 98.56 29,567,578.20 2.54% Aaa/AA+ 4.75 06/30/2029 3.72% 29,223,437.51 3.58% 246,399.46 344,140.69 AA+ 4.32 91282CFJ5 UNITED STATES TREASURY 3.125 30,000,000.00 -- 28,595,039.07 97.92 29,375,390.70 2.53% Aaa/AA+ 4.92 08/31/2029 3.93% 28,595,039.07 3.59% 80,283.15 780,351.63 AA+ 4.50 912828YS3 UNITED STATES TREASURY 1.75 10,000,000.00 -- 10,346,875.00 91.61 9,161,328.10 0.79% Aaa/AA+ 5.13 11/15/2029 1.38% 10,346,875.00 3.56% 66,100.54 (1,185,546.90) AA+ 4.79 91282CFY2 UNITED STATES TREASURY 3.875 20,000,000.00 -- 20,037,304.69 101.31 20,261,718.80 1.74% Aaa/AA+ 5.17 11/30/2029 3.85% 20,037,304.69 3.59% 260,450.82 224,414.11 AA+ 4.59 91282CGJ4 UNITED STATES TREASURY 3.5 35,000,000.00 -- 34,055,078.14 99.50 34,825,000.00 3.00% Aaa/AA+ 5.34 01/31/2030 3.95% 34,055,078.14 3.60% 206,385.87 769,921.86 AA+ 4.79 912828Z94 UNITED STATES TREASURY 1.5 10,000,000.00 -- 10,417,732.56 89.79 8,979,296.90 0.77% Aaa/AA+ 5.38 02/15/2030 1.06% 10,417,732.56 3.61% 19,157.61 (1,438,435.66) AA+ 5.07 91282CGQ8 UNITED STATES TREASURY 4.0 35,000,000.00 -- 34,940,820.33 101.92 35,671,289.15 3.07% Aaa/AA+ 5.41 02/28/2030 4.03% 34,940,820.33 3.61% 119,889.50 730,468.82 AA+ 4.82 91282CGS4 UNITED STATES TREASURY 3.625 35,000,000.00 -- 34,477,343.76 100.07 35,023,242.10 3.01% Aaa/AA+ 5.50 03/31/2030 3.89% 34,477,343.76 3.61% 3,485.58 545,898.34 AA+ 4.94 912828ZQ6 UNITED STATES TREASURY 0.625 5,000,000.00 -- 4,962,890.63 84.92 4,246,093.75 0.37% Aaa/AA+ 5.62 05/15/2030 0.70% 4,962,890.63 3.61% 11,803.67 (716,796.88) AA+ 5.41 91282CHF1 UNITED STATES TREASURY 3.75 30,000,000.00 -- 29,784,667.97 100.66 30,198,046.80 2.60% Aaa/AA+ 5.67 05/31/2030 3.87% 29,784,667.97 3.62% 378,073.77 413,378.83 AA+ 5.00 SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 38 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 20,000,000.00 -- 4.67%
19,230,859.38
19,230,859.38
101.96
3.62%
20,391,406.20
134,782.61
1.75%
1,160,546.82
Aaa/AA+
AA+
5.83 5.14
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 2,500,000.00 -- 0.76%
2,467,070.31
2,467,070.31
84.27 3.62%
2,106,835.95
1,995.58
0.18%
(360,234.36)
Aaa/AA+
AA+
5.87 5.66
91282CHZ7 UNITED STATES TREASURY 4.625
09/30/2030 20,000,000.00 -- 4.95%
19,622,656.25
19,622,656.25
105.32
3.63%
21,063,281.20
2,541.21
1.81%
1,440,624.95
Aaa/AA+
AA+
6.00 5.23
91282CJG7 UNITED STATES TREASURY 4.875
10/31/2030 20,000,000.00 --
4.08%
20,944,921.88
20,944,921.88
106.73
3.63%
21,346,875.00
408,016.30
1.84%
401,953.12
Aaa/AA+
AA+
6.08 5.17
91282CAV3 UNITED STATES TREASURY 0.875
11/15/2030 5,000,000.00 -- 1.01%
4,938,632.81
4,938,632.81
85.11 3.61%
4,255,468.75
16,525.14
0.37%
(683,164.06)
Aaa/AA+
AA+
6.13 5.83
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 10,000,000.00 -- 1.42%
9,731,298.84
9,731,298.84
85.99 3.60%
8,599,218.80
14,368.21
0.74%
(1,132,080.04)
Aaa/AA+
AA+
6.38 6.03
91282CKN0 UNITED STATES TREASURY 4.625
04/30/2031 7,500,000.00 05/30/20244.57%
7,525,781.25
7,525,781.25
105.64
3.65%
7,923,339.83
145,159.65
0.68%
397,558.58
Aaa/AA+
AA+
6.58 5.57
91282CCB5 UNITED STATES TREASURY 1.625
05/15/2031 2,500,000.00 07/23/20211.31%
2,572,656.25
2,572,656.25
88.16 3.65%
2,204,003.90
15,344.77
0.19%
(368,652.35)
Aaa/AA+
AA+
6.62 6.12
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 5,000,000.00 -- 1.36%
4,948,144.54
4,948,144.54
85.40 3.67%
4,270,117.20
7,982.34
0.37%
(678,027.34)
Aaa/AA+
AA+
6.87 6.45
91282CEP2 UNITED STATES TREASURY 2.875
05/15/2032 25,000,000.00 --
3.45%
23,876,875.01
23,876,875.01
94.52 3.71%
23,630,859.50
271,484.38
2.03%
(246,015.51)
Aaa/AA+
AA+
7.62 6.67
91282CFF3 UNITED STATES TREASURY 2.75
08/15/2032 25,000,000.00 -- 3.75%
22,993,457.03
22,993,457.03
93.45 3.72%
23,361,328.00
87,805.71
2.01%
367,870.97
Aaa/AA+
AA+
7.88 6.95
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 35,000,000.00 -- 4.03%
35,324,511.73
35,324,511.73
102.86
3.71%
36,002,148.35
545,329.48
3.10%
677,636.62
Aaa/AA+
AA+
8.13 6.77
91282CGM7 UNITED STATES TREASURY 3.5
02/15/2033 30,000,000.00 -- 3.89%
29,046,679.70
29,046,679.70
98.26 3.74%
29,477,343.60
134,103.26
2.54%
430,663.90
Aaa/AA+
AA+
8.38 7.15
91282CHC8 UNITED STATES TREASURY 3.375
05/15/2033 40,000,000.00 -- 4.05%
37,882,324.23
37,882,324.23
97.22 3.75%
38,889,062.40
509,918.48
3.35%
1,006,738.17
Aaa/AA+
AA+
8.62 7.30
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 40,000,000.00 -- 4.76%
37,253,906.26
37,253,906.26
100.80
3.77%
40,321,875.20
197,961.96
3.47%
3,067,968.94
Aaa/AA+
AA+
8.87 7.42
91282CJJ1 UNITED STATES TREASURY 4.5
11/15/2033 25,000,000.00 -- 4.02%
25,966,992.19
25,966,992.19
105.61
3.77%
26,401,367.25
424,932.07
2.27%
434,375.06
Aaa/AA+
AA+
9.13 7.37
91282CJZ5 UNITED STATES TREASURY 4.0
02/15/2034 30,000,000.00 --
4.39%
29,079,687.52
29,079,687.52
101.72
3.78%
30,515,625.00
153,260.87
2.63%
1,435,937.48
Aaa/AA+
AA+
9.38 7.74
SAMPLE
HOLDINGS REPORT
(Client Name) | Account #(0) | As of September 30, 2024 39 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CKQ3 UNITED STATES TREASURY 4.375
05/15/2034 45,000,000.00 -- 4.37%
45,019,335.94
45,019,335.94
104.73
3.78%
47,130,468.75
743,631.11
4.05%
2,111,132.81
Aaa/AA+
AA+
9.62 7.73
91282CLF6 UNITED STATES TREASURY 3.875
08/15/2034 22,500,000.00 -- 3.76%
22,706,640.63
22,706,640.63
100.70
3.79%
22,658,203.13
111,353.60
1.95%
(48,437.51)
Aaa/AA+
AA+
9.87 8.11
Total US Treasury 670,500,000.00 3.87%
657,947,166.33
657,947,166.33
99.77 3.68%
667,493,613.32
5,449,652.79
57.42%
9,546,446.99
Aaa/AA+
AA+
7.05 6.06
Total Portfolio 4.14%
1,144,668,049.60
1,144,671,371.96
99.54 3.97%
1,162,382,225.38
10,323,055.24
100.00%
17,710,853.42
Aa3/AAAA7.30
6.08 Total Market Value +
Accrued 1,172,705,280.62
SAMPLE
TRANSACTIONS
40 SAMPLE
TRANSACTION LEDGER
(Client Name) | Account #(0)|07/01/2024 Through 09/30/2024| 41 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/23/2024 171239AK2 3,000,000.00 CHUBB INA HOLDINGS LLC 5.0 03/15/2034 4.90% (56,666.67) (3,078,746.67) 0.00 Purchase 07/23/2024 91282CKQ3 15,000,000.00
UNITEDSTATES
TREASURY 4.375
05/15/2034
4.27% (123,046.88) (15,246,679.69) 0.00
Purchase 07/31/2024 171239AK2 4,000,000.00 CHUBB INA HOLDINGS LLC 5.0 03/15/2034 4.99% (80,000.00) (4,083,080.00) 0.00 Purchase 07/31/2024 91282CKQ3 5,000,000.00
UNITEDSTATES
TREASURY 4.375
05/15/2034
4.11% (45,771.06) (5,153,192.94) 0.00
Purchase 08/29/2024 91324PEV0 2,500,000.00 UNITEDHEALTH GROUP INC 4.5 04/15/2033 99.430 4.58% (41,875.00) (2,527,625.00) 0.00 Purchase 08/29/2024 74340XCJ8 2,000,000.00 PROLOGIS LP 5.0 03/15/2034 4.76% (59,444.44) (2,094,884.44) 0.00
Purchase 08/29/2024 91282CLF6 7,500,000.00
UNITEDSTATES
TREASURY 3.875
08/15/2034
3.84% (11,056.39) (7,530,392.33) 0.00
Purchase 08/30/2024 91282CLF6 5,000,000.00
UNITEDSTATES
TREASURY 3.875
08/15/2034
3.87% (7,897.42) (5,010,045.86) 0.00
Purchase 09/18/2024 91282CLF6 10,000,000.00
UNITEDSTATES
TREASURY 3.875
08/15/2034
3.65% (35,801.63) (10,220,957.88) 0.00
Purchase 09/27/2024 404280DH9 2,500,000.00 HSBC HOLDINGS PLC
5.402 08/11/2033 4.85% (17,256.39) (2,606,181.39) 0.00
Total Purchase 56,500,000.00 (478,815.88) (57,551,786.20) 0.00 TOTAL
ACQUISITIONS 56,500,000.00 (478,815.88) (57,551,786.20) 0.00
DISPOSITIONS
Sale 07/03/2024 458140CG3 (2,000,000.00) INTEL CORP 5.2 02/10/2033 99.440 5.24% 1,988,800.00 41,311.11 2,030,111.11 (21,175.65) Sale 07/23/2024 437076BW1 (2,000,000.00) HOME DEPOT INC 3.9 12/06/2028 97.431 3.34% 1,948,620.00 10,183.33 1,958,803.33 (142,080.00) SAMPLE
TRANSACTION LEDGER
(Client Name) | Account #(0)|07/01/2024 Through 09/30/2024| Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 07/23/2024 9128285M8 (15,000,000.00)
UNITEDSTATES
TREASURY 3.125
11/15/2028
95.621 4.24% 14,343,164.06 87,890.63 14,431,054.69 116,406.25 Sale 07/31/2024 9128285M8 (7,500,000.00)
UNITEDSTATES
TREASURY 3.125
11/15/2028
96.117 4.24% 7,208,789.06 49,040.42 7,257,829.48 95,410.15 Sale 08/29/2024 91324PDS8 (1,500,000.00) UNITEDHEALTH GROUP INC 2.875 08/15/2029 94.082 2.59% 1,411,230.00 1,677.08 1,412,907.08 (126,655.00) Sale 08/29/2024 9128286B1 (2,500,000.00)
UNITEDSTATES
TREASURY 2.625
02/15/2029
95.629 3.68% 2,390,722.66 2,496.60 2,393,219.26 (72,641.60) Sale 08/29/2024 9128285M8 (2,500,000.00)
UNITEDSTATES
TREASURY 3.125
11/15/2028
97.746 4.24% 2,443,652.34 22,503.40 2,466,155.74 72,526.04 Sale 08/30/2024 9128286B1 (2,500,000.00)
UNITEDSTATES
TREASURY 2.625
02/15/2029
95.477 3.68% 2,386,914.06 2,674.93 2,389,588.99 (76,450.20) Sale 08/30/2024 9128285M8 (2,500,000.00)
UNITEDSTATES
TREASURY 3.125
11/15/2028
97.594 4.24% 2,439,843.75 22,715.69 2,462,559.44 68,717.45 Sale 09/17/2024 9128286B1 (7,500,000.00)
UNITEDSTATES
TREASURY 2.625
02/15/2029
96.691 3.68% 7,251,855.47 17,654.55 7,269,510.02 (138,237.30) Sale 09/17/2024 9128285M8 (2,500,000.00)
UNITEDSTATES
TREASURY 3.125
11/15/2028
98.754 4.24% 2,468,847.66 26,537.02 2,495,384.68 97,721.36 Total Sale 284,684.76 46,567,123.82 (126,458.51)
TOTAL DISPOSITIONS 284,684.76 46,567,123.82 (126,458.51) 42 SAMPLE
IMPORTANT DISCLOSURES
(Client Name) | Account #(0) | As of September 30, 2024 2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions 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 “asis” 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 “asis” 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.
Thisreport 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 asindicator 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 asinterest 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 ratesto 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.
Ratingsinformation have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of thisstatement, 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. 43 SAMPLE
BENCHMARK DISCLOSURES
(Client Name) | Account #(0) | As of September 30, 2024 44 Benchmark Disclosure
DNU-ICE BofA 5-10 Year AAA-A US
Corporate & Government Index
The ICE BofA 5-10 AAA-A Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt
publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities.
Qualifying securities must be rated AAA through A3 (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must
have at least five yearsremaining term to finalmaturity and less than ten yearsremaining term to final maturity, at least five yearsto 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.
The ICE BofA US 1-5 Year AAA-A 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 issued from US issuers and 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 finalmaturity and less than five yearsremaining term to final
maturity, at least 18 monthsto 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.
The ICE BofA US 6-Month 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 issold 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,six monthsfrom the rebalancing date.
SAMPLE
SAMPLE
Attestation re: Recent Compliance Audit
9255 Towne Centre Drive, Suite 600 | San Diego, CA 92121 | Phone 800.317.4747 | chandlerasset.com Sent via submission
City of Signal Hill
March 09, 2026
Subject: Annual Compliance Assessment Letter
To Siamlu Cox, Finance Staff, and City Council Members, I hope this letter finds you well. I am writing in response to the City of Signal Hill’s request that Chandler Asset Management, Inc. (Chandler) provide copy of our most recent Annual Compliance Report (ACR). Given the confidential and sensitive nature of the ACR, Chandler does not share this document. However, I am able to provide and attest to the following:
• On an annual basis, including for year-ending December 31, 2025, Chandler conducts an annual compliance review in accordance with Rule 206(4)-7 of the Investment Advisers Act. • There were no material findings identified in the 2025 ACR. • The review was supported by Optima Partners, a third-party regulatory compliance consulting firm. • The ACR is maintained in Chandler’s books and records and is subject to examination by the Securities and Exchange Commission.
I believe that these outcomes reflect the diligent efforts of our team and demonstrate our firm’s dedication to upholding the highest regulatory standards. We remain committed to fostering a culture of compliance and transparency, and we will continue to review and enhance our processes to ensure we meet or exceed regulatory requirements.
Should you have any questions regarding this process or any other compliance-related matters, please feel free to contact me directly by email at [email protected].
Sincerely,
Michael Rasmussen
Chief Compliance Officer & General Counsel
Proposed Additional Terms for Agreement and
Sample Investment Services Contract
1 PROPOSED ADDITIONAL TERMS
SPECIFIC TO INVESTMENT MANAGEMENT RELATIONSHIP
1. Client Representative. In its capacity as investment manager, Chandler shall receive all instructions, directions and other communications on Client's behalf respecting Client's account from ________________ (Representative). Chandler is hereby authorized to rely and act upon all such instructions, directions and communications from such Representative or any agent of such Representative.
2. Investment Policy. In investing and reinvesting Client’s assets, Chandler shall comply with Client’s Investment Policy, which is attached hereto as Exhibit A.
3. Authority of Chandler. Chandler is hereby granted full discretion to invest and reinvest all assets under its management in any type of security it deems appropriate, subject to the instructions given or guidelines set by Representative.
4. Notices. All reports and other communications required hereunder to be in writing shall be delivered in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile with original to follow or by confirmed electronic mail with proof of receipt to the addresses set forth below. Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other communications due hereunder.
Client Representative
_____________________
_____________________
Chandler Asset Management Attn:
Nicole Dragoo
9255 Towne Centre Blvd. Ste 600
San Diego, CA 92121 _____________________
5. Electronic Delivery. From time to time, Chandler may be required to deliver certain documents to Client such as account information, notices and required disclosures. Client hereby consents to Chandler’s use of electronic means, such as email, to make such delivery. This delivery may include notification of the availability of such document(s) on a website, and Client agrees that such notification will constitute “delivery”. Client further agrees to provide Chandler with Client’s email address(s) and to keep this information current at all times by promptly notifying Chandler of any change in email address(s).
Client email address(s):______________________________________________________________
6. Proxy Voting. Chandler will vote proxies on behalf of Client unless otherwise instructed. Chandler has adopted and implemented written policies and procedures and will provide Client with a description of the proxy voting procedures upon request. Chandler will provide information regarding how Clients’ proxies were voted upon request. To request proxy policies or other information, please contact us by mail at the address provided, by calling 800-317-4747 or by emailing your request to [email protected].
2 7. Custody of Securities and Funds. Chandler shall not have custody or possession of the funds or securities that Client has placed under its management. Client shall appoint a custodian to take and have possession of its assets. Client recognizes the importance of comparing statements received from the appointed custodian to statements received from Chandler. Client recognizes that the fees expressed above do not include fees Client will incur for custodial services.
8. Valuation. Chandler will value securities held in portfolios managed by Chandler no less than monthly. Securities or investments in the portfolio will be valued in a manner determined in good faith by Chandler to reflect fair market value.
9. Investment Advice. Client recognizes that the opinions, recommendations and actions of Chandler will be based on information deemed by it to be reliable, but not guaranteed to or by it. Provided that Chandler acts in good faith, Client agrees that Chandler will not in any way be liable for any error in judgment or for any act or omission, except as may otherwise be provided for under the Federal Securities laws or other applicable laws.
10. Payment of Commissions. Chandler may place buy and sell orders with or through such brokers or dealers as it may select. It is the policy and practice of Chandler to strive for the best price and execution and for commission and discounts which are competitive in relation to the value of the transaction and which comply with Section 28(e) of the Securities and Exchange Act. Nevertheless, it is understood that Chandler may pay a commission on transactions in excess of the amount another broker or dealer may charge, and that Chandler makes no warranty or representation regarding commissions paid on transactions hereunder.
11. Other Clients. It is further understood that Chandler may be acting in a similar capacity for other institutional and individual clients, and that investments and reinvestments for Client's portfolio may differ from those made or recommended with respect to other accounts and clients even though the investment objectives may be the same or similar. Accordingly, it is agreed that Chandler will have no obligation to purchase or sell for Client's account any securities which it may purchase or sell for other clients.
12. Confidential Relationship. The terms and conditions of this Agreement, and all information and advice furnished by either party to the other shall be treated as confidential and shall not be disclosed to third parties except (i) as required by law, rule, or regulation, (ii) as requested by a regulatory authority, (iii) for disclosures by either party of information that has become public by means other than wrongful conduct by such party or its officers, employees, or other personnel, (iv) for disclosures by either party to its legal counsel, accountants, or other professional advisers, (v) as necessary for Chandler to carry out its responsibilities hereunder, or (vi) as otherwise expressly agreed by the parties.
13. Receipt of Brochure and Privacy Policy. Client hereby acknowledges receipt of the disclosure statement or "brochure" and “brochure supplement” also known as Part 2A and Part 2B of Form ADV, required to be delivered pursuant to Rule 204-3 of the Investment Advisers Act of 1940 (Brochure). Client further acknowledges receipt of Chandler’s Privacy Policy, as required by Regulation S-P.
1 INVESTMENT MANAGEMENT AGREEMENT
(Institutional Client, Non-ERISA)
_________________________ (Client) hereby retains Chandler Asset Management, Inc. (Chandler) as Investment Adviser on the terms and conditions set forth herein.
1. Term. The term of this Agreement shall commence upon the execution of this Agreement and shall continue until this Agreement is terminated effective upon receipt of notice of termination in writing delivered by the terminating party.
2. Fees. Client shall compensate Chandler monthly an amount calculated on the average market value of Client's portfolio, including accrued interest, in accordance with the following schedule:
Assets Under Management
First $25 million
Next $25 million
Assets in excess of $50 million
Annual Investment Management Fee
0.X of 1% (X basis points)
0.X of 1% (X basis points)
0.X of 1% (Xbasis points)
The fees expressed above do not include any custody fees that may be charged by Client's bank or other third party custodian.
Fees shall be prorated to the effective date of termination on the basis of actual days elapsed, and any unearned portion of prepaid fees shall be refunded. Client is not required to pay any start-up or closing fees; there are no penalty fees.
Fees shall be deducted monthly in arrears from Client’s custody account.
3. Client Representative. In its capacity as investment manager, Chandler shall receive all instructions, directions and other communications on Client's behalf respecting Client's account from ________________ (Representative). Chandler is hereby authorized to rely and act upon all such instructions, directions and communications from such Representative or any agent of such Representative.
4. Investment Policy. In investing and reinvesting Client’s assets, Chandler shall comply with Client’s Investment Policy, which is attached hereto as Exhibit A.
5. Authority of Chandler. Chandler is hereby granted full discretion to invest and reinvest all assets under its management in any type of security it deems appropriate, subject to the instructions given or guidelines set by Representative.
6. Notices. All reports and other communications required hereunder to be in writing shall be delivered in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile with original to follow or by confirmed electronic mail with proof of receipt to the addresses set 2 forth below. Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other communications due hereunder.
Chandler Asset Management
Attn: Nicole Dragoo
9255 Towne Centre Dr
San Diego, CA 92121
[email protected]
CLIENT
Attn:
Address:
City, ST ZIP
Email
7. Electronic Delivery. From time to time, Chandler may be required to deliver certain documents to Client such as account information, notices and required disclosures. Client hereby consents to Chandler’s use of electronic means, such as email, to make such delivery. This delivery may include notification of the availability of such document(s) on a website, and Client agrees that such notification will constitute “delivery”. Client further agrees to provide Chandler with Client’s email address(s) and to keep this information current at all times by promptly notifying Chandler of any change in email address(s).
Client email address(s):______________________________________________________________
8. Proxy Voting. Chandler will vote proxies on behalf of Client unless otherwise instructed. Chandler has adopted and implemented written policies and procedures and will provide Client with a description of the proxy voting procedures upon request. Chandler will provide information regarding how Clients’ proxies were voted upon request. To request proxy policies or other information, please contact us by mail at the address provided, by calling 800-317-4747 or by emailing your request to [email protected].
9. Custody of Securities and Funds. Chandler shall not have custody or possession of the funds or securities that Client has placed under its management. Client shall appoint a custodian to take and have possession of its assets. Client recognizes the importance of comparing statements received from the appointed custodian to statements received from Chandler. Client recognizes that the fees expressed above do not include fees Client will incur for custodial services.
10. Valuation. Chandler will value securities held in portfolios managed by Chandler no less than monthly. Securities or investments in the portfolio will be valued in a manner determined in good faith by Chandler to reflect fair market value.
11. Investment Advice. Client recognizes that the opinions, recommendations and actions of Chandler will be based on information deemed by it to be reliable, but not guaranteed to or by it. Provided that Chandler acts in good faith, Client agrees that Chandler will not in any way be liable for any error in judgment or for any act or omission, except as may otherwise be provided for under the Federal Securities laws or other applicable laws.
3 12. Payment of Commissions. Chandler may place buy and sell orders with or through such brokers or dealers as it may select. It is the policy and practice of Chandler to strive for the best price and execution and for commission and discounts which are competitive in relation to the value of the transaction and which comply with Section 28(e) of the Securities and Exchange Act. Nevertheless, it is understood that Chandler may pay a commission on transactions in excess of the amount another broker or dealer may charge, and that Chandler makes no warranty or representation regarding commissions paid on transactions hereunder.
13. Other Clients. It is further understood that Chandler may be acting in a similar capacity for other institutional and individual clients, and that investments and reinvestments for Client's portfolio may differ from those made or recommended with respect to other accounts and clients even though the investment objectives may be the same or similar. Accordingly, it is agreed that Chandler will have no obligation to purchase or sell for Client's account any securities which it may purchase or sell for other clients.
14. Confidential Relationship. The terms and conditions of this Agreement, and all information and advice furnished by either party to the other shall be treated as confidential and shall not be disclosed to third parties except (i) as required by law, rule, or regulation, (ii) as requested by a regulatory authority, (iii) for disclosures by either party of information that has become public by means other than wrongful conduct by such party or its officers, employees, or other personnel, (iv) for disclosures by either party to its legal counsel, accountants, or other professional advisers, (v) as necessary for Chandler to carry out its responsibilities hereunder, or (vi) as otherwise expressly agreed by the parties.
15. No Assignment& Amendments. Neither party may assign, directly or indirectly, all or part of its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. This Agreement may be amended at any time by mutual agreement in writing.
16. Governing Law. It is understood that this Agreement shall be governed by and construed under and in accordance with the laws of the State of California.
17. Severability. Any provision of this Agreement which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.
18. Receipt of Brochure and Privacy Policy. Client hereby acknowledges receipt of the disclosure statement or "brochure" and “brochure supplement” also known as Part 2A and Part 2B of Form ADV, required to be delivered pursuant to Rule 204-3 of the Investment Advisers Act of 1940 (Brochure). Client further acknowledges receipt of Chandler’s Privacy Policy, as required by Regulation S-P.
19. Arbitration. It is agreed that any controversy between Chandler and the Client arising out of Chandler business or this Agreement, shall be submitted to arbitration conducted under the provisions of the commercial arbitration rules of the American Arbitration Association. Arbitration must be commenced by service upon the other party of a written demand for arbitration or a written 4 notice of intention to arbitrate, therein electing the arbitration tribunal. In the event the Client does not make such election within five (5) days of such demand or notice, then the Client authorizes Chandler to do so on the Client’s behalf. Judgment upon any award rendered by the arbitrators shall be final and may be entered in any court having jurisdiction thereof. This clause does not constitute a waiver of any right including the right to choose the forum, whether arbitration or adjudication, in which to seek resolution of disputes.
Client
By:
Date
Name & Title:_________________________________________________ Chandler Asset Management, Inc.,
a California Corporation
By:
Nicole Dragoo Date
Chief Executive Officer