Description of Advisory Firm Government Portfolio Advisors LLC ("GPA," "we," "our," or "us") was organized as an Oregon limited liability company in 2013. We have been registered as an investment adviser with the SEC since 2014. We have focused primarily on providing investment advisory services to public funds, including states, counties, cities, water districts, power districts, school districts, transit districts and universities. Our principal owners are Deanne Woodring CFA, President and Chief Compliance Officer, David Westcott CFA, Chief Executive Officer and Chief Investment Officer, Mike Clark, Director of Portfolio Management and Operations, and Mitch Henke, Chief Operating and Strategy Officer. Advisory Services Offered GPA provides primarily fixed income investment advisory services on a discretionary and non-discretionary through separately managed accounts. GPA also provides consulting services for organizations that internally invest in fixed income securities. GPA offers investment advisory services, transactions, investment research, portfolio analysis, portfolio reporting and portfolio recommendations based upon the specific investment policy and investment objectives of each client. Many of our public fund clients are required to maintain full approval authority over securities transactions, and therefore, clients must approve any such recommendations made by GPA before the securities are purchased or sold in their accounts, which is defined as non- discretionary. We generally invest or make recommendations to invest clients' assets in the following investment types:
• Government debt
• Government agency debt
• Corporate notes and bonds
• Municipal notes and bonds
• Other fixed income securities, such as bankers’ acceptances, commercial paper, and certificates of deposit
• Money market mutual funds and cash
• Mortgage-backed and asset-backed securities
• Fixed income mutual funds, ETFs and closed end funds
• Equity ETF’s and closed end funds
• Bank Deposits
• Local Government Investment Pools GPA also offers consulting services to clients. These services may include portfolio review, performance analysis, asset allocation recommendations, re-balancing recommendations, review and updating of investment policies and guidelines, liquidity projections, and risk tolerance analysis.

In addition to managing separate core investment portfolios, GPA may include portfolio reports for assets that we may not control but are part of our client’s total investment holdings and our oversight responsibility. These assets primarily include Bank CD’s, Local Government Investment Pools, and other Bank Depositories. Information on the balances of these funds will be provided by the client, and GPA relies on that information for accuracy of the liquidity reporting component. Any assets that we specifically advise either into or out of various liquidity and core investments are included as part of our assets under management for regulatory reporting purposes. Tailored Services and Client Imposed Restrictions Institutional clients provide us with an investment policy to follow, which is regularly reviewed. GPA manages client accounts based on the client’s investment policy and any statutory guidelines. Within those parameters, GPA develops a guideline portfolio strategy plan, as discussed below under Item 8 - Methods of Analysis, Investment Strategies, and Risk of Loss, based on the client’s investment objectives circumstances, cash flow analysis and risk tolerance. A client’s strategic plan is based on information the client supplies about their financial situation, goals, and sensitivity to price change given market changes. Our recommendations and investment selections may not be suitable if the client does not provide us with accurate and complete information. It is the client’s responsibility to keep GPA informed of any changes to their investment objectives or restrictions. All our clients may impose restrictions on investing in certain securities, industries, domiciles, or sectors. Clients must advise us of any such restrictions in writing. Assets Under Management GPA manages its public fund institutional accounts primarily on a non-discretionary basis, but clients can request discretionary contracts on a continuous and regular basis. As of December 31, 2023, our total assets under management were: Regulatory Assets Under Management Discretionary Assets $ 1,755,997,381 Non-Discretionary Assets $ 18,724,076,911 Total Assets $ 20,480,074,292 Consulting Assets Under Advisement Public Funds $ 20,056,228,138 Total Regulatory Assets Under Management and Consulting Assets Under Advisement $ 40,536,302,430