Agenda packet, regular meeting — Vallejo City Council, November 4, 2025 (part 1 of 2)

HYBRID MEETING
www.Cityofvallejo.net

CALL AND NOTICE OF REGULAR
MEETING AT 7:00 PM OF THE

VALLEJO CITY COUNCIL

NOVEMBER 4, 2025

Council Chambers
555 Santa Clara Street
Vallejo, CA 94590

COUNCIL MEMBERS
Andrea Sorce (Mayor)
Peter Bregenzer (Vice-Mayor)
Helen-Marie Gordon
Tonia Lediju, PhD
Alexander Matias
Diosdado "JR" Matulac
Charles Palmares

NOTICE: Members of the Public will be able to participate in-person or remotely via Zoom
City Hall and the Council Chambers will be open to
members of the public 30 minutes prior to the start of
the meeting.

PUBLIC COMMENT: Members of the Public may provide
public comments during the City Council Meeting in
person or via ZOOM
(https://ZoomRegular.Cityofvallejo.net), or via
phone, by dialing (669) 900-6833.

For additional instructions on how to speak remotely
during public comment, please
visit, www.cityofvallejo.net/publiccomment
VIEW THE MEETING:

There are four different ways you can view this public meeting:
• In Person
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• Stream from the City
website: www.cityofvallejo.net/Streaming
• Join the Zoom webinar:
https://ZoomRegular.Cityofvallejo.net
Scan QR code for live captions and translation in Spanish and Tagalog.

Hybrid Options are available for members of the public to participate. To participate remotely

Option to Join by Computer
From your browser go to https://ZoomRegular.CityofVallejo.net to launch and join the zoom application.

Meeting ID: 914 0075 0676#
Meeting Password: 131313
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Enter Meeting ID: 914 0075 0676#
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Any supplemental writing related to an agenda item for an open session of a regular meeting that is distributed to all or a majority of all members of the City Council less than 72 hours before the meeting will be posted concurrently on the City’s website at www.cityofvallejo.net/agendas Written material distributed during the meeting, will be available at the meeting if prepared by the City or after the meeting if prepared by someone else. Such materials may be obtained from the City Clerk

Vallejo City Council Chambers ADA compliant. Devices for the hearing impaired are available from the City Clerk. Requests for disability related modifications or accommodations, aids or services may be made by a person with a disability to the City Clerk's office no less than 72 hours prior to the meeting as required by Section 202 of the Americans with Disabilities Act of 1990 and the federal rules and regulations adopted in implementation thereof

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AGENDA

1. CALL TO ORDER

2. ROLL CALL

3. PLEDGE OF ALLEGIANCE

4. REPORT OUT OF CLOSED SESSION

5. PRESENTATIONS AND COMMENDATIONS
A. YOUTH DELEGATION TO THE 2025 NATIONAL LEAGUE OF CITIES

CONFERENCE
B. PRESENTATION OF A PROCLAMATION RECOGNIZING NATIVE
AMERICAN HERITAGE MONTH, NOVEMBER 2025

6. FIRST COMMUNITY FORUM
The Community Forum is an opportunity to address the Council on any matter for which another opportunity to speak is not provided on the agenda, and which is within the jurisdiction of the Council to resolve. Any interested members of the public desiring to communicate with the City Council as part of the First Community Forum may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone: Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first. When called upon, each speaker should step to the podium, state his/her name for the record. The conduct of the community forum shall be limited to a maximum of fifteen (15) minutes, with each speaker limited to a maximum of three minutes pursuant to Vallejo Municipal Code Section 2.02.300.

7. PUBLIC COMMENT REGARDING CONSENT CALENDAR ITEMS
Members of the public wishing to address the Council on Consent Calendar Items are requested to submit a completed speaker card to the City Clerk. Each speaker is limited to three minutes pursuant to Vallejo Municipal Code Section 2.02.310. Requests for removal of Consent Items received from the public are subject to approval by a majority vote of the Council. Items removed from the Consent Calendar will be heard immediately after approval of the Consent Calendar and Agenda.

8. CONSENT CALENDAR AND APPROVAL OF AGENDA
A. WAIVE READING AND AUTHORIZING INTRODUCTIONS AND/OR

ADOPTION OF ORDINANCES BY TITLE ONLY
Recommendation: Waive reading and authorize introductions and/or adoption of any and all ordinances on this agenda, if any, by title only. This is a standard procedural action so the City Council does not have to read an ordinance in its entirety.

Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
B. CITY TREASURER’S QUARTERLY INVESTMENT REPORT

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Recommendation: Accept the City Treasurer’s Investment Report for the quarter ended September 30, 2025
Contact: Florita Cruz, Assistant Finance Director, (707) 648-5542 [email protected]
C. NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2025-26 BUDGET TO ALLOCATE THE U.S. ENVIRONMENTAL PROTECTION AGENCY (EPA) 2025 GRANT IN THE AMOUNT OF $500,000 AND AUTHORIZE THE CITY MANAGER TO EXECUTE THE SAME (STEP 1 OF 2)
Recommendation: Provide notice of intent to amend the Fiscal Year 2025-2026 budget to allocate the U.S. Environmental Protection Agency (EPA) 2025 Grant in the amount of $500,000 and authorize the City Manager to execute the same (Step 1 of 2)
Contact: Gillian Haen, Assistant City Manager (707) 648-4163 [email protected]
D. NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2025-2026 BUDGET TO ALLOCATE $746,200 OF THE MONSANTO SETTLEMENT FUNDS TO THE POLICE DEPARTMENT HEADQUARTERS PROJECT (STEP 1 OF 2) Recommendation: Provide Notice of Intent to amend the Fiscal Year 2025- 2026 budget to allocate $746,200 of the Monsanto Settlement Funds to the Police Department Headquarters Project (PW9818).

Contact: Oscar Alcantar, Interim Public Work Director, 707-648-4433 [email protected]
E. ADOPT A RESOLUTION APPROVING A NEW SITE PERMIT TO NEW

CINGULAR WIRELESS PCS, LLC, DBA AT&T FOR A SMALL CELL SITE INSTALLATION WITHIN THE CITY RIGHT-OF-WAY AT 2325 SPRINGS

ROAD AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME
Recommendation: Adopt a Resolution approving a new Site Permit to New Cingular Wireless PCS, LLC, dba AT&T for a small cell site installation within the City right-of-way at 2325 Springs Road and authorizing the City Manager to execute same.

Contact: Oscar Alcantar, Interim Public Works Director (707) 648-4433 [email protected]
F. ADOPT A RESOLUTION AMENDING THE FISCAL YEAR 2025-26 BUDGET TO ALLOCATE $49,920 FROM GENERAL FUND BALANCE TOWARD
DESIGN OF THE WATERFRONT PARK PROJECT (STEP 2 OF 2)
Recommendation: Adopt a resolution amending the Fiscal Year 2025-26 budget to allocate $49,920 of General Fund Balance to expend toward the additional design of the Waterfront Park project (PW9447) Contact: Jason Ackley, Assistant to the City Manager
[email protected]
G. ADOPT A RESOLUTION AUTHORIZING THE CITY'S CONCURRENCE

WITH THE CALIFORNIA DEPARTMENT OF TRANSPORTATION'S

DETERMINATION THAT THE PROPOSED TEMPORARY USE OF A CITY- OWNED PARCEL (APN: 0067010010) WITHIN THE SAN PABLO BAY

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NATIONAL WILDLIFE REFUGE AS PART OF THE STATE ROUTE 37

SEARS POINT TO MARE ISLAND IMPROVEMENT PROJECT WOULD

HAVE ONLY A DE MINIMIS IMPACT UNDER THE DEPARTMENT OF
TRANSPORTATION ACT OF 1966 (49 U.S.C. § 303) AND AUTHORIZING

THE CITY MANAGER TO EXECUTE SAME
Recommendation: Adopt a resolution authorizing the City's concurrence with the California Department of Transportation's determination that the temporary use of a City-owned parcel (APN: 0067010010) within
the San Pablo Bay National Wildlife Refuge as part of the State Route 37 Sears Point to Mare Island Improvement Project would have only a de minimis impact under the Department of Transportation Act of 1966 (49 U.S.C. § 303) and authorizing the City Manager to execute same.

Contact: Oscar Alcantar, Interim Public Works Director, (707) 648-4433 [email protected]
H. INTRODUCTION OF AN ORDINANCE ADOPTING BY REFERENCE,
PURSUANT TO GOVERNMENT CODE SECTION 50022.2 AND
CALIFORNIA CODE OF REGULATIONS TITLE 24, THE 2025 CALIFORNIA BUILDING STANDARDS CODE, PARTS 1 THROUGH 12, AND THE 2024

INTERNATIONAL PROPERTY MAINTENANCE CODE, AND ADOPTING

LOCAL AMENDMENTS THERETO IN ACCORDANCE WITH CALIFORNIA
HEALTH AND SAFETY CODE SECTIONS 17922, 17958, 17958.5, 17958.7, AND 18941.5, AND FINDING THE ADOPTION OF SUCH CODES AND

AMENDMENTS EXEMPT FROM THE CALIFORNIA ENVIRONMENTAL

QUALITY ACT (CEQA) PURSUANT TO CEQA GUIDELINES SECTION
15061(b)(3)
Recommendation: Introduction of an ordinance adopting by reference, pursuant to Government Code section 50022.2 and California Code of Regulations Title 24, the 2025 Building Standards Code Parts 1 through 12, and the 2024 International Property Maintenance Code, and adopting local amendments thereto in accordance with California Health and Safety Code Sections 17922, 17958, 17958.5, 17958.7, and 18941.5, and finding the adoption of such codes and amendments exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines section 15061(b)(3).

Contact: Kristin Pollot, Planning and Development Services Director, (707) 648- 4382
[email protected]
Bill Collins, Chief Building Official, (707) 648-4387
[email protected]
I. AUTHORIZE THE COUNCIL BY MOTION TO APPROVE A PROCLAMATION HONORING C.C. SABATHIA.

Recommendation: Vallejo City Council to approve a proclamation by motion to honor Vallejo Major League Baseball Star, philanthropist and author Charles Carsten “CC” Sabathia.

Contact: Erik Rzomp, Executive Assistant to Mayor Sorce (707) 648-4377 [email protected]

9. ACTION CALENDAR

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NOTICE: Members of the public wishing to address the Council on Action Calendar Items may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM (https://ZoomRegular.Cityofvallejo.net), or via phone, by dialing (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press *9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. Each speaker is limited to five minutes pursuant to Vallejo Municipal Code Section 2.02.420 or as approved and announced by the Mayor. In person speakers will be recognized first
A. ADOPT A RESOLUTION APPROVING THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY QUALIFIED 501(C)(3)

BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$80,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE

ACQUISITION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF

BAY VILLAGE APARTMENTS AND CERTAIN OTHER MATTERS

RELATING THERETO
Recommendation: Adopt the resolution approving the issuance of the Bonds by the California Municipal Finance Authority (CMFA) for the benefit of Step Up Housing, a California nonprofit public benefit corporation through a special purpose entity (together, the “Borrower”), to provide for the financing of the Bay Village Apartments. Such adoption is solely for the purposes of satisfying the requirements of the federal Tax Equity and Fiscal Responsibility Act (TEFRA), the Code and the California Government Code Section 6500 (and following).

Contact: Alicia M. Jones, Housing Director (707) 648-4408 [email protected]
B. CONSIDER AND MAKE A FINDING TO CONTINUE THE STATE OF LOCAL

EMERGENCY RELATING TO PUBLIC SAFETY STAFFING
Recommendation: Consider making a finding reaffirming that the conditions exist to continue the proclamation of a local emergency.

Contact: Jason Ta, Chief of Police
(707) 648-4540
[email protected]

10. INFORMATION CALENDAR
A. RECEIVE PRESENTATION ON THE MARE ISLAND INFRASTRUCTURE

ASSESSMENT (MIIA) DRAFT REPORT AND PROVIDE INPUT FOR

COMPLETION
Recommendation: The City of Vallejo (City) and Vallejo Flood and Wastewater District (VFWD) received a grant from the U.S. Economic Development Administration (EDA) in 2021 to perform a comprehensive infrastructure assessment on Mare Island. The consultant procured for this work, West Yost & Associates, Inc. (West Yost) has produced a draft report of their findings to present to the City Council to gain feedback prior to finalizing the report. Staff recommends that City Council receive the presentation and provide feedback prior to finalizing the report.

Contact: Gillian Haen, Assistant City Manager/Interim Economic Development Director
[email protected]

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11. CITY MANAGER’S REPORT

12. CITY ATTORNEY’S REPORT

13. COMMUNITY FORUM
Any interested members of the public desiring to communicate with the City Council as part of the last Community Forum may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone: Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first.

14. REQUEST & ACTION FOR FUTURE AGENDA ITEMS OR SPECIAL PROJECTS

15. REPORT OF THE PRESIDING OFFICER AND MEMBERS OF THE CITY COUNCIL

16. ADJOURNMENT

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ADDITIONAL CITY INFORMATION
Members of the public can:
• Like us on Facebook and Instagram (@cityofvallejo)
• Sign up to receive City Communications via e-mail (www.cityofvallejo.net/subscribe) • Sign up for emergency alerts at: alertsolano.com
Dated: Tuesday, October 28, 2025
Andrea Sorce, Mayor
I, Dawn Abrahamson, City Clerk do hereby certify that I have caused a true copy of the above notice and agenda to be delivered to

Andrea Sorce (Mayor)
Peter Bregenzer (Vice-Mayor)
Helen-Marie Gordon
Tonia Lediju, PhD
Alexander Matias
Diosdado "JR" Matulac
Charles Palmares,

at the time and in the manner prescribed by law and that this agenda was posted at City Hall, 555 Santa Clara Street, CA at 4:45 p.m., Tuesday, October 28, 2025.

Dated: Tuesday, October 28, 2025

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PROCLAMATION
RECOGNIZING NOVEMBER 2025 AS NATIVE AMERICAN HERITAGE MONTH WHEREAS, During Native American Heritage Month, we honor the history, rich cultures, and vast contributions of Native peoples. We commit to respecting Tribal sovereignty and self-determination and working in partnership with Tribal Nations to bring new prosperity and security to Native peoples; and WHEREAS, Indigenous peoples’ history in the United States is defined by strength, survival, and a deep commitment to and pride in their heritage, right to self -governance, and ways of life. Native peoples have built and sustained powerful Tribal Nations. However, our Nation’s failed policies of the past subjected generations of Native peoples to cruelty, violence, and intimidation. The forced removal of Native peoples from their homes and ancestral homelands; attempts to assimilate entire generations; an d stripping of Indigenous peoples of their identities, cultures, and traditions are some of the darkest chapters of our Nation’s history; and WHEREAS, Indigenous peoples have persisted and survived — a testament to their resilience and resolve. Today, Native communities are leading the way forward and continuing to strengthen the fabric of the United States.; and WHEREAS, we must know the good, the bad, and the truth of who we are as a Nation — we must acknowledge our history so that we can begin to remember and heal.

WHEREAS, during National Native American Heritage Month, we honor the heritage and contributions of Native peoples, and we work tirelessly to build a future grounded in dignity, respect, and partnership. We remain committed to working with Native communities to write a new and better chapter in our history for Tribal Nations; and WHEREAS, the City of Vallejo encourages its residents to acknowledge and celebrate November as Native American Heritage Month to foster education, relationships, and cooperation with Native people while also supporting social and economic opportunities for them within the City; and NOW, THEREFORE, BE IT PROCLAIMED, that I, Andrea Sorce, Mayor of the City of Vallejo and the Vallejo City Council, do hereby proclaim November as Native American Heritage Month in the City of Vallejo. In doing so, the City will recognize and observe Native American Heritage Month in November by encouraging its public institutions and organizations to publicly celebrate Native American Heritage Month Dated: November 4, 2025

Vice Mayor Peter Bregenzer, District 5
Council Member Helen-Marie Gordon, District 6
Council Member Tonia Lediju, District 3
Council Member Alexander Matias, District 1
Council Member Diosdado ‘JR’ Matulac, District 2
Council Member Charles Palmares, District 4

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CONSENT CALENDAR 8.B.

DATE: November 4, 2025
TO: Mayor and Members of the City Council
FROM: Nalungo Conley, Acting Finance Director
SUBJECT: CITY TREASURER’S QUARTERLY INVESTMENT REPORT

RECOMMENDATION
Accept the City Treasurer’s Investment Report for the quarter ended September 30, 2025

REASONS FOR RECOMMENDATION
The City’s Investment Policy requires the City Treasurer to submit quarterly investment reports to the City Council.

BACKGROUND AND DISCUSSION
The City of Vallejo follows the provisions of California Government Code Sections 53601, 53635, and 53651 as guidelines for developing and implementing its investment policies and practices. The City Manager has delegated the authority for managing and investing City funds to the City Finance Director, who also serves as the City Treasurer. The Finance Director/Treasurer is authorized to invest and reinvest City funds, sell or exchange securities, and deposit securities for safekeeping in accordance with the Investment Policy approved annually by the City Council.

At the end of each calendar quarter, the City Treasurer is required by the City’s adopted Investment Policy to report on the status of investments to the City Council. The City Treasurer’s Investment Report as of September 30, 2025, is submitted. The report includes all securities managed by the City and its Investment Managers (excluding bond proceeds) and provides information on the values (par, fair, and cost), term, and yield of each security. Please note that because the safe-keeping custodian and the Investment Manager may use different pricing sources to determine the market value of the securities, there can be minor differences in market values shown on the custodian's monthly statement as compared to the Investment Manager's monthly statement.

Fair Value of individual securities has been provided by Chandler Asset Management. The City utilizes Principal Financial as its third-party safekeeping custodian for safekeeping of all investments except for the Local Agency Investment Fund (LAIF). LAIF, being a money market fund administered by the State Treasurer, has many governmental agency participants and holds securities through its own administrator.

The share of each fund in the City's pooled cash as of June 30, 2025, is as follows:

Water Fund 26.1%
General Fund 18.5%
Capital Project Funds 17.6%
Risk Funds 13.4%
LMD Funds 7.8%
All other funds 16.7%

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Date: November 4, 2025
Subject: CITY TREASURER’S QUARTERLY INVESTMENT REPORT

Page 2 ends

Total 100.0%

Condensed investment information as of September 30, 2025, is as follows:

Condensed earnings and return information as of September 30, 2025, is as follows:

Current Quarter Fiscal Year-to-
Date
Portfolio Investment Earnings:

City of Vallejo (realized earnings)2 $ 2,774,936 $ 2,774,936 City of Vallejo (unrealized reamings) $ 338,122 $ 338,122

Net Change in Portfolio Fair Value Balance3:

City of Vallejo $ (33,108,681) $ (33,108,681)

Approximate Portfolio Rate-of-Return:

City of Vallejo - Yield to Maturity4 4.10%

BENCHMARK COMPARISON RATE-OF-RETURN5:

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Date: November 4, 2025
Subject: CITY TREASURER’S QUARTERLY INVESTMENT REPORT

Page 3 ends

Local Agency Investment Fund5 4.34% 2-Year U.S. Treasury Note Yield 3.52% 1 In accordance with Government Code Section 53646, the Fair Value of the Local Agency Investment Fund (LAIF) represents the value from the September 30, 2025, LAIF statement and has not been adjusted by the “Amortized Cost Factor” which is used in adjusting the statement balance to the actual “Fair Value” balance. 2 The City records interest income on a cash basis, whereas the attached statement uses the accrual basis. Since the accrual basis includes interest income earned but not received, there is a timing difference in recording the interest income between the City’s books and the attached statement. This difference will be trued up at fiscal year-end. 3 The “Net Change in Portfolio Fair Value Balance” is primarily a measure of the difference in the inflows and outflows of funds held in the LAIF account during the period. The change is primarily due to the timing of the receipt of property tax revenues, which are received in December and April of each year, and the timing of the City making withdrawals in the ordinary course of business to pay for expenses.
4 Yield to Maturity is the interest income the portfolio will earn for the next twelve months expressed as a percentage. Yield to maturity assumes no changes during that twelve-month period. 5 These are the performance benchmarks stated in the City’s Investment Policy. LAIF rate of return is as of September 30, 2025.

COMPLIANCE
All investment transactions were executed in accordance with the California Government Code and the City’s Investment Policies. In accordance with California Government Code section 53646(b)(3), staff believes that the investments and budgeted revenues for the City will provide sufficient cash flow to meet the anticipated cash flow requirements of each entity for the next six months.

Pooled cash and investments book balances are adjusted annually to reflect fair value as required by Generally Accepted Accounting Principles. The term fair value was formerly known as market value and became effective with the mandatory implementation of GASB 31 in fiscal year 1998. The attached investment schedules meet these requirements.

It should be noted that this is an investment portfolio report and does not include bank checking account deposits for the City. The Housing Authority is not required to file a quarterly report because it does not have any reportable investments since it closed its investment account and transferred all funds to its bank account, which is covered by a general depository agreement, as required by HUD.

FISCAL IMPACT
There is no fiscal impact from this report. The City's portfolio had total investment earnings of $2,774,936 during the three-month period ending September 30, 2025. In addition, the portfolio also had a cumulative fair value versus cost value unrealized, non-cash gain of approximately $338,122 as of September 30, 2025. Fair value fluctuates from one period to another depending on the changes in interest rates and the supply and demand for bonds at a particular time. Therefore, there is often a difference between the cost value (the value at the time of purchase) and the fair value (the market value of the same security at a certain later period), creating an unrealized gain or loss.

ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential to result in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guideline section 15378.

ATTACHMENTS

1. Chandler Monthly Statement - Account 262- 09-30-25

2. City of Vallejo and Economic Account Analysis 09-30-25

CONTACT
Florita Cruz, Assistant Finance Director, (707) 648-5542 [email protected]

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MONTHLY ACCOUNT STATEMENT
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

Chandler Team:

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

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PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 1.03
Average Coupon 3.58%
Average Purchase YTM 4.10%
Average Market YTM 3.99%
Average Credit Quality* AA+
Average Final Maturity 1.16
Average Life 1.05
End Values as of
08/31/2025
End Values as of
09/30/2025
Market Value 267,784,380.00 269,340,328.29
Accrued Interest 1,441,335.96 1,390,368.05
Total Market Value 269,225,715.96 270,730,696.34
Income Earned 517,195.05 800,741.10
Cont/WD (4,610,711.62) 665,351.10
Par 267,516,158.07 269,089,965.94
Book Value 266,786,056.02 268,383,516.40
Cost Value 266,108,439.61 267,667,448.61
United States 52.36%
LAIF 21.00%
Wells Fargo & Company 9.77%
Federal Home Loan Banks 1.81%
FHLMC 1.02%
International Bank for Recon and Dev 0.75%
FNMA 0.62%
Bank of America Corporation 0.54%
*The average credit quality is a weighted average calculation of the highest of S&P , Moody’s and Fitch.

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RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Book Value 266,786,056.02 300,157,438.95
Maturities/Calls (14,060,000.00) (41,835,000.00)
Principal Paydowns (93,163.05) (338,215.50)
Purchases 38,798,052.15 112,107,033.95
Sales (23,237,118.88) (102,052,010.18)
Change in Cash, Payables, Receivables 89,399.91 (3,247.32) Amortization/Accretion 100,290.24 347,516.51
Realized Gain (Loss) 0.01 (0.00)
Ending Book Value 268,383,516.40 268,383,516.40
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Market Value 267,784,380.00 300,776,129.23
Maturities/Calls (14,060,000.00) (41,835,000.00)
Principal Paydowns (93,163.05) (338,215.50)
Purchases 38,798,052.15 112,107,033.95
Sales (23,237,118.88) (102,052,010.18)
Change in Cash, Payables, Receivables 89,399.91 (3,247.32) Amortization/Accretion 100,290.24 347,516.51
Change in Net Unrealized Gain (Loss) (41,512.09) 338,121.60 Realized Gain (Loss) 0.01 (0.00)
Ending Market Value 269,340,328.29 269,340,328.29
Maturities / Calls
Month to Date (14,060,000.00)
Fiscal Year to Date (41,835,000.00)
Principal Paydowns
Month to Date (93,163.05)
Fiscal Year to Date (338,215.50)
Purchases
Month to Date 38,798,052.15
Fiscal Year to Date 112,107,033.95
Sales
Month to Date (23,237,118.88)
Fiscal Year to Date (102,052,010.18)
Interest Received
Month to Date 781,437.70
Fiscal Year to Date 2,363,916.74
Purchased / Sold Interest
Month to Date (30,018.92)
Fiscal Year to Date (59,963.61)

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
89238FAD5 TAOT 2022-B A3 2.93
09/15/2026 11,895.71 04/07/2022

3.09%
11,895.43
11,895.66

99.94 4.37%
11,888.80

15.49 0.00%
(6.86)
Aaa/AAA
NA

0.96 0.04
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 7,673.42 03/10/2022

2.34%
7,671.72
7,673.08

99.92 4.46%
7,667.18

7.91 0.00%
(5.90)
Aaa/NA
AAA

0.96 0.04
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 26,207.75 04/05/2022

3.13%
26,202.27
26,206.31

99.88 4.30%
26,175.35

33.85 0.01%
(30.96)
Aaa/AAA
NA

1.38 0.10
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 84,414.67 07/12/2022

3.77%
84,406.61
84,412.32

99.86 4.30%
84,299.53
140.32

0.03%
(112.78)
Aaa/NA
AAA

1.38 0.26
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 260,248.90 11/15/2022

5.27%
260,197.43
260,228.70
100.37

4.14%
261,222.18
602.62

0.10%
993.48
Aaa/AAA
NA

1.88 0.33
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 104,203.85 07/11/2023

5.47%
104,185.39
104,194.23
100.71

4.04%
104,939.84

95.00 0.04%
745.61
NA/AAA
AAA

2.41 0.47
02582JJZ4 AMXCA 2023-1 A 4.87
05/15/2026 375,000.00 06/07/2023

4.92%
374,966.74
374,990.90
100.54

4.02%
377,037.83
811.67

0.14%
2,046.93
NA/AAA
AAA

0.62 0.60
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,005,000.00 09/07/2023

5.23%
1,004,721.41
1,004,835.31
101.21

3.90%
1,017,114.07
2,304.80

0.38%
12,278.75
NA/AAA
AAA

2.96 0.91
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 580,000.00 11/19/2024

4.66%
579,981.38
579,984.75
101.17

3.92%
586,783.22
1,188.36

0.22%
6,798.46
Aaa/NA
AAA

3.87 1.58
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 475,000.00 03/04/2025

5.09%
474,970.12
474,973.81
100.55

4.02%
477,609.84
893.00

0.18%
2,636.03
Aaa/NA
AAA

3.96 2.21
44935CAD3 HART 2025-A A3 4.32
10/15/2029 600,000.00 03/04/2025

4.84%
599,911.50
599,922.21
100.76

3.89%
604,582.98
1,152.00

0.22%
4,660.77
NA/AAA
AAA

4.04 1.61
34532BAG6 FORDO 2025-B A3 3.91
04/15/2030 490,000.00 09/23/2025

4.27%
489,947.13
489,947.29

99.97 3.96%
489,866.33
287.88

0.18%
(80.96)
Aaa/NA
AAA

4.54 2.16
Total ABS 4,019,644.31 4.88%
4,019,057.12
4,019,264.57
100.74

3.97%
4,049,187.14
7,532.89

1.50%
29,922.58

3.21 1.32
AGENCY
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 1,680,000.00 11/09/2020

0.57%
1,673,985.60
1,679,877.80

99.63 4.22%
1,673,763.13
3,360.00

0.62%
(6,114.66)
Aa1/AA+
AA+

0.10 0.10
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 1,800,000.00 02/08/2023

4.21%
1,813,572.00
1,800,942.32
100.05

4.19%
1,800,889.34
24,525.00

0.67%
(52.97)
Aa1/AA+
AA+

0.20 0.20
3130AWMN7 FEDERAL HOME LOAN BANKS

4.375 06/09/2028 1,000,000.00 07/26/2023

4.27%
1,004,500.00
1,002,483.98
101.93

3.61%
1,019,282.67
13,611.11

0.38%
16,798.69
Aa1/AA+
AA+

2.69 2.49

Page 15 of 270 ends

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 1,000,000.00 09/21/2023

4.70%
985,570.00
991,459.80
102.01

3.65%
1,020,123.07
2,795.14

0.38%
28,663.27
Aa1/AA+
AA+

2.94 2.73
3133EPN50 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 12/15/2028 1,000,000.00 12/28/2023

3.88%
1,016,720.00
1,010,799.29
101.79

3.65%
1,017,869.74
12,513.89

0.38%
7,070.45
Aa1/AA+
AA+

3.21 2.94
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,000,000.00 04/22/2024

4.71%
990,720.00
993,460.75
102.40

3.75%
1,023,970.65
2,750.00

0.38%
30,509.90
Aa1/AA+
AA+

3.44 3.16
Total Agency 7,480,000.00 3.50%
7,485,067.60
7,479,023.94
101.03

3.91%
7,555,898.61
59,555.14

2.81%
76,874.67

1.73 1.60

AGENCY CMBS
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 1,835,000.00 05/24/2023

4.65%
1,801,310.55
1,817,330.84

99.80 3.86%
1,831,381.56
5,887.29

0.68%
14,050.72
Aa1/AA+
AAA

2.65 2.40
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 1,000,000.00 07/14/2025

4.25%
911,445.31
915,576.78

92.45 3.99%
924,528.70
1,724.17

0.34%
8,951.93
Aa1/AA+
AAA

4.32 4.02
Total Agency CMBS 2,835,000.00 4.52%
2,712,755.86
2,732,907.61

97.34 3.90%
2,755,910.26
7,611.46

1.02%
23,002.65

3.21 2.94
CASH
CCYUSD Receivable 3,807.53 -- 3,807.53
3,807.53

1.00 0.00%
3,807.53

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD Receivable 1,756.76 -- 1,756.76
1,756.76

1.00 0.00%
1,756.76

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD Receivable 603,781.58 -- 603,781.58
603,781.58

1.00 0.00%
603,781.58

0.00 0.22%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 609,345.87
609,345.87
609,345.87

1.00 0.00%
609,345.87

0.00 0.23%

0.00 0.00

0.00 CORPORATE
931142ER0 WALMART INC 1.05 09/17/2026 240,000.00 09/08/2021

1.09%
239,546.40
239,912.81

97.46 3.76%
233,908.22

98.00 0.09%
(6,004.59)
Aa2/AA
AA

0.96 0.94
87612EBM7 TARGET CORP 1.95 01/15/2027 545,000.00 01/19/2022

1.99%
544,073.50
544,759.83

97.63 3.85%
532,065.09
2,243.58

0.20%
(12,694.74)
A2/A
A

1.29 1.25
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,000,000.00 --

2.76%
985,444.30
995,839.81

97.84 4.03%
978,369.96
1,905.56

0.36%
(17,469.85)
A2/A-
A

1.42 1.38
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,095,000.00 03/07/2022

2.30%
1,094,791.95
1,094,939.61

97.92 3.78%
1,072,209.70
1,119.33

0.40%
(22,729.91)
Aa2/AA
A+

1.45 1.41

Page 16 of 270 ends

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
023135CF1 AMAZON.COM INC 3.3
04/13/2027 750,000.00 04/25/2022

3.34%
748,702.50
749,599.72

99.27 3.80%
744,505.23
11,550.00

0.28%
(5,094.49)
A1/AA
AA-

1.53 1.46
74340XBN0 PROLOGIS LP 2.125 04/15/2027 1,000,000.00 11/09/2022

5.15%
881,290.00
958,712.77

97.24 3.99%
972,350.95
9,798.61

0.36%
13,638.18
A2/A
NA

1.54 1.48
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 250,000.00 05/16/2022

3.82%
249,220.00
249,745.31

99.54 4.04%
248,856.01
3,541.67

0.09%
(889.30)
A3/BBB+
A

1.62 1.54
14913R3A3 CATERPILLAR FINANCIAL
SERVICES CORP 3.6 08/12/2027 700,000.00 08/22/2022

3.81%
693,301.00
697,488.80

99.58 3.84%
697,043.85
3,430.00

0.26%
(444.95)
A2/A
A+

1.87 1.78
931142EX7 WALMART INC 3.95 09/09/2027 500,000.00 --

3.98%
499,366.20
499,754.26
100.43

3.72%
502,154.03
1,206.94

0.19%
2,399.77
Aa2/AA
AA

1.94 1.77
89115A2M3 TORONTO-DOMINION BANK

5.156 01/10/2028 1,100,000.00 06/28/2023

5.27%
1,094,940.00
1,097,459.30
102.38

4.05%
1,126,155.61
12,761.10

0.42%
28,696.31
A2/A-
AA-

2.28 2.11
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 1,000,000.00 04/24/2023

4.71%
955,470.00
978,419.08

99.17 4.03%
991,682.23
7,705.56

0.37%
13,263.15
A3/A-
NA

2.29 2.16
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,000,000.00 04/10/2023

5.53%
956,490.00
984,981.32

99.53 4.89%
995,348.62
7,541.78

0.37%
10,367.30
A1/A-
AA-

2.31 1.25
06406RAB3 BANK OF NEW YORK MELLON
CORP 3.442 02/07/2028 1,000,000.00 04/26/2023

4.99%
961,850.00
986,353.29

99.32 4.53%
993,180.70
5,163.00

0.37%
6,827.41
Aa3/A
AA-

2.36 1.30
74456QBU9 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028 1,250,000.00 09/06/2023

5.10%
1,178,487.50
1,210,261.47

99.43 3.93%
1,242,892.34
19,270.83

0.46%
32,630.87
A1/A
NA

2.59 2.40
037833ET3 APPLE INC 4.0 05/10/2028 205,000.00 05/08/2023

4.04%
204,604.35
204,793.84
100.58

3.76%
206,186.16
3,211.67

0.08%
1,392.32
Aaa/AA+
NA

2.61 2.35
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,200,000.00 08/17/2023

5.33%
1,189,428.00
1,194,008.01
102.54

4.14%
1,230,516.88
14,350.00

0.46%
36,508.86
A3/A-
A

2.77 2.54
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,000,000.00 09/07/2023

5.53%
986,020.00
991,898.49
103.12

4.02%
1,031,226.04
8,666.67

0.38%
39,327.55
A1/A
AA-

2.84 2.60
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 1,200,000.00 04/23/2024

5.08%
1,170,792.00
1,179,654.18
101.50

4.01%
1,218,005.51
11,250.00

0.45%
38,351.32
A1/A
A+

3.30 3.01
06051GMK2 BANK OF AMERICA CORP 4.979
01/24/2029 450,000.00 01/28/2025

4.92%
450,702.00
450,544.21
101.85

4.37%
458,317.85
4,169.91

0.17%
7,773.64
A1/A-
AA-

3.32 2.15
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 01/24/2024

4.64%
1,198,044.00
1,198,696.00
101.86

4.00%
1,222,302.46
9,353.33

0.45%
23,606.46
A1/A+
NA

3.34 3.04
14913UAJ9 CATERPILLAR FINANCIAL
SERVICES CORP 4.85 02/27/2029 450,000.00 05/21/2024

4.84%
450,193.50
450,138.37
102.69

4.00%
462,082.60
2,061.25

0.17%
11,944.23
A2/A
A+

3.41 3.11
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 1,200,000.00 05/30/2024

5.44%
1,188,336.00
1,192,344.47
102.36

4.59%
1,228,357.84
27,713.47

0.46%
36,013.36
A1/A-
A+

3.55 2.32

Page 17 of 270 ends

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 500,000.00 05/21/2024

5.01%
500,975.00
500,709.14
103.19

4.09%
515,950.60
9,468.75

0.19%
15,241.46
A1/A+
A+

3.62 3.24
91159HJM3 US BANCORP 5.775 06/12/2029 1,100,000.00 06/20/2024

5.26%
1,119,910.00
1,113,506.44
104.07

4.66%
1,144,798.16
19,233.96

0.43%
31,291.72
A3/A
A

3.70 2.45
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,075,000.00 --

4.33%
1,093,949.25
1,089,780.70
102.41

4.05%
1,100,868.60
13,616.67

0.41%
11,087.90
A2/A
A

3.73 3.29
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,300,000.00 --

4.84%
1,270,702.00
1,279,002.19
100.19

4.47%
1,302,514.28
10,320.70

0.48%
23,512.09
A1/A
AA-

3.81 2.61
857449AE2 STATE STREET BANK AND TRUST
CO 4.782 11/23/2029 1,250,000.00 01/15/2025

4.93%
1,241,875.00
1,243,057.99
102.56

4.10%
1,281,950.06
21,253.33

0.48%
38,892.08
Aa2/AA-
AA

4.15 3.68
571748CA8

MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
1,245,000.00 03/17/2025

4.74%
1,240,069.80
1,240,602.58
101.62

4.25%
1,265,219.25
2,573.00

0.47%
24,616.67
A3/A-
A-

4.45 3.92
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,200,000.00 06/11/2025

4.50%
1,218,600.00
1,217,391.93
102.94

4.15%
1,235,232.58
2,600.00

0.46%
17,840.65
A3/A-
NA

4.45 3.91
Total Corporate 26,005,000.00 4.60%
25,607,174.25
25,834,355.92
100.92

4.15%
26,234,251.38
247,178.67

9.74%
399,895.46

2.89 2.43
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 56,555,086.94 --

4.20%
56,555,086.94
56,555,086.94

1.00 4.20%
56,555,086.94

0.00 21.00%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 56,555,086.94 4.20%
56,555,086.94
56,555,086.94

1.00 4.20%
56,555,086.94

0.00 21.00%

0.00 0.00

0.00 MONEY MARKET
FUND
94975H312 ALLSPRING:TRS+ MM S 285,808.42 --

3.72%
285,808.42
285,808.42

1.00 3.72%
285,808.42

0.00 0.11%

0.00 Aaa/
AAAm
AAA

0.00 0.00
94975H312 ALLSPRING:TRS+ MM S 132,338.94 --

3.72%
132,338.94
132,338.94

1.00 3.72%
132,338.94

0.00 0.05%

0.00 Aaa/
AAAm
AAA

0.00 0.00
85253$413 Wells Fargo Stagecoach Sweep
Account 26,317,741.46 --

4.02%
26,317,741.46
26,317,741.46

1.00 4.02%
26,317,741.46

0.00 9.77%

0.00 NA/NA
NA

0.00 0.00
Total Money
Market Fund 26,735,888.82 4.01%
26,735,888.82
26,735,888.82

1.00 4.01%
26,735,888.82

0.00 9.93%

0.00 0.00

0.00

Page 18 of 270 ends

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

SUPRANATIONAL
45950KDD9 INTERNATIONAL FINANCE CORP

4.5 07/13/2028 520,000.00 07/06/2023

4.53%
519,422.80
519,679.02
102.13

3.68%
531,095.00
5,070.00

0.20%
11,415.98
Aaa/AAA
NA

2.79 2.58
4581X0EN4

INTER-AMERICAN
DEVELOPMENT BANK 4.125
02/15/2029
1,250,000.00 02/15/2024

4.31%
1,239,725.00
1,243,046.61
101.33

3.70%
1,266,660.81
6,588.54

0.47%
23,614.20
Aaa/AAA
NA

3.38 3.11
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,000,000.00 10/28/2024

4.14%
988,380.00
990,539.92
100.53

3.73%
1,005,262.94
17,760.00

0.37%
14,723.02
Aaa/AAA
NA

4.04 3.65
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,000,000.00 03/27/2025

4.22%
995,850.00
996,276.87
101.48

3.76%
1,014,807.11
1,260.42

0.38%
18,530.24
Aaa/AAA
NA

4.47 4.05
Total
Supranational 3,770,000.00 4.27%
3,743,377.80
3,749,542.42
101.27

3.72%
3,817,825.86
30,678.96

1.42%
68,283.44

3.76 3.43

US TREASURY
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 10,500,000.00 04/24/2025

4.20%
10,436,425.78
10,489,908.85

99.90 4.14%
10,489,869.60
131,820.65

3.89%
(39.25)
Aa1/AA+
AA+

0.08 0.08
912797QR1 UNITED STATES TREASURY
11/20/2025 18,250,000.00 --

4.26%
18,002,445.61
18,145,039.58

99.45 4.05%
18,149,371.51

0.00 6.74%
4,331.93
P-1/A-1+
F1+

0.14 0.14
91282CJL6 UNITED STATES TREASURY 4.875
11/30/2025 17,500,000.00 --

4.32%
17,565,527.34
17,515,447.03
100.12

4.09%
17,520,507.90
286,705.94

6.50%
5,060.87
Aa1/AA+
AA+

0.17 0.16
912797QY6 UNITED STATES TREASURY
12/11/2025 7,750,000.00 09/15/2025

4.00%
7,677,579.22
7,690,210.75

99.24 3.93%
7,691,153.79

0.00 2.86%
943.03
P-1/A-1+
F1+

0.20 0.19
91282CJV4 UNITED STATES TREASURY 4.25
01/31/2026 30,000,000.00 --

4.16%
30,009,765.63
30,007,688.28
100.07

4.01%
30,021,093.90
214,809.78

11.15%
13,405.62
Aa1/AA+
AA+

0.34 0.33
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 1,000,000.00 04/29/2021

0.88%
993,398.44
999,237.17

98.25 3.82%
982,484.37
3,138.59

0.36%
(16,752.80)
Aa1/AA+
AA+

0.58 0.57
91282CCP4 UNITED STATES TREASURY 0.625
07/31/2026 1,000,000.00 08/10/2021

0.82%
990,507.81
998,415.35

97.44 3.78%
974,390.62
1,052.99

0.36%
(24,024.73)
Aa1/AA+
AA+

0.83 0.81
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 2,250,000.00 --

0.97%
2,226,699.22
2,245,602.61

97.32 3.76%
2,189,759.76
1,445.10

0.81%
(55,842.85)
Aa1/AA+
AA+

0.92 0.90
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 3,000,000.00 --

1.27%
2,979,511.72
2,995,481.94

97.27 3.72%
2,918,085.93
14,123.64

1.08%
(77,396.01)
Aa1/AA+
AA+

1.08 1.05

Page 19 of 270 ends

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 500,000.00 03/30/2022

2.45%
478,320.31
494,024.90

97.17 3.70%
485,859.38
1,263.59

0.18%
(8,165.52)
Aa1/AA+
AA+

1.34 1.30
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 1,250,000.00 02/06/2023

3.92%
1,173,095.70
1,223,719.56

98.09 3.69%
1,226,123.05
3,592.05

0.46%
2,403.49
Aa1/AA+
AA+

1.38 1.33
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,250,000.00 09/27/2022

4.25%
1,160,839.84
1,220,406.42

98.31 3.67%
1,228,906.25

85.85 0.46%
8,499.83
Aa1/AA+
AA+

1.50 1.45
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 2,500,000.00 --

3.23%
2,445,792.97
2,482,486.86

98.62 3.65%
2,465,527.35
28,770.38

0.92%
(16,959.51)
Aa1/AA+
AA+

1.58 1.51
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,400,000.00 07/12/2022

3.00%
1,416,296.88
1,405,725.93

99.35 3.63%
1,390,921.87
11,498.64

0.52%
(14,804.06)
Aa1/AA+
AA+

1.75 1.67
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,000,000.00 09/08/2022

3.36%
989,101.56
995,807.37

99.07 3.63%
990,742.19
2,676.11

0.37%
(5,065.18)
Aa1/AA+
AA+

1.92 1.84
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,000,000.00 10/28/2022

4.19%
996,875.00
998,730.85
100.96

3.62%
1,009,648.44
113.32

0.37%
10,917.59
Aa1/AA+
AA+

2.00 1.90
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,100,000.00 12/20/2022

3.84%
1,113,750.00
1,105,887.32
101.02

3.61%
1,111,171.88
18,988.45

0.41%
5,284.55
Aa1/AA+
AA+

2.08 1.95
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,250,000.00 01/26/2023

3.62%
1,264,355.47
1,256,551.33
100.55

3.62%
1,256,884.76
12,241.00

0.47%
333.43
Aa1/AA+
AA+

2.25 2.12
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,250,000.00 03/08/2023

4.37%
1,161,083.98
1,207,267.08

98.02 3.63%
1,225,244.14
4,390.29

0.45%
17,977.06
Aa1/AA+
AA+

2.38 2.26
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,750,000.00 06/29/2023

4.18%
1,708,437.50
1,728,165.32
100.03

3.61%
1,750,478.52
174.28

0.65%
22,313.20
Aa1/AA+
AA+

2.50 2.37
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 2,180,000.00 --

3.55%
2,175,314.06
2,177,551.24

99.71 3.62%
2,173,698.45
31,929.89

0.81%
(3,852.79)
Aa1/AA+
AA+

2.58 2.41
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 1,000,000.00 09/28/2023

4.68%
976,250.00
986,102.15
101.33

3.63%
1,013,281.25
6,949.73

0.38%
27,179.10
Aa1/AA+
AA+

2.84 2.64
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,500,000.00 09/25/2023

4.59%
1,485,644.53
1,491,511.06
102.04

3.63%
1,530,527.34
5,619.82

0.57%
39,016.28
Aa1/AA+
AA+

2.92 2.71
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 1,850,000.00 --

4.93%
1,825,767.58
1,835,297.78
102.81

3.63%
1,902,031.25
235.06

0.71%
66,733.47
Aa1/AA+
AA+

3.00 2.79
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,000,000.00 11/17/2023

4.49%
939,570.31
962,156.82

98.48 3.64%
984,765.62
11,803.67

0.37%
22,608.80
Aa1/AA+
AA+

3.13 2.91
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,500,000.00 12/21/2023

3.82%
1,536,855.47
1,523,603.84
102.16

3.64%
1,532,402.34
22,054.30

0.57%
8,798.50
Aa1/AA+
AA+

3.17 2.90
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 1,200,000.00 01/30/2024

3.96%
1,188,609.38
1,192,471.79
100.32

3.64%
1,203,796.87
11,372.28

0.45%
11,325.08
Aa1/AA+
AA+

3.25 3.01

Page 20 of 270 ends

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 1,500,000.00 02/26/2024

4.31%
1,479,199.22
1,485,924.81
101.08

3.65%
1,516,230.47
10,108.70

0.56%
30,305.66
Aa1/AA+
AA+

3.34 3.08
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 1,000,000.00 03/25/2024

4.24%
1,000,546.88
1,000,378.56
101.90

3.65%
1,019,023.44
3,639.50

0.38%
18,644.88
Aa1/AA+
AA+

3.41 3.15
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,200,000.00 04/08/2024

4.43%
1,183,734.38
1,188,568.41
101.52

3.66%
1,218,281.26
135.99

0.45%
29,712.84
Aa1/AA+
AA+

3.50 3.23
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 1,000,000.00 05/28/2024

4.54%
1,003,476.56
1,002,528.58
103.19

3.67%
1,031,914.06
19,354.62

0.38%
29,385.48
Aa1/AA+
AA+

3.58 3.23
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,250,000.00 06/26/2024

4.33%
1,259,179.69
1,256,827.36
102.80

3.67%
1,285,058.60
18,903.69

0.48%
28,231.24
Aa1/AA+
AA+

3.67 3.31
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,850,000.00 --

3.67%
1,897,115.24
1,886,399.75
101.99

3.68%
1,886,783.20
19,869.90

0.70%
383.44
Aa1/AA+
AA+

3.75 3.41
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,750,000.00 --

4.02%
1,748,632.81
1,748,999.37
101.11

3.69%
1,769,345.71
11,793.48

0.66%
20,346.34
Aa1/AA+
AA+

3.83 3.50
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 1,500,000.00 09/27/2024

3.55%
1,471,464.84
1,477,279.91

97.95 3.69%
1,469,296.88
4,014.16

0.55%
(7,983.04)
Aa1/AA+
AA+

3.92 3.64
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,250,000.00 12/17/2024

4.29%
1,207,910.16
1,214,824.75

99.29 3.69%
1,241,162.11
120.19

0.46%
26,337.37
Aa1/AA+
AA+

4.00 3.70
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 1,250,000.00 11/19/2024

4.24%
1,243,896.48
1,244,961.05
101.59

3.70%
1,269,873.05
21,577.79

0.47%
24,912.00
Aa1/AA+
AA+

4.08 3.67
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,700,000.00 --

4.09%
1,702,902.34
1,702,427.20
101.61

3.70%
1,727,359.38
23,566.60

0.64%
24,932.18
Aa1/AA+
AA+

4.17 3.75
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 1,250,000.00 --

4.38%
1,249,658.20
1,249,710.69
102.59

3.71%
1,282,324.23
13,820.48

0.48%
32,613.53
Aa1/AA+
AA+

4.25 3.82
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 1,250,000.00 04/15/2025

3.98%
1,251,220.70
1,251,107.40
101.14

3.72%
1,264,306.64
137.36

0.47%
13,199.24
Aa1/AA+
AA+

4.50 4.09
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 1,250,000.00 05/19/2025

4.09%
1,238,281.25
1,239,150.75
100.63

3.72%
1,257,910.15
20,270.04

0.47%
18,759.40
Aa1/AA+
AA+

4.58 4.10
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 1,250,000.00 06/23/2025

3.90%
1,255,468.75
1,255,168.30
101.17

3.72%
1,264,648.44
16,803.28

0.47%
9,480.13
Aa1/AA+
AA+

4.67 4.17
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 1,500,000.00 07/24/2025

3.96%
1,494,082.03
1,494,305.47
100.61

3.73%
1,509,199.22
14,689.20

0.56%
14,893.74
Aa1/AA+
AA+

4.75 4.26
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 1,250,000.00 08/25/2025

3.80%
1,254,150.39
1,254,067.38
100.60

3.74%
1,257,519.53
8,160.67

0.47%
3,452.14
Aa1/AA+
AA+

4.83 4.35
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 1,250,000.00 09/22/2025

3.69%
1,246,582.03
1,246,597.20

99.48 3.74%
1,243,554.69
3,880.35

0.46%
(3,042.51)
Aa1/AA+
AA+

4.92 4.45

Page 21 of 270 ends

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

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,100,000.00 09/29/2025

3.74%
1,094,371.09
1,094,374.17

99.49 3.74%
1,094,414.07
109.55

0.41%

39.90 Aa1/AA+
AA+

5.00 4.53
Total US Treasury 141,080,000.00 3.97%
140,199,694.35
140,668,100.31

99.98 3.89%
141,026,933.40
1,037,810.94

52.36%
358,833.09

1.33 1.23
Total Portfolio 269,089,965.94 4.10%
267,667,448.61
268,383,516.40

69.27 3.99%
269,340,328.29
1,390,368.05
100.00%
956,811.89

1.16 1.03
Total Market Value
+ Accrued 270,730,696.34

Page 22 of 270 ends

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

ACQUISITIONS
Purchase 09/02/2025 94975H312 103,490.63 ALLSPRING:TRS+ MM S 1.000 3.88% (103,490.63) 0.00 (103,490.63) 0.00 Purchase 09/02/2025 94975H312 8,555.78 ALLSPRING:TRS+ MM S 1.000 3.88% (8,555.78) 0.00 (8,555.78) 0.00 Purchase 09/03/2025 94975H312 12,250.00 ALLSPRING:TRS+ MM S 1.000 3.88% (12,250.00) 0.00 (12,250.00) 0.00 Purchase 09/08/2025 94975H312 21,875.00 ALLSPRING:TRS+ MM S 1.000 3.89% (21,875.00) 0.00 (21,875.00) 0.00 Purchase 09/09/2025 94975H312 32,375.00 ALLSPRING:TRS+ MM S 1.000 3.88% (32,375.00) 0.00 (32,375.00) 0.00 Purchase 09/15/2025 94975H312 152,541.14 ALLSPRING:TRS+ MM S 1.000 3.86% (152,541.14) 0.00 (152,541.14) 0.00 Purchase 09/15/2025 94975H312 12,718,750.00 ALLSPRING:TRS+ MM S 1.000 3.86% (12,718,750.00) 0.00 (12,718,750.00) 0.00 Purchase 09/16/2025 912797QY6 7,750,000.00 UNITED STATES TREASURY 12/11/2025 99.066 4.00% (7,677,579.22) 0.00 (7,677,579.22) 0.00 Purchase 09/16/2025 91282CJV4 5,000,000.00 UNITED STATES TREASURY

4.25 01/31/2026 100.098 3.96% (5,004,882.81) (27,139.95) (5,032,022.76) 0.00 Purchase 09/16/2025 94975H312 11,086.31 ALLSPRING:TRS+ MM S 1.000 3.86% (11,086.31) 0.00 (11,086.31) 0.00 Purchase 09/17/2025 94975H312 1,260.00 ALLSPRING:TRS+ MM S 1.000 3.86% (1,260.00) 0.00 (1,260.00) 0.00 Purchase 09/22/2025 94975H312 20,625.00 ALLSPRING:TRS+ MM S 1.000 3.74% (20,625.00) 0.00 (20,625.00) 0.00 Purchase 09/23/2025 94975H312 5.00 ALLSPRING:TRS+ MM S 1.000 3.73% (5.00) 0.00 (5.00) 0.00 Purchase 09/23/2025 94975H312 313,464.00 ALLSPRING:TRS+ MM S 1.000 3.73% (313,464.00) 0.00 (313,464.00) 0.00 Purchase 09/23/2025 91282CNX5 1,250,000.00 UNITED STATES TREASURY

3.625 08/31/2030 99.727 3.69% (1,246,582.03) (2,878.97) (1,249,461.00) 0.00 Purchase 09/25/2025 94975H312 25,231.01 ALLSPRING:TRS+ MM S 1.000 3.72% (25,231.01) 0.00 (25,231.01) 0.00 Purchase 09/26/2025 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 99.989 4.27% (489,947.13) 0.00 (489,947.13) 0.00 Purchase 09/30/2025 85253$413 9,781,925.12 Wells Fargo Stagecoach Sweep Account 1.000 4.02% (9,781,925.12) 0.00 (9,781,925.12) 0.00 Purchase 09/30/2025 85253$413 81,255.88 Wells Fargo Stagecoach Sweep Account 1.000 4.02% (81,255.88) 0.00 (81,255.88) 0.00 Purchase 09/30/2025 91282CPA3 1,100,000.00 UNITED STATES TREASURY

3.625 09/30/2030 99.488 3.74% (1,094,371.09) 0.00 (1,094,371.09) 0.00 Total Purchase 38,874,689.87 (38,798,052.15) (30,018.92) (38,828,071.07) 0.00 TOTAL
ACQUISITIONS 38,874,689.87 (38,798,052.15) (30,018.92) (38,828,071.07) 0.00

Page 23 of 270 ends

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

DISPOSITIONS
Maturity 09/15/2025 91282CFK2 (12,500,000.00) UNITED STATES TREASURY

3.5 09/15/2025 100.000 4.33% 12,500,000.00 0.00 12,500,000.00 0.00 Maturity 09/23/2025 3137EAEX3 (1,560,000.00)

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
100.000 0.44% 1,560,000.00 0.00 1,560,000.00 0.00
Total Maturity (14,060,000.00) 14,060,000.00 0.00 14,060,000.00 0.00 Sale 09/08/2025 94975H312 (8,999.66) ALLSPRING:TRS+ MM S 1.000 3.89% 8,999.66 0.00 8,999.66 0.00 Sale 09/16/2025 94975H312 (12,709,601.98) ALLSPRING:TRS+ MM S 1.000 3.86% 12,709,601.98 0.00 12,709,601.98 0.00 Sale 09/26/2025 94975H312 (489,947.13) ALLSPRING:TRS+ MM S 1.000 3.73% 489,947.13 0.00 489,947.13 0.00 Sale 09/30/2025 85253$413 (9,116,574.02) Wells Fargo Stagecoach Sweep Account 1.000 4.02% 9,116,574.02 0.00 9,116,574.02 0.00 Sale 09/30/2025 94975H312 (911,996.09) ALLSPRING:TRS+ MM S 1.000 3.72% 911,996.09 0.00 911,996.09 0.00 Total Sale (23,237,118.88) 23,237,118.88 0.00 23,237,118.88 0.00 TOTAL
DISPOSITIONS (37,297,118.88) 37,297,118.88 0.00 37,297,118.88 0.00 OTHER

TRANSACTIONS
Cash Transfer 09/30/2025 CCYUSD 665,351.10 Cash 0.00% 665,351.10 0.00 665,351.10 0.00 Total Cash
Transfer 665,351.10 665,351.10 0.00 665,351.10 0.00
Coupon 09/01/2025 3137FG6X8 0.00 FHMS K-077 A2 3.85
05/25/2028 4.65% 5,887.29 0.00 5,887.29 0.00
Coupon 09/01/2025 3137FRUT6 0.00 FHMS K-106 A2 2.069
01/25/2030 4.25% 1,724.17 0.00 1,724.17 0.00
Coupon 09/03/2025 808513BY0 0.00 CHARLES SCHWAB CORP

2.45 03/03/2027 2.76% 12,250.00 0.00 12,250.00 0.00
Coupon 09/08/2025 3130AWTR1 0.00 FEDERAL HOME LOAN
BANKS 4.375 09/08/2028 4.70% 21,875.00 0.00 21,875.00 0.00 Coupon 09/09/2025 3130AVBD3 0.00 FEDERAL HOME LOAN
BANKS 4.5 03/09/2029 4.71% 22,500.00 0.00 22,500.00 0.00

Page 24 of 270 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/09/2025 931142EX7 0.00 WALMART INC 3.95
09/09/2027 3.98% 9,875.00 0.00 9,875.00 0.00
Coupon 09/15/2025 58768PAC8 0.00 MBART 2022-1 A3 5.21
08/16/2027 5.27% 1,282.17 0.00 1,282.17 0.00
Coupon 09/15/2025 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028 5.23% 4,321.50 0.00 4,321.50 0.00
Coupon 09/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 1,674.38 0.00 1,674.38 0.00
Coupon 09/15/2025 02582JJZ4 0.00 AMXCA 2023-1 A 4.87
05/15/2026 4.92% 1,521.87 0.00 1,521.87 0.00
Coupon 09/15/2025 44935CAD3 0.00 HART 2025-A A3 4.32
10/15/2029 4.84% 2,160.00 0.00 2,160.00 0.00
Coupon 09/15/2025 571748CA8 0.00

MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030

4.74% 28,946.25 0.00 28,946.25 0.00
Coupon 09/15/2025 34535VAD6 0.00 FORDO 2024-D A3 4.61
08/15/2029 4.66% 2,228.17 0.00 2,228.17 0.00
Coupon 09/15/2025 00287YDZ9 0.00 ABBVIE INC 4.875
03/15/2030 4.50% 32,337.50 0.00 32,337.50 0.00
Coupon 09/15/2025 91282CFK2 0.00 UNITED STATES TREASURY

3.5 09/15/2025 4.33% 218,750.00 0.00 218,750.00 0.00
Coupon 09/15/2025 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.77% 296.97 0.00 296.97 0.00
Coupon 09/15/2025 89238FAD5 0.00 TAOT 2022-B A3 2.93
09/15/2026 3.09% 57.55 0.00 57.55 0.00
Coupon 09/15/2025 47787JAC2 0.00 JDOT 2022 A3 2.32
09/15/2026 2.34% 29.30 0.00 29.30 0.00
Coupon 09/15/2025 084664CZ2 0.00

BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027

2.30% 12,592.50 0.00 12,592.50 0.00
Coupon 09/16/2025 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.13% 96.09 0.00 96.09 0.00
Coupon 09/17/2025 931142ER0 0.00 WALMART INC 1.05
09/17/2026 1.09% 1,260.00 0.00 1,260.00 0.00

Page 25 of 270 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/20/2025 459058LR2 0.00

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 4.125
03/20/2030

4.22% 20,630.00 0.00 20,630.00 0.00
Coupon 09/23/2025 3137EAEX3 0.00

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025

0.44% 2,925.00 0.00 2,925.00 0.00
Coupon 09/25/2025 05592XAD2 0.00 BMWOT 2023-A A3 5.47
02/25/2028 5.47% 521.03 0.00 521.03 0.00
Coupon 09/25/2025 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.23% 18.67 0.00 18.67 0.00
Coupon 09/30/2025 91282CJA0 0.00 UNITED STATES TREASURY

4.625 09/30/2028 4.93% 42,781.25 0.00 42,781.25 0.00
Coupon 09/30/2025 91282CKG5 0.00 UNITED STATES TREASURY

4.125 03/31/2029 4.43% 24,750.00 0.00 24,750.00 0.00
Coupon 09/30/2025 91282CLN9 0.00 UNITED STATES TREASURY

3.5 09/30/2029 4.29% 21,875.00 0.00 21,875.00 0.00
Coupon 09/30/2025 91282CEF4 0.00 UNITED STATES TREASURY

2.5 03/31/2027 4.25% 15,625.00 0.00 15,625.00 0.00
Coupon 09/30/2025 91282CFM8 0.00 UNITED STATES TREASURY

4.125 09/30/2027 4.19% 20,625.00 0.00 20,625.00 0.00
Coupon 09/30/2025 91282CGT2 0.00 UNITED STATES TREASURY

3.625 03/31/2028 4.18% 31,718.75 0.00 31,718.75 0.00
Coupon 09/30/2025 91282CMU2 0.00 UNITED STATES TREASURY

4.0 03/31/2030 3.98% 25,000.00 0.00 25,000.00 0.00
Total Coupon 0.00 588,135.41 0.00 588,135.41 0.00
Dividend 09/30/2025 85253$413 0.00 Wells Fargo Stagecoach Sweep Account 4.02% 81,255.88 0.00 81,255.88 0.00
Dividend 09/30/2025 94975H312 0.00 ALLSPRING:TRS+ MM S 3.75% 5,564.29 0.00 5,564.29 0.00 Total Dividend 0.00 86,820.17 0.00 86,820.17 0.00
Management Fee 09/08/2025 CCYUSD (8,999.66) Cash 0.00% (8,999.66) 0.00 (8,999.66) 0.00 Total
Management Fee (8,999.66) (8,999.66) 0.00 (8,999.66) 0.00

Page 26 of 270 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Principal Paydown 09/15/2025 58768PAC8 35,068.96 MBART 2022-1 A3 5.21 08/16/2027 5.27% 35,068.96 -- 35,068.96 0.00
Principal Paydown 09/15/2025 47800AAC4 10,869.69 JDOT 2022-B A3 3.74 02/16/2027 3.77% 10,869.69 -- 10,869.69 0.00
Principal Paydown 09/15/2025 89238FAD5 11,673.21 TAOT 2022-B A3 2.93 09/15/2026 3.09% 11,673.21 -- 11,673.21 0.00
Principal Paydown 09/15/2025 47787JAC2 7,481.12 JDOT 2022 A3 2.32 09/15/2026 2.34% 7,481.12 -- 7,481.12 0.00
Principal Paydown 09/16/2025 362585AC5 10,990.22 GMCAR 2022-2 A3 3.1 02/16/2027 3.13% 10,990.22 -- 10,990.22 (0.00)
Principal Paydown 09/25/2025 05592XAD2 10,099.42 BMWOT 2023-A A3 5.47 02/25/2028 5.47% 10,099.42 -- 10,099.42 0.00
Principal Paydown 09/25/2025 05602RAD3 6,980.43 BMWOT 2022-A A3 3.21 08/25/2026 3.23% 6,980.43 -- 6,980.43 0.00
Total Principal
Paydown 93,163.05 93,163.05 -- 93,163.05 0.01

TOTAL OTHER
TRANSACTIONS 749,514.49 1,424,470.07 0.00 1,424,470.07 0.01

Page 27 of 270 ends

INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income

CASH & EQUIVALENTS
85253$413 Wells Fargo Stagecoach
Sweep Account 26,317,741.46
25,571,134.48
9,863,181.00
(9,116,574.02)
26,317,741.46

0.00 81,255.88

0.00 0.00

0.00 81,255.88
81,255.88
912797QY6 UNITED STATES TREASURY
12/11/2025
09/15/2025
09/16/2025
7,750,000.00

0.00 7,677,579.22

0.00 7,690,210.75

0.00 0.00

0.00 0.00
12,631.53

0.00 12,631.53
12,631.53
12,631.53
94975H312 ALLSPRING:TRS+ MM S
418,147.36
1,117,183.35
13,421,508.87
(14,120,544.86)
418,147.36

0.00 10,483.91

0.00 0.00

0.00 10,483.91
10,483.91
CCYUSD Receivable
609,345.87
519,945.96

0.00 0.00
609,345.87

0.00 0.00

0.00 Total Cash & Equivalents 35,095,234.69
27,208,263.79
30,962,269.09
(23,237,118.88)
35,035,445.44

0.00 91,739.79

0.00 91,739.79
12,631.53

0.00 12,631.53
104,371.32 104,371.32

FIXED INCOME
00287YDZ9 ABBVIE INC 4.875
03/15/2030
06/11/2025
06/12/2025
1,200,000.00
1,217,718.43

0.00 0.00
1,217,391.93
30,062.50
32,337.50
2,600.00
4,875.00

0.00 (326.51)
(326.51)
4,548.49
4,548.49
023135CF1 AMAZON.COM INC 3.3
04/13/2027
04/25/2022
04/27/2022
750,000.00
749,578.24

0.00 0.00
749,599.72
9,487.50

0.00 11,550.00
2,062.50

21.48 0.00

21.48 2,083.98
2,083.98
02582JJZ4 AMXCA 2023-1 A 4.87
05/15/2026
06/07/2023
06/14/2023
375,000.00
374,989.69

0.00 0.00
374,990.90
811.67
1,521.87
811.67
1,521.87

1.21 0.00

1.21 1,523.08
1,523.08

Page 28 of 270 ends

0.00 0.00
1,194,008.01
9,225.00

0.00 14,350.00
5,125.00
177.98

0.00 177.98
5,302.98
5,302.98
037833ET3 APPLE INC 4.0 05/10/2028
05/08/2023
05/10/2023
205,000.00
204,787.34

0.00 0.00
204,793.84
2,528.33

0.00 3,211.67
683.33

6.50 0.00

6.50 689.83
689.83
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028
07/11/2023
07/18/2023
104,203.85
114,292.35

0.00 (10,099.42)
104,194.23
104.21
521.03

95.00 511.82

1.29 0.00

1.29 513.12
513.12
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026
05/10/2022
05/18/2022

0.00 6,980.35

0.00 (6,980.43)

0.00 3.73

18.67 0.00

14.94 0.08

0.00 0.08

15.01 15.01
06051GGF0 BANK OF AMERICA CORP

3.824 01/20/2028
04/10/2023
04/12/2023
1,000,000.00
984,034.76

0.00 0.00
984,981.32
4,355.11

0.00 7,541.78
3,186.67
946.56

0.00 946.56
4,133.22
4,133.22
06051GMK2 BANK OF AMERICA CORP

4.979 01/24/2029
01/28/2025
01/29/2025
450,000.00
450,563.53

0.00 0.00
450,544.21
2,302.79

0.00 4,169.91
1,867.13

0.00 (19.32)
(19.32)
1,847.80
1,847.80
06406RAB3 BANK OF NEW YORK MELLON
CORP 3.442 02/07/2028
04/26/2023
04/28/2023
1,000,000.00
985,524.55

0.00 0.00
986,353.29
2,294.67

0.00 5,163.00
2,868.33
828.75

0.00 828.75
3,697.08
3,697.08
084664CZ2

BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027
03/07/2022
03/15/2022
1,095,000.00
1,094,936.20

0.00 0.00
1,094,939.61
11,613.08
12,592.50
1,119.33
2,098.75

3.42 0.00

3.42 2,102.17
2,102.17
14913R3A3

CATERPILLAR FINANCIAL
SERVICES CORP 3.6
08/12/2027
08/22/2022
08/24/2022
700,000.00
697,378.01

0.00 0.00
697,488.80
1,330.00

0.00 3,430.00
2,100.00
110.79

0.00 110.79
2,210.79
2,210.79

Page 29 of 270 ends

CATERPILLAR FINANCIAL
SERVICES CORP 4.85
02/27/2029
05/21/2024
05/23/2024
450,000.00
450,141.71

0.00 0.00
450,138.37
242.50

0.00 2,061.25
1,818.75

0.00 (3.33)
(3.33)
1,815.42
1,815.42
161571HT4 CHAIT 2023-1 A 5.16
09/15/2028
09/07/2023
09/15/2023
1,005,000.00
1,004,830.74

0.00 0.00
1,004,835.31
2,304.80
4,321.50
2,304.80
4,321.50

4.57 0.00

4.57 4,326.07
4,326.07
24422EXH7 JOHN DEERE CAPITAL CORP

4.5 01/16/2029
04/23/2024
04/25/2024
1,200,000.00
1,179,146.81

0.00 0.00
1,179,654.18
6,750.00

0.00 11,250.00
4,500.00
507.38

0.00 507.38
5,007.38
5,007.38
3130ATUC9 FEDERAL HOME LOAN BANKS

4.5 12/12/2025
02/08/2023
02/09/2023
1,800,000.00
1,801,334.95

0.00 0.00
1,800,942.32
17,775.00

0.00 24,525.00
6,750.00

0.00 (392.63)
(392.63)
6,357.37
6,357.37
3130AVBD3 FEDERAL HOME LOAN BANKS

4.5 03/09/2029
04/22/2024
04/23/2024
1,000,000.00
993,304.44

0.00 0.00
993,460.75
21,500.00
22,500.00
2,750.00
3,750.00
156.32

0.00 156.32
3,906.32
3,906.32
3130AWMN7 FEDERAL HOME LOAN BANKS

4.375 06/09/2028
07/26/2023
07/27/2023
1,000,000.00
1,002,559.87

0.00 0.00
1,002,483.98
9,965.28

0.00 13,611.11
3,645.83

0.00 (75.89)
(75.89)
3,569.95
3,569.95
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028
09/21/2023
09/22/2023
1,000,000.00
991,221.02

0.00 0.00
991,459.80
21,024.31
21,875.00
2,795.14
3,645.83
238.78

0.00 238.78
3,884.61
3,884.61
3133EPN50

FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.25
12/15/2028
12/28/2023
12/29/2023
1,000,000.00
1,011,075.96

0.00 0.00
1,010,799.29
8,972.22

0.00 12,513.89
3,541.67

0.00 (276.67)
(276.67)
3,265.00
3,265.00
3135G06G3

FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
11/07/2025
11/09/2020
11/12/2020
1,680,000.00
1,679,778.71

0.00 0.00
1,679,877.80
2,660.00

0.00 3,360.00
700.00

99.08 0.00

99.08 799.08
799.08

Page 30 of 270 ends

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
09/23/2020
09/25/2020

0.00 1,559,943.36

0.00 (1,560,000.00)

0.00 2,567.50
2,925.00

0.00 357.50

56.64 0.00

56.64 414.14
414.14
3137FG6X8 FHMS K-077 A2 3.85
05/25/2028
05/24/2023
05/30/2023
1,835,000.00
1,816,768.72

0.00 0.00
1,817,330.84
5,887.29
5,887.29
5,887.29
5,887.29
562.12

0.00 562.12
6,449.41
6,449.41
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030
07/14/2025
07/17/2025
1,000,000.00
913,945.93

0.00 0.00
915,576.78
1,724.17
1,724.17
1,724.17
1,724.17
1,630.84

0.00 1,630.84
3,355.01
3,355.01
34532BAG6 FORDO 2025-B A3 3.91
04/15/2030
09/23/2025
09/26/2025
490,000.00

0.00 489,947.13

0.00 489,947.29

0.00 0.00
287.88
287.88

0.16 0.00

0.16 288.03
288.03
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029
11/19/2024
11/22/2024
580,000.00
579,984.43

0.00 0.00
579,984.75
1,188.36
2,228.17
1,188.36
2,228.17

0.32 0.00

0.32 2,228.49
2,228.49
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027
04/05/2022
04/13/2022
26,207.75
37,195.80

0.00 (10,990.22)
26,206.31

48.05 96.09

33.85 81.89

0.73 0.00

0.73 82.62

82.62 437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,075,000.00
1,090,114.64

0.00 0.00
1,089,780.70
9,361.46

0.00 13,616.67
4,255.21

45.04 (378.98)
(333.95)
3,921.26
3,921.26
44935CAD3 HART 2025-A A3 4.32
10/15/2029
03/04/2025
03/12/2025
600,000.00
599,920.62

0.00 0.00
599,922.21
1,152.00
2,160.00
1,152.00
2,160.00

1.58 0.00

1.58 2,161.58
2,161.58
4581X0EN4

INTER-AMERICAN
DEVELOPMENT BANK 4.125
02/15/2029
02/15/2024
02/20/2024
1,250,000.00
1,242,877.43

0.00 0.00
1,243,046.61
2,291.67

0.00 6,588.54
4,296.88
169.18

0.00 169.18
4,466.06
4,466.06

Page 31 of 270 ends

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
10/28/2024
10/29/2024
1,000,000.00
990,347.64

0.00 0.00
990,539.92
14,530.00

0.00 17,760.00
3,230.00
192.28

0.00 192.28
3,422.28
3,422.28
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
03/27/2025
03/28/2025
1,000,000.00
996,208.39

0.00 0.00
996,276.87
18,447.92
20,630.00
1,260.42
3,442.50

68.48 0.00

68.48 3,510.98
3,510.98
45950KDD9 INTERNATIONAL FINANCE
CORP 4.5 07/13/2028
07/06/2023
07/13/2023
520,000.00
519,669.54

0.00 0.00
519,679.02
3,120.00

0.00 5,070.00
1,950.00

9.48 0.00

9.48 1,959.48
1,959.48
46647PAV8 JPMORGAN CHASE & CO

4.203 07/23/2029 1,300,000.00
1,278,388.22

0.00 0.00
1,279,002.19
5,767.45

0.00 10,320.70
4,553.25
613.97

0.00 613.97
5,167.22
5,167.22
47787JAC2 JDOT 2022 A3 2.32
09/15/2026
03/10/2022
03/16/2022
7,673.42
15,153.81

0.00 (7,481.12)
7,673.08

15.63 29.30

7.91 21.59

0.39 0.00

0.39 21.97

21.97 47800AAC4 JDOT 2022-B A3 3.74
02/16/2027
07/12/2022
07/20/2022
84,414.67
95,281.55

0.00 (10,869.69)
84,412.32
158.38
296.97
140.32
278.90

0.46 0.00

0.46 279.36
279.36
47800DAD6 JDOT 2025 A3 4.23
09/17/2029
03/04/2025
03/11/2025
475,000.00
474,973.27

0.00 0.00
474,973.81
893.00
1,674.38
893.00
1,674.38

0.54 0.00

0.54 1,674.92
1,674.92
571748CA8

MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
03/17/2025
03/18/2025
1,245,000.00
1,240,521.44

0.00 0.00
1,240,602.58
26,694.88
28,946.25
2,573.00
4,824.38

81.13 0.00

81.13 4,905.51
4,905.51
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027
11/15/2022
11/22/2022
260,248.90
295,293.93

0.00 (35,068.96)
260,228.70
683.82
1,282.17
602.62
1,200.97

3.73 0.00

3.73 1,204.69
1,204.69

Page 32 of 270 ends

0.00 0.00
1,192,344.47
22,549.47

0.00 27,713.47
5,164.00
246.42

0.00 246.42
5,410.42
5,410.42
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029
01/24/2024
01/31/2024
1,200,000.00
1,198,663.88

0.00 0.00
1,198,696.00
4,753.33

0.00 9,353.33
4,600.00

32.12 0.00

32.12 4,632.12
4,632.12
74340XBN0 PROLOGIS LP 2.125
04/15/2027
11/09/2022
11/14/2022
1,000,000.00
956,504.89

0.00 0.00
958,712.77
8,027.78

0.00 9,798.61
1,770.83
2,207.87

0.00 2,207.87
3,978.71
3,978.71
74456QBU9 PUBLIC SERVICE ELECTRIC
AND GAS CO 3.7 05/01/2028
09/06/2023
09/08/2023
1,250,000.00
1,208,997.25

0.00 0.00
1,210,261.47
15,416.67

0.00 19,270.83
3,854.17
1,264.22

0.00 1,264.22
5,118.38
5,118.38
756109AU8 REALTY INCOME CORP 3.65
01/15/2028
04/24/2023
04/26/2023
1,000,000.00
977,644.65

0.00 0.00
978,419.08
4,663.89

0.00 7,705.56
3,041.67
774.43

0.00 774.43
3,816.10
3,816.10
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028
09/07/2023
09/11/2023
1,000,000.00
991,663.66

0.00 0.00
991,898.49
4,333.33

0.00 8,666.67
4,333.33
234.83

0.00 234.83
4,568.16
4,568.16
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,000,000.00
995,598.87

0.00 0.00
995,839.81
12,113.89
12,250.00
1,905.56
2,041.67
240.94

0.00 240.94
2,282.60
2,282.60
857449AE2 STATE STREET BANK AND
TRUST CO 4.782 11/23/2029
01/15/2025
01/16/2025
1,250,000.00
1,242,920.43

0.00 0.00
1,243,057.99
16,272.08

0.00 21,253.33
4,981.25
137.56

0.00 137.56
5,118.81
5,118.81
87612EBM7 TARGET CORP 1.95
01/15/2027
01/19/2022
01/24/2022
545,000.00
544,744.54

0.00 0.00
544,759.83
1,357.96

0.00 2,243.58
885.63

15.30 0.00

15.30 900.92
900.92

Page 33 of 270 ends

5.156 01/10/2028
06/28/2023
06/30/2023
1,100,000.00
1,097,367.58

0.00 0.00
1,097,459.30
8,034.77

0.00 12,761.10
4,726.33

91.72 0.00

91.72 4,818.06
4,818.06
89236TMF9 TOYOTA MOTOR CREDIT
CORP 5.05 05/16/2029
05/21/2024
05/23/2024
500,000.00
500,725.22

0.00 0.00
500,709.14
7,364.58

0.00 9,468.75
2,104.17

0.00 (16.08)
(16.08)
2,088.09
2,088.09
89238FAD5 TAOT 2022-B A3 2.93
09/15/2026
04/07/2022
04/13/2022
11,895.71
23,568.81

0.00 (11,673.21)
11,895.66

30.69 57.55

15.49 42.35

0.05 0.00

0.05 42.40

42.40 91159HJM3 US BANCORP 5.775
06/12/2029
06/20/2024
06/21/2024
1,100,000.00
1,113,917.80

0.00 0.00
1,113,506.44
13,940.21

0.00 19,233.96
5,293.75

0.00 (411.36)
(411.36)
4,882.39
4,882.39
912797QR1 UNITED STATES TREASURY
11/20/2025 18,250,000.00
18,082,063.33

0.00 0.00
18,145,039.58

0.00 0.00

0.00 0.00
62,976.25

0.00 62,976.25
62,976.25
62,976.25
9128283W8 UNITED STATES TREASURY

2.75 02/15/2028
03/08/2023
03/09/2023
1,250,000.00
1,205,788.43

0.00 0.00
1,207,267.08
1,587.98

0.00 4,390.29
2,802.31
1,478.65

0.00 1,478.65
4,280.96
4,280.96
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025
04/24/2025
04/25/2025
10,500,000.00
10,479,817.71

0.00 0.00
10,489,908.85
106,141.30

0.00 131,820.65
25,679.35
10,091.15

0.00 10,091.15
35,770.49
35,770.49
9128285M8 UNITED STATES TREASURY

3.125 11/15/2028
11/17/2023
11/20/2023
1,000,000.00
961,161.82

0.00 0.00
962,156.82
9,256.11

0.00 11,803.67
2,547.55
995.00

0.00 995.00
3,542.55
3,542.55
912828V98 UNITED STATES TREASURY

2.25 02/15/2027
02/06/2023
02/07/2023
1,250,000.00
1,222,149.02

0.00 0.00
1,223,719.56
1,299.25

0.00 3,592.05
2,292.80
1,570.54

0.00 1,570.54
3,863.34
3,863.34

Page 34 of 270 ends

0.00 0.00
494,024.90
652.17

0.00 1,263.59
611.41
368.08

0.00 368.08
979.49
979.49
91282CBW0 UNITED STATES TREASURY

0.75 04/30/2026
04/29/2021
04/30/2021
1,000,000.00
999,128.71

0.00 0.00
999,237.17
2,527.17

0.00 3,138.59
611.41
108.46

0.00 108.46
719.87
719.87
91282CCP4 UNITED STATES TREASURY

0.625 07/31/2026
08/10/2021
08/11/2021
1,000,000.00
998,258.46

0.00 0.00
998,415.35
543.48

0.00 1,052.99
509.51
156.90

0.00 156.90
666.41
666.41
91282CCW9 UNITED STATES TREASURY

0.75 08/31/2026 2,250,000.00
2,245,207.63

0.00 0.00
2,245,602.61

46.62 8,437.50
1,445.10
9,835.98
394.98

0.00 394.98
10,230.96
10,230.96
91282CDG3 UNITED STATES TREASURY

1.125 10/31/2026 3,000,000.00
2,995,138.80

0.00 0.00
2,995,481.94
11,372.28

0.00 14,123.64
2,751.36
343.14

0.00 343.14
3,094.50
3,094.50
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027
09/27/2022
09/28/2022
1,250,000.00
1,218,780.39

0.00 0.00
1,220,406.42
13,148.91
15,625.00

85.85 2,561.94
1,626.02

0.00 1,626.02
4,187.97
4,187.97
91282CEN7 UNITED STATES TREASURY

2.75 04/30/2027 2,500,000.00
2,481,574.72

0.00 0.00
2,482,486.86
23,165.76

0.00 28,770.38
5,604.62
912.14

0.00 912.14
6,516.76
6,516.76
91282CEW7 UNITED STATES TREASURY

3.25 06/30/2027
07/12/2022
07/13/2022
1,400,000.00
1,405,995.60

0.00 0.00
1,405,725.93
7,789.40

0.00 11,498.64
3,709.24

0.00 (269.67)
(269.67)
3,439.57
3,439.57
91282CFH9 UNITED STATES TREASURY

3.125 08/31/2027
09/08/2022
09/09/2022
1,000,000.00
995,627.43

0.00 0.00
995,807.37

86.33 15,625.00
2,676.11
18,214.78
179.94

0.00 179.94
18,394.72
18,394.72

Page 35 of 270 ends

3.125 08/31/2029
09/27/2024
09/30/2024
1,500,000.00
1,476,803.27

0.00 0.00
1,477,279.91
129.49
23,437.50
4,014.16
27,322.17
476.65

0.00 476.65
27,798.81
27,798.81
91282CFK2 UNITED STATES TREASURY 3.5
09/15/2025
02/20/2025
02/21/2025

0.00 12,496,117.45

0.00 (12,500,000.00)

0.00 202,105.98
218,750.00

0.00 16,644.02
3,882.55

0.00 3,882.55
20,526.57
20,526.57
91282CFM8 UNITED STATES TREASURY

4.125 09/30/2027
10/28/2022
10/31/2022
1,000,000.00
998,678.62

0.00 0.00
998,730.85
17,356.56
20,625.00
113.32
3,381.77

52.23 0.00

52.23 3,434.00
3,434.00
91282CFU0 UNITED STATES TREASURY

4.125 10/31/2027
12/20/2022
12/21/2022
1,100,000.00
1,106,119.72

0.00 0.00
1,105,887.32
15,289.40

0.00 18,988.45
3,699.05

0.00 (232.39)
(232.39)
3,466.65
3,466.65
91282CGC9 UNITED STATES TREASURY

3.875 12/31/2027
01/26/2023
01/27/2023
1,250,000.00
1,256,790.72

0.00 0.00
1,256,551.33
8,292.29

0.00 12,241.00
3,948.71

0.00 (239.39)
(239.39)
3,709.32
3,709.32
91282CGT2 UNITED STATES TREASURY

3.625 03/31/2028
06/29/2023
06/30/2023
1,750,000.00
1,727,447.08

0.00 0.00
1,728,165.32
26,692.28
31,718.75
174.28
5,200.75
718.25

0.00 718.25
5,918.99
5,918.99
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 2,180,000.00
2,177,473.26

0.00 0.00
2,177,551.24
25,709.78

0.00 31,929.89
6,220.11
109.05
(31.06)

77.99 6,298.09
6,298.09
91282CHQ7 UNITED STATES TREASURY

4.125 07/31/2028
09/28/2023
09/29/2023
1,000,000.00
985,698.92

0.00 0.00
986,102.15
3,586.96

0.00 6,949.73
3,362.77
403.23

0.00 403.23
3,766.00
3,766.00
91282CHX2 UNITED STATES TREASURY

4.375 08/31/2028
09/25/2023
09/26/2023
1,500,000.00
1,491,271.94

0.00 0.00
1,491,511.06
181.28
32,812.50
5,619.82
38,251.04
239.13

0.00 239.13
38,490.16
38,490.16

Page 36 of 270 ends

4.625 09/30/2028 1,850,000.00
1,834,894.98

0.00 0.00
1,835,297.78
36,001.71
42,781.25
235.06
7,014.60
402.80

0.00 402.80
7,417.40
7,417.40
91282CJL6 UNITED STATES TREASURY

4.875 11/30/2025 17,500,000.00
17,523,170.55

0.00 0.00
17,515,447.03
216,777.66

0.00 286,705.94
69,928.28

0.00 (7,723.52)
(7,723.52)
62,204.76
62,204.76
91282CJN2 UNITED STATES TREASURY

4.375 11/30/2028
12/21/2023
12/22/2023
1,500,000.00
1,524,216.39

0.00 0.00
1,523,603.84
16,675.20

0.00 22,054.30
5,379.10

0.00 (612.56)
(612.56)
4,766.54
4,766.54
91282CJR3 UNITED STATES TREASURY

3.75 12/31/2028
01/30/2024
01/31/2024
1,200,000.00
1,192,281.52

0.00 0.00
1,192,471.79
7,703.80

0.00 11,372.28
3,668.48
190.27

0.00 190.27
3,858.74
3,858.74
91282CJV4 UNITED STATES TREASURY

4.25 01/31/2026 30,000,000.00
25,004,161.42
5,004,882.81

0.00 30,007,688.28
92,391.30
(27,139.95)
214,809.78
95,278.53
127.38
(1,483.33)
(1,355.95)
93,922.58
93,922.58
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029
02/26/2024
02/27/2024
1,500,000.00
1,485,578.13

0.00 0.00
1,485,924.81
5,217.39

0.00 10,108.70
4,891.30
346.68

0.00 346.68
5,237.98
5,237.98
91282CKD2 UNITED STATES TREASURY

4.25 02/28/2029
03/25/2024
03/26/2024
1,000,000.00
1,000,387.68

0.00 0.00
1,000,378.56
117.40
21,250.00
3,639.50
24,772.10

0.00 (9.11)
(9.11)
24,762.98
24,762.98
91282CKG5 UNITED STATES TREASURY

4.125 03/31/2029
04/08/2024
04/09/2024
1,200,000.00
1,188,299.85

0.00 0.00
1,188,568.41
20,827.87
24,750.00
135.99
4,058.12
268.56

0.00 268.56
4,326.68
4,326.68
91282CKP5 UNITED STATES TREASURY

4.625 04/30/2029
05/28/2024
05/29/2024
1,000,000.00
1,002,586.62

0.00 0.00
1,002,528.58
15,584.24

0.00 19,354.62
3,770.38

0.00 (58.04)
(58.04)
3,712.34
3,712.34

Page 37 of 270 ends

0.00 0.00
1,256,827.36
14,293.03

0.00 18,903.69
4,610.66

0.00 (153.08)
(153.08)
4,457.58
4,457.58
91282CKX8 UNITED STATES TREASURY

4.25 06/30/2029 1,850,000.00
1,887,197.99

0.00 0.00
1,886,399.75
13,460.26

0.00 19,869.90
6,409.65

0.00 (798.24)
(798.24)
5,611.41
5,611.41
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,750,000.00
1,748,977.91

0.00 0.00
1,748,999.37
6,086.96

0.00 11,793.48
5,706.52

84.71 (63.26)

21.46 5,727.98
5,727.98
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029
12/17/2024
12/18/2024
1,250,000.00
1,214,101.97

0.00 0.00
1,214,824.75
18,408.47
21,875.00
120.19
3,586.72
722.78

0.00 722.78
4,309.50
4,309.50
91282CLR0 UNITED STATES TREASURY

4.125 10/31/2029
11/19/2024
11/20/2024
1,250,000.00
1,244,859.66

0.00 0.00
1,244,961.05
17,374.32

0.00 21,577.79
4,203.46
101.39

0.00 101.39
4,304.85
4,304.85
91282CMA6 UNITED STATES TREASURY

4.125 11/30/2029 1,700,000.00
1,702,475.07

0.00 0.00
1,702,427.20
17,818.65

0.00 23,566.60
5,747.95

1.69 (49.56)
(47.87)
5,700.08
5,700.08
91282CMD0 UNITED STATES TREASURY

4.375 12/31/2029 1,250,000.00
1,249,705.10

0.00 0.00
1,249,710.69
9,362.26

0.00 13,820.48
4,458.22

7.06 (1.47)

5.59 4,463.81
4,463.81
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030
04/15/2025
04/16/2025
1,250,000.00
1,251,127.63

0.00 0.00
1,251,107.40
21,038.25
25,000.00
137.36
4,099.11

0.00 (20.23)
(20.23)
4,078.88
4,078.88
91282CMZ1 UNITED STATES TREASURY

3.875 04/30/2030
05/19/2025
05/20/2025
1,250,000.00
1,238,956.08

0.00 0.00
1,239,150.75
16,321.33

0.00 20,270.04
3,948.71
194.66

0.00 194.66
4,143.37
4,143.37

Page 38 of 270 ends

0.00 0.00
1,255,168.30
12,704.92

0.00 16,803.28
4,098.36

0.00 (91.04)
(91.04)
4,007.32
4,007.32
91282CNK3 UNITED STATES TREASURY

3.875 06/30/2030
07/24/2025
07/25/2025
1,500,000.00
1,494,206.90

0.00 0.00
1,494,305.47
9,950.75

0.00 14,689.20
4,738.45

98.58 0.00

98.58 4,837.03
4,837.03
91282CNN7 UNITED STATES TREASURY

3.875 07/31/2030
08/25/2025
08/26/2025
1,250,000.00
1,254,136.56

0.00 0.00
1,254,067.38
4,211.96

0.00 8,160.67
3,948.71

0.00 (69.17)
(69.17)
3,879.54
3,879.54
91282CNX5 UNITED STATES TREASURY

3.625 08/31/2030
09/22/2025
09/23/2025
1,250,000.00

0.00 1,246,582.03

0.00 1,246,597.20

0.00 (2,878.97)
3,880.35
1,001.38

15.17 0.00

15.17 1,016.55
1,016.55
91282CPA3 UNITED STATES TREASURY

3.625 09/30/2030
09/29/2025
09/30/2025
1,100,000.00

0.00 1,094,371.09

0.00 1,094,374.17

0.00 0.00
109.55
109.55

3.08 0.00

3.08 112.63
112.63
927804GH1 VIRGINIA ELECTRIC AND
POWER CO 3.75 05/15/2027
05/16/2022
05/31/2022
250,000.00
249,732.39

0.00 0.00
249,745.31
2,760.42

0.00 3,541.67
781.25

12.93 0.00

12.93 794.18
794.18
931142ER0 WALMART INC 1.05
09/17/2026
09/08/2021
09/17/2021
240,000.00
239,905.35

0.00 0.00
239,912.81
1,148.00
1,260.00

98.00 210.00

7.45 0.00

7.45 217.45
217.45
931142EX7 WALMART INC 3.95
09/09/2027 09/09/2022
500,000.00
499,743.84

0.00 0.00
499,754.26
9,436.11
9,875.00
1,206.94
1,645.83

10.41 0.00

10.41 1,656.25
1,656.25
Total Fixed Income 177,439,644.31
183,022,705.29
7,835,783.06
(14,153,163.04)
176,792,984.02
1,441,335.96
659,678.99
1,390,368.05
608,711.08
101,464.60
(13,805.89)
87,658.70
696,369.78 696,369.78
LAIF

Page 39 of 270 ends

0.00 0.00
56,555,086.94

0.00 0.00

0.00 Total LAIF 56,555,086.94
56,555,086.94

0.00 0.00
56,555,086.94

0.00 0.00

0.00 0.00 0.00
TOTAL PORTFOLIO 269,089,965.94
266,786,056.02
38,798,052.15
(37,390,281.92)
268,383,516.40
1,441,335.96
751,418.78
1,390,368.05
700,450.87
114,096.13
(13,805.89)
100,290.24
800,741.10 800,741.10

Page 40 of 270 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount OCTOBER 2025
10/01/2025 Dividend 94975H312 0.00 3,807.53 3,807.53
10/01/2025 Dividend 94975H312 0.00 1,756.76 1,756.76
10/13/2025 Coupon 023135CF1 0.00 AMAZON.COM INC 3.3 04/13/2027 12,375.00 12,375.00 10/15/2025 Dividend 90LAIF$00 56,555,086.94 Local Agency Investment Fund State Pool 603,781.58 603,781.58 10/16/2025 Coupon 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 80.35 80.35 10/16/2025 Principal Paydown 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 9,899.33 9,899.33 10/16/2025 Coupon 459058LN1 1,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 19,375.00 19,375.00
10/20/2025 Coupon 61747YFD2 1,200,000.00 MORGAN STANLEY 5.164 04/20/2029 30,984.00 30,984.00 10/27/2025 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 486.98 486.98 10/27/2025 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 8,936.88 8,936.88 10/27/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 10/27/2025 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 10/31/2025 Coupon 9128285J5 10,500,000.00 UNITED STATES TREASURY 3.0 10/31/2025 157,500.00 157,500.00 10/31/2025 Final Maturity 9128285J5 10,500,000.00 UNITED STATES TREASURY 3.0 10/31/2025 10,500,000.00 10,500,000.00 10/31/2025 Coupon 91282CDG3 3,000,000.00 UNITED STATES TREASURY 1.125 10/31/2026 16,875.00 16,875.00 10/31/2025 Coupon 91282CEN7 2,500,000.00 UNITED STATES TREASURY 2.75 04/30/2027 34,375.00 34,375.00 10/31/2025 Coupon 91282CFU0 1,100,000.00 UNITED STATES TREASURY 4.125 10/31/2027 22,687.50 22,687.50 10/31/2025 Coupon 91282CHA2 2,180,000.00 UNITED STATES TREASURY 3.5 04/30/2028 38,150.00 38,150.00 10/31/2025 Coupon 91282CKP5 1,000,000.00 UNITED STATES TREASURY 4.625 04/30/2029 23,125.00 23,125.00 10/31/2025 Coupon 91282CLR0 1,250,000.00 UNITED STATES TREASURY 4.125 10/31/2029 25,781.25 25,781.25 10/31/2025 Coupon 91282CMZ1 1,250,000.00 UNITED STATES TREASURY 3.875 04/30/2030 24,218.75 24,218.75 October 2025 Total 11,128,182.08 413,625.29 11,541,807.37 NOVEMBER 2025
11/03/2025 Coupon 74456QBU9 1,250,000.00 PUBLIC SERVICE ELECTRIC AND GAS CO 3.7 05/01/2028 23,125.00 23,125.00
11/07/2025 Coupon 3135G06G3 1,680,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 11/07/2025 4,200.00 4,200.00
11/07/2025 Final Maturity 3135G06G3 1,680,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 11/07/2025 1,680,000.00 1,680,000.00
11/10/2025 Coupon 037833ET3 205,000.00 APPLE INC 4.0 05/10/2028 4,100.00 4,100.00

Page 41 of 270 ends

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/17/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 11/17/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 11/17/2025 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 11/17/2025 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 11/17/2025 Coupon 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 54.77 54.77 11/17/2025 Principal Paydown 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 9,342.51 9,342.51 11/17/2025 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 11/17/2025 Coupon 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 216.40 216.40 11/17/2025 Principal Paydown 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 13,450.08 13,450.08 11/17/2025 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 11/17/2025 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 1,024.97 1,024.97 11/17/2025 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 28,330.44 28,330.44 11/17/2025 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 1,628.55 1,628.55 11/17/2025 Coupon 89236TMF9 500,000.00 TOYOTA MOTOR CREDIT CORP 5.05 05/16/2029 12,625.00 12,625.00 11/17/2025 Coupon 89238FAD5 301.09 TAOT 2022-B A3 2.93 09/15/2026 0.74 0.74 11/17/2025 Effective Maturity 89238FAD5 301.09 TAOT 2022-B A3 2.93 09/15/2026 301.09 301.09 11/17/2025 Coupon 9128285M8 1,000,000.00 UNITED STATES TREASURY 3.125 11/15/2028 15,625.00 15,625.00 11/17/2025 Coupon 927804GH1 250,000.00 VIRGINIA ELECTRIC AND POWER CO 3.75 05/15/2027 4,687.50 4,687.50
11/20/2025 Final Maturity 912797QR1 18,250,000.00 UNITED STATES TREASURY 11/20/2025 18,250,000.00 18,250,000.00 11/24/2025 Coupon 857449AE2 1,250,000.00 STATE STREET BANK AND TRUST CO 4.782 11/23/2029 29,887.50 29,887.50
11/25/2025 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 446.25 446.25 11/25/2025 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 8,222.65 8,222.65 11/25/2025 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 2,496.67 2,496.67 11/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 11/25/2025 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 November 2025
Total 19,989,646.77 121,232.31 20,110,879.08
DECEMBER 2025
12/01/2025 Coupon 91282CJL6 17,500,000.00 UNITED STATES TREASURY 4.875 11/30/2025 426,562.50 426,562.50 12/01/2025 Final Maturity 91282CJL6 17,500,000.00 UNITED STATES TREASURY 4.875 11/30/2025 17,500,000.00 17,500,000.00

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/01/2025 Coupon 91282CJN2 1,500,000.00 UNITED STATES TREASURY 4.375 11/30/2028 32,812.50 32,812.50 12/01/2025 Coupon 91282CKT7 1,250,000.00 UNITED STATES TREASURY 4.5 05/31/2029 28,125.00 28,125.00 12/01/2025 Coupon 91282CMA6 1,700,000.00 UNITED STATES TREASURY 4.125 11/30/2029 35,062.50 35,062.50 12/01/2025 Coupon 91282CNG2 1,250,000.00 UNITED STATES TREASURY 4.0 05/31/2030 25,000.00 25,000.00 12/09/2025 Coupon 3130AWMN7 1,000,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 21,875.00 21,875.00
12/11/2025 Final Maturity 912797QY6 7,750,000.00 UNITED STATES TREASURY 12/11/2025 7,750,000.00 7,750,000.00 12/12/2025 Coupon 3130ATUC9 1,800,000.00 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 40,500.00 40,500.00 12/12/2025 Final Maturity 3130ATUC9 1,800,000.00 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 1,800,000.00 1,800,000.00 12/12/2025 Coupon 91159HJM3 1,100,000.00 US BANCORP 5.775 06/12/2029 31,762.50 31,762.50 12/15/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 12/15/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 12/15/2025 Coupon 3133EPN50 1,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.25 12/15/2028 21,250.00 21,250.00
12/15/2025 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 12/15/2025 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 12/15/2025 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 12/15/2025 Coupon 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 174.48 174.48 12/15/2025 Principal Paydown 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 10,168.01 10,168.01 12/15/2025 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 12/15/2025 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 901.97 901.97 12/15/2025 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 26,963.62 26,963.62 12/15/2025 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 12/16/2025 Coupon 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 30.64 30.64 12/16/2025 Principal Paydown 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 8,790.64 8,790.64 12/25/2025 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 408.77 408.77 12/25/2025 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 7,819.21 7,819.21 12/25/2025 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 12/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 12/25/2025 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 12/26/2025 Coupon 437076DC3 1,075,000.00 HOME DEPOT INC 4.75 06/25/2029 25,531.25 25,531.25 12/31/2025 Coupon 91282CEW7 1,400,000.00 UNITED STATES TREASURY 3.25 06/30/2027 22,750.00 22,750.00

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/31/2025 Coupon 91282CGC9 1,250,000.00 UNITED STATES TREASURY 3.875 12/31/2027 24,218.75 24,218.75 12/31/2025 Coupon 91282CJR3 1,200,000.00 UNITED STATES TREASURY 3.75 12/31/2028 22,500.00 22,500.00 12/31/2025 Coupon 91282CKX8 1,850,000.00 UNITED STATES TREASURY 4.25 06/30/2029 39,312.50 39,312.50 12/31/2025 Coupon 91282CMD0 1,250,000.00 UNITED STATES TREASURY 4.375 12/31/2029 27,343.75 27,343.75 12/31/2025 Coupon 91282CNK3 1,500,000.00 UNITED STATES TREASURY 3.875 06/30/2030 29,062.50 29,062.50 December 2025
Total 27,103,741.48 880,391.82 27,984,133.30
JANUARY 2026
01/07/2026 Coupon 02665WEM9 1,200,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 30,750.00 30,750.00
01/12/2026 Coupon 89115A2M3 1,100,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 28,358.00 28,358.00 01/13/2026 Coupon 45950KDD9 520,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 11,700.00 11,700.00
01/15/2026 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 01/15/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 01/15/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 01/15/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 01/15/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 01/15/2026 Coupon 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 142.79 142.79 01/15/2026 Principal Paydown 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 16,911.04 16,911.04 01/15/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 01/15/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 784.90 784.90 01/15/2026 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 26,517.20 26,517.20 01/15/2026 Coupon 756109AU8 1,000,000.00 REALTY INCOME CORP 3.65 01/15/2028 18,250.00 18,250.00 01/15/2026 Coupon 87612EBM7 545,000.00 TARGET CORP 1.95 01/15/2027 5,313.75 5,313.75 01/15/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 01/16/2026 Coupon 24422EXH7 1,200,000.00 JOHN DEERE CAPITAL CORP 4.5 01/16/2029 27,000.00 27,000.00 01/16/2026 Coupon 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 7.93 7.93 01/16/2026 Effective Maturity 362585AC5 26,207.75 GMCAR 2022-2 A3 3.1 02/16/2027 3,070.00 3,070.00 01/20/2026 Coupon 06051GGF0 1,000,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 19,120.00 19,120.00 01/23/2026 Coupon 46647PAV8 1,300,000.00 JPMORGAN CHASE & CO 4.203 07/23/2029 27,319.50 27,319.50 01/26/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 373.12 373.12

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/26/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 7,669.82 7,669.82 01/26/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 01/26/2026 Coupon 06051GMK2 450,000.00 BANK OF AMERICA CORP 4.979 01/24/2029 11,202.75 11,202.75 01/26/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 01/26/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 January 2026 Total 54,168.05 205,529.96 259,698.01
FEBRUARY 2026
02/02/2026 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 02/02/2026 Coupon 78016HZS2 1,000,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 26,000.00 26,000.00 02/02/2026 Coupon 912828Z78 500,000.00 UNITED STATES TREASURY 1.5 01/31/2027 3,750.00 3,750.00 02/02/2026 Coupon 91282CCP4 1,000,000.00 UNITED STATES TREASURY 0.625 07/31/2026 3,125.00 3,125.00 02/02/2026 Coupon 91282CHQ7 1,000,000.00 UNITED STATES TREASURY 4.125 07/31/2028 20,625.00 20,625.00 02/02/2026 Coupon 91282CJV4 30,000,000.00 UNITED STATES TREASURY 4.25 01/31/2026 637,500.00 637,500.00 02/02/2026 Final Maturity 91282CJV4 30,000,000.00 UNITED STATES TREASURY 4.25 01/31/2026 30,000,000.00 30,000,000.00 02/02/2026 Coupon 91282CJW2 1,500,000.00 UNITED STATES TREASURY 4.0 01/31/2029 30,000.00 30,000.00 02/02/2026 Coupon 91282CLC3 1,750,000.00 UNITED STATES TREASURY 4.0 07/31/2029 35,000.00 35,000.00 02/02/2026 Coupon 91282CNN7 1,250,000.00 UNITED STATES TREASURY 3.875 07/31/2030 24,218.75 24,218.75 02/09/2026 Coupon 06406RAB3 1,000,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 17,210.00 17,210.00
02/12/2026 Coupon 14913R3A3 700,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 12,600.00 12,600.00
02/16/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 02/16/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 02/16/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 02/16/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 02/16/2026 Coupon 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 90.09 90.09 02/16/2026 Principal Paydown 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 14,063.58 14,063.58 02/16/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 02/16/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 669.78 669.78 02/16/2026 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 26,189.03 26,189.03 02/16/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 02/17/2026 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/17/2026 Coupon 4581X0EN4 1,250,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 25,781.25 25,781.25
02/17/2026 Coupon 9128283W8 1,250,000.00 UNITED STATES TREASURY 2.75 02/15/2028 17,187.50 17,187.50 02/17/2026 Coupon 912828V98 1,250,000.00 UNITED STATES TREASURY 2.25 02/15/2027 14,062.50 14,062.50 02/25/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 338.16 338.16 02/25/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 7,558.36 7,558.36 02/25/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 02/25/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 02/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 02/27/2026 Coupon 14913UAJ9 450,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 10,912.50 10,912.50
February 2026
Total 30,047,810.97 931,877.73 30,979,688.70
MARCH 2026
03/02/2026 Coupon 91282CCW9 2,250,000.00 UNITED STATES TREASURY 0.75 08/31/2026 8,437.50 8,437.50 03/02/2026 Coupon 91282CFH9 1,000,000.00 UNITED STATES TREASURY 3.125 08/31/2027 15,625.00 15,625.00 03/02/2026 Coupon 91282CFJ5 1,500,000.00 UNITED STATES TREASURY 3.125 08/31/2029 23,437.50 23,437.50 03/02/2026 Coupon 91282CHX2 1,500,000.00 UNITED STATES TREASURY 4.375 08/31/2028 32,812.50 32,812.50 03/02/2026 Coupon 91282CKD2 1,000,000.00 UNITED STATES TREASURY 4.25 02/28/2029 21,250.00 21,250.00 03/02/2026 Coupon 91282CNX5 1,250,000.00 UNITED STATES TREASURY 3.625 08/31/2030 22,656.25 22,656.25 03/03/2026 Coupon 808513BY0 1,000,000.00 CHARLES SCHWAB CORP 2.45 03/03/2027 12,250.00 12,250.00 03/09/2026 Coupon 3130AVBD3 1,000,000.00 FEDERAL HOME LOAN BANKS 4.5 03/09/2029 22,500.00 22,500.00 03/09/2026 Coupon 3130AWTR1 1,000,000.00 FEDERAL HOME LOAN BANKS 4.375 09/08/2028 21,875.00 21,875.00
03/09/2026 Coupon 931142EX7 500,000.00 WALMART INC 3.95 09/09/2027 9,875.00 9,875.00 03/16/2026 Coupon 00287YDZ9 1,200,000.00 ABBVIE INC 4.875 03/15/2030 29,250.00 29,250.00 03/16/2026 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 03/16/2026 Coupon 084664CZ2 1,095,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 12,592.50 12,592.50
03/16/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 03/16/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 03/16/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 03/16/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/16/2026 Coupon 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 46.26 46.26 03/16/2026 Principal Paydown 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 11,821.57 11,821.57 03/16/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 03/16/2026 Coupon 571748CA8 1,245,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 28,946.25 28,946.25
03/16/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 556.07 556.07 03/16/2026 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 25,529.10 25,529.10 03/16/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 03/17/2026 Coupon 931142ER0 240,000.00 WALMART INC 1.05 09/17/2026 1,260.00 1,260.00 03/20/2026 Coupon 459058LR2 1,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 20,625.00 20,625.00
03/25/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 303.71 303.71 03/25/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 7,364.34 7,364.34 03/25/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 03/25/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 03/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 03/31/2026 Coupon 91282CEF4 1,250,000.00 UNITED STATES TREASURY 2.5 03/31/2027 15,625.00 15,625.00 03/31/2026 Coupon 91282CFM8 1,000,000.00 UNITED STATES TREASURY 4.125 09/30/2027 20,625.00 20,625.00 03/31/2026 Coupon 91282CGT2 1,750,000.00 UNITED STATES TREASURY 3.625 03/31/2028 31,718.75 31,718.75 03/31/2026 Coupon 91282CJA0 1,850,000.00 UNITED STATES TREASURY 4.625 09/30/2028 42,781.25 42,781.25 03/31/2026 Coupon 91282CKG5 1,200,000.00 UNITED STATES TREASURY 4.125 03/31/2029 24,750.00 24,750.00 03/31/2026 Coupon 91282CLN9 1,250,000.00 UNITED STATES TREASURY 3.5 09/30/2029 21,875.00 21,875.00 03/31/2026 Coupon 91282CMU2 1,250,000.00 UNITED STATES TREASURY 4.0 03/31/2030 25,000.00 25,000.00 03/31/2026 Coupon 91282CPA3 1,100,000.00 UNITED STATES TREASURY 3.625 09/30/2030 19,937.50 19,937.50 March 2026 Total 44,715.01 511,818.25 556,533.25
APRIL 2026
04/13/2026 Coupon 023135CF1 750,000.00 AMAZON.COM INC 3.3 04/13/2027 12,375.00 12,375.00 04/15/2026 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 04/15/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 04/15/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 04/15/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 04/15/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/15/2026 Coupon 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 9.41 9.41 04/15/2026 Effective Maturity 47800AAC4 69,434.53 JDOT 2022-B A3 3.74 02/16/2027 3,020.25 3,020.25 04/15/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 04/15/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 445.23 445.23 04/15/2026 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 26,124.40 26,124.40 04/15/2026 Coupon 74340XBN0 1,000,000.00 PROLOGIS LP 2.125 04/15/2027 10,625.00 10,625.00 04/15/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 04/16/2026 Coupon 459058LN1 1,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 19,375.00 19,375.00
04/20/2026 Coupon 61747YFD2 1,200,000.00 MORGAN STANLEY 5.164 04/20/2029 30,984.00 30,984.00 04/27/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 270.14 270.14 04/27/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 7,107.40 7,107.40 04/27/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 04/27/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 04/27/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 04/30/2026 Coupon 91282CDG3 3,000,000.00 UNITED STATES TREASURY 1.125 10/31/2026 16,875.00 16,875.00 04/30/2026 Coupon 91282CEN7 2,500,000.00 UNITED STATES TREASURY 2.75 04/30/2027 34,375.00 34,375.00 04/30/2026 Coupon 91282CFU0 1,100,000.00 UNITED STATES TREASURY 4.125 10/31/2027 22,687.50 22,687.50 04/30/2026 Coupon 91282CHA2 2,180,000.00 UNITED STATES TREASURY 3.5 04/30/2028 38,150.00 38,150.00 04/30/2026 Coupon 91282CKP5 1,000,000.00 UNITED STATES TREASURY 4.625 04/30/2029 23,125.00 23,125.00 04/30/2026 Coupon 91282CLR0 1,250,000.00 UNITED STATES TREASURY 4.125 10/31/2029 25,781.25 25,781.25 04/30/2026 Coupon 91282CMZ1 1,250,000.00 UNITED STATES TREASURY 3.875 04/30/2030 24,218.75 24,218.75 April 2026 Total 36,252.04 284,503.49 320,755.54
MAY 2026
05/01/2026 Coupon 74456QBU9 1,250,000.00 PUBLIC SERVICE ELECTRIC AND GAS CO 3.7 05/01/2028 23,125.00 23,125.00
05/11/2026 Coupon 037833ET3 205,000.00 APPLE INC 4.0 05/10/2028 4,100.00 4,100.00 05/15/2026 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 05/15/2026 Final Maturity 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 375,000.00 375,000.00 05/15/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 05/15/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 05/15/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/15/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 05/15/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 05/15/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 331.81 331.81 05/15/2026 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 25,273.60 25,273.60 05/15/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 05/15/2026 Coupon 9128285M8 1,000,000.00 UNITED STATES TREASURY 3.125 11/15/2028 15,625.00 15,625.00 05/15/2026 Coupon 927804GH1 250,000.00 VIRGINIA ELECTRIC AND POWER CO 3.75 05/15/2027 4,687.50 4,687.50
05/18/2026 Coupon 89236TMF9 500,000.00 TOYOTA MOTOR CREDIT CORP 5.05 05/16/2029 12,625.00 12,625.00 05/25/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 237.74 237.74 05/25/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 6,212.67 6,212.67 05/25/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 05/25/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 05/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 05/26/2026 Coupon 857449AE2 1,250,000.00 STATE STREET BANK AND TRUST CO 4.782 11/23/2029 29,887.50 29,887.50
May 2026 Total 406,486.27 115,826.76 522,313.03
JUNE 2026
06/01/2026 Coupon 91282CJN2 1,500,000.00 UNITED STATES TREASURY 4.375 11/30/2028 32,812.50 32,812.50 06/01/2026 Coupon 91282CKT7 1,250,000.00 UNITED STATES TREASURY 4.5 05/31/2029 28,125.00 28,125.00 06/01/2026 Coupon 91282CMA6 1,700,000.00 UNITED STATES TREASURY 4.125 11/30/2029 35,062.50 35,062.50 06/01/2026 Coupon 91282CNG2 1,250,000.00 UNITED STATES TREASURY 4.0 05/31/2030 25,000.00 25,000.00 06/09/2026 Coupon 3130AWMN7 1,000,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 21,875.00 21,875.00
06/12/2026 Coupon 91159HJM3 1,100,000.00 US BANCORP 5.775 06/12/2029 31,762.50 31,762.50 06/15/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 06/15/2026 Coupon 3133EPN50 1,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.25 12/15/2028 21,250.00 21,250.00
06/15/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 06/15/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 06/15/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 06/15/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/15/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 222.08 222.08 06/15/2026 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 24,836.84 24,836.84 06/15/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 06/25/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 209.42 209.42 06/25/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 6,107.73 6,107.73 06/25/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 06/25/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 06/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 06/25/2026 Coupon 437076DC3 1,075,000.00 HOME DEPOT INC 4.75 06/25/2029 25,531.25 25,531.25 06/30/2026 Coupon 91282CEW7 1,400,000.00 UNITED STATES TREASURY 3.25 06/30/2027 22,750.00 22,750.00 06/30/2026 Coupon 91282CGC9 1,250,000.00 UNITED STATES TREASURY 3.875 12/31/2027 24,218.75 24,218.75 06/30/2026 Coupon 91282CJR3 1,200,000.00 UNITED STATES TREASURY 3.75 12/31/2028 22,500.00 22,500.00 06/30/2026 Coupon 91282CKX8 1,850,000.00 UNITED STATES TREASURY 4.25 06/30/2029 39,312.50 39,312.50 06/30/2026 Coupon 91282CMD0 1,250,000.00 UNITED STATES TREASURY 4.375 12/31/2029 27,343.75 27,343.75 06/30/2026 Coupon 91282CNK3 1,500,000.00 UNITED STATES TREASURY 3.875 06/30/2030 29,062.50 29,062.50 June 2026 Total 30,944.57 410,723.08 441,667.66
JULY 2026
07/07/2026 Coupon 02665WEM9 1,200,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 30,750.00 30,750.00
07/10/2026 Coupon 89115A2M3 1,100,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 28,358.00 28,358.00 07/13/2026 Coupon 45950KDD9 520,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 11,700.00 11,700.00
07/15/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 07/15/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 07/15/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 07/15/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 07/15/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 07/15/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 114.25 114.25 07/15/2026 Principal Paydown 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 19,229.76 19,229.76 07/15/2026 Coupon 756109AU8 1,000,000.00 REALTY INCOME CORP 3.65 01/15/2028 18,250.00 18,250.00 07/15/2026 Coupon 87612EBM7 545,000.00 TARGET CORP 1.95 01/15/2027 5,313.75 5,313.75 07/15/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/16/2026 Coupon 24422EXH7 1,200,000.00 JOHN DEERE CAPITAL CORP 4.5 01/16/2029 27,000.00 27,000.00 07/20/2026 Coupon 06051GGF0 1,000,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 19,120.00 19,120.00 07/23/2026 Coupon 46647PAV8 1,300,000.00 JPMORGAN CHASE & CO 4.203 07/23/2029 27,319.50 27,319.50 07/24/2026 Coupon 06051GMK2 450,000.00 BANK OF AMERICA CORP 4.979 01/24/2029 11,202.75 11,202.75 07/27/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 181.58 181.58 07/27/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 5,990.20 5,990.20 07/27/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 07/27/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 07/27/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 07/31/2026 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 07/31/2026 Coupon 912828Z78 500,000.00 UNITED STATES TREASURY 1.5 01/31/2027 3,750.00 3,750.00 07/31/2026 Coupon 91282CCP4 1,000,000.00 UNITED STATES TREASURY 0.625 07/31/2026 3,125.00 3,125.00 07/31/2026 Final Maturity 91282CCP4 1,000,000.00 UNITED STATES TREASURY 0.625 07/31/2026 1,000,000.00 1,000,000.00 07/31/2026 Coupon 91282CHQ7 1,000,000.00 UNITED STATES TREASURY 4.125 07/31/2028 20,625.00 20,625.00 07/31/2026 Coupon 91282CJW2 1,500,000.00 UNITED STATES TREASURY 4.0 01/31/2029 30,000.00 30,000.00 07/31/2026 Coupon 91282CLC3 1,750,000.00 UNITED STATES TREASURY 4.0 07/31/2029 35,000.00 35,000.00 07/31/2026 Coupon 91282CNN7 1,250,000.00 UNITED STATES TREASURY 3.875 07/31/2030 24,218.75 24,218.75 July 2026 Total 1,025,219.95 347,313.91 1,372,533.86
AUGUST 2026
08/04/2026 Coupon 78016HZS2 1,000,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 26,000.00 26,000.00 08/07/2026 Coupon 06406RAB3 1,000,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 17,210.00 17,210.00
08/12/2026 Coupon 14913R3A3 700,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 12,600.00 12,600.00
08/17/2026 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 08/17/2026 Coupon 34532BAG6 490,000.00 FORDO 2025-B A3 3.91 04/15/2030 1,596.58 1,596.58 08/17/2026 Coupon 34535VAD6 580,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,228.17 2,228.17 08/17/2026 Coupon 44935CAD3 600,000.00 HART 2025-A A3 4.32 10/15/2029 2,160.00 2,160.00 08/17/2026 Coupon 4581X0EN4 1,250,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 25,781.25 25,781.25
08/17/2026 Coupon 47800DAD6 475,000.00 JDOT 2025 A3 4.23 09/17/2029 1,674.38 1,674.38 08/17/2026 Coupon 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 30.76 30.76

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CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/17/2026 Effective Maturity 58768PAC8 224,642.01 MBART 2022-1 A3 5.21 08/16/2027 7,084.15 7,084.15 08/17/2026 Coupon 89231GAD0 630,000.00 TAOT 2025-D A3 4.23 06/17/2030 2,220.75 2,220.75 08/17/2026 Coupon 9128283W8 1,250,000.00 UNITED STATES TREASURY 2.75 02/15/2028 17,187.50 17,187.50 08/17/2026 Coupon 912828V98 1,250,000.00 UNITED STATES TREASURY 2.25 02/15/2027 14,062.50 14,062.50 08/25/2026 Coupon 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 154.28 154.28 08/25/2026 Principal Paydown 05592XAD2 104,203.85 BMWOT 2023-A A3 5.47 02/25/2028 5,835.76 5,835.76 08/25/2026 Coupon 05594HAD5 525,000.00 BMWLT 2025-2 A3 3.97 09/25/2028 1,872.50 1,872.50 08/25/2026 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 08/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 08/27/2026 Coupon 14913UAJ9 450,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 10,912.50 10,912.50
August 2026 Total 12,919.92 147,624.12 160,544.04
Grand Total 442,108,890.47 89,880,087.11 4,370,466.73 94,250,553.84

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

To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.

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

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

Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance: Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN “AS IS” BASIS; ICE, ITS AFFILIATES AND

THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM.

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.

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INVESTMENT REPORT
City of Vallejo | Council Report | As of September 30, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

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TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE
1

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ECONOMIC UPDATE
2

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▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.

The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.

ECONOMIC UPDATE
3

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-400
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0 200
400
600
800
1,000MOM 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
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up to 62.3%, 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 jumpedto 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4

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0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5

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0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
6

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0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales showed continued strength jumping 0.6%in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling weaker sentiment toward employment and income. Consumers have remained resilient,but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging signs of labor market cooling could weigh on future spending. 0 20
40 60
80 100
120
140
160
Index Level
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
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-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)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell by 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
8

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0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07% month-over-month decline in July, marking the fifth consecutive month of losses, while still posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
9

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40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
Manufacturing activity contractedat a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edgedup to

49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of contraction in the manufacturing sector. Production growth factored into the gain, although dropsin new orders and inventories offset the increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.

Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10

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Components of GDP 9/24 12/24 3/25 6/25

2.7% 2.6% 0.4% 1.7%

0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%

0.5% 0.3% -0.4% -0.4%

0.4% 0.3% 0.2% 0.3%

3.4% 1.9% -0.6% 3.8%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce In a sharp rebound from the first quarter, real GDP increasedat an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)
11

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Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12

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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-25
Jun-25
Sep-24
Yield (%)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.

BOND YIELDS
13

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ACCOUNT PROFILE
14

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OBJECTIVES
Investment Objectives
The investment objectives for the City of Vallejo, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs, and a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15

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STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 50.0 2.7 Compliant
Max % Issuer (MV) 30.0 2.7 Compliant
Max Maturity (Years) 5.0 4.3 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 4.0 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

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

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 25.8 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
16

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STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes

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

FEDERAL AGENCIES
Max % (MV) 50.0 7.4 Compliant
Max % Issuer (MV) 30.0 4.8 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 3 Compliant

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

LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.3 Compliant
Max % Issuer (MV) 5.0 0.3 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

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

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
17

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STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUTUAL FUNDS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

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

REPURCHASE AGREEMENTS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant

SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Alcohol 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 3.7 Compliant
Max % Issuer (MV) 10.0 2.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 56.1 Compliant
Max Maturity (Years) 5 5 Compliant
18

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PORTFOLIO CHARACTERISTICS
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 1.16 1.04
Average Modified Duration 1.03 0.92
Average Purchase Yield 4.10% 4.09%
Average Market Yield 3.99% 3.30%
Average Quality** AA+ AA+
Total Market Value 270,730,696 302,043,031
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19

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SECTOR DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 52.36% 44.77%
LAIF 21.00% 18.60%
Money Mkt Fd 9.93% 20.64%
Corporate 9.74% 8.68%
Agency 2.81% 3.94%
ABS 1.50% 1.29%
Supras 1.42% 1.27%
Agency CMBS 1.02% 0.61%
Cash 0.23% 0.20%
20

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DURATION DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2025 52.3% 11.3% 2.1% 8.1% 11.1% 11.0% 4.0% 0.0% 0.0% 06/30/2025 53.2% 12.3% 4.7% 7.5% 9.8% 9.7% 2.9% 0.0% 0.0% 21

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QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 2.69% 2.92%
AA 48.27% 40.88%
A 8.18% 7.33%
BBB 0.09% 0.08%
NA 31.22% 38.93%
A-1+ 9.54% 9.86%
Rating 09/30/2025 06/30/2025
Aaa 2.60% 2.68%
Aa 48.28% 40.89%
A 8.19% 7.33%
P-1 9.54% 9.86%
NA 31.39% 39.23%
Rating 09/30/2025 06/30/2025
AAA 2.79% 1.92%
AA 48.98% 41.83%
A 4.36% 3.90%
NA 34.33% 42.49%
F1+ 9.54% 9.86%
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating
22

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HISTORICAL AVERAGE PURCHASE YIELD
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 4.10%
23

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IMPORTANT DISCLOSURES
2025 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.

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

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

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BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

ICE BofA 1-Yr US Treasury Bill Index The ICE BofA US 1-Year 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, twelve months from the rebalancing date.
25

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CONSENT CALENDAR 8.C.

DATE: November 4, 2025
TO: Mayor and Members of the City Council
FROM: Gillian Haen, Assistant City Manager
SUBJECT: NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2025-26 BUDGET TO ALLOCATE THE U.S. ENVIRONMENTAL PROTECTION AGENCY (EPA) 2025 GRANT IN THE AMOUNT OF $500,000 AND AUTHORIZE THE CITY MANAGER TO EXECUTE THE SAME (STEP 1 OF 2)

RECOMMENDATION
Provide notice of intent to amend the Fiscal Year 2025-2026 budget to allocate the U.S. Environmental Protection Agency (EPA) 2025 Grant in the amount of $500,000 and authorize the City Manager to execute the same (Step 1 of 2)

REASONS FOR RECOMMENDATION
This appropriation will allow the City to accept the U.S. Environmental Protection Agency (EPA) 2025 grant funds provided via the EPA’s Brownfields Multi-Purpose Cooperative Agreement. Authorization will provide the budget amendment to effectively manage the grant funds and to utilize such funds for the expenditures related to its implementation.

BACKGROUND AND DISCUSSION
The City of Vallejo (City) submitted a grant application to the EPA on November 14, 2024 under the FY2025 US EPA Brownfields Community-Wide Assessment Grant program. Brownfields are real property, the expansion, development or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. City staff had identified this source of funding as a viable source to assist the City’s efforts to revitalize two target areas, Mare Island and the Downtown Waterfront, through comprehensive environmental assessment, cleanup and reuse planning activities. The EPA’s Grant Program provides funding assistance to local governments to specifically address brownfield sites and to seek remediation to make the sites developable.

Some example sites for the two target areas are:

1. Mare Island – Buildings 71, 114, 118, 207, 546, 676 and M37 which are known or suspected to contain hazardous building materials such as asbestos and lead-based paint. The redevelopment of these sites is critical to catalyzing investment and reuse opportunities throughout Mare Island.

2. Downtown Waterfront – The area includes neighborhoods with high levels of economic distress and contains more than 20 priority redevelopment sites acquired by the former Vallejo Redevelopment Agency. A 43-acre priority site, historically occupied by a manufactured gas plan is central to redevelopment efforts due to its size, waterfront access and potential for mixed-use development.

City received notification from the EPA on September 9, 2025, that it had been awarded the grant funding in the full federal amount of $500,000. These funds are to be used to allow the City to inventory, characterize, assess and conduct cleanup planning and community involvement related activities. The City will competitively procure (as needed) and hire a Qualified Environmental Professional to conduct environmental

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Date: November 4, 2025
Subject: NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2025-26 BUDGET TO ALLOCATE THE U.S. ENVIRONMENTAL PROTECTION AGENCY (EPA) 2025 GRANT IN THE AMOUNT OF $500,000 AND AUTHORIZE THE CITY MANAGER TO EXECUTE THE SAME (STEP 1 OF 2)

Page 2 ends

site activities through an RFP process. The City will report on interim progress and final accomplishments by completing and submitting relevant portions of the Property Profile Form using EPA’s Assessment, Cleanup and Redevelopment Exchange System (ACRES). The scope of work will also include conducting 11 Phase I and 12 Phase II environmental assessments, holding 12 community meetings, developing 6 site-specific cleanup plans/analysis of Brownfield Cleanup Alternatives, developing 3 planning documents to initiate brownfields revitalization and submitting 16 quarterly reports. Work conducted under this agreement will benefit the residents, business owners and stakeholders in and near Vallejo.

There is no local match funding requirement; therefore, the City is not obligated to use any other funds as a match to implement the grant. These grant funds will be deposited into the Capital Grant and Contribution Fund 221 to be made available to the City to fund the cost of procuring a consultant, entering into an agreement with a consultant and complete the necessary grant close out.

FISCAL IMPACT
This item provides a notice of intent only and does not have any fiscal impact. The second step of the two- step budget amendment process will come at the next regular City Council meeting.

ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guideline section 15378.

ATTACHMENTS

1. BF-97T40401-0_City of Vallejo_Award

CONTACT
Gillian Haen, Assistant City Manager (707) 648-4163
[email protected]

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BF - 97T40401 - 0 Page 1

U.S. ENVIRONMENTAL

PROTECTION AGENCY
Cooperative Agreement
GRANT NUMBER (FAIN): 97T40401
MODIFICATION NUMBER: 0
PROGRAM CODE: BF

DATE OF AWARD
09/04/2025
TYPE OF ACTION:

New

MAILING DATE
09/09/2025
PAYMENT METHOD:

ASAP
ACH#
90883
RECIPIENT TYPE:

Municipal
Send Payment Request to:

Contact EPA RTPFC at: [email protected]
RECIPIENT:

City of Vallejo
555 Santa Clara St.

VALLEJO, CA 94590-0658
EIN: 94-6000448
PAYEE:

City of Vallejo
555 Santa Clara St.

VALLEJO, CA 94590-0658

PROJECT MANAGER
Michael Nimon
555 Santa Clara St.

Vallejo, CA 94590
[email protected]:
707-648-4527Phone:

EPA PROJECT OFFICER
Daniel Moher
75 Hawthorne Street, LND-2-1
San Francisco, CA 94105
[email protected]:
415-972-3210Phone:

EPA GRANT SPECIALIST
Kimberli Smith
Grants Branch, MSD-6
75 Hawthorne Street
San Francisco, CA 94105
[email protected]:
415-972-3157Phone:

PROJECT TITLE AND DESCRIPTION
Brownfields Multi-Purpose Cooperative Agreement
See Attachment 1 for project description.

BUDGET PERIOD
10/01/2025 - 09/30/2029

PROJECT PERIOD
10/01/2025 - 09/30/2029

TOTAL BUDGET PERIOD COST
$ 500,000.00

TOTAL PROJECT PERIOD COST
$ 500,000.00

NOTICE OF AWARD
Based on your Application dated 11/14/2024 including all modifications and amendments, the United States acting by and through the US Environmental Protection Agency (EPA) hereby awards $ 500,000.00. EPA agrees to cost-share 100.00% of all approved budget period costs incurred, up to and not exceeding total federal funding of $ 500,000.00. Recipient's signature is not required on this agreement. The recipient demonstrates its commitment to carry out this award by either: 1) drawing down funds within 21 days after the EPA award or amendment mailing date; or 2) not filing a notice of disagreement with the award terms and conditions within 21 days after the EPA award or amendment mailing date. If the recipient disagrees with the terms and conditions specified in this award, the authorized representative of the recipient must furnish a notice of disagreement to the EPA Award Official within 21 days after the EPA award or amendment mailing date. In case of disagreement, and until the disagreement is resolved, the recipient should not draw down on the funds provided by this award/amendment, and any costs incurred by the recipient are at its own risk. This agreement is subject to applicable EPA regulatory and statutory provisions, all terms and conditions of this agreement and any attachments.

ISSUING OFFICE (GRANTS MANAGEMENT OFFICE)

ORGANIZATION / ADDRESS
U.S. EPA, Region 9, U.S. EPA, Region 9 Grants Branch, MSD-6 75 Hawthorne Street
San Francisco, CA 94105

AWARD APPROVAL OFFICE

ORGANIZATION / ADDRESS
U.S. EPA, Region 9, Land, Chemicals and Redevelopment Division, LND-1 R9 - Region 9
75 Hawthorne Street
San Francisco, CA 94105
THE UNITED STATES OF AMERICA BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY Digital signature applied by EPA Award Official Ellen Blake - Acting Grants Management Officer DATE 09/04/2025

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EPA Funding Information

FUNDS FORMER AWARD THIS ACTION AMENDED TOTAL
EPA Amount This Action $ 0 $ 500,000 $ 500,000
EPA In-Kind Amount $ 0 $ 0 $ 0
Unexpended Prior Year Balance $ 0 $ 0 $ 0
Other Federal Funds $ 0 $ 0 $ 0
Recipient Contribution $ 0 $ 0 $ 0
State Contribution $ 0 $ 0 $ 0
Local Contribution $ 0 $ 0 $ 0
Other Contribution $ 0 $ 0 $ 0
Allowable Project Cost $ 0 $ 500,000 $ 500,000
Assistance Program

66.818 - Brownfields Multipurpose, Assessment,
Revolving Loan Fund, and Cleanup Cooperative
Agreements
Statutory Authority
CERCLA: Secs. 104(k)(2) & 104(k)(5)(E)
Regulatory Authority
2 CFR 200, 2 CFR 1500 and 40 CFR 33
Fiscal
Site Name Req No FY Approp.

Code
Budget
Organization PRC Object
Class Site/Project Cost
Organization
Obligation /
Deobligation
- 2509QE0065 25 E4 0900AG7 000D79 4114 - - $ 500,000
$ 500,000

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Budget Summary Page
Table A - Object Class Category
(Non-Construction)
Total Approved Allowable
Budget Period Cost

1. Personnel $ 80,000

2. Fringe Benefits $ 0

3. Travel $ 4,500

4. Equipment $ 0

5. Supplies $ 2,750

6. Contractual $ 412,250

7. Construction $ 0

8. Other $ 500

9. Total Direct Charges $ 500,000

10. Indirect Costs: 0.00 % Base $ 0

11. Total (Share: Recipient ______ % Federal ______ %)0.00 100.00 $ 500,000

12. Total Approved Assistance Amount $ 500,000

13. Program Income $ 0

14. Total EPA Amount Awarded This Action $ 500,000

15. Total EPA Amount Awarded To Date $ 500,000

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Attachment 1 - Project Description
Brownfields are real property, the expansion, development or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.

This agreement provides full federal funding in the amount of $500,000.

Specifically, this agreement will provide funding to the recipient to inventory, characterize, assess, and conduct cleanup planning and community involvement related activities. Additionally, the recipient will competitively procure (as needed) and direct a Qualified Environmental Professional to conduct environmental site activities. Also, the recipient will report on interim progress and final accomplishments by completing and submitting relevant portions of the Property Profile Form using EPA’s Assessment, Cleanup and Redevelopment Exchange System (ACRES).

This project aims to revitalize two target areas, Mare Island and the Downtown Waterfront, through comprehensive environmental assessment, cleanup and reuse planning activities. Further, the recipient anticipates conducting 11 Phase I and 12 Phase II environmental site assessments, holding 12 community meetings, developing 6 site-specific cleanup plans/Analysis of Brownfield Cleanup Alternatives, developing 3 planning documents to initiate brownfields revitalization, and submitting 16 quarterly reports. Work conducted under this agreement will benefit the residents, business owners, and stakeholders in and near Vallejo, California.

No subawards are included in this assistance agreement.

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Administrative Conditions
General Terms and Conditions
The recipient agrees to comply with the current Environmental Protection Agency (EPA) general terms and conditions available at: https://www.epa.gov/grants/epa-general-terms-and-conditions-effective- october-1-2024-or-later
These terms and conditions are in addition to the assurances and certifications made as a part of the award and the terms, conditions, or restrictions cited throughout the award.

The EPA repository for the general terms and conditions by year can be found at: https://www.epa. gov/grants/grant-terms-and-conditions#general.

A. Federal Financial Reporting (FFR)
For awards with cumulative project and budget periods greater than 12 months, the recipient will submit an annual FFR (SF 425) covering the period from "project/budget period start date" to September 30 of each calendar year to the EPA Finance Center in Research Triangle Park, NC. The annual FFR will be submitted electronically to [email protected] no later than December 30 of the same calendar year. Find additional information at https://www.epa.gov/financial/grants. (Per 2 CFR § 200.344(b), the recipient must submit the Final FFR to [email protected] within 120 days after the end of the project period.)
B. Procurement
The recipient will ensure all procurement transactions will be conducted in a manner providing full and open competition consistent with 2 CFR § 200.319. In accordance with 2 CFR § 200.324, the recipient and subawardee(s) must perform a cost or price analysis in connection with applicable procurement actions, including contract modifications. State and Tribal government entities must follow procurement standards as outlined in 2 CFR § 200.317.

C. Indirect Costs
The Cost Principles under 2 CFR Part 200, Subpart E apply to this award. Since there are no indirect costs included in the assistance budget, they are not allowable under this Assistance Agreement.

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Programmatic Conditions
I. GENERAL FEDERAL REQUIREMENTS
NOTE: For the purposes of these Terms and Conditions, the term “assessment” includes eligible activities under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) § 104(k)(2)(A)(i) such as activities involving the inventory, characterization, assessment, and planning relating to brownfield sites as described in the EPA-approved workplan.

A. Federal Policy and Guidance

1. Cooperative Agreement Recipients: By awarding this cooperative agreement, the Environmental Protection Agency (EPA) has approved the application for the Cooperative Agreement Recipient (CAR) submitted in the Fiscal Year 2025 competition for Brownfield Assessment cooperative agreements.

2. In implementing this agreement, the CAR shall ensure that work done with cooperative agreement funds complies with the requirements of CERCLA § 104(k). The CAR shall also ensure that assessment activities supported with cooperative agreement funding comply with all applicable Federal and state laws and regulations.

3. A term and condition or other legally binding provision shall be included in all subawards entered into with the funds awarded under this agreement, or when funds awarded under this agreement are used in combination with non-Federal sources of funds, to ensure that the CAR complies with all applicable Federal and state laws and requirements. In addition to CERCLA § 104(k), applicable Federal laws and requirements include 2 CFR Part 200.

4. The CAR must comply with Federal cross-cutting requirements. These requirements include, but are not limited to, DBE requirements found at 40 CFR Part 33 (as applicable); OSHA Worker Health & Safety Standard 29 CFR § 1910.120; Uniform Relocation Act (40 USC § 61); National Historic Preservation Act (16 USC § 470); Endangered Species Act (P.L. 93-205); Permits required by Section 404 of the Clean Water Act; Contract Work Hours and Safety Standards Act, as amended (40 USC §§ 327-333); the Anti- Kickback Act (40 USC § 3145); and Section 504 of the Rehabilitation Act of 1973, 29 USC §§ 793 and 794; 40 CFR Part 7, Subpart C. For additional information on cross-cutting requirements visit https:
//www.epa.gov/grants/epa-subaward-cross-cutter-requirements.

5. The CAR must comply with Davis-Bacon Related Act prevailing wage requirements and associated U.

S. Department of Labor (DOL) regulations for all construction, alteration, and repair contracts and subcontracts awarded with funds provided under this agreement by operation of CERCLA § 104(g).

Assessment activities generally do not involve construction, alteration, and repair within the meaning of the Davis-Bacon Related Act. However, the recipient must contact the EPA Project Officer if there are unique circumstances (e.g., removal of an underground storage tank or another structure and restoration of the site) that indicate that the Davis-Bacon Related Act applies to an activity the CAR intends to carry out with funds provided under this agreement. EPA will provide guidance on Davis-Bacon Act compliance if necessary.

Davis-Bacon Term and Condition for Brownfields

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1. Program Applicability
a.    Program Name: Brownfields Program
b.    Statute: Brownfields Direct Cleanup and Revolving Loan Fund Grants authorized by 42 U.S.C. 9604(k) are subject to Davis-Bacon and Related Acts (DBRA) as provided in 42 U.S.C. 9604(g)
c.    Activities subject to Davis-Bacon:
i.     Brownfield Sites Contaminated with Hazardous Substances: All construction, alteration, and repair activity involving the remediation of hazardous substances is subject to DBRA. This includes:

Excavation of contaminated soil;
Construction of caps, barriers, and structures which permanently house treatment equipment;
Installation of water supply wells/piping/connections;
Abatement of contamination in buildings; and
Demolition (if followed by new construction).
ii. Brownfield Sites Contaminated with Petroleum: DBRA prevailing wage requirements apply when the project includes:

Excavation of contaminated soil and/or tank removal if followed by paving and concrete replacement, or if it is an extensive soil excavation project; Construction of caps, barriers, and structures which permanently house treatment equipment; and
Installation of water supply wells/piping/connections and related excavation and replacement of contaminated soil.
d. Prevailing Wage Classification (e.g., Heavy Construction, Residential, Commercial) (optional):
• Heavy Construction: EPA has determined the “Heavy Construction” classification should be used when soliciting competitive contracts or issuing ordering instruments to existing contractors for:

Excavation and removal of contaminated soil;
Construction of caps or barriers;
Replacement of paving and concrete; and

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Installation of water supply wells/piping/connections.
• Building Construction: EPA has determined the “Building Construction” classification should be used when soliciting competitive contracts or issuing ordering instruments for the construction of:

Demolition (if followed by new construction);
Construction of structures which permanently house treatment equipment; and
Abatement of contamination in buildings (other than residential structures less than 4 stories in height).
• Residential Construction: EPA has determined the “Residential Construction” classification should be used when soliciting competitive contracts or issuing ordering instruments for the abatement of contamination in residential structures less than 4 stories in height.

2.    Davis-Bacon and Related Acts
DBRA is a collection of labor standards provisions administered by the Department of Labor, that are applicable to grants involving construction. These labor standards include the:
•     Davis-Bacon Act, which requires payment of prevailing wage rates for laborers and mechanics on construction contracts of $2,000 or more
•     Copeland “Anti-Kickback” Act, which prohibits a contractor or subcontractor from inducing an employee into giving up any part of the compensation to which he or she is entitled; and
•     Contract Work Hours and Safety Standards Act, which requires overtime wages to be paid for over 40 hours of work per week, under contracts in excess of $100,000.

3. Recipient Responsibilities When Entering Into and Managing Contracts:
a. Solicitation and Contract Requirements:
i. Include the Correct Wage Determinations in Bid Solicitations and Contracts: Recipients are responsible for complying with the procedures provided in 29 CFR 1.6 when soliciting bids and awarding contracts. ii. Include DBRA Requirements in All Contracts: Include the following text on all contracts under this grant:

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“By accepting this contract, the contractor acknowledges and agrees to the terms provided in the DBRA Requirements for Contractors and Subcontractors Under EPA Grants.”
b. After Award of Contract:
i. Approve and Submit Requests for Additional Wages Rates: Work with contractors to request additional wage rates if required for contracts under this grant, as provided in 29 CFR 5.5(a)(1)(iii).
ii. Provide Oversight of Contractors to Ensure Compliance with DBRA Provisions: Ensure contractor compliance with the terms of the contract, as required by 29 CFR 5.6.

4. Recipient Responsibilities When Establishing and Managing Additional Subawards:
a. Include DBRA Requirements in All Subawards (including Loans):

Include the following text on all subawards under this grant:
“By accepting this award, the EPA subrecipient acknowledges and agrees to the terms and conditions provided in the DBRA Requirements for EPA Subrecipients.” b. Provide Oversight to Ensure Compliance with DBRA Provisions: Recipients are responsible for oversight of subrecipients, and must ensure subrecipients comply with the requirements in 29 CFR 5.6.

5. The contract clauses set forth in this Term & Condition, along with the correct wage determinations, will be considered to be a part of every prime contract covered by Davis-Bacon and Related Acts (see 29 CFR5.1), and will be effective by operation of law, whether or not they are included or incorporated by reference into such contract, unless the Department of Labor grants a variance, tolerance, or exemption. Where the clauses and applicable wage determinations are effective by operation of law under this paragraph, the prime contractor must be compensated for any resulting increase in wages in accordance with applicable law.

II. SITE ELIGIBILITY REQUIREMENTS
All brownfield sites that will be addressed using funds from the cooperative agreement must be located within the geographic boundary (i.e., as discussed in the FY25 application) and described in the scope of work for this cooperative agreement (i.e., the EPA-approved workplan).

A. Eligible Brownfield Site Determinations

1. Prior to performing site work, the CAR must provide information to the EPA Project Officer about each

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site that will be addressed under this cooperative agreement. The CAR may use cooperative agreement funds to prepare information that is provided to the EPA Project Officer. The information that must be provided includes whether the site meets the definition of a brownfield site as defined in CERCLA § 101 (39), and whether the CAR is a potentially responsible party under CERCLA § 107, is exempt from CERCLA liability, and/or has a defense to CERCLA liability.

2. If the site is excluded from the general definition of a brownfield, but is eligible for a property-specific funding determination, then the CAR may request a property-specific funding determination from the EPA Project Officer. In its request, the CAR must provide information sufficient for EPA to make a property-specific funding determination on how financial assistance will protect human health and the environment, and either promote economic development or enable the creation of, preservation of, or addition to parks, greenways, undeveloped property, other recreational property, or other property used for nonprofit purposes. The CAR must not incur costs for assessing sites requiring a property-specific funding determination by EPA until the EPA Project Officer has advised the CAR that EPA has determined that the property is eligible.

3. Brownfield Sites Contaminated with Petroleum
a. For any petroleum-contaminated brownfield site that is not included in the CAR's EPA-approved workplan, the CAR shall provide sufficient documentation to EPA prior to incurring costs under this cooperative agreement which documents that:
i. the State determines there is “no viable responsible party” for the site; ii. the State determines that the person assessing or investigating the site is a person who is not potentially liable for cleaning up the site; and
iii. the site is not subject to any order issued under Section 9003(h) of the Solid Waste Disposal Act.

This documentation must be prepared by the CAR or the State, following contact and discussion with the appropriate state petroleum program official. Please contact the EPA Project Officer for additional information.
b. Documentation must include:
i. the identity of the State program official contacted; ii. the State official's telephone number;
iii. the date of the contact; and
iv. a summary of the discussion relating to the State's determination that there is no viable responsible party and that the person assessing or investigating the site is not potentially liable for cleaning up the site.

Other documentation provided by a State to the recipient relevant to any of the determinations by the State must also be provided to the EPA Project Officer.

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c. If the State chooses not to make the determinations described in Section II.A.3. above, the CAR must contact the EPA Project Officer and provide the necessary information for EPA to make the requisite determinations.

d. EPA will make all determinations on the eligibility of petroleum-contaminated brownfield sites located on tribal lands (i.e., reservation lands or lands otherwise in Indian country, as defined at 18 U.S.C. § 1151). Before incurring costs for these sites, the CAR must contact the EPA Project Officer and provide the necessary information for EPA to make the determinations.

III. GENERAL COOPERATIVE AGREEMENT ADMINISTRATIVE REQUIREMENTS A. Sufficient Progress

1. This condition supplements the requirements of the Termination and Sufficient Progress Conditions in the General Terms and Conditions.

The EPA Project Officer will assess whether the recipient is making sufficient progress in implementing the cooperative agreement 18 months and 30 months from the date of award. If EPA determines that the CAR has not made sufficient progress in implementing the cooperative agreement, the CAR, if directed to do so, must implement a corrective action plan concurred on by the EPA Project Officer and approved by the Grants Management Officer or Award Official. Alternatively, EPA may terminate this agreement under 2 CFR § 200.340 either for material non-compliance with its terms or with the consent of the CAR, depending on the circumstances.

Sufficient progress at 18 months is indicated when:
at least 25% of funds have been drawn down and disbursed for eligible activities;

a Qualified Environmental Professional(s) has been procured;

sites are prioritized or an inventory has been initiated (unless site prioritization or an inventory was completed prior to award);

community engagement activities have been initiated; and/or

other documented activities have occurred that demonstrate to EPA's satisfaction that the CAR will successfully perform the cooperative agreement.

Sufficient progress at 30 months is indicated when:
at least 45% of funds have been drawn down and disbursed for eligible activities;

assessments on at least two sites have been initiated; and/or

other documented activities have occurred that demonstrate to EPA's satisfaction that the CAR will successfully perform the cooperative agreement.

B. Substantial Involvement

1. The EPA Project Officer will be substantially involved in overseeing and monitoring this cooperative agreement. Substantial involvement, includes, but is not limited to:

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a. Close monitoring of the CAR's performance to verify compliance with the EPA-approved workplan and achievement of environmental results.
b. Participation in periodic telephone conference calls to share ideas, project successes and challenges, etc., with EPA.
c. Reviewing and commenting on quarterly and annual reports prepared under the cooperative agreement (the final decision on the content of reports rests with the recipient or subrecipients receiving pass-through awards).
d. Verifying sites meet applicable site eligibility criteria (including property-specific funding determinations described in Section II.A.2.), including when the CAR awards a subaward for site assessment. The CAR must obtain technical assistance from the EPA Project Officer, or his/her designee, on which sites qualify as a brownfield site and determine whether the statutory prohibitions found in CERCLA § 104(k)(5)(B)(i)- (iv) apply. (Note, the prohibition does not allow a subrecipient to use EPA cooperative agreement funds to assess a site for which the subrecipient is potentially liable under CERCLA § 107.) e. Reviewing and approving Quality Assurance Project Plans and related documents or verifying that appropriate Quality Assurance requirements have been met where quality assurance activities are being conducted pursuant to an EPA-approved Quality Assurance Management Plan.

Substantial involvement may also include, depending on the direction of the EPA Project Officer:
f. Collaboration during the performance of the scope of work including participation in project activities, to the extent permissible under EPA policies. Examples of collaboration include:
i. Consultation between EPA staff and the CAR on effective methods of carrying out the scope of work provided the CAR makes the final decision on how to perform authorized activities. ii. Advice from EPA staff on how to access publicly available information on EPA or other Federal agency websites.
iii. With the consent of the CAR, EPA staff may provide technical advice to the CAR's contractors or subrecipients provided the CAR approves any expenditures of funds necessary to follow advice from EPA staff. (The CAR remains accountable for performing contract and subaward management as specified in 2 CFR § 200.318 and 2 CFR § 200.332 as well as the terms of the EPA cooperative agreement.)
iv. EPA staff participation in meetings, webinars, and similar events upon the request of the CAR or in connection with a co-sponsorship agreement.
g. Reviewing and approving that the Analysis of Brownfield Cleanup Alternatives (ABCA), or equivalent state Brownfields program document, meets the Brownfields Program's requirements for an ABCA. h. Reviewing proposed procurements in accordance with 2 CFR § 200.325, as well as the substantive terms of proposed contracts or subawards as appropriate. This may include reviewing requests for proposals, invitations for bids, scopes of work, and/or plans and specifications for contracts over

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$250,000 prior to advertising for bids.
i. Reviewing the qualifications of key personnel. (EPA does not have the authority to select employees or contractors, including consultants, employed by the CAR or subrecipients receiving pass-through awards.)
j. Reviewing information in performance reports to ensure all costs incurred by the CAR and/or its contractor(s) if needed to ensure appropriate expenditure of grant funds.

EPA may waive any of the provisions in Section III.B.1., except for property-specific funding determinations. The EPA Project Officer will provide waivers to provisions a. – e. in Section III.B.1. in writing.

2. Effects of EPA's substantial involvement include:
a. EPA's review of any project phase, document, or cost incurred under this cooperative agreement will not have any effect upon CERCLA § 128 Eligible Response Site determinations or rights, authorities, and actions under CERCLA or any Federal statute.
b. The CAR remains responsible for ensuring that all assessments are protective of human health and the environment and comply with all applicable Federal and state laws. c. The CAR and its subrecipients remain responsible for ensuring costs are allowable under 2 CFR Part 200, Subpart E.

C. Cooperative Agreement Recipient Roles and Responsibilities

1. All additional sites selected for eligible activities throughout the period of performance (i.e., sites that were not identified in the workplan) must be located within the geographic boundary(ies) identified by the CAR in the workplan.

Criteria for selecting additional sites should consider the prioritization criteria identified in the FY25 application, the workplan, or developed during implementation of the workplan. Note, criteria developed during the implementation of the workplan should lead to the CAR addressing sites in areas with similar characteristics to the areas discussed in the FY25 application.

2. The CAR is responsible for ensuring that funding received under this cooperative agreement does not exceed the statutory $200,000 funding limitation for an individual brownfield site. The CAR may request a waiver of the $200,000 funding limitation based on the anticipated level of contamination, size, or status of ownership of the site. Waiver of this funding limit for a brownfield site must be submitted to and approved by the EPA Project Officer prior to the expenditure of funding exceeding $200,000. In no case may funding for site-specific assessment activities exceed $350,000 on a site receiving a waiver.

3. If the CAR's workplan includes eligible planning activities to prepare a brownfield site for reuse (see https://www.epa.gov/brownfields/information-eligible-planning-activities for eligible planning activities), the CAR must demonstrate meaningful community engagement in the reuse planning of brownfields assessed under the grant. Meaningful community engagement is demonstrated by actively including local nonprofit organizations, citizen leaders, or similar local groups/entities in brownfield reuse planning.

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4. CARs, other than state or Tribal entities, that procure a contractor(s) (including consultants) where the contract will be more than the micro-purchase threshold in 2 CFR § 200.320(a)(1) ($10,000 for most CARs) must select the contractor(s) in compliance with the competitive procurement standards in 2 CFR Part 200 (including the requirements for full and open competition). Additionally, all CARs (including State and Tribal entities), regardless of the contract amount, must comply with EPA's regulations at 40 CFR Part 33 as applicable. For additional information on these requirements, see https://www.epa. gov/grants/rain-2025-g02 and the “Utilization of Disadvantaged Business Enterprises” General Term and Condition of this agreement. These requirements also apply to procurement processes that were completed before the award of this cooperative agreement, to include if the CAR intends to submit payment requests for pre-award costs. See EPA's Best Practice Guide for Procuring Services, Supplies, and Equipment Under EPA Assistance Agreements and the Brownfields Grants: Guidance on Competitively Procuring a Contractor for additional information.

CARs may procure multiple contractors to ensure the appropriate expertise is in place to perform work under the agreement (e.g., expertise to conduct site assessment activities vs. planning activities) and to allow the ability for work be performed concurrently at multiple sites within the defined and approved geographic boundary.

5. The CAR must acquire the services of a Qualified Environmental Professional(s) as defined in 40 CFR § 312.10, if it does not have such a professional on staff to coordinate, direct, and oversee the brownfield site assessment activities at a given site.

6. Cybersecurity – The recipient agrees that when collecting and managing environmental data under this cooperative agreement, it will protect the data by following all applicable State or Tribal law cybersecurity requirements.
a. EPA must ensure that any connections between the recipient's network or information system and EPA networks used by the recipient to transfer data under this agreement are secure. For purposes of this section, a connection is defined as a dedicated persistent interface between an Agency Information Technology (IT) system and an external IT system for the purpose of transferring information. Transitory, user-controlled connections such as website browsing are excluded from this definition.

If the recipient's connections as defined above do not go through the Environmental Information Exchange Network or EPA's Central Data Exchange, the recipient agrees to contact the EPA Project Officer no later than 90 days after the date of this award and work with the designated Regional/ Headquarters Information Security Officer to ensure that the connections meet EPA security requirements, including entering into Interconnection Service Agreements as appropriate. This condition does not apply to manual entry of data by the recipient into systems operated and used by EPA's regulatory programs for the submission of reporting and/or compliance data. b. The recipient agrees that any subawards it makes under this agreement will require the subrecipient to comply with the requirements in Cybersecurity Section a. above if the subrecipient's network or information system is connected to EPA networks to transfer data to the Agency using systems other than the Environmental Information Exchange Network or EPA's Central Data Exchange. The recipient will be in compliance with this condition: by including this requirement in subaward agreements; and during subrecipient monitoring deemed necessary by the recipient under 2 CFR § 200.332(e), by inquiring whether the subrecipient has contacted the EPA Project Officer. Nothing in this condition requires the recipient to contact the EPA Project Officer on behalf of a subrecipient or to be involved in the negotiation of an Interconnection Service Agreement between the subrecipient and EPA.

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7. All geospatial data created must be consistent with Federal Geographic Data Committee (FGDC) endorsed standards. Information on these standards may be found at www.fgdc.gov.

D. Quarterly Performance Reports

1. In accordance with the regulations at 2 CFR Parts 200 and 1500 (specifically, 2 CFR § 200.329, Monitoring and Reporting Program Performance), the CAR agrees to submit quarterly performance reports to the EPA Project Officer within 30 days after each reporting period. Initially, quarterly performance reports will be submitted via email or via the optional Quarterly Reporting function tool within the Assessment, Cleanup and Redevelopment Exchange System (ACRES). The EPA Project Officer will notify the CAR when use of the Quarterly Reporting tool within ACRES is required. Once the EPA Project Officer notifies the CAR of required use, the CAR agrees to use this tool to input quarterly performance reports directly into ACRES within 30 days after each reporting period. The reporting periods are October 1 – December 31 (1st quarter); January 1 – March 31 (2nd quarter); April 1 – June 30 (3rd quarter); and July 1 – September 30 (4th quarter). If a due date falls on a weekend or holiday, the report will be due on the next business day.

These reports shall cover work status, work progress, difficulties encountered, preliminary data results, and a statement of activity anticipated during the subsequent reporting period, including a description of equipment, techniques, and materials to be used or evaluated. A discussion of expenditures and financial status for each workplan task, along with a comparison of the percentage of the project completed to the project schedule and an explanation of significant discrepancies from the EPA- approved workplan and budget shall be included in the report. The report shall also include any changes of key personnel concerned with the project that were approved by the EPA Grants Management Officer or Award Official. (Note, as provided at 2 CFR § 200.308, Revision of budget and program, the CAR must seek prior approval from the EPA Grants Management Officer or Award Official for a change in a key personnel (including employees and contractors) that are identified by name or position in the workplan. Prior approval means the written approval obtained in advance of a recipient taking an action by an authorized official of a Federal agency or pass-through entity of certain costs or programmatic decisions.)

2. The CAR must submit performance reports on a quarterly basis in ACRES using the Assessment Quarterly Report function. Quarterly performance reports must include:
a. A summary that clearly differentiates between activities completed with EPA funds provided under the Brownfield Assessment cooperative agreement and related activities completed with other sources of leveraged funding.
b. A summary and status of approved activities performed during the reporting quarter; a summary of the performance outputs/outcomes achieved during the reporting quarter; and a description of problems encountered during the reporting quarter that may affect the project schedule. c. A comparison of actual accomplishments to the anticipated outputs/outcomes specified in the EPA- approved workplan and reasons why anticipated outputs/outcomes were not met. d. An update on the project schedule and milestones, including an explanation of any discrepancies from the EPA-approved workplan.
e. A list of the properties where assessment and/or planning activities were performed and/or completed

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during the reporting quarter.
f. A budget summary table with the following information: current approved project budget; EPA funds drawn down during the reporting quarter; costs drawn down to date (cumulative expenditures); program income generated and used (if applicable) (i.e., program income received and disbursed during the reporting quarter and during the entire cooperative agreement, and the amount of program income remaining); and total remaining funds. The budget summary table must include costs that are charged to the “other” budget object class category (e.g., participant support costs, subawards, etc.).

The CAR shall include an explanation of any discrepancies in the budget from the EPA-approved workplan, cost overruns or high unit costs, and other pertinent information. If significant developments occur that negatively impact the Federal Award, the CAR shall include information on their plan for corrective action and any assistance needed to resolve the situation. The CAR shall include a statement on funding transfers among direct budget categories or programs, functions and activities that occurred during the quarter and cumulatively during the period of performance.

Note: ACRES reporting requirements may change over time, based on expansion of EPA's information collection authority, and the CAR is responsible for complying with the latest ACRES reporting requirements at the time of each quarterly performance report. The EPA Project Officer will notify the CAR when ACRES reporting requirements specific to Brownfields Assessment change. g. For local governments that are using cooperative agreement funds for health monitoring, the quarterly report must also include the specific budget, the quarterly expenditure, and cumulative expenditures to demonstrate that 10% of Federal funding is not exceeded.

Note: Each property where assessment activities were performed and/or completed must have its corresponding information updated in ACRES (or via the Property Profile Form with prior approval from the EPA Project Officer) prior to submitting the quarterly performance report (see Section III.E. below).

3. The CAR must maintain records that will enable it to report to EPA on the amount of funds disbursed by the CAR to assess the specific properties under this cooperative agreement.

4. In accordance with 2 CFR § 200.329(e), the CAR agrees to inform the EPA Project Officer as soon as problems, delays, or adverse conditions become known which will materially impair the ability to meet the outputs/outcomes specified in the EPA-approved workplan.

E. Property Profile Submission

1. The CAR must report on interim progress (e.g., assessments started, reuse planning activities started) and any final accomplishments (e.g., assessments completed, clean up required, contaminants found, institutional controls required, engineering controls required, leveraged dollars and/or jobs) by completing and submitting relevant portions of the electronic Property Profile Form using the Assessment, Cleanup and Redevelopment Exchange System (ACRES). The CAR must enter the data in ACRES as soon as the interim action or final accomplishment has occurred, or within 30 days after the end of each reporting quarter. The CAR must enter any new data into ACRES prior to submitting the quarterly performance report to the EPA Project Officer. The CAR must utilize the electronic version of the Property Profile Form in ACRES unless approval is obtained from the EPA Project Officer to use the hardcopy version of the Property Profile Form or its use is included in the approved workplan.

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F. Final Cooperative Agreement Performance Report with Environmental Results

1. In accordance with the regulations at 2 CFR Parts 200 and 1500 (specifically, § 200.329, Monitoring and Reporting Program Performance and 2 CFR § 200.344(a), Closeout), the CAR agrees to submit to the EPA Project Officer within 120 days after the expiration or termination of the approved project period a final performance report on the cooperative agreement via email; unless the EPA Project Officer agrees to accept a paper copy of the report. The final performance report shall document and summarize the elements listed in Section III.D.2., as appropriate, for activities that occurred over the entire project period.

IV. FINANCIAL ADMINISTRATION REQUIREMENTS
A. Eligible Uses of the Funds for the Cooperative Agreement Recipient

1. To the extent allowable under the EPA-approved workplan, cooperative agreement funds may be used for eligible programmatic expenses to inventory, characterize, assess sites; conduct site-specific planning, general brownfield-related planning activities around one or more brownfield sites; conduct outreach and community engagement; and for reasonable participant support costs associated with one community liaison per target area identified in the selected FY25 application. Refer to the EPA Guidance on Participant Support Costs for information regarding reasonable stipend amounts for community liaisons. Eligible programmatic expenses include activities described in Section V. of these Terms and Conditions. In addition, eligible programmatic expenses may include:
a. Determining whether assessment activities at a particular site are authorized by CERCLA § 104(k). b. Ensuring that an assessment complies with applicable requirements under Federal and state laws, as required by CERCLA § 104(k).
c. Preparing and updating an Analysis of Brownfield Cleanup Alternatives (ABCA) which will include information about the site and contamination issues, cleanup standards, applicable laws, alternatives considered, and the proposed cleanup.
d. Preparing a Community Involvement Plan which includes reasonable notice, opportunity for public involvement and comment on the proposed cleanup, and response to comments. e. Developing a Quality Assurance Project Plan (QAPP) as required by 2 CFR § 1500.12. The specific requirement for a QAPP is outlined in Implementation of Quality Assurance Requirements for Organizations Receiving EPA Financial Assistance available at https://www.epa. gov/grants/implementation-quality-assurance-requirements-organizations-receiving-epa-financial. f. Using a portion of the cooperative agreement funds to purchase environmental insurance for the characterization or assessment of the site. [Funds shall not be used to purchase insurance intended to provide coverage for any of the ineligible uses under Section IV., Ineligible Uses of the Funds for the Cooperative Agreement Recipient.]
g. Any other eligible programmatic costs, including direct costs incurred by the recipient in reporting to EPA; procuring and managing contracts; awarding, monitoring, and managing subawards to the extent

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required to comply with 2 CFR § 200.332 and the “Establishing and Managing Subawards” General Term and Condition; and carrying out community engagement pertaining to the assessment activities.

2. Under CERCLA § 104(k)(5)(E), CARs and subrecipients may use up to 5% of the amount of Federal funding for this cooperative agreement for administrative costs, including indirect costs under 2 CFR § 200.414. The limit on administrative costs for the CAR under this agreement is $25,000. The total amount of indirect costs and any direct costs for cooperative agreement administration by the CAR paid for by EPA under the cooperative agreement shall not exceed this amount. Subrecipients may use up to 5% of the amount of Federal funds in their subawards for administrative costs. As required by 2 CFR § 200.403(d), the CAR and subrecipients must classify administrative costs as direct or indirect consistently and shall not classify the same types of costs in both categories. The term “administrative costs” does not include:
a. Investigation and identification of the extent of contamination of a brownfield site; b. Design and performance of a response action; or
c. Monitoring of a natural resource.

Eligible cooperative agreement and subaward administrative costs subject to the 5% limitation include direct costs for:
a. Costs incurred to comply with the following provisions of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR Parts 200 and 1500 other than those identified as programmatic.
i. Record-keeping associated with equipment purchases required under 2 CFR § 200.313; ii. Preparing revisions and changes in the budgets, scopes of work, program plans, and other activities required under 2 CFR § 200.308;
iii. Maintaining and operating financial management systems required under 2 CFR § 200.302; iv. Preparing payment requests and handling payments under 2 CFR § 200.305; v. Financial reporting under 2 CFR § 200.328;vi. Non-Federal audits required under 2 CFR Part 200, Subpart F; and
vii. Closeout under 2 CFR § 200.344 with the exception of preparing the recipient's final performance report. Costs for preparing this report are programmatic and are not subject to the 5% limitation on direct administrative costs.
b. Pre-award costs for preparation of the proposal and application for this cooperative agreement (including the final workplan) or applications for subawards are not allowable as direct costs but may be included in the CAR's or subrecipient's indirect cost pool to the extent authorized by 2 CFR § 200.460.

3. Local Governments Only – If authorized in the EPA-approved workplan and budget narrative, up to 10% of the funds awarded by this agreement may be used by the CAR itself as a programmatic cost for Brownfield Program development and implementation of monitoring health conditions and institutional

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controls. The health monitoring activities must be associated with brownfield sites at which at least a Phase II environmental site assessment is conducted and is contaminated with hazardous substances.

The CAR must maintain records on funds that will be used to carry out this task to ensure compliance with this requirement.

B. Ineligible Uses of the Funds for the Cooperative Agreement Recipient

1. Cooperative agreement funds shall not be used by the CAR for any of the following activities:
a. Cleanup activities;
b. Site development activities that are not brownfield site assessment activities (e.g., marketing of property (activities or products created specifically to attract buyers or investors) or construction of a new facility);
c. General community visioning, area-wide zoning updates, design guideline development, master planning, green infrastructure, infrastructure service delivery, and city-wide or comprehensive planning/plan updates – these activities are all ineligible uses of grant funds if unrelated to advancing cleanup and reuse of brownfield sites or sites to be assessed. Note: for these types of activities to be an eligible use of grant funds, there must be a specific nexus between the activity and how it will help further cleanup and reuse of the priority brownfield site(s). This nexus must be clearly described in the workplan for the project;
d. Job training activities unrelated to performing a specific assessment at a site (i.e., on the job training) covered by the cooperative agreement;
e. To pay for a penalty or fine;
f. To pay a Federal cost share requirement (e.g., a cost share required by another Federal grant) unless there is specific statutory authority;
g. To pay for a response cost at a brownfield site for which the CAR or subaward recipient is potentially liable under CERCLA § 107;
h. To pay a cost of compliance with any Federal law, excluding the cost of compliance with laws applicable to the assessment; and
i. Unallowable costs (e.g., lobbying and purchases of alcoholic beverages) under 2 CFR Part 200, Subpart E.

2. Cooperative agreement funds shall not be used for any of the following properties:
a. Facilities listed, or proposed for listing, on the National Priorities List (NPL); b. Facilities subject to unilateral administrative orders, court orders, and administrative orders on consent or judicial consent decree issued to or entered by parties under CERCLA; c. Facilities that are subject to the jurisdiction, custody or control of the United States government except for land held in trust by the United States government for an Indian Tribe; or

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d. A site excluded from the definition of a brownfield site for which EPA has not made a property-specific funding determination.

V. ASSESSMENT REQUIREMENTS
A. Authorized Assessment Activities

1. Prior to conducting or engaging in any on-site activity with the potential to impact historic properties (such as invasive sampling), the CAR shall consult with the EPA Project Officer regarding potential applicability of the National Historic Preservation Act (NHPA) (16 USC § 470) and, if applicable, shall assist EPA in complying with any requirements of the NHPA and implementing regulations.

2. If funds from this cooperative agreement are used to prepare an Analysis of Brownfield Cleanup Alternatives (ABCA), or equivalent state Brownfields program document, the CAR must include information about the site and contamination issues (i.e., exposure pathways, identification of contaminant sources, etc.); cleanup standards; applicable laws; alternatives considered; and the proposed cleanup. The evaluation of alternatives must include effectiveness, ability to implement, and the cost of the response proposed. The evaluation of alternatives must also consider the resilience of the remedial options to address potential adverse impacts caused by extreme weather events (e.g., sea level rise, drought, increased frequency and intensity of flooding, etc.). The alternatives may additionally consider the degree to which they reduce greenhouse gas discharges, reduce energy use or employ alternative energy sources, reduce volume of wastewater generated/disposed of, reduce volume of materials taken to landfills, and recycle and re-use materials generated during the cleanup process to the maximum extent practicable. The evaluation will include an analysis of reasonable alternatives including no action. The cleanup method chosen must be based on this analysis.

B. Quality Assurance (QA) Requirements
Authority: Quality Assurance applies to all assistance agreements involving environmental information as defined in 2 C.F.R. § 1500.12 Quality Assurance.

When environmental data are collected as part of the brownfield assessment, the CAR shall comply with 2 CFR § 1500.12 requirements to develop and implement quality assurance practices sufficient to produce data adequate to meet project objectives and to minimize data loss. State law may impose additional QA requirements.

The recipient shall ensure that subawards involving environmental information issued under this agreement include appropriate quality requirements for the work. The recipient shall ensure sub-award recipients develop and implement the Quality Assurance (QA) planning documents in accordance with this term and condition; and/or ensure sub-award recipients implement all applicable approved QA planning documents.

1. Quality Assurance Project Plan (QAPP)
a. Prior to beginning environmental information operations, the recipient must:
i. Develop a QAPP (The QAPP is the document that provides comprehensive details about the quality assurance, quality control, and technical activities that must be implemented to ensure that project objectives are met. Environmental programs include direct measurements or data generation,

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environmental modeling, compilation of data from literature or electronic media, and data supporting the design, construction, and operation of environmental technology.), ii. Prepare QAPP in accordance with the current version of EPA's Quality Assurance Project Plan (QAPP) Standard,
iii. Submit the document for EPA review, and
iv. Obtain EPA Quality Assurance Manager or designee (hereafter referred to as QAM) approval.

For Reference:
• Quality Management Plan (QMP) Standard and EPA's Quality Assurance Project Plan (QAPP) Standard; contain quality specifications for EPA and non-EPA organizations and definitions applicable to these terms and conditions.
• EPA QA/G-5: Guidance for Quality Assurance Project Plans. • EPA's Quality Program website has a list of QA managers, and Specifications for EPA and Non-EPA Organizations.
• The Office of Grants and Debarment Implementation of Quality Assurance Requirements for Organizations Receiving EPA Financial Assistance.

3. Competency of Organizations Generating Environmental Measurement Data: In accordance with Agency Policy Directive Number FEM-2012-02, Policy to Assure the Competency of Organizations Generating Environmental Measurement Data under Agency-Funded Assistance Agreements, the CAR agrees, by entering into this agreement, that it has demonstrated competency prior to award, or alternatively, where a pre-award demonstration of competency is not practicable, the CAR agrees to demonstrate competency prior to carrying out any activities under the award involving the generation or use of environmental data. The CAR shall maintain competency for the duration of the project period of this agreement and this will be documented during the annual reporting process. A copy of the Policy is available online at https://www.epa.gov/measurements-modeling/documents-about-measurement- competency-under-assistance-agreements or a copy may also be requested by contacting the EPA Project Officer for this award.

C. Public Awareness

1. The CAR agrees to clearly reference EPA investments in the project during all phases of community outreach outlined in the EPA-approved workplan which may include the development of post-project summary or success materials that highlight achievements to which this project contributed. a. If any documents, fact sheets, and/or web materials are developed as part of this cooperative agreement, then they shall comply with the Acknowledgement Requirements for Non-ORD Assistance Agreements in the General Terms and Conditions of this agreement. b. If a sign is developed as part of a project funded by this cooperative agreement, then the sign shall include either a statement (e.g., this project has been funded, wholly or in part, by EPA) and/or EPA's logo acknowledging that EPA is a source of funding for the project. The EPA logo may be used on

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project signage when the sign can be placed in a visible location with a direct linkage to site activities.

Use of the EPA logo must follow the sign specifications available at https://www.epa.gov/grants/epa- logo-seal-specifications-signage-produced-epa-assistance-agreement-recipients.

To obtain the appropriate EPA logo or seal graphic file, the CAR should send a request directly to the EPA Office of Public Affairs (OPA) and include the EPA Project Officer in the communication.

Instructions for contacting OPA are available at https://www.epa.gov/aboutepa/using-epa-seal-and-logo. c. EPA Logo: If the EPA logo is displayed along with logos from other participating entities on websites, outreach materials, or reports, it must not be prominently displayed to imply that any of the recipient's or subrecipient's activities are being conducted by the EPA. Instead, the EPA logo must be accompanied with a statement indicating that the City of Vallejo received Federal financial assistance from EPA for the project. The recipient will ensure compliance with the sign specifications provided by the OPA available at https://www.epa.gov/stylebook/using-epa-seal-and-logo. As provided in the sign specifications from OPA, the EPA logo is the preferred identifier for assistance agreement projects and use of the EPA seal requires prior approval from the EPA.
d. Procuring Signs: Consistent with section 6002 of RCRA, 42 U.S.C. 6962, and 2 CFR 200.323, recipients are encouraged to use recycled or recovered materials when procuring signs. Signage costs are considered an allowable cost under this assistance agreement provided that the costs associated with signage are reasonable.

2. The CAR agrees to notify the EPA Project Officer listed in this award document of public or media events publicizing the accomplishment of significant events related to construction and/or site reuse projects as a result of this agreement, and provide the opportunity for attendance and participation by Federal representatives with at least ten (10) working days' notice.

3. To increase public awareness of projects serving communities where English is not the predominant language, CARs are encouraged to include in their outreach strategies communication in non-English languages. This includes translating the language on signs (excluding the EPA logo or seal) into the appropriate non-English language(s). Translation costs for this purpose are allowable, provided the costs are reasonable.

4. All public awareness activities conducted with EPA funding are subject to the provisions in the General Terms and Conditions on compliance with section 504 of the Americans with Disabilities Act.

D. All Appropriate Inquiries

1. As required by CERCLA § 104(k)(2)(B)(ii) and CERCLA § 101(35)(B), the CAR shall ensure that a Phase I site characterization and assessment carried out under this agreement will be performed in accordance with EPA's all appropriate inquiries regulation (AAI). The CAR shall utilize the practices in ASTM standard E1527-21 “Standard Practices for Environmental Site Assessment: Phase I Environmental Site Assessment Process” (or the latest recognized ASTM standard at the time the assessment is performed), or EPA's All Appropriate Inquiries Final Rule (40 CFR Part 312). A suggested outline for an AAI final report is provided in “All Appropriate Inquiries Rule: Reporting Requirements and Suggestions on Report Content” (Publication Number: EPA 560-F-23-004 (or the latest available publication)). This does not preclude the use of cooperative agreement funds for additional site characterization and assessment activities that may be necessary to characterize the environmental impacts at the site or to comply with applicable state standards.

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2. AAI final reports produced with funding from this agreement must comply with 40 CFR Part 312 and must, at a minimum, include the information below. All AAI reports submitted to the EPA Project Officer as deliverables under this agreement must be accompanied by a completed “All Appropriate Inquiries:

Reporting Requirements Checklist for Assessment and Multipurpose Grant Recipients” (Publication Number: EPA 560-F-23-017 (or the latest available publication)) that the EPA Project Officer will provide to the recipient. The checklist is available to CARs on EPA's website at https://www.epa. gov/brownfields/all-appropriate-inquiries-reporting-requirements-checklist-assessment-grant-recipients.

The completed checklist must include:
a. An opinion as to whether the inquiry has identified conditions indicative of releases or threatened releases of hazardous substances, and as applicable, pollutants and contaminants, petroleum or petroleum products, or controlled substances, on, at, in, or to the subject property. b. An identification of “significant” data gaps (as defined in 40 CFR § 312.10), if any, in the information collected for the inquiry. Significant data gaps include missing or unattainable information that affects the ability of the environmental professional to identify conditions indicative of releases or threatened releases of hazardous substances, and as applicable, pollutants and contaminants, petroleum or petroleum products, or controlled substances, on, at, in, or to the subject property. The documentation of significant data gaps must include information regarding the significance of these data gaps. c. Qualifications and signature of the environmental professional(s). The environmental professional must place the following statements in the document and sign the document:
‘‘[I, We] declare that, to the best of [my, our] professional knowledge and belief, [I, we] meet the definition of Environmental Professional as defined in 40 CFR § 312.10 of this part.''

‘[I, We] have the specific qualifications based on education, training, and experience to assess a property of the nature, history, and setting of the subject property. [I, We] have developed and performed the all appropriate inquiries in conformance with the standards and practices set forth in 40 CFR Part 312.''

Note: Please use either “I/my” or “We/our.”
d. In compliance with 40 CFR § 312.31(b), the environmental professional must include in the final report an opinion regarding additional appropriate investigation, if the environmental professional has such an opinion.

3. EPA may review checklists and AAI final reports for compliance with the AAI regulation documentation requirements at 40 CFR Part 312 (or comparable requirements for those using ASTM Standard 1527-21 or the latest recognized ASTM standard at the time the assessment is performed). Any deficiencies identified during an EPA review of these documents must be corrected by the recipient within 30 days of notification. Failure to correct any identified deficiencies may result in EPA disallowing the costs for the entire AAI report as authorized by 2 CFR § 200.339. If a recipient willfully fails to correct the deficiencies, EPA may consider other available remedies, including under 2 CFR § 200.339 and 2 CFR § 200.340.

E. Completion of Assessment Activities

1. The CAR shall properly document the completion of all activities described in the EPA- approved workplan. This must be done through a final report or letter from a Qualified Environmental Professional,

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or other documentation provided by a State or Tribe that shows assessments are complete.

F. Inclusion of Additional Terms and Conditions

1. In accordance with 2 CFR § 200.334, the CAR shall maintain records pertaining to the cooperative agreement for a minimum of three (3) years following submission of the final financial report unless one or more of the conditions described in the regulation applies. The CAR shall provide access to records, including subrecipients' records, relating to assessments supported with Assessment cooperative agreement funds to authorized representatives of the Federal government as required by 2 CFR § 200.337.

2. The CAR has an ongoing obligation to advise EPA if it assessed any penalties resulting from environmental non-compliance at sites subject to this agreement.

VI. PAYMENT AND CLOSEOUT
For the purposes of these Terms and Conditions, the following definitions apply: “payment” is EPA's transfer of funds to the CAR; “closeout” refers to the process EPA follows to ensure that all administrative actions and work required under the cooperative agreement have been completed.

A. Payment Schedule

1. The CAR may request advance payment from EPA pursuant to 2 CFR § 200.305(b)(1) and the prompt disbursement requirements of the General Terms and Conditions of this agreement. The CAR must pay subrecipients in advance provided the subrecipient complies with the requirements of 2 CFR § 200.305 (b)(1).

This requirement does not apply to states which are subject to 2 CFR § 200.305(a).

B. Schedule for Closeout

1. Closeout will be conducted in accordance with 2 CFR § 200.344. EPA will close out the award when it determines that all applicable administrative actions and all required work under the cooperative agreement have been completed.

2. The CAR, within 120 days after the expiration or termination of the cooperative agreement, must submit all financial, performance, and other reports required as a condition of the cooperative agreement. a. The CAR must submit the following documentation:
i. The Final Cooperative Agreement Performance Report as described in Section III.F. of these Terms and Conditions.
ii. Administrative and Financial Reports as described in the General Terms and Conditions of this agreement.
b. The CAR must ensure that all appropriate data have been entered into ACRES or all hardcopy

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Property Profile Forms are submitted to the EPA Project Officer. c. As required by 2 CFR § 200.344, the CAR must immediately refund to EPA any balance of unobligated (unencumbered) advanced cash or accrued program income that is not authorized to be retained for use on other cooperative agreements.
###END OF DOCUMENT###

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CONSENT CALENDAR 8.D.

DATE: November 4, 2025
TO: Mayor and Members of the City Council
FROM: Oscar Alcantar, Interim Public Works Director
SUBJECT: NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2025-2026 BUDGET TO ALLOCATE $746,200 OF THE MONSANTO SETTLEMENT FUNDS TO THE POLICE DEPARTMENT HEADQUARTERS PROJECT (STEP 1 OF 2)

RECOMMENDATION
Provide Notice of Intent to amend the Fiscal Year 2025-2026 budget to allocate $746,200 of the Monsanto Settlement Funds to the Police Department Headquarters Project (PW9818).

REASONS FOR RECOMMENDATION
Additional funding is required to finish the design plans for the new Police Department headquarters project and bring them to full (100%) completion. Per City Charter Section 703, amending the budget requires the City Council to give at least one week's notice of its intent prior to any action taken. A staff report with a recommendation to amend the budget will be presented to City Council at the next regularly scheduled City Council meeting.

BACKGROUND AND DISCUSSION
In 2022, the City of Vallejo was among several Bay Area cities included in a class action lawsuit against Monsanto regarding water contamination from Polychlorinated Biphenyls (PCBs). For decades, Monsanto manufactured PCBs that ultimately contaminated stormwater, sediment, and regional waterways - including rivers, streams, and lakes. Following Bayer Corporation’s 2018 acquisition of Monsanto, Bayer assumed liability and issued settlement payments. The City of Vallejo received just over $4 million from the settlement.

The City has full discretion in the use of these funds.

At the September 23, 2025 City Council meeting, staff presented an update on the Vallejo Police Department Headquarters project, which included addressing a funding gap to complete 100% design of the project. City Council directed staff to use Monsanto settlement funds to add $746,200 to the project budget.

This is the first step in the two-step process to amend the 2025-2026 fiscal year budget to allocate the additional funds necessary to complete the project design.

FISCAL IMPACT
This item provides notice of intent to amend the 2025-26 budget and does not have any fiscal impact. The second step of the two-step budget amendment process will occur at the next regular City Council meeting.

ATTACHMENTS

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Date: November 4, 2025
Subject: NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2025-2026 BUDGET TO ALLOCATE $746,200 OF THE MONSANTO SETTLEMENT FUNDS TO THE POLICE DEPARTMENT HEADQUARTERS PROJECT (STEP 1 OF 2)

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None

CONTACT
Oscar Alcantar, Interim Public Work Director, 707-648-4433 [email protected]

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CONSENT CALENDAR 8.E.

DATE: November 4, 2025
TO: Mayor and Members of the City Council
FROM: Oscar Alcantar, Interim Public Works Director
SUBJECT: ADOPT A RESOLUTION APPROVING A NEW SITE PERMIT TO NEW CINGULAR

WIRELESS PCS, LLC, DBA AT&T FOR A SMALL CELL SITE INSTALLATION WITHIN THE CITY RIGHT-OF-WAY AT 2325 SPRINGS ROAD AND AUTHORIZING THE CITY

MANAGER TO EXECUTE SAME

RECOMMENDATION
Adopt a Resolution approving a new Site Permit to New Cingular Wireless PCS, LLC, dba AT&T for a small cell site installation within the City right-of-way at 2325 Springs Road and authorizing the City Manager to execute same.

REASONS FOR RECOMMENDATION
This recommendation is supported by the Licensee’s demonstrated compliance with all obligations under the License Agreement and the Vallejo Municipal Code. The Licensee’s wireless communication network provides a clear public benefit by enhancing connectivity and service reliability within the community. The proposed action is consistent with the terms and conditions of the License Agreement and the City, as Licensor, is obligated to make reasonable efforts to accommodate such requests when all requirements have been met.

BACKGROUND AND DISCUSSION
On May 21, 2018, the City of Vallejo entered into a Small Cell License Agreement (License Agreement) with New Cingular Wireless PCS, LLC dba AT&T. The License Agreement authorizes the licensee to install, operate, and maintain small cell wireless communication equipment on designated municipal facilities, including public rights-of-way, utility poles, and streetlight fixtures, subject to all applicable laws and permitting requirements.

Under the terms of the License Agreement, each individual small cell installation must be authorized by a separate “Site Permit” in the form of agreement attached as an exhibit to that Agreement. Section 6.4 of the License Agreement further provides the licensee with the ability to relocate equipment from one municipal facility to another, contingent upon securing all required permits and approvals.

In accordance with the terms and conditions of the License Agreement, the licensee has removed its equipment from its previously authorized location at 2501 Springs Road and now requests a new Site Permit to install its equipment within the right-of-way at 2325 Springs Road. The licensee has obtained all necessary planning approvals under Building Permit No. BP25-00192 and has satisfied all applicable fee requirements.

Summary of equipment to be installed:

On the pole top:
(1) GammaNu canister antenna (+ antenna mount), model DOY9X360F16T4, 24" tall x 16" diam, 29.1 lbs

On the NW face of the pole (on a single mounting bracket, between 7' & 17' above ground level):
(1) Ericsson 4490 RRU, 16.5" h x 14.8" w x 6.3" d, 57.4 lbs (1) Ericsson 4890 RRU, 20.6" h x 15.7" w x 7.2" d, 68.4 lbs

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Date: November 4, 2025
Subject: ADOPT A RESOLUTION APPROVING A NEW SITE PERMIT TO NEW CINGULAR

WIRELESS PCS, LLC, DBA AT&T FOR A SMALL CELL SITE INSTALLATION WITHIN THE CITY RIGHT-OF-WAY AT 2325 SPRINGS ROAD AND AUTHORIZING

THE CITY MANAGER TO EXECUTE SAME

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(1) Tesco disconnect box, 20.5" h x 8.69" w x 4.38"

No equipment is being installed at ground level. There is no sidewalk at this location.

FISCAL IMPACT
There will be no fiscal impact, as both the existing site permit at 2501 Springs Road and the proposed site permit at 2325 Springs Road carry the same lease rate of $1,200 per month, resulting in a net-zero change.

ENVIRONMENTAL REVIEW
This action is categorically exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Sections 15301 (Existing Facilities) and 15303 (New Construction or Conversion of Small Structures) because the project consists of the installation of small new equipment and facilities in small structures (less than 2500 square feet in floor area for non-residential uses). The new equipment will be mounted on an existing utility pole within the City ROW.

ATTACHMENTS

1. Resolution- Approving Site Permit AT&T_CAO Stamp

2. Exhibit A to Resolution - Site Permit AT&T

3. COV Permit BP25-00192 for Site Permit AT&T

4. 05.21.2018 - AT&T Small Cell Master License Agreement - EXECUTED

5. Site Permit 2501_Spring Road (Terminated)

6. CRAN_RSFR_VALL0_036 PHOTO SIMULATION

CONTACT
Oscar Alcantar, Interim Public Works Director (707) 648-4433 [email protected]

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RESOLUTION NO. 25-_

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO APPROVING A NEW

SITE PERMIT TO NEW CINGULAR WIRELESS PCS, LLC, DBA AT&T FOR A SMALL CELL CITE INSTALLATION WITHIN THE CITY RIGHT-OF-WAY AT 2325 SPRINGS ROAD AND

AUTHORIZING THE CITY MANAGER TO EXECUTE SAME

WHEREAS, on May 21, 2018, the City of Vallejo entered into a Small Cell License Agreement (“License Agreement”) with New Cingular Wireless PCS, LLC d.b.a. AT&T (“Licensee”); and

WHEREAS, the License Agreement authorizes the Licensee to install, operate, and maintain small cell wireless communication equipment on designated municipal facilities, including utility poles and streetlight fixtures within the public right-of-way, subject to all applicable laws and permitting requirements; and

WHEREAS, under the terms of the License Agreement, each individual small cell installation requires a separate agreement (“Site Permit”) be executed between the Licensor and Licensee in the form attached to the License Agreement as Exhibit A and is subject to the terms and conditions of the License Agreement and the requirements of the Vallejo Municipal Code; and

WHEREAS, Section 6.4 of the License Agreement provides that the Licensee may relocate a small cell installation from one municipal facility to another, provided that all required permits and approvals are secured; and

WHEREAS, in accordance with Section 6.7 of the License Agreement, the Licensee has removed its equipment from its previously authorized location at 2501 Springs Road and terminated the Site Permit for that location; and

WHEREAS, the Licensee requests approval of a new Site Permit authorizing the small cell installation within the right-of-way at 2325 Springs Road; and

WHEREAS, the Licensee has obtained the necessary planning approvals under Building Permit No. BP25-00192 and has satisfied all applicable permit requirements required for the Site Permit.

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Vallejo hereby approves a new Site Permit to New Cingular Wireless PCS, LLC, d.b.a. AT&T for a small cell site installation within the City right-of-way at 2325 Springs Road, which Site Permit is attached as Exhibit “A” and incorporated herein by reference.

BE IT FURTHER RESOLVED that the City Council hereby authorizes the City Manager to execute same.

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ADOPTED BY THE CITY COUNCIL OF THE CITY OF VALLEJO at a regular meeting held on November 4 2025, with the following vote:

AYES:

NOES:

ABSENT:

ANDREA SORCE, MAYOR

ATTEST

DAWN G. ABRAHAMSON, CITY CLERK

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1 EXHIBIT A

FORM OF SITE PERMIT

This Site Permit is made this _____ day of _________, 20____ ("Effective Date") between the City of Vallejo, a political subdivision of the State of California (the "Licensor"), and New Cingular Wireless PCS, LLC , a Delaware limited liability company . (the "Licensee") with its principal offices at 575 Morosgo Dr NE, Atlanta, GA 30324 .

1. Site Permit. This is a Site Permit as referenced in that certain Small Cell License Agreement between Licensor and Licensee, dated May 21, 2018 (the "Agreement"). All of the terms and conditions of the Agreement are incorporated hereby by reference and made a part hereof without the necessity of repeating or attaching the Agreement. In the event of a contradiction, modification or inconsistency between the terms of the Agreement and this Site Permit, the terms of the Agreement shall govern. Capitalized terms used in this Site Permit shall have the same meaning described for them in the Agreement unless otherwise indicated herein.

2. Project Description and Locations. Licensee shall have the right to use the ROW for a Small Cell at the designated areas in the ROW as further described in Attachment 1 attached hereto (the "Licensed Area").

3. Equipment. The Small Cell to be installed at the Licensed Area is described in Attachment l attached hereto.

4. Term. The term of this Site Permit shall be as set forth in Section 2.2 of the Agreement.

5. Fees. The initial License Fee for the term of this Site Permit shall be $1,200.00 as determined in accordance with Section 5.1 of the Agreement, as adjusted by Section 5.2.

6. Commencement Date. The Commencement Date for this Site Permit shall be the first day of the month following the date Licensee has Commenced Installation of its Equipment at the Licensed Area.

7. Approvals/Fiber . It is understood and agreed that Licensee's ability to use the Licensed Area is contingent upon its obtaining all of the certificates, permits and other approvals (collectively the "Governmental Approvals”) that may be required by any Federal, State or Local authorities, as well as a satisfactory fiber and electrical connection which will permit Licensee use of the Licensed Area as set forth above. In the event that (i) any of such applications for such Governmental Approvals should be finally rejected; (ii) any Governmental Approval issued to Licensee is canceled, expires, lapses, or is otherwise withdrawn or terminated by governmental authority; (iii) Licensee determines that such Governmental Approvals may not be obtained in a timely manner; (iv) Licensee determines that it will be unable to obtain in a satisfactory manner, or maintain any fiber or power

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2 connection; or (v) Licensee determines that the Licensed Area is no longer technically compatible for its use, Licensee shall have the right to terminate this Site Permit. Notice of Licensee's exercise of its right to terminate shall be given to Licensor in writing by certified mail, return receipt requested, and shall be effective upon the mailing of such notice by Licensee, or upon such later date as designated by Licensee. All License Fees paid to said termination date shall be retained by Licensor. Upon such termination, this Site Permit shall be of no further force or effect except to the extent of the representations, warranties and indemnities made by each party to the other hereunder. Otherwise, Licensee shall have no further obligations for the payment of License Fees to Licensor.

8. Miscellaneous_________________________________________________.

[Signature page follows]

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3 EXECUTED to be effective as of the date shown above.

_________________________________________________

In witness whereof, the parties have caused this Agreement to be executed the day and year first above written.

CITY OF VALLEJO,
a municipal corporation

By: _________________________

Name:

Title:

Date:

ATTEST:

___________________________

Name:

Title:

APPROVED AS TO FORM:

____________________________

Name:

Title:

LICENSEE:

By:

Its:

By_________________________

Name:

Title:

Date:

Exhibits: Attachment 1

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4 Attachment 1

Licensed Area

CRAN_RSFR_VALL0_036
2325 Springs Rd
Vallejo, CA 94591

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CITY OF VALLEJO BUILDING DIVISION
555 SANTA CLARA STREET
VALLEJO, CA.
94590
WEBSITE:
www.cityofvallejo.net/
BUILDING DIVISION: (707) 648-4522

PROPERTY INFORMATION

CONTACT INFORMATION
Job Address:
2325 SPRINGS ROAD
Assessor's Parcel No:
0071062260
Occupancy Group:

Code Year:

Type of Construction:

Fire Sprinklers:

SCOPE OF WORK:

Installation of small cell wireless facility on
wood pole

DAVID MORTON

PW-CURRENT DEVELOPMENT
No lease or license agreement on file to operate small cell facility from this location. Okay to install equipment. Wireless provider will need add this site to existing "Small Cell License Agreement" dated 5/21/2018
between COV and New Cingular Wireless before site is
made operational.

OWNER/BUILDER DECLARATION:

I hereby affirm under penalty of
perjury that I am exempt from the Contractor
’
s License Law for the reason(s)
indicated below by the checkmark(s) I have placed next to the applicable item(s) (Business and Professions Code Section 7031.5):

I, as owner of the property or my employees with wages as their sole compensation, will do (___)
ALL
or (___)

PORTIONS
the work, and the
structure is not intended or offered for sale.

I, as owner of the property, am exclusively contracting with licensed contractors to construct the project.

I am exempt from licensure under the Contractors
’
State License Law for
the following reason:

Intial:

Date:

LICENSED CONTRACTOR:

I hereby affirm that I am under the provisions of
Chapter 9 (commencing with Sec. 7000) of Division 3 of the Business and Professions Code and my license is in full force and effect.

License Class:

C10 B
License Number:
997355
Company Name:

MODUS REX LLC
Intial:

Date:

CONSTRUCTION LENDING AGENCY:

I hereby affirm that there is a
construction lending agency for the performance of the work for which this permit is issued (Sec. 3097, Civ. C.).

Owner:

CARMICHAEL ACCOUNTANCY CO INC
2325 SPRINGS RD
VALLEJO, CA 94591
Contractor:

MODUS REX LLC
1355 WINDWARD CONCOURSE
ALPHARETTA, GA 30005
(925)954-4885
Arichitect/Engineer:

Chris Wener
4850 W Oquendo Rd
Las Vegas, NV 89118
(702)339-9112
WORKER
’
S COMPENSATION DECLARATION:

I hereby affirm under
penalty of perjury one of the following declarations:

I have and will maintain a certificate of consent to self-insure for workers ’
compensation, issued by the Director of Industrial Relations as provided for by Section 3700 of the Labor Code for the performance of the work for which this permit is issued.

Policy Number:

I have and will maintain Workers' Compensation Insurance, as required by Section 3700 of the Labor Code, for the performance of the work for which this permit is issued. My workers
’
compensation insurance carrier and
policy number are:

Insurance Company:

VALLEY FORGE INSURANCE COMPANY
Policy Number:
7094907282
I certify that, in the performance of the work for which this permit is issued, I shall not employ any person in any manner so as to become subject to the workers
’
compensation laws of California, and agree that, if I
should become subject to the workers
’
compensation provisions of Section
3700
of the Labor Code, I shall forthwith comply with those provisions.

WARNING: FAILURE TO SECURE WORKERS
’

COMPENSATION COVERAGE IS UNLAWFUL, AND SHALL

SUBJECT AN EMPLOYER TO CRIMINAL PENALITES AND

CIVIL FINES UP TO ONE HUNDRED THOUSAND DOLLARS
($100,000), IN ADDITION TO THE COST OF

COMPENSATION, DAMAGES AS PROVIDED IN SECTION
3706 OF THE LABOR CODE, INTEREST, AND ATTORNEY
’
S
FEES.

Intial:

Date:

PERMIT No:

BP25-00192
PERMIT TYPE:

BUILDING COMMERCIAL
PERMIT SUBTYPE:

CELL-TOWER/CO-LOCATION/EQUIPMENT
ISSUANCE DATE:
4/22/2025
EXPIRATION DATE:
4/22/2026
VALUATION:
$25,000.00
FINALED:

PERMIT FEES
Fee Name
Fee Amount

APPLICATION PROCESSING FEE
GL-0011501-4030018
$35.00

ASSOCIATE CIVIL ENGINEER
GL-0012502-4030036
$82.79

ASSOCIATE CIVIL ENGINEER -

PERMIT COORDINATION
GL-0011502-4030025
$2.49

ASSOCIATE CIVIL ENGINEER - TECH

SURCHARGE
GL-0012502-4030031
$3.31

BLG-BUILDING PERMIT
GL-0011501-4030001
$550.34

BLG-ELECTRICAL PERMIT
GL-0011501-4030002
$110.07

BLG-PLAN REVIEW FEE
GL-0011501-4030007
$385.24
BLG-TITLE 24 ENERGY

CONSERVATION REVIEW
GL-0011501-4030007
$55.03

GENERAL PLAN UPDATE

SURCHARGE
GL-0011502-4030026
$33.02

PERMIT STREAMLINING

SURCHARGE
GL-0011502-4030025
$19.81

STATE-BUILDING STANDARDS FEE
GL-001-2081102
$0.90

STATE-BUILDING STANDARDS FEE-

ADMIN SURCHARGE
GL-0011501-4088005
$0.10

STATE-SMIP COMMERCIAL
GL-001-2070934
$7.00

TECHNOLOGY SURCHARGE FEE
GL-0011501-4030031
$26.42
FEES DUE:

TOTAL FEES PAID:

$1,311.52
A building permit does not constitute an approval or waiver of any violation of the above provisions, nor of any state laws or City of Vallejo ordinances, regulations or requirements.

I agree to comply with all City of Vallejo ordinances and state laws relating to building construction and name this statement under penalty of law. I hereby authorize City of Vallejo representatives to enter upon the above mentioned property for inspection purposes.

I certify that I have read this permit and state that the information is true and correct.

Print Name
Signature
Date

BUILDING DIVISION USE
ISSUED BY:

JDE
Intial:

Date:

Lender's Name:

Loan Number:

NOT APPLICABLE
Intial:

Date:

NOTICE:

This building permit will expire if work
is not started in

12 months or if
an inspection is not approved for more than

12 months. All work performed
under this permit MUST conform to the approved plans and specifications filed by the owner or authorized agent with the Building Division. Do not conceal or cover any construction until the work is inspected and the inspection recorded on the job copy of your permit.

KEEP THIS JOB CARD AND FIELD SET OF PLANS ON SITE FOR THE INSPECTOR.

Please place all inspection requests
24 hours in advance.

Page 117 of 270 ends

Inspection Code IVR
Inspector's
Initial
Date

FOUNDATION
101 Survey/Set Backs
102 Ufer/Grounding Electrodes
103 Piers
104 Footings
105 Slab Foundations
106 Slab Garage
107 Driveway
108 Demolition
109 Retaining Wall
GRADING PERMIT INSP.
200 Rough Grading
201 Finish Grading
202 Gen Bldg Site/In Progress

MANUFACTURED HOMES/

COMMERCIAL COACHES
300 MH Set-Up
301 MH Accessory Inspection
302 MH Permanent Foundation
303 MH Final

STRUCTURAL
400 Under-floor
401 Shear Nailing - Exterior
402 Shear Nailing - Interior
403 Roof Deck Nail
404 Rough Frame
405 Exterior Lath/Siding
406 Drywall
407 Firewall
408 Green/Gray/Purple-Board
409 Wet Wall
410 Structural - Misc/T-Bar
411 Roof/In-Progress
412 Window Replacement
413 Fire Wall Penetration
414 Misc.__________________
Inspector's
Initial
Date

ELECTRICAL
500 Temp Power Pole
501 Conduit/Underground
502 Service Entrance
503 Rough Electrical
504 Bonding/Grounding
505 Restoration of Service
506 Rough Photovoltaic/Solar
507 Electric Meter Release
Other/Comments

INSULATION
600 Under-floor Insulation
601 Framing Insulation
602 Ceiling Insulation

PLUMBING
700 Ground Plumbing
701 Under-floor Plumbing
702 Rough Plumbing
703 Shower Pan Test
704 Water Service/Piping
705 Water Heater
706 Gas Pressure Test/Piping
707 Gas Meter Release
708 Restoration of Service

BLOCK/CONCRETE
800 Fireplace/Foundation Wall
801 CMU-Lifts
1st- 2nd- 3rd- 4th-
Inspector's
Initial
Date

POOLS/SPA
900 Site Check/Pre-Gunite
901 Bonding-Cavity/Deck/Water
902 Fencing/Door Alarms/Cover
903 Pre-Final
904 Final - Pool/Spa

MECHANICAL
925 HVAC Furnace Replacement
926 Rough Mechanical
927 Fire Damper
928 Hood Duct Shaft
929 Commercial Kitchen Hood
930 A/C Condenser
931 Wall Heater

AGENCY FINAL APPROVALS
Special Inspection Firm
Flood & Sanitation District
Fire Prevention
Public Works
Planning Division
Bay Area Air Quality District
Solano County Health District
Water Division
C3 & NPDES

FINAL INSPECTIONS
950 Building
951 Electrical
952 Plumbing
953 Mechanical
954 Grading & C3
955 Demolition
956 Photovoltaic/Solar
This card will serve as Certificate of Occupancy/Completion upon authorized signature.

PERMIT No:

BP25-00192
Steve Arnold, Chief Building Official
Authorized Signature
Date

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PROPOSED AT&TINSTALLATION

PROPOSED AT&TINSTALLATION
CRAN_RSFR_VALLO_036NEAR 2325 SPRINGS ROAD.VALLEJO, CA 94591VIEW FROM CASTLEWOOD DRIVE. LOOKING WEST AT SITEEXISTINGPROPOSED

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PROPOSED AT&TINSTALLATION

PROPOSED AT&TINSTALLATION
EXISTINGPROPOSEDCRAN_RSFR_VALLO_036NEAR 2325 SPRINGS ROAD, CA 94591VIEW FROM CASTLEWOOD DRIVE LOOKING SOUTH AT SITE

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CONSENT CALENDAR 8.F.

DATE: November 4, 2025
TO: Mayor and Members of the City Council
FROM: Gillian Haen, Assistant City Manager
SUBJECT: ADOPT A RESOLUTION AMENDING THE FISCAL YEAR 2025-26 BUDGET TO ALLOCATE $49,920 FROM GENERAL FUND BALANCE TOWARD DESIGN OF THE WATERFRONT PARK PROJECT (STEP 2 OF 2)

RECOMMENDATION
Adopt a resolution amending the Fiscal Year 2025-26 budget to allocate $49,920 of General Fund Balance to expend toward the additional design of the Waterfront Park project (PW9447)

REASONS FOR RECOMMENDATION
On October 14th, 2025, Council approved the notice to amend the budget, the first step in the two-step process to allocate additional budget funds toward this project. Council also approved the First Amendment to the existing Agreement that will allow for the expansion of the project footprint along Mare Island Way and Harbor Way. This item tonight is Step 2 of the two-step budget amendment process required to allocate General Fund Balance funds to this item.

BACKGROUND AND DISCUSSION
In May 2025, the City entered into a Design Professional Services Agreement with David L. Gates and Associates, Inc. (Gates) to provide landscape design of two Waterfront parks: Barbara Kondylis Park and Independence Park. Since that time, staff have requested an expansion of the footprint of the project to include portions of city-owned property north along Mare Island Way and Harbor Way. Staff recommend the additional locations for design to help tie in the greater waterfront area with consistently designed urban greening, planting and amenities.

Tree planting and supportive infrastructure for the portion of the project at Barbara Kondylis and Independence Parks is paid for through an Urban and Community Forestry IRA Grant from the US Forest Service. Amenities for the park area will be funded with prior year Participatory Budgeting (PB Cycle 4) funding for park improvements.

Map of the design area:

Page 152 of 270 ends

Date: November 4, 2025
Subject: ADOPT A RESOLUTION AMENDING THE FISCAL YEAR 2025-26 BUDGET TO ALLOCATE $49,920 FROM GENERAL FUND BALANCE TOWARD DESIGN OF THE WATERFRONT PARK PROJECT (STEP 2 OF 2)

Page 2 ends

This additional work was not planned for when the Fiscal Year 2025-2026 budget was approved. Staff are requesting allocation of the additional $49,920 to expand the scope of work to cover the additional landscaping north of Barbara Kondylis park.

On October 14, 2025, Council approved the first step of the two-step process required to budget and allocate funding from General Fund Balance to cover the additional expenses for the enlarged scope of work on this project. That staff report also approved the First Amendment to the Design Professional Services Agreement with the vendor to perform the additional work as needed.

FISCAL IMPACT
This item is Step 2 of the two-step process to amend the fiscal year budget. Staff recommend amending the Fiscal Year 2025-2026 budget to allocate the additional $49,920 of General Fund Balance toward the design of the Waterfront Park project to allow for the additional work from the design professional consultant:

Budget Increase:

Page 153 of 270 ends

Date: November 4, 2025
Subject: ADOPT A RESOLUTION AMENDING THE FISCAL YEAR 2025-26 BUDGET TO ALLOCATE $49,920 FROM GENERAL FUND BALANCE TOWARD DESIGN OF THE WATERFRONT PARK PROJECT (STEP 2 OF 2)

Page 3 ends

General Fund# 001
Transfer out $49,920

Capital Outlay Fund# 201
Transfer in ( $49,920) Expenditures (Project#PW9447) $49,920

ATTACHMENTS

1. Resolution Amending FY 2025-2026 Budget - Waterfront Park Allocation-CAO STAMP

CONTACT
Jason Ackley, Assistant to the City Manager
[email protected]

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RESOLUTION NO. 25-______

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO AMENDING THE FISCAL YEAR 2025-26 BUDGET TO APPROPRIATE $49,920 FOR
ADDITIONAL LANDSCAPE DESIGN SERVICES - WATERFRONT PARK (STEP 2)

WHEREAS, in June 2025, the City Council adopted the Fiscal Year 2025-26 budget; and

WHEREAS, City Charter Section 703 requires that available funds not included in the budget be appropriated by City Council after giving one week’s notice of intention to do so; and

WHEREAS, on October 14, 2025 City Council provided notice of its intent to amend the City’s Fiscal Year 2025-26 budget; and

WHEREAS, there are times when the City relies on specialized design services for architectural and landscape design; and

WHEREAS, David L. Gates & Associates has been actively engaged with the City on design of the Waterfront Park Project, and has entered into a Design Professional Services Agreement with David L. Gates & Associates dated May 27, 2025, to perform said services (“Original Agreement”); and

WHEREAS, staff is proposing that the City fund an additional $49,920 in architectural design costs to expand the scope of the Waterfront Park Project to include locations along Mare Island Way and Harbor Way; and

WHEREAS, staff is proposing that the General Fund expenditure be increased by $49,920 and to be drawn down from Fund Balance; and

WHEREAS, the Council has considered the report and recommendations of the City Manager on the budget amendments and has determined that the budget amendments are both fair and appropriate.

NOW, THEREFORE BE IT RESOLVED that the City Council, pursuant to Charter Section 703, does hereby approve the amendment of the City’s budget for Fiscal Year 2025-26 by appropriating $49,920 to be drawn down from Fund Balance and increasing the funds for the Waterfront Park Project design by the same amount as set forth in the staff report.

ADOPTED BY THE CITY COUNCIL OF THE CITY OF VALLEJO at a regular meeting held on _________, 2025, with the following vote:

AYES:

Page 155 of 270 ends

NOES:

ABSENT:

ABSTAIN

ATTEST

ANDREA SORCE, MAYOR

DAWN G. ABRAHAMSON, CITY CLERK

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CONSENT CALENDAR 8.G.

DATE: November 4, 2025
TO: Mayor and Members of the City Council
FROM: Oscar Alcantar, Interim Public Works Director
SUBJECT: ADOPT A RESOLUTION AUTHORIZING THE CITY'S CONCURRENCE WITH THE

CALIFORNIA DEPARTMENT OF TRANSPORTATION'S DETERMINATION THAT THE PROPOSED TEMPORARY USE OF A CITY-OWNED PARCEL (APN:
0067010010) WITHIN THE SAN PABLO BAY NATIONAL WILDLIFE REFUGE AS PART OF THE STATE ROUTE 37 SEARS POINT TO MARE ISLAND IMPROVEMENT

PROJECT WOULD HAVE ONLY A DE MINIMIS IMPACT UNDER THE DEPARTMENT OF TRANSPORTATION ACT OF 1966 (49 U.S.C. § 303) AND AUTHORIZING THE CITY

MANAGER TO EXECUTE SAME

RECOMMENDATION
Adopt a resolution authorizing the City's concurrence with the California Department of Transportation's determination that the temporary use of a City-owned parcel (APN: 0067010010) within the San Pablo Bay National Wildlife Refuge as part of the State Route 37 Sears Point to Mare Island Improvement Project would have only a de minimis impact under the Department of Transportation Act of 1966 (49 U.S.C. § 303) and authorizing the City Manager to execute same.

REASONS FOR RECOMMENDATION
Caltrans is requesting the City of Vallejo’s concurrence with its Section 4(f) de minimis determination related to proposed habitat enhancement work at Strip Marsh East, part of the San Pablo Bay National Wildlife Refuge.

A portion of Strip Marsh East is owned by the City of Vallejo. Concurrence is required to allow Caltrans to complete environmental clearance for the State Route (SR) 37 Sears Point to Mare Island Improvement Project.

BACKGROUND AND DISCUSSION
Caltrans, in partnership with the Metropolitan Transportation Commission (MTC) and regional transportation agencies, is advancing the SR 37 Sears Point to Mare Island Improvement Project. The Project proposes to improve traffic operations along SR 37 in Sonoma, Napa, and Solano counties to reduce congestion, shorten peak travel times, and increase vehicle occupancy. The Project’s EIR/EA was adopted on February 8, 2023, and a Finding of No Significant Impact for identified Preferred Alternative (Alternative 3B) was included in the Project’s Notice of Determination filed on February 9, 2023 (State Clearinghouse Number 2020070226).

Since that approval, the Project has been revised to include as part of Alternative 3B the replacement of the Tolay Creek Bridge, relocation and redesign of the tolling facility and maintenance area, maintenance vehicle pullouts; including signage, lighting, utility cabinets, and related infrastructure; and enhancements to Strip Marsh East (SME), located adjacent to SR 37.

SME, part of the San Pablo Bay National Wildlife Refuge in Solano County, is bounded by SR 37 to the north, San Pablo Bay to the south, the Pond 1/1A Intake Channel to the west, and Mare Island to the east. Spanning about 3.5 miles east–west and 0.57 mile north–south, SME provides habitat for sensitive marsh-dependent species and shoreline protection for SR 37. However, prolonged interior flooding has degraded its ecological function. To address these issues, Caltrans proposes habitat enhancements that include creating drainage

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Date: November 4, 2025
Subject: ADOPT A RESOLUTION AUTHORIZING THE CITY'S CONCURRENCE WITH THE

PROJECT WOULD HAVE ONLY A DE MINIMIS IMPACT UNDER THE
DEPARTMENT OF TRANSPORTATION ACT OF 1966 (49 U.S.C. § 303) AND

AUTHORIZING THE CITY MANAGER TO EXECUTE SAME

Page 2 ends

features and tidal connections to reduce ponding, reusing excavated sediments to restore marsh elevations and vegetation, improving habitat for endangered species such as the salt marsh harvest mouse, and maintaining shoreline flood resilience for SR 37. As a result, the project would restore approximately 600 acres of degraded habitat, including 230 acres of emergent salt marsh, 50 acres of tidal channels, 320 acres of tidal flats, and 11 acres of converted uplands. These improvements would benefit protected species and resources within SME, which is managed by the U.S. Fish and Wildlife Service (USFWS) under a long-term lease from the California State Lands Commission.

Construction is expected to take about six months, depending on seasonal conditions. Once temporary construction activities are completed, all equipment and materials would be removed, and the conditions at the site would be restored. The purpose of the proposed work at SME would enhance habitat, wetland, and waters attributes, and therefore over time SME would realize improved habitat values and attributes that support the wildlife habitat objectives of the Refuge. There are no permanent elements of the highway transportation improvements proposed within SME. Caltrans has therefore determined that the proposed work constitutes a de minimis impact to Section 4(f) resources.

Caltrans is therefore requesting the City of Vallejo’s concurrence with its Section 4(f) de minimis determination for the parcel under City ownership (Assessor’s Parcel Number 0067010010).

The current project schedule is as follows:
• Environmental clearance: Targeted for November 2025
• Final project design (Plans, Specifications, and Estimates): Expected 2026 • Construction: Anticipated to begin in 2027

FISCAL IMPACT
There is no fiscal impact to the City associated with this item.

ENVIRONMENTAL REVIEW
The Final EIR/EA for the Project was approved in 2023 by Caltrans, the Lead Agency, and can be found online at: https://ceqanet.opr.ca.gov/2020070226/3. The Draft Supplemental EIR for the proposed Project changes is available online at: https://dot.ca.gov/-/media/dot-media/district-4/documents/d4-environmental- docs/1q761-sr-37-sears-point-to-mare-island/sr37-spmiip-supplementaldeir-2024-12-13r-ada-a11y.pdf.

ATTACHMENTS

1. Resolution - De Minimis Finding Section 4(f) - Caltrans_CAO Stamp

2. Updated 4f Concurrence Request_City of Vallejo_SME_

3. Project Description_SME

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Date: November 4, 2025
Subject: ADOPT A RESOLUTION AUTHORIZING THE CITY'S CONCURRENCE WITH THE

PROJECT WOULD HAVE ONLY A DE MINIMIS IMPACT UNDER THE
DEPARTMENT OF TRANSPORTATION ACT OF 1966 (49 U.S.C. § 303) AND

AUTHORIZING THE CITY MANAGER TO EXECUTE SAME

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CONTACT
Oscar Alcantar, Interim Public Works Director, (707) 648-4433 [email protected]

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RESOLUTION NO. 25-_____

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO AUTHORIZING THE CITY’S CONCURRENCE WITH THE CALIFORNIA DEPARTMENT OF TRANSPORTATION’S DETERMINATION THAT THE TEMPORARY USE OF A CITY-OWNED PARCEL (APN: 0067- 01-0010) WITHIN THE SAN PABLO BAY NATIONAL WILDLIFE REFUGE AS PART OF THE STATE ROUTE 37 SEARS POINT TO MARE ISLAND IMPROVEMENT PROJECT WOULD

HAVE ONLY A DE MINIMIS IMPACT UNDER THE DEPARTMENT OF TRANSPORTATION ACT OF 1966 (49 U.S.C. § 303) AND AUTHORIZE THE CITY MANAGER TO EXECUTE SAME

WHEREAS, the California Department of Transportation (Caltrans), in partnership with the Metropolitan Transportation Commission and regional transportation agencies, is advancing the State Route (SR) 37 Sears Point to Mare Island Improvement Project, which seeks to improve traffic operations along SR 37 in Sonoma, Napa, and Solano Counties to reduce congestion, shorten peak travel times, and increase vehicle occupancy; and

WHEREAS, the Project has been revised to include the replacement of the Tolay Creek Bridge, the relocation and redesign of the tolling facility and maintenance area, maintenance vehicle pullouts, signage, lighting, utility cabinets, and related infrastructure, and habitat enhancements to Strip Marsh East, part of the San Pablo Bay National Wildlife Refuge located adjacent to SR 37; and

WHEREAS, the Project further proposes restoring approximately 600 acres of degraded habitat, including 230 acres of emergent salt marsh, 50 acres of tidal channels, 320 acres of tidal flats, and 11 acres of converted uplands, through the creation of drainage features and tidal connections, sediment reuse to restore marsh elevations, and habitat improvements for endangered species such as the salt marsh harvest mouse, while maintaining shoreline flood resilience for SR 37; and
WHEREAS, the Project includes temporary construction activities on a City-owned parcel (APN: 0067-01-0010) located within the San Pablo Bay National Wildlife Refuge, which qualifies as a Section 4(f) resource under the U.S. Department of Transportation Act of 1966 (49 USC 303) and 23 U.S.C. 138. These activities are expected to take approximately six months, depending on seasonal conditions; and

WHEREAS, the Final EIR/EA for the Project was approved in 2023 by Caltrans and can be found online at: https://ceqanet.opr.ca.gov/2020070226/3 . The Draft Supplemental EIR for the proposed changes to the Project was circulated in December 2024 and is available online at:
https://dot.ca.gov/-/media/dot-media/district-4/documents/d4-environmental-docs/1q761-sr-37- sears-point-to-mare-island/sr37-spmiip-supplementaldeir-2024-12-13r-ada-a11y.pdf ; and

WHEREAS, Caltrans has determined that: (1) the temporary construction activities will not adversely affect the features or attributes that qualify the resource for protection; (2) public review and comment on the Draft Supplemental EIR yielded no objections to the Section 4(f)

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finding; and (3) avoidance and minimization measures will be implemented to protect habitat and wildlife during construction and, therefore, the proposed work would constitute a de minimis impact to the Section 4(f) property over which the City of Vallejo has jurisdiction; and

WHEREAS, Caltrans has formally requested the City of Vallejo’s concurrence with the above determination.

NOW, THEREFORE, BE IT RESOLVED that the City Council hereby authorizes the City’s concurrence with the California Department of Transportation’s determination that the proposed temporary use of City-owned property (APN 0067010010) within the San Pablo Bay National Wildlife Refuge constitutes a de minimis impact under the U.S. Department of Transportation Act of 1966 (49 U.S.C. § 303).

BE IT FURTHER RESOLVED that the City Council further authorizes the City Manager, or designee, to execute the written concurrence reflecting this determination.

Adopted by the City Council of the City of Vallejo at a regular meeting held on November 4, 2025, with the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

______________________________________

ANDREA SORCE, MAYOR

ATTEST:

______________________________________
DAWN G. ABRAHAMSON, CITY CLERK

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“Improving lives and communities through transportation.” DISTRICT 4
P.O. BOX 23660, MS–8B | OAKLAND, CA 94623-0660
(510) 286-5900 | FAX (510) 286-6301 | TTY 711
www.dot.ca.gov
September 24, 2025
Andrew Murray, City Managery Manager
City of Vallejo
555 Santa Clara Street
Vallejo, CA
Dear Mr. Murray,rray,
The California Department of Transportation (Caltrans), in cooperation with the Metropolitan Transportation Commission and the North San Francisco Bay Area partner agencies of Sonoma County Transportation Authority, Solano Transportation Authority, and Napa Valley Authority, is proposing to enhance degraded marsh habitat at Strip Marsh East (SME) and implement other highway elements for the State Route (SR) 37 Sears Point to Mare Island Improvement Project (Project). The new Project components have been added since the Preferred Alternative was analyzed and approved in 2023 in the Final Environmental Impact Report/Environmental Assessment with Finding of No Significant Impact (2023 Final EIR/EA).

The new components would affect eligible 4(f) resources from the San Pablo Bay National Wildlife Refuge (Refuge), part of which is land owned by the City of Vallejo. The purpose of this letter is to inform you that Caltrans intends to make a de minimis finding under Section 4(f) of the Department of Transportation Act of 1966 (49 U.S.C § 303) and requests the City’s concurrence in writing on this finding.

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Andrew Murrayy
City of Vallejo
September 24, 2025

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Project Background:

The 2023 Final EIR/EA for the Project and can be found online at https://ceqanet.opr.ca.gov/2020070226/3. The 2023 Final EIR/EA noted that the Preferred Alternative would require permanent acquisition of 2.76 acres of the Refuge. Caltrans previously determined that the Project would have a de minimis impact on eligible 4(f) resources within the Refuge and received a letter of concurrence on this finding from USFWS in 2022. The determination and concurrence were documented in the 2023 Final EIR/EA.

Since the 2023 Final EIR/EA was approved, there have been changes to the Project, including: Tolay Creek Bridge replacement; tolling facility relocation; addition of CHP observation areas and maintenance vehicle pullouts; highway improvements including signs, lighting, utility equipment and cabinets, and associated infrastructure; and marsh habitat enhancements at SME.

Of these Project changes, only SME enhancements have the potential to affect additional 4(f) resources within the Refuge due to its location and scope of work. The following summarizes Section 4(f) guidelines, describes the proposed scope of work and schedule for SME enhancements, analyzes potential 4(f) impacts, documents Caltrans’ finding under Section 4(f), and requests concurrence from the City on this finding.

Section 4(f) under the U.S. Department of Transportation Act of 1966 The Project is subject to compliance with Section 4(f) of the DOT Act of 1966 (49 USC 303) and 23 USC 138. Lands defined as a Section 4(f) property must be publicly owned, open to the public, and significant in its purpose as either a park, recreation area, or refuge. Based on these criteria, the Refuge is an eligible Section 4(f) property.

A de minimis impact generally involves a minor use of Section 4(f) resources and, after taking into account avoidance, minimization, and/or mitigation measures, results in no adverse effect to the activities, features, or attributes qualifying a park, recreation area, or refuge for protection under Section 4(f). More details on conditions that qualify a 4(f) use as de minimis are provided in the sections below.
“Improving lives and communities through transportation.”

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“Improving lives and communities through transportation.” Andrew Murray
City of Vallejo
September 24, 2025

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Project Description of SME
SME is located in Solano County, with SR 37 on the north, San Pablo Bay on the south, the Pond 1/1A Intake Channel on the west, and Mare Island on the east. It is about 3.5 miles long east- to-west and 0.57 mile wide north-to-south. SME is part of the San Pablo Bay National Wildlife Refuge (Refuge). Part of SME is land owned by the City of Vallejo.

SME serves two major functions: habitat for a variety of marsh-dependent species and nature- based shoreline protection for SR 37. However, prolonged flooding within the SME interior has led to large marsh vegetation dieback and degradation of marsh quality. So, as part of this Project, SME would be enhanced to improve ecological function and create new habitat types critical to threatened and endangered species, especially the salt marsh harvest mouse. SME is proposed as a substantial new minimization measure to address impacts associated with Project’s Preferred Alternative.

Enhancement at SME would be achieved through creating drainage features and beneficial re-use of excavated sediments to reduce ponding by establishing tidal connections and allowing stormwater drainage. SME enhancement would maintain flood resilience and shoreline erosion protection to SR 37, create habitat diversity, and create refugia habitat for wildlife during high tide and storm surge events.

Proposed enhancements at SME would expand the Project footprint and activities. Figure 1 shows the expanded Project footprint including SME, and Figure 2 shows the parcels at and surrounding SME.

During construction, Caltrans would require temporary construction access at SME.

Construction activities would be further refined during final design but may include:
• Enlarge and extend the Pond 1/1A intake channel through excavation and/or dredging, • Lower portions of berms along the Pond 1/1A intake channel using land-based equipment and retain segments for upland refugia,
• Create interior channels (within the SME) using dredging or excavation, • Stabilize the bayfront edge as necessary,

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Andrew Murray
City of Vallejo
September 24, 2025

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“Improving lives and communities through transportation.” • Reverse subsidence within the SME site interior by placing material excavated from channel, and
• Reverse subsidence adjacent to intake channel berms
Proposed Section 4(f) De Minimis Use
Caltrans has identified that SME enhancements would require use of the following parcel:
• APN 0067010010
Under Section 4(f), Caltrans considers the Project to qualify for a de minimis finding because it meets the following criteria:

1. Based on project design, the transportation use of the Section 4(f) resource would not adversely affect the activities, features, and attributes that qualify this resource for protection under Section 4(f). The enhancements at SME would not adversely affect the activities, features and attributes that qualify this resource for protection under Section 4(f). Temporary use and construction access to SME would be required for grading, excavation, dredging, import or export of fill, hydrological and drainage changes, and other temporary construction activities. These temporary and relatively short-term activities are necessary to achieve the beneficial restoration goals at SME. Equipment, materials, and construction vehicles would be temporarily parked at designated staging areas, which would be finalized during the Project’s design phase. Construction duration is estimated around 6 months. Avoidance and Minimization Measures (AMMs) would be implemented to minimize impacts to biological resources. Please refer to Appendix C, Environmental Commitment Records in the Supplemental EIR for all AMMs.

Once temporary construction activities are completed, all equipment and materials would be removed, and the conditions at the site would be restored. The proposed work at SME would enhance habitat, wetland, and waters attributes, and therefore, over time, SME would realize improved habitat values and attributes that support the wildlife habitat objectives of the Refuge. There are no permanent elements of the highway transportation improvements proposed within SME, and no change in jurisdiction or ownership would result from these enhancements.

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Andrew Murray
City of Vallejo
September 24, 2025

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“Improving lives and communities through transportation.”

2. The public has been afforded an opportunity to review and comment on the effects of the project on the protected activities, features, and attributes of the Section 4(f) resource. Appendix B of the Draft Supplemental EIR included an update to the Section 4(f) evaluation for the new elements of the Project. The Draft Supplemental EIR was circulated for public review and comment between December 20, 2024 and February 3, 2025. No comments regarding our preliminary Section 4(f) de minimis determination for SME were received.

3. The official(s) with jurisdiction over the property are informed of Caltrans’ intent to make the de minimis impact determination based on their written concurrence that the project would not adversely affect the activities, features, and attributes that qualify the property for protection under Section 4(f). Caltrans is transmitting this letter to the City of Vallejo to request your concurrence in writing on our Section 4(f) de minimis finding.

Tentative Project Schedule
• The Project's environmental clearance is targeted for completion in October 2025. • Completion of 100 percent project plans, specifications, and estimates (PS&E) is expected to occur in 2026. Right-of-way certification is targeted by 2027. • Construction for the overall Project is expected to begin in 2027, pending funding availability. Construction of the SME portion is expected to last approximately 6 months but is dependent on site conditions being seasonally suitable for construction.

Please see next page for our request for your concurrence on the 4(f) de minimis determination.

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Vallejo City CouncilNovember 4, 2025

Vallejo City Council
November 4, 2025