Item 4B: Types of Advisory Services .................................................................................................................................... 5 Item 4D: Services Offered Through Wrap Fee Programs, Sub-Advisory Arrangements and Dual Contract Sponsored Programs ............................................................................................................................................................................... 6 Item 5 Fees and Compensation ........................................................................................................................................ 8 Item 5A: Fee Schedules ........................................................................................................................................................ 8 Item 5B: Fee Payment ......................................................................................................................................................... 10 Item 5C: Other Fees and Expenses and Valuation Policy ................................................................................................... 10 Item 5D: Prepaid Fees ......................................................................................................................................................... 11 Item 5E: Compensation for the Sale of Securities or Investment Products .......................................................................... 11 Item 6 Performance-Based Fees and Side-By-Side Management ............................................................................... 12 Item 7 Types of Clients .................................................................................................................................................... 12 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss ........................................................................ 12 Item 8A: Methods of Analysis & Investment Strategies ...................................................................................................... 12 Item 8B: Material Risks ....................................................................................................................................................... 14 Item 8C: Risks Associated with Particular Types of Securities Used .................................................................................. 15 Item 9 Disciplinary Information ....................................................................................................................................... 17 Item 10 Other Financial Industry Activities and Affiliations ........................................................................................... 17 Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................. 17 Item 11A: Code of Ethics .................................................................................................................................................... 17 Item 11B: Principal Trading and Agency Cross Trading ..................................................................................................... 18 Item 11C: Personal Trading ................................................................................................................................................ 18 Item 11D: Participation or Interest in Client Transactions ................................................................................................... 18 Item 12 Brokerage Practices ............................................................................................................................................. 19 Item 12A: Broker-Dealer Selection, Compensation & Trade Aggregation .......................................................................... 19 Item 12A.1: Research and Other Soft Dollar Benefits ......................................................................................................... 20 Item 12A.2: Brokerage for Client Referrals ......................................................................................................................... 21 Item 12A.3: Directed Brokerage .......................................................................................................................................... 21 Item 12B: Aggregating Client Trades .................................................................................................................................. 22 Item 13 Account Reviews .................................................................................................................................................. 23 Item 13A: Periodic Account Reviews .................................................................................................................................. 23 Item 13B: Other Reviews .................................................................................................................................................... 23 Item 13C: Reporting ............................................................................................................................................................ 23 Item 14 Client Referrals and Other Compensation ......................................................................................................... 24 Item 14A: Other Compensation .......................................................................................................................................... 24 Item 14B: Client Referrals ................................................................................................................................................... 24 Item 15 Custody ................................................................................................................................................................. 24 Item 16 Investment Discretion .......................................................................................................................................... 25 Item 17 Voting Client Securities ....................................................................................................................................... 25 Item 17A: Proxy Voting ....................................................................................................................................................... 25 Item 17B: Where Client Retains Right to Vote Proxies ....................................................................................................... 26 Item 18 Financial Information ........................................................................................................................................... 26 Item 18A: Financial Statement Requirement ...................................................................................................................... 26 Item 18B: Financial Condition ............................................................................................................................................. 26 Item 18C: Bankruptcy Disclosure ........................................................................................................................................ 26 Chandler Asset Management, Inc. (“Chandler”) is an SEC-registered investment adviser and employee-owned business enterprise with its principal place of business located in San Diego, California. Since 1988, Chandler has provided fixed income investment management services to the public sector, as well as to hospitals, foundations, endowments, individuals and corporations. As of January 1, 2024, Chandler is 100% owned by Chandler Investor Services, Inc. which, in turn, is owned by Chandler Asset Management, Inc. Employee Stock Ownership Plan (“ESOP”), Martin Dayle Cassell, CFO and Chairman

of the Board, and other individuals (all owning less than 25% of Chandler Investor Services, Inc.). Chandler offers the following advisory services, where appropriate, to certain institutional clients such as public agencies, hospitals and healthcare institutions, corporations or other business entities, foundations and endowments, pension and profit-sharing plans, higher education institutions, and non-institutional clients, such as individuals, high net worth individuals, trusts, estates and charitable organizations. The portfolio management services are offered to clients directly, and through wrap fee programs, sub-advisory relationships, and dual contract sponsored programs. FIXED INCOME PORTFOLIO MANAGEMENT Chandler specializes in fixed income portfolio management, utilizing a variety of investments, such as corporate debt securities (notes and bonds), municipal bonds, U.S. Government Treasury bonds, Government Sponsored Enterprise debt securities (agencies), mortgage-backed securities, asset-backed securities and money market securities, i.e., commercial paper. Please refer to Item 8 for further information on our method of analysis and risks associated with this strategy. MULTI ASSET CLASS PORTFOLIO MANAGEMENT Chandler also offers a Multi Asset Class strategy to clients seeking to attain exposure to a variety of global equity, fixed income and other asset classes through investment in indexed or actively managed mutual funds and exchange-traded funds (ETFs). Please refer to Item 8 for further information on our method of analysis and risks associated with this strategy. CONSULTING SERVICES Chandler also provides more focused investment advice to clients. This advice can pertain to areas that clients consider a concern, such as analysis of a client’s existing portfolio, delivery of a report or periodic reports of performance and recommended rebalancing of assets, or a review of the client’s investment policy. We also provide specific consultation and administrative services regarding investment and financial concerns of the client. Consulting recommendations are not limited to any specific product or service offered by a broker-dealer. At the beginning of the client relationship, we have discussions with clients to determine their overall investment goals to develop a specific investment policy for each client and confirm that the selected strategy meets their current needs. During our information gathering process, we review the client’s individual objectives, time horizons, risk tolerance, liquidity needs and any investment restrictions they may want to place on the assets in their account. As appropriate, we also review and discuss a client's prior investment history, and any other relevant issues. Once these reviews and discussions take place, the client enters into a written agreement directly with Chandler for the management of certain assets. Clients are responsible for informing us of any changes to their guidelines, individual needs and/or restrictions and should do so promptly upon such change. We do not assume any responsibility for the accuracy of the information provided by the client. Generally, we manage clients’ advisory accounts on a discretionary basis, but will manage a client’s account on a non-discretionary basis, if requested by a client. Please refer to Item 16 for further information on our discretionary authority of client accounts. In addition to the types of securities utilized by Chandler for its Fixed Income and Multi Asset Class advisory services outlined above, we also provide advice on or manage other investments for clients, particularly when a client already has securities in his/her portfolio at the time the client opens an account with Chandler. These generally include, but are not limited to:  Exchange-listed securities  Securities traded over-the-counter  Certificates of deposit Some types of investments involve certain additional degrees of risk; therefore, they will only be implemented or recommended when consistent with the client's stated investment goals, tolerance for risk, liquidity and suitability requirements. Please refer to Item 8 for further information on the risks associated with investments made in clients’ accounts. Clients will always retain individual ownership of all securities through their selected custodian. GUIDED PORTFOLIO STRATEGIES (“GPS”) The GPS program provides fixed income portfolio management for public agency clients who cannot meet the institutional minimum required for Chandler’s full-service customized portfolio management. GPS is a streamlined service model whereby the client receives fixed income portfolio management in a separate account custodied at a qualified third-party custodian. Clients may choose between two of Chandler’s established, short duration investment strategies developed to meet the investment needs of municipal investors. Chandler will manage the portfolios in compliance with State or Government code sections related to permitted investments for municipalities and will not accommodate additional client restrictions or requests for customizations to the portfolio or our standard reporting packages. Services are limited to the scope defined in the client Agreement. To be eligible for this program, the client must have a minimum of $2 million in investable assets. Please refer to Item 5 for program fees. ESG REPORTING SERVICES Chandler provides environmental, social and governance reporting services (ESG Reporting Services) to clients on a negotiated basis. The ESG Reporting Services may include data collection, analysis, and preparation of reports on environmental impact, social responsibility, and governance practices of investments held by the clients in portfolios managed by Chandler. Such reports will typically be distributed on a quarterly basis or as otherwise mutually agreed upon. In offering these services, Chandler relies on third parties which we deem reliable, but Chandler makes no warranties as to the information provided. Please refer to Item 5 for fees associated with ESG Reporting Services. DUAL CONTRACT SPONSORED PROGRAMS Chandler participates as an investment manager in selected wrap fee programs (“Wrap Programs”). Generally, under these programs a client enters into an agreement with the wrap program sponsor to provide the following services to such clients (“Wrap Clients”): a) assisting the Wrap Client in determining which investment strategy and investment manager best meet their goals and objectives, b) on-going monitoring of account performance, c) custodial services, and d) execution of account transactions. These services and the services provided by the investment manager are generally provided for one all-inclusive fee (“Wrap Fee”). From the Wrap Fee, the wrap program sponsor pays the investment manager (for example Chandler) for their services. Currently, Chandler participates as an investment manager in the following Wrap Program:  Managed Accounts Select Program sponsored by Charles Schwab Corporation (“Schwab”) For more details on these specific programs, clients should review the respective sponsor’s Wrap Fee Program Brochure prior to investing. In each of these programs, a representative of the program sponsor or an independent financial advisor will work with the Wrap Client to complete an investment questionnaire or other investment objective documentation and determine the appropriate investment strategy and manager. While Chandler is not responsible for client suitability for the Wrap Program, we will perform a general review of the Wrap Client’s investment objective documentation, if provided by the wrap sponsor, to help us ensure that our strategy selected by the Wrap Client appears suitable. Participation in these wrap programs is subject to account minimums specified in the respective Wrap Fee Program Brochure. Depending on the selected program, these minimums range from $150,000 to $500,000. Chandler also enters into selected sub-advisory arrangements or participates as a manager in selected dual contract sponsored programs. In such instances, Chandler typically provides advisory services to a client under a sub-advisory arrangement with an unaffiliated registered investment adviser (“RIA”), or under an investment management agreement with an advisory client who also has an advisory agreement with an unaffiliated RIA or financial consultant intermediary. Chandler may or may not have a service agreement with the sponsor of a dual-contract program. With the exception of certain pre-existing fixed income portfolio management clients, typically Chandler is granted full investment discretion (subject to limitations on the firm’s discretion to select broker-dealers for portfolio transactions, as discussed below) and manages a client’s portfolio based on the individual needs of that client, as communicated through the sponsor, the RIA or other designated intermediary. The relevant information is submitted to Chandler and a determination is made as to whether participation in this program is appropriate for the client. On an ongoing basis, the participating client's financial consultant is responsible for obtaining and communicating to us any changes in the client's financial circumstances and/or objectives, including modifications to any client-imposed restrictions, if applicable. Currently Chandler provides investment management services as an investment manager in the following dual- contract or sub-advisory sponsored programs:  Charles Schwab Corporation (“Schwab”) Market Place  Fidelity Investments (“Fidelity”) Separate Account Network  Merrill Lynch (“ML”) Managed Account Services  TD Ameritrade Institutional (“TDAI”) Separate Account Exchange  Wells Fargo Advisors (“WFA”) Private Advisor Network (“PAN”) Assets Under Management As of December 31, 2023 Discretionary Non-Discretionary Total Assets Managed $ 29,553,709,614 $6,249,874,901 $ 35,803,584,515