INVESTMENT REPORT
City of Cupertino | 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.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
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 thepolicy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.
The US Treasury yield curve flattened in September,as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. 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 spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 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.
ECONOMIC UPDATE
3 -400
-200
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 unemploymentrate 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 jumped to 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 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 D epartment’s Job Openings and Labor TurnoverSurvey (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 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 Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
In August, t he Consumer Price Index (CPI) increased more than expected at 0.4% month-over-monthand 2.9% year-over-year, while the Core CPI rose 0.3% month-over-monthand 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-monthand 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 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail S ales 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 employmentand income. Consumers have remained resilient, but rising debt burdens, higher delinquencyrates, 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
7 -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 B oard’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 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-monthdecline 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 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up 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 growthfactored into the gain, although drops in 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 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 s harp reboundfrom the first quarter, real GDP increased at 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 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 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-endversus +61 basis points at August month-end. Theprior 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 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The City of Cupertino's investment objectives, 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 these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 PORTFOLIO SUMMARY
Sector Allocation
Performance Review
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19)
City of Cupertino 0.30% 1.30% 4.93% 4.41% 5.88% 4.92% 1.53% -- 2.33% Benchmark Return 0.24% 1.14% 4.57% 3.77% 5.24% 4.46% 1.15% -- 2.06% City of Cupertino | Account #10659 | As of September 30, 2025 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.21
Average Coupon 3.10%
Average Purchase YTM 3.32%
Average Market YTM 3.38%
Average Credit Quality* AA+
Average Final Maturity 2.56
Average Life 2.27
End Values as
of 06/30/2025
End Values as
of 09/30/2025
Market Value 173,784,957.99 204,001,801.31
Accrued Interest 1,267,966.53 1,106,379.00
Total Market Value 175,052,924.52 205,108,180.31
Income Earned 1,570,445.77 1,646,763.62
Cont/WD 0.00 27,800,000.00
Par 174,552,255.38 204,299,921.15
Book Value 173,154,444.93 202,688,318.55
Cost Value 172,701,432.17 202,164,869.60
United States 37.43%
FHLMC 10.76%
Farm Credit System 2.59%
International Bank for Recon and Dev 2.39%
UnitedHealth Group Incorporated 1.43%
Toyota Motor Corporation 1.39%
Guardian Life Global Funding 1.33%
The Home Depot, Inc. 1.29%
*The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. **Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 16 PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.65 2.56 2.98
Average Modified Duration 2.48 2.21 2.54
Average Purchase Yield 3.32% 3.73%
Average Market Yield 3.66% 3.38% 4.03%
Average Quality** AA+ AA+ AA+
Total Market Value 205,108,180 175,052,925
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 17 SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 37.43% 41.62%
Corporate 24.29% 26.43%
Cash 12.89% 0.00%
Agency CMBS 10.76% 11.78%
ABS 6.40% 8.06%
Supras 3.58% 4.74%
Agency 3.53% 5.90%
Muni Bonds 0.88% 1.02%
Money Mkt Fd 0.24% 0.45%
18 DURATION ALLOCATION
City of Cupertino | Account #10659 | As of September 30, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2025 15.8% 1.4% 9.3% 19.5% 10.8% 33.1% 10.0% 0.0% 0.0% 19 ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2025 Issuer Investment Type % Portfolio
United States US Treasury 37.43%
Cash Cash 13.63%
FHLMC Agency CMBS 10.76%
Farm Credit System Agency 2.59%
International Bank for Recon and Dev Supras 2.39%
UnitedHealth Group Incorporated Corporate 1.43%
Toyota Motor Corporation Corporate 1.39%
Guardian Life Global Funding Corporate 1.33%
The Home Depot, Inc. Corporate 1.29%
Inter-American Development Bank Supras 1.19%
New York Life Insurance Company Corporate 1.18%
Caterpillar Inc. Corporate 1.10%
Royal Bank of Canada Corporate 1.01%
Massachusetts Mutual Life Insurance Corporate 0.97%
Morgan Stanley Corporate 0.97%
Federal Home Loan Banks Agency 0.93%
Simon Property Group, Inc. Corporate 0.91%
Amazon.com, Inc. Corporate 0.90%
State of California Muni Bonds 0.88%
Chubb Limited Corporate 0.87%
Honda Motor Co., Ltd. Corporate 0.86%
Chase Issuance Trust ABS 0.84%
Bank of America Credit Card Trust ABS 0.81%
Berkshire Hathaway Inc. Corporate 0.78%
PepsiCo, Inc. Corporate 0.75%
Prologis, Inc. Corporate 0.74%
Bank of America Corporation Corporate 0.74%
JPMorgan Chase & Co. Corporate 0.74%
The Progressive Corporation Corporate 0.74%
Realty Income Corporation Corporate 0. 71%
20 ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2025 Issuer Investment Type % Portfolio
Deere & Company Corporate 0.71%
American Express Credit Master Trust ABS 0.70%
Marsh & McLennan Companies, Inc. Corporate 0.70%
WF Card Issuance Trust ABS 0.68%
GM Financial Securitized Term ABS 0.66%
Honda Auto Receivables Owner Trust ABS 0.62%
Metropolitan Life Global Funding I Corporate 0.53%
Toyota Auto Receivables Owner Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.50%
Northwestern Mutual Global Funding Corporate 0.50%
John Deere Owner Trust ABS 0.49%
Mastercard Incorporated Corporate 0.47%
The Charles Schwab Corporation Corporate 0.46%
Mercedes-Benz Auto Receivables Trust ABS 0.46%
Meta Platforms, Inc. Corporate 0.45%
Met Tower Global Funding Corporate 0.37%
BMW Vehicle Owner Trust ABS 0.34%
Hyundai Auto Lease Securitization Tr ABS 0.30%
Wells Fargo & Company Money Mkt Fd 0.21%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Money Mkt Fd 0.03%
Receivable Cash 0.00%
Payable Cash -0.74%
TOTAL 100.00%
21 QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 23.28% 13.30%
AA 56.92% 65.23%
A 16.64% 18.44%
NA 3.16% 3.03%
Rating 09/30/2025 06/30/2025
Aaa 20.99% 10.52%
Aa 57.92% 66.43%
A 16.60% 18.37%
NA 4.49% 4.68%
Rating 09/30/2025 06/30/2025
AAA 26.36% 15.47%
AA 52.84% 61.31%
A 10.00% 11.68%
NA 10.80% 11.54%
City of Cupertino | Account #10659 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating
22 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 15.8% 1.4% 9.3% 19.5% 10.8% 33.1% 10.0% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 35.0% 27.7% 22.6% 12.0% 0.0% 0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2025 Portfolio Compared to the Benchmark
23 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Cupertino Gross of Fees 1.30% 4.41% 5.88% 4.92% 1.53% 2.33% City of Cupertino Net of Fees 1.29% 4.33% 5.81% 4.86% 1.46% 2.25% Benchmark 1.14% 3.77% 5.24% 4.46% 1.15% 2.06%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
INVESTMENT PERFORMANCE
City of Cupertino | Account #10659 | As of September 30, 2025 Total and Realized Rate of Return : Inception | 02/01/2019 24 HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 3.32%
25 PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.90% 2.43%
Average Market Yield 3.86% 2.41%
Average Quality** AAA AAA
Total Market Value 74,825,162 120,488,632
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 26 SECTOR DISTRIBUTION
City of Cupertino Reporting | Account #10663 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
LAIF 91.95% 56.48%
Cash 8.05% 43.52%
27 CONSOLIDATED INFORMATION
28 PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 1.87 1.76
Average Modified Duration 1.62 1.50
Average Purchase Yield 3.47% 3.20%
Average Market Yield 3.51% 3.37%
Average Quality** AA+ AA+
Total Market Value 279,933,343 295,541,556
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 27.39% 24.58%
LAIF 24.68% 23.13%
Corporate 17.77% 15.61%
Cash 11.59% 17.82%
Agency CMBS 7.88% 6.96%
ABS 4.69% 4.76%
Supras 2.62% 2.80%
Agency 2.58% 3.49%
Muni Bonds 0.64% 0.60%
Money Mkt Fd 0.18% 0.27%
30 PORTFOLIO HOLDINGS
31 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 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
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 11,321.44 03/10/2022
2.34%
11,318.93
11,320.94
99.92 4.46%
11,312.23
11.67 0.01%
(8.71)
Aaa/NA
AAA
0.96 0.04
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 138,229.02 07/12/2022
3.77%
138,215.82
138,225.17
99.86 4.30%
138,040.49
229.77
0.07%
(184.68)
Aaa/NA
AAA
1.38 0.26
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 34,070.08 04/05/2022
3.13%
34,062.96
34,068.20
99.88 4.30%
34,027.96
44.01 0.02%
(40.24)
Aaa/AAA
NA
1.38 0.10
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024
5.41%
609,983.04
609,990.77
100.71
4.26%
614,338.81
1,466.71
0.30%
4,348.04
NA/AAA
AAA
1.63 0.59
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 335,295.97 10/12/2022
5.15%
335,269.95
335,286.57
100.33
4.32%
336,408.01
758.51
0.16%
1,121.44
Aaa/NA
AAA
1.71 0.40
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,033,485.85 11/21/2023
5.65%
1,029,287.31
1,031,057.18
1 00.64
4.18%
1,040,049.73
2,370.13
0.51%
8,992.54
NA/AAA
AAA
2.55 0.61
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 704,600.12 --
5.64%
706,344.26
705,486.61
101.18
4.06%
712,936.59
1,109.75
0.35%
7,449.98
Aaa/NA
AAA
2.73 0.69
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 915,551.72 11/29/2023
3.88%
934,935.67
926,018.94
101.50
3 .93%
929,293.51
2,421.13
0.46%
3,274.57
NA/AAA
AAA
3.13 0.72
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
853,527.89
101.23
3.89%
860,430.18
1,881.33
0.42%
6,902.29
Aaa/NA
AAA
1.13 1.07
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,842.14
101.09
4.09%
505,436.15
1,102.22
0.25%
5,594.01
Aaa/NA
AAA
3.13 1.17
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 535,000.00 05/14/2024
5.27%
534,935.00
534,954.69
101.36
3.89%
542,272.47
1,018.13
0.27%
7,317.78
NA/AAA
AAA
3.14 0.94
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,310,000.00 --
4.97%
1,307,922.66
1,308,566.19
100.63
4.04%
1,318,267.28
2,647.29
0.65%
9,701.09
Aaa/NA
AAA
3.22 0.73
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 4 .61%
1,689,742.61
1,689,829.12
100.95
3.88%
1,706,001.09
3,455.11
0.84%
16,171.97
NA/AAA
AAA
3.30 1.23
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 695,000.00 06/04/2024
5.18%
694,894.43
694,923.69
101.18
3.92%
703,192.66
600.02
0.34%
8,268.97
Aaa/AAA
NA
3.41 0.89
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,967.72
101.69
3.88%
798,305.67
1,720.02
0.39%
13,337.95
Aaa/AAA
NA
3.62 1.53
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,976.32
100.96
3.92%
1,433,565.26
2,701.16
0.70%
13,588.94
NA/AAA
AAA
4.54 2.
36 32
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 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
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,978.76
101.07
3.94%
1,379,588.30
2,632.93
0.68%
14,609.54
NA/AAA
AAA
4.62 2.43
12,955,384.70 101.01 13,063,466.38 6.40% 3.18
Total ABS 12,932,554.19 4.80% 12,943,020.90 3.99% 26,169.89 120,445.49 1.22 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,872,486.51
101.62
3.65%
1,905,355.59
42,552.08
0.93%
32,869.09
Aa1/AA+
AA+
1.52 1.43
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/2024
4.55%
2,412,552.00
2,406,964.03
101.64
3.68%
2,439,262.13
45,916.67
1.20%
32,298.10
Aa1/AA+
AA+
1.60 1.50
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/2023
4.73%
2,789,612.00
2,794,489.60
101.87
3.70%
2,852,380.27
48,922.22
1.40%
57,890.68
Aa1/AA+
AA+
2.13 1.98
7,072,214.00 101.72 7,196,997.99 3.53% 1.79
Total Agency 7,075,000.00 4.70% 7,073,940.13 3.68% 137,390.97 123,057.87 1.67
AGENCY CMBS
3137BSP72 FH
MS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
656,626.98
98.82 3.87%
642,340.27
1,437.04
0.31%
(14,286.71)
Aa1/AA+
AAA
0.90 0.84
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
981,278.65
98.83 3.82%
988,277.20
2,703.33
0.48%
6 ,998.55
Aaa/AA+
AA+
1.90 1.75
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024
4.86%
1,913,359.38
1,937,737.14
99.53 3.88%
1,990,610.80
6,285.00
0.98%
52,873.66
Aa1/AAA
AA+
3.24 2.83
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,244,586.43
98.84 3.90%
1,273,028.29
3,824.29
0.62%
28,441.86
Aa1/AA+
AA+
3.32 3.04
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,856,103.77
94.85 3.94%
1,896,993.00
3,766.67
0.93%
40,889.23
Aa1/AA+
AAA
3.32 3.06
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,488,427.42
99.29 3.87%
2,531,946.26
7,841.25
1.24%
43,518.83
Aaa/AA+
AA+
3.32 3.00
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,440,763.84
98.62 3.90%
2,465,436.25
7,302.08
1.21%
24,672.41
Aa1/AAA
AA+
3.48 3.12
3137FMCR1 FHMS K-093 A
2 2.982 05/25/2029 1,978,803.56 09/19/2024
3.82%
1,909,081.65
1,924,520.08
96.96 3.90%
1,918,668.51
4,917.33
0.94%
(5,851.56)
Aa1/AA+
AAA
3.65 3.19
33 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 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
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,079,108.26
96.08 3.93%
2,113,763.52
5,105.83
1.04%
34,655.26
Aa1/AA+
AAA
3.73 3.38
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,512,695.53
94.65 3.93%
1,514,448.48
3,233.33
0.74%
1,752.95
Aa1/AA+
AAA
3.90 3.56
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,413,817.21
95.07 3.95%
1,426,036.35
3,243.75
0.70%
12,219.14
Aa1/AA+
AAA
3.99 3.62
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,822,853.66
92.45 3.99%
1,849,057.40
3,448.33
0.91%
26,203.74
Aa1/AA+
AAA
4.32 4.02
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,350,741.77
89.88 3.99%
1,348,220.40
1,846.25
0.66%
(2,521.37)
Aa1/AA+
AAA
4.57 4.18
21,481,521.82 96.53 21,958,826.72 10.76% 3.51
Total Agency CMBS 22,766,803.56 4.28% 21,709,260.74 3.92% 54,954.49 249,565.98 3.18 C
ASH
CCYUSD US DOLLAR 27,800,000.00 --
0.00%
27,800,000.00
27,800,000.00
1.00 0.00%
27,800,000.00
0.00 13.63%
0.00 Aaa/AAA
AAA
0.00 0.00
CCYUSD US DOLLAR (1,500,000.00) -- (1,500,000.00)
(1,500,000.00)
1.00 0.00%
(1,500,000.00)
0.00 (0.74%)
0. 00
Aaa/AAA
AAA
0.00 0.00
CCYUSD US DOLLAR 1,934.43 -- 1,934.43
1,934.43
1.00 0.00%
1,934.43
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
26,301,934.43 1.00 26,301,934.43 12.89% 0.00
Total Cash 26,301,934.43 0.00% 26,301,934.43 0.00% 0.00 0.00 0.00
CORPORATE
023135BX3 AMAZON.COM INC 1.0
05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,874,010.79
98.24 3.93%
1,841,971.03
7,239.58
0.90%
(32,039.76)
A1/AA
AA-
0.61 0.60
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,033,587.04
98.20 4.11%
1,016,375.40
4,496.50
0.50%
(17,211.64)
A2/A+
A
0.62 0.61
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,913.23
97.99 4.01%
1,357,121.97
4,457.97
0.67%
(27,791.26)
A1/A+
A+
0.71 0.70
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1 ,000,359.20
97.78 4.07%
977,846.15
2,500.00
0.48%
(22,513.05)
Aa3/AA+
AA+
0.79 0.77
34 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 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
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,864.99
97.50 3.95%
750,737.36
454.51
0.37%
(19,127.63)
Aa3/AA-
AA-
0.96 0.93
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,872.84
97.46 3.76%
341,116.15
142.92
0.17%
(8,756.69)
Aa2/AA
AA
0.96 0.94
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,674.92
97.37 4.01%
1,085,643.68
4,645.83
0.53%
(29,031.24)
Aa3/AA-
AA-
1.28 1.24
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,919.77
97.84 4.03%
939,235.16
1,829.33
0.46%
(20,684.60)
A2/A-
A
1.42 1.38
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,910.94
97.92 3.78%
1,581,386.91
1,650.89
0.78%
(33,524.03)
Aa2/AA
A+
1.45 1.41
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/2024
5.04%
998,930.00
9 99,422.94
101.74
3.88%
1,017,352.43
19,027.78
0.50%
17,929.49
A2/A
A+
1.62 1.52
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/2025
4.66%
1,429,571.00
1,429,675.01
101.63
3.89%
1,453,368.49
15,515.50
0.71%
23,693.48
A1/A
A+
2.27 2.12
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,553.47
1 02.31
3.87%
966,788.09
2,815.31
0.47%
22,234.62
Aa3/A+
NA
2.44 2.21
61690U8E3 MORGAN STANLEY BANK NA
4.968 07/14/2028 1,950,000.00 07/17/2024
4.97%
1,950,000.00
1,950,000.00
101.48
4.44%
1,978,827.47
20,720.70
0.97%
28,827.47
Aa3/A+
AA-
2.79 1.68
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,486,203.54
101.01
4.05%
1,515,215.97
10,937.50
0.74%
29,012.43
A2/A
NA
3.34 2.84
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/2024
4.69%
2,019,920.00
2,015,635.85
102.77
4.05%
2,055,363.44
16,500.00
1.01%
39,727.59
A1/A
AA-
3.34 3.03
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,467,122.19
100.01
4.00%
1,500,192.24
5,000.00
0.74%
33,070.05
A2/A
A
3.42 3.15
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 0
7/01/2024
5.12%
994,880.00
996,177.07
102.84
4.16%
1,028,377.03
15,972.22
0.50%
32,199.96
Aa1/AA+
AAA
3.68 3.29
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,608,445.33
96.46 3.99%
1,604,108.53
14,445.00
0.79%
(4,336.80)
A2/A
A
3.71 3.43
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
994,200.32
102.41
4.05%
1,024,063.81
12,666.67
0.50%
29,863.49
A2/A
A
3.73 3.29
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,429,375.22
99.37 4.18%
1,453,754.59
12,354.22
0.71%
2 4,379.37
A3/A-
NA
3.79 3.45
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,236.51
101.78
3.99%
1,526,659.29
13,875.00
0.75%
28,422.78
A1/A+
NA
3.79 3.36
35 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 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
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,497,522.69
100.19
4.47%
1,502,901.09
11,908.50
0.74%
5,378.40
A1/A
AA-
3.81 2.61
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,499,057.31
100.35
4.49%
1,505,190.86
12,101.17
0.74%
6,133.55
A1/A-
AA-
3.81 2.61
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,903.56
101.27
3.94%
923,598.01
5,010.93
0.45%
12,694.45
Aa3/AA-
NA
3.87 3.45
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,762,426.46
101.97
4.09%
1,784,421.36
10,397.92
0.87%
21,994.90
A2/A
A
3.87 3.43
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,925,891.25
95.41 4.17%
1,908,253.10
7,347.22
0.94%
(17,638.15)
A2/A+
A
3.87 3.60
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1 ,756,466.68
100.52
4.25%
1,759,181.67
5,561.11
0.86%
2,714.99
A3/A-
NA
3.93 3.56
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,205,000.00 09/23/2024
4.18%
1,205,000.00
1,205,000.00
99.95 4.19%
1,204,411.91
699.40
0.59%
(588.09)
Aa1/AA+
NA
3.99 3.63
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,426.37
102.43
4 .05%
1,229,120.40
21,306.67
0.60%
30,694.03
A2/A
A+
4.13 3.66
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,349.78
101.57
4.19%
1,386,376.24
20,232.33
0.68%
22,026.46
Aa1/AA+
AAA
4.18 3.72
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,356.47
103.01
4.17%
1,488,490.73
16,292.38
0.73%
46,134.26
A1/A+
A+
4.28 3.79
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
1,000,000.00 02/05/2025
4.88%
1,002,873.61
1,002,495.80
103.01
4.19%
1,030,082.76
7,425.00
0.50%
27,586.96
A2/NA
A
4.36 3.80
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,628.75
101.62
4.25%
1,422,736.50
2,893.33
0.70%
25,107.75
A3/A-
A-
4.45 3.
92 57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/2025
4.58%
998,670.00
998,777.07
100.97
4.31%
1,009,734.11
18,200.00
0.49%
10,957.04
Aa3/AA+
AA+
4.60 4.04
66815L2W8 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025
4.51%
1,004,040.00
1,003,795.29
101.53
4.23%
1,015,312.75
15,077.78
0.50%
11,517.46
Aa1/AA+
AAA
4.67 4.11
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,856,820.25
93.13 4.25%
1,862,533.72
11,188.89
0.91%
5,713.47
A3/A
NA
4.79 4.40
40139LBN2 GUARDIAN LIFE GLOBAL FUNDING
4.327 10/06/2030 1,500,000.00 09/30/2025
4.33%
1,500,000.00
1,500,000.00
100.00
4.33%
1,500,000.00
0.00 0
.74%
0.00 NA/NA
NA
5.02 4.45
36 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Corporate 49,583,000.00 3.96%
49,163,177.84
49,243,078.88
99.99 4.12%
49,547,850.42
352,890.07
24.29%
304,771.53
3.21 2.82
MONEY MARKET
FUND
992995944 WC MMF SWEEP 52,499.43 --
2.10%
52,499.43
52,499.43
1.00 2.10%
52,499.43
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 438,129.54 --
3.69%
438,129.54
438,129.54
1.00 3.69%
438,129.54
0.00 0.21%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 490,628.97 3.52%
490,628.97
490,628.97
1.00 3.52%
490,628.97
0.00 0.24%
0.00 0.00
0.00 MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024
4.38%
1,749,169.80
1,747,420.65
102.61
3.76%
1,785,448.80
13,050.00
0.88%
38,028.15
Aa2/AA-
AA
3.84 3.48
Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,747,420.65
102.61
3.76%
1,785,448.80
13,050.00
0.88%
38,028.15
3.84 3.48
SUPRANATIONAL
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
1,400,000.00 --
0 .60%
1,393,501.23
1,399,897.80
99.72 4.24%
1,396,079.68
2,975.00
0.68%
(3,818.12)
Aaa/AAA
NA
0.08 0.07
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,458,759.79
98.33 3.95%
2,419,007.13
9,626.46
1.19%
(39,752.66)
Aaa/AAA
NA
0.55 0.54
4 59058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,750,000.00 12/12/2024
4.25%
1,721,510.00
1,726,215.36
100.53
3.73%
1,759,210.15
31,080.00
0.86%
32,994.78
Aaa/AAA
NA
4.04 3.65
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,700,000.00 03/14/2025
4.20%
1,694,220.00
1,694,837.25
101.48
3.76%
1,725,172.09
2,142.71
0.85%
30,334.84
Aaa/AAA
NA
4.47 4.05
Total Supranational 7,310,000.00 2.45%
7,257,964.43
7,279,710.20
99.87 3.91%
7,299,469.04
45,824.17
3.58%
19,758.84
2.23 2.03
37 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 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
US TREASURY
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 1,950,000.00 --
0.49%
1,928,106.03
1,949,623.51
99.68 4.14%
1,943,837.12
2,040.08
0.95%
(5,786.39)
Aa1/AA+
AA+
0.08 0.08
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/2021
0.76%
2,209,658.20
2,248,582.01
99.39 4.11%
2,236,289.06
2,835.55
1.10%
(12,292.95)
Aa1/AA+
AA+
0.17 0.16
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,496,890.77
98.81 4.01%
2,470,244.15
1,579.48
1.21%
(26,646.62)
Aa1/AA+
AA+
0.34 0.33
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,499,255.08
98.25 3.82%
2,456,210.93
7,846.47
1.20%
(43,044.16)
Aa1/AA+
AA+
0.58 0.57
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,395,780.80
97.24 3.72%
1,361,314.07
33.65 0.67%
(34,466.73)
Aa1/AA+
AA+
1.00 0.98
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,398,137.18
97.27 3
.72%
1,361,773.43
6,591.03
0.67%
(36,363.74)
Aa1/AA+
AA+
1.08 1.05
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,510,206.07
100.78
3.70%
2,519,531.25
32,274.59
1.24%
9,325.18
Aa1/AA+
AA+
1.21 1.15
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,291,322.68
101.23
3 .67%
2,328,390.63
47,790.98
1.14%
37,067.95
Aa1/AA+
AA+
1.54 1.45
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,192,713.70
101.30
3.66%
3,241,750.02
54,391.30
1.59%
49,036.32
Aa1/AA+
AA+
1.62 1.53
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,253,505.79
99.35 3.63%
3,228,925.77
26,693.27
1.58%
(24,580.03)
Aa1/AA+
AA+
1.75 1.67
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
397,487.59
98.44 3.64%
393,750.00
1,853.26
0.19%
(3,737.59)
Aa1/AA+
AA+
1.83 1.76
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,488,032.34
99.07 3.63%
4,458,339.86
12,042.47
2.19%
(29,692.49)
Aa1/AA+
AA+
1.92 1.84
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3 ,438,295.45
100.96
3.62%
3,483,287.12
390.97
1.71%
44,991.67
Aa1/AA+
AA+
2.00 1.90
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,152.99
100.53
3.62%
854,482.42
11,069.16
0.42%
3,329.44
Aa1/AA+
AA+
2.17 2.03
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,761,464.55
100.55
3.62%
2,765,146.48
26,930.20
1.36%
3,681.93
Aa1/AA+
AA+
2.25 2.12
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,980,283.88
99.73 3.62%
2,992,031.25
17,690.22
1.47%
11,747.37
Aa1/AA+
AA+
2.34 2.21
38 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 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
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,636.39
100.88
3.61%
3,732,664.04
12,674.03
1.83%
33,027.66
Aa1/AA+
AA+
2.42 2.28
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,264,590.93
101.52
3.66%
2,335,039.07
260.65
1.14%
70,448.14
Aa1/AA+
AA+
3.50 3.23
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,989,160.16
101.99
3.68%
2,039,765.62
21,480.98
1.00%
50,605.46
Aa1/AA+
AA+
3.75 3.41
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,521,675.16
99.76 3.69%
3,491,523.42
10,864.99
1.71%
(30,151.74)
Aa1/AA+
AA+
3.92 3.61
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,939,651.87
99.29 3.69%
4,964,648.45
480.77
2.43%
24,996.58
Aa1/AA+
AA+
4.00 3.70
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,994,925.75
101.59
3.70%
3,047,695.32
5 1,786.68
1.49%
52,769.57
Aa1/AA+
AA+
4.08 3.67
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,373,575.74
102.59
3.71%
4,513,781.27
48,648.10
2.21%
140,205.53
Aa1/AA+
AA+
4.25 3.82
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,985,971.14
102.12
3.72%
4,084,687.52
28,641.30
2 .00%
98,716.38
Aa1/AA+
AA+
4.34 3.91
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --
4.01%
4,496,958.99
4,497,249.54
101.16
3.71%
4,552,207.02
15,414.36
2.23%
54,957.48
Aa1/AA+
AA+
4.41 4.01
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 2,500,000.00 07/09/2025
3.95%
2,491,406.25
2,491,799.03
100.61
3.73%
2,515,332.03
24,482.00
1.23%
23,533.00
Aa1/AA+
AA+
4.75 4.26
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 3,000,000.00 --
3.71%
2,988,222.66
2,988,353.55
99.48 3.74%
2,984,531.25
9,312.85
1.46%
(3,822.30)
Aa1/AA+
AA+
4.92 4.45
Total US Treasury 76,100,000.00 3.51%
75,692,873.61
75,899,323.65
100.35
3.72%
76,357,178.56
476,099.41
37.43%
457,854.91
2.74 2.52
Total Portfolio 204,299,921.15 3.32%
202,164,869.60
202,688,318.55
86.90 3.38%
204,001,801.31
1,106,379.00
100.00%
1,313,482.76
2.56 2.21
Total Market Value +
Accrued 205,108,180.31
39 HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of September 30, 2025 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
CASH
90CASH$00 Wells Fargo Government
Advantage Checking 5,268,302.69 03/31/2025
0.00%
5,268,302.69
5,268,302.69
1.00 0.00%
5,268,302.69
0.00 7.04%
0.00 NA/NA
NA
0.00 0.00
90CASH$02 Wells Fargo WC Distribution
Account 22,911.92 04/30/2025
0.00%
22,911.92
22,911.92
1.00 0.00%
22,911.92
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
CCYUSD US DOLLAR 733,124.59 -- 733,124.59
733,124.59
1.00 0.00%
733,124.59
0.00 0.98%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 6,024,339.20 0.00%
6,024,339.20
6,024,339.20
1.00 0.00%
6,024,339.20
0.00 8.05%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 68,800,823.11 --
4.20%
68,800,823.11
68,800,823.11
1.00 4.20%
68,800,823.11
0.00 91.95%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 68,800,823.11 4.20%
68,800,823.11
68,800,823.11
1.00 4.20%
68,800,823.11
0.00 91.95%
0.00 0.00
0.00 Total Portfolio 74,825,162.31 3.90%
74,825,162.31
74,825,162.31
1.00 3.86%
7 4,825,162.31
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 74,825,162.31
40 TRANSACTIONS
41 TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/10/2025 91282CNK3 2,500,000.00
UNITED STATES
TREASURY 3.875
06/30/2030
99.656 3.95% (2,491,406.25) (2,632.47) (2,494,038.72) 0.00 Purchase 08/20/2025 828807DK0 2,000,000.00
SIMON PROPERTY
GROUP LP 2.65
07/15/2030
92.669 4.32% (1,853,380.00) (5,152.78) (1,858,532.78) 0.00 Purchase 09/04/2025 91282CNX5 2,500,000.00
UNITED STATES
TREASURY 3.625
08/31/2030
99.656 3.70% (2,491,406.25) (1,001.38) (2,492,407.63) 0.00 Purchase 09/08/2025 3137FTZQ3 1,500,000.00 FHMS K-110 A2 1.477 04/25/2030 89.910 3.96% (1,348,652.34) (430.79) (1,349,083.13) 0.00 Purchase 09/29/2025 91282CNX5 500,000.00
UNITED STATES
TREASURY 3.625
08/31/2030
99.363 3.77% (496,816.41) (1,452.00) (498,268.41) 0.00
Purchase 10/06/2025 40139LBN2 1,500,000.00
GUARDIAN LIFE
GLOBAL FUNDING
4.327 10/06/2030
100.000 4.33% (1,500,000.00) 0.00 (1,500,000.00) 0.00
Total Purchase 10,500,000.00 (10,181,661.25) (10,669.42) (10,192,330.67) 0.00 TOTAL
ACQUISITIONS 10,500,000.00 (10,181,661.25) (10,669.42) (10,192,330.67) 0.00
DISPOSITIONS
Sale 07/10/2025 3137EAEX3 (600,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP
0.375 09/23/2025
99.187 0.46% 595,122.00 668.75 595,790.75 (4,770.83)
Sale 07/10/2025 91282CAM3 ( 1,200,000.00)
UNITED STATES
TREASURY 0.25
09/30/2025
99.105 0.56% 1,189,265.63 827.87 1,190,093.50 (9,903.52) Sale 08/20/2025 91282CAT8 (500,000.00)
UNITED STATES
TREASURY 0.25
10/31/2025
99.234 0.49% 496,171.88 380.43 496,552.31 (3,596.43)
Sale 09/04/2025 3135G06G3 (2,000,000.00)
F
EDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.5
11/07/2025
99.345 0.56% 1,986,900.00 3,250.00 1,990,150.00 (12,894.69) 42 TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 09/04/2025 3135G06G3 (500,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.5
11/07/2025
99.345 0.56% 496,725.00 812.50 497,537.50 (3,223.67)
Sale 09/04/2025 459058JL8 (1,000,000.00)
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 0.5
10/28/2025
99.445 0.60% 994,450.00 1,750.00 996,200.00 (5,403.99)
Total Sale (5,800,000.00) 5,758,634.51 7,689.55 5,766,324.06 (39,793.14) TOTAL
DISPOSITIONS (5,800,000.00) 5,758,634.51 7,689.55 5,766,324.06 (39,793.14) 43 TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/31/2025 90LAIF$00 745,615.67
Local Agency
Investment Fund State
Pool
1.000 4.26% (745,615.67) 0.00 (745,615.67) 0.00
Total Purchase 745,615.67 (745,615.67) 0.00 (745,615.67) 0.00 TOTAL
ACQUISITIONS 745,615.67 (745,615.67) 0.00 (745,615.67) 0.00 44 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.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source I CE 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 i ncome investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 45 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. 46