INVESTMENT REPORT
City of Cupertino | As of October 31, 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
City of Cupertino | As of October 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
ECONOMIC UPDATE
The Federal Reserve lowered the Federal Funds Rate by a quarter percentage point to the range of 3.75-4.00% at the October Federal Open Market Committee meeting. While the move was in line with market expectations there were 2 dissenters, with Federal Reserve Governor Stephen Miran calling for a larger 50 basis point cut and Kansas City Federal Reserve President Jeffrey Schmid calling for no cut. Chair Jerome Powell referenced the weakening labor market despite some inflationary pressures and moderate economic growth.
The Federal Governmentshutdown that began on October 1st has halted the release of key economic data as agencies remain closed. At the same time, heightened trade policy uncertainty has added to market volatility. Core levels of inflation 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 w
ill move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
The US Treasury yield curve flattened in October, as the 2-year Treasury yield declined 3 basis points to 3.58%, the 5-year Treasury also down 5 basis points to 3.69%, and the 10-year Treasury yield declined 14 basis points to 4.08%. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +50 basis points at October month-endversus +54 basis points at September month-end.
The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +11 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +26 basis points in October versus +21 basis points in September. 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%
4.0%
8.0%
12.0%
16.0%
20.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
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.
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)
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
The Labor Department’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. 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
Source: US Department of Labor Source: US Department of Commerce
INFLATION
Despite the Federal Governmentshutdown, the Bureau of Labor Statistics released the Consumer Price Index (CPI) data for Septemberon October 24th. Both headline and core measures came in below estimates. Headline CPI edged up 0.3% from August and 3.0% on an annual basis, while core CPI was up 0.2% from the prior month and 3.0% on an annual basis. The release was essential as third-quarter CPI data is used by the Social Security Administration to calculate the annual COLA, i.e. the cost-of-living adjustment. Other US Government data releases continue to be impacted by the shutdown. 6 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
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
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 declined by 1.0 point to 94.6 in October from an upwardly revised 95.6 in September, the lowest measure since April 2025. Measures of current conditions improved, including improving views on current job availability, while expectations weakened somewhat. Consumers have remained resilient, but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging si gns of labor mark et cooling could weigh on future spending.
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
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
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. 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
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
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 fell 0.6% month-over-monthin August and posted a 1.6% annual gain, the slowest increase in more than two years. Most major metros saw broad declines causing homeowners to face real wealth decline, while those same high price and mortgage rates continue to weigh on affordability for new buyers. The Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.2% as of October.
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Source: Institute for Supply Management
SURVEY BASED MEASURES
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. Productiongrowth factored 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. 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%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-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
GROSS DOMESTIC PRODUCT (GDP)
In a sharp 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. 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
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 3.75% to 4.00%% at its October meeting. There were two dissents to the rate decision, one from Federal Reserve Governor Stephen Miran in favor of a 50-basis point cut and the second from Kansas City Federal Reserve President Jeffrey Schmid who preferred to leave rates unchanged. Chair Jerome Powell referenced the weakening labor market despite some inflationary pressures and moderate economic growth. The Fed also announced the balance-sheet runoff program begun in June 2022 would conclude as of December 1, 2025. The Fed plans to replace Mortgage Backed securities paydowns with purchases of US Treasury Bills. Since the campaign launched, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion. 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
Oct-25
Jul-25
Oct-24
Yield (%)
BOND YIELDS
At the end of October, the 2-year Treasury yield was 60 basis points lower, and the 10-Year Treasury yield was 21 basis points lower, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +50 basis points at October month- end versus +54 basis points at September 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 +26 basis points in October versus +21 basis points in September. 13 ACCOUNT PROFILE
14 OBJECTIVES
City of Cupertino | As of October 31, 2025
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 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of October 31, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 100.0 10.8 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 2.6 Compliant Max Maturity (Years) 5.0 4.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 8.0 Compliant
Max % Issuer (MV) 5.0 0.8 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
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Ma
x % 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
16 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of October 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 26.0 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
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 3.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 2.6 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 2 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 1.9 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) 30.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
17 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of October 31, 2025 Rules Name Limit Actual Compliance
Status Notes
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- by 1) 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) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 2.9 Compliant
Max % Issuer (MV) 10.0 1.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 46.0 Compliant
Max Maturity (Years) 5 4 Compliant
18 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 0.31% 1.66% 5.25% 5.66% 5.92% 5.13% 1.60% -- 2.34% Benchmark Return 0.37% 1.66% 4.96% 5.28% 5.26% 4.66% 1.25% -- 2.09% City of Cupertino | Account #10659 | As of October 31, 2025 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.60
Average Coupon 3.58%
Average Purchase YTM 3.81%
Average Market YTM 3.85%
Average Credit Quality* AA+
Average Final Maturity 3.04
Average Life 2.85
End Values as
of 09/30/2025
End Values as
of 10/31/2025
Market Value 204,001,801.31 204,271,199.79
Accrued Interest 1,106,379.00 1,462,124.01
Total Market Value 205,108,180.31 205,733,323.80
Income Earned 850,946.46 589,844.20
Cont/WD 27,800,000.00 0.00
Par 204,299,921.15 204,416,276.67
Book Value 202,688,318.55 202,969,256.23
Cost Value 202,164,869.60 202,435,834.11
United States 46.02%
FHLMC 10.76%
Farm Credit System 2.59%
Wells Fargo & Company 1.86%
International Bank for Recon and Dev 1.71%
Morgan Stanley 1.69%
UnitedHealth Group Incorporated 1.44%
Toyota Motor Corporation 1.39%
*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 19 HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of October 31, 2025 Purchase Yield as of 10/31/25 = 3.81%
20 PORTFOLIO HOLDINGS
21 ISSUERS
City of Cupertino | Account #10659 | As of October 31, 2025 Issuer Investment Type % Portfolio
United States US Treasury 46.02%
FHLMC Agency CMBS 10.76%
Farm Credit System Agency 2.59%
Wells Fargo & Company Money Mkt Fd 1.86%
International Bank for Recon and Dev Supras 1.71%
Morgan Stanley Corporate 1.69%
UnitedHealth Group Incorporated Corporate 1.44%
Toyota Motor Corporation Corporate 1.39%
Guardian Life Global Funding Corporate 1.32%
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%
Federal Home Loan Banks Agency 0.93%
Simon Property Group, Inc. Corporate 0.91%
Amazon.com, Inc. Corporate 0.90%
Chubb Limited Corporate 0.87%
State of California Muni Bonds 0.87%
American Honda Finance Corporation Corporate 0.86%
Chase Issuance Trust ABS 0.83%
Bank of America Credit Card Trust ABS 0.81%
Berkshire Hathaway Inc. Corporate 0.77%
PepsiCo, Inc. Corporate 0.75%
Citigroup Inc ABS 0.74%
Prologis, Inc. Corporate 0.74%
Bank of America Corporation Corporate 0.74%
JPMorgan Chase & Co. Corporate 0.74%
Th
e Progressive Corporation Corporate 0.74%
22 ISSUERS
City of Cupertino | Account #10659 | As of October 31, 2025 Issuer Investment Type % Portfolio
Realty Income Corporation Corporate 0.71%
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 0.62%
Honda Auto Receivables Owner Trust ABS 0.59%
Cargill, Incorporated Corporate 0.54%
Metropolitan Life Global Funding I Corporate 0.53%
Bmw Vehicle Lease Trust 2025-2 ABS 0.51%
Mercedes-Benz Auto Lease Trust 2025- ABS 0.51%
National Rural Utilities Cooperative Corporate 0.50%
The Goldman Sachs Group, Inc. Corporate 0.50%
Northwestern Mutual Global Funding Corporate 0.50%
Mastercard Incorporated Corporate 0.47%
Toyota Auto Receivables Owner Trust ABS 0.47%
The Charles Schwab Corporation Corporate 0.46%
Meta Platforms, Inc. Corporate 0.45%
John Deere Owner Trust ABS 0.45%
Mercedes-Benz Auto Receivables Trust ABS 0.42%
Met Tower Global Funding Corporate 0.37%
BMW Vehicle Owner Trust ABS 0.34%
Hyundai Auto Lease Securitization Tr ABS 0.30%
Walmart Inc. Corporate 0.17%
Cash Cash 0.03%
WC MMF Sweep Money Mkt Fd 0.03%
TOTAL 100.00%
23 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 113,699.04 07/12/2022
3.77%
113,688.18
113,696.07
99.89 4.36%
113,576.01
188.99
0.06%
(120.05)
Aaa/NA
AAA
1.30 0.18
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 20,790.31 04/05/2022
3.13%
20,785.96
20,789.23
99.91 4.45%
20,772.59
26.85 0.01%
(16.64)
Aaa/AAA
NA
1.30 0.06
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024
5.41%
609,983.04
609,991.25
100.57
4.28%
613,463.58
1,466.71
0.30%
3,472.33
NA/AAA
AAA
1.54 0.48
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 296,956.75 10/12/2022
5.15%
296,933.71
296,948.84
100.30
4.12%
297,841.68
671.78
0.15%
892.84
Aaa/NA
AAA
1.62 0.29
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 957,196.43 11/21/2023
5.65%
953,307.82
955,022.10
100.58
4.15%
962,705.10
2,195.17
0.47%
7,682.99
NA/AAA
AAA
2.46 0.54
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 657,402.63 --
5.64%
659,029.94
6 58,193.79
101.06
4.15%
664,377.67
1,035.41
0.33%
6,183.88
Aaa/NA
AAA
2.64 0.65
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/2025
4.32%
1,049,997.06
1,049,997.11
99.94 4.04%
1,049,370.00
1,852.67
0.51%
(627.11)
NA/AAA
AAA
2.90 1.67
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 852,152.41 11/29/2023
3.88%
870,194.07
861,505.11
101.18
4 .15%
862,183.95
2,253.47
0.42%
678.84
NA/AAA
AAA
3.04 0.63
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
853,261.80
101.02
4.00%
858,664.05
1,881.33
0.42%
5,402.25
Aaa/NA
AAA
1.04 0.99
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,846.43
100.78
4.05%
503,912.50
1,102.22
0.25%
4,066.07
Aaa/NA
AAA
3.04 0.81
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 535,000.00 05/14/2024
5.27%
534,935.00
534,955.92
101.08
4.07%
540,786.03
1,018.13
0.26%
5,830.11
NA/AAA
AAA
3.05 0.86
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,233,637.14 --
4.97%
1,231,680.89
1,232,322.03
100.53
4.14%
1,240,149.51
2,492.98
0.61%
7,827.48
Aaa/NA
AAA
3.13 0.70
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 4 .61%
1,689,742.61
1,689,833.52
100.83
3.93%
1,703,945.88
3,455.11
0.83%
14,112.36
NA/AAA
AAA
3.21 1.14
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 695,000.00 06/04/2024
5.18%
694,894.43
694,925.59
100.94
4.09%
701,544.12
600.02
0.34%
6,618.53
Aaa/AAA
NA
3.32 0.82
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/2025
4.57%
1,044,828.52
1,044,829.87
99.63 4.11%
1,041,147.09
1,013.65
0.51%
(3,682.78)
NA/AAA
AAA
3.46 1.91
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,968.48
101.52
3.94%
796,904.53
1,720.02
0.39%
11,936.05
Aaa/AAA
NA
3.54 1.
45 24
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,976.76
100.98
3.89%
1,433,950.08
2,701.16
0.70%
13,973.32
NA/AAA
AAA
4.45 2.28
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,979.15
101.14
3.90%
1,380,524.15
2,632.93
0.68%
15,544.99
NA/AAA
AAA
4.54 2.35
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,514,664.97
101.01
3.89%
1,515,157.50
22,395.83
0.74%
492.53
Aaa/AAA
NA
4.64 2.43
16,213,473.29 100.77 16,300,976.00 7.98% 3.27
Total ABS 16,176,834.70 4.67% 16,200,708.01 4.03% 50,704.44 100,267.99 1.36 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,872,626.90
101.67
3.55%
1,906,218.75
5,442.71
0.93%
33,591.85
Aa1/AA+
AA+
1.44 1.37
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
2,406,593.09
101.57
3.67%
2,437,593.60
55,416.67
1.19%
31,000.51
Aa1/AA+
AA+
1. 51
1.41 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
2,794,710.01
101.85
3.67%
2,851,909.20
59,713.89
1.40%
57,199.19
Aa1/AA+
AA+
2.04 1.89
7,072,214.00 101.71 7,195,721.55 3.52% 1.70
Total Agency 7,075,000.00 4.70% 7,073,930.00 3.64%
1 20,573.26 121,791.55 1.59
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
655,951.20
98.85 3.97%
642,538.00
1,437.04
0.31%
(13,413.20)
Aa1/AA+
AAA
0.82 0.75
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
982,146.16
98.85 3.83%
988,452.00
2,703.33
0.48%
6,305.84
Aaa/AA+
AA+
1.82 1.67
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024
4.86%
1,913,359.38
1,939,405.38
99.55 3.87%
1,991,060.00
6,285.00
0.97%
51,654.62
Aa1/AAA
AA+
3.15 2.79
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,245,719.28
98.87 3.89%
1,273,448.18
3,824.29
0.62%
27,728.90
Aa1/AA+
AA+
3.24 2.96
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,859,858.64
95.01 3.93%
1,900,238.00
3,766.67
0.93%
40,379.36
Aa1/AA+
AAA
3.24 2.97
3137FKZZ2 FH
MS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,490,034.11
99.28 3.88%
2,531,726.70
7,841.25
1.24%
41,692.59
Aaa/AA+
AA+
3.24 2.92
25 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,442,236.43
98.84 3.84%
2,470,940.00
7,302.08
1.21%
28,703.57
Aa1/AAA
AA+
3.40 3.05
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,976,444.72 09/19/2024
3.82%
1,906,805.93
1,923,510.95
97.04 3.90%
1,917,880.69
4,911.47
0.94%
(5,630.26)
Aa1/AA+
AAA
3.56 3.11
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,081,907.10
96.21 3.91%
2,116,664.00
5,105.83
1.04%
34,756.90
Aa1/AA+
AAA
3.65 3.30
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,514,628.70
94.75 3.93%
1,516,009.60
3,233.33
0.74%
1,380.90
Aa1/AA+
AAA
3.82 3.48
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,415,684.20
95.22 3.94%
1,428,363.00
3,243.75
0.70%
12,678.80
Aa1/AA+
AAA
3.90 3.54
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,826,389.74
92.70 3.96%
1,853,934.00
3,448.33
0.91%
2 7,544.26
Aa1/AA+
AAA
4.24 3.94
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,353,557.97
90.17 3.97%
1,352,577.00
1,846.25
0.66%
(980.97)
Aa1/AA+
AAA
4.48 4.10
21,479,246.10 96.65 21,983,831.16 10.76% 3.42
Total Agency CMBS 22,764,444.72 4.28%
2 1,731,029.85 3.90% 54,948.63 252,801.31 3.10
CASH
CCYUSD Receivable 62,359.47 -- 62,359.47
62,359.47
1.00 0.00%
62,359.47
0.00 0.03%
0.00 Aaa/AAA
AAA
0.00 0.00
62,359.47 1.00 62,359.47 0.03% 0.00
Total Cash 62,359.47 62,359.47 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
1,874,148.30
98.49 3.92%
1,846,773.75
8,802.08
0.90%
(27,374.55)
A1/AA
AA-
0.53 0.51
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,033,778.33
98.49 4.04%
1,019,382.89
5,488.37
0.50%
(14,395.44)
A2/A+
A
0.54 0.52
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,923.57
98.21 4.06%
1,360,155.87
5,756.41
0.67%
(24,767.70)
A1/A+
A+
0.63 0.61
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/2021
1 .15%
1,002,230.00
1,000,320.53
98.02 4.09%
980,173.00
3,500.00
0.48%
(20,147.53)
Aa3/AA+
AA+
0.71 0.69
26 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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
769,877.02
97.67 4.02%
752,085.95
1,256.60
0.37%
(17,791.07)
Aa3/AA-
AA-
0.87 0.84
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,884.08
97.64 3.82%
341,744.20
449.17
0.17%
(8,139.88)
Aa2/AA
AA
0.88 0.85
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,696.50
97.54 4.01%
1,087,594.42
6,388.02
0.53%
(27,102.08)
Aa3/AA-
AA-
1.20 1.15
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,924.27
97.99 4.01%
940,724.16
3,789.33
0.46%
(19,200.11)
A2/A-
A
1.34 1.29
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,916.15
98.01 3.80%
1,582,897.03
4,746.31
0.77%
(32,019.12)
Aa2/AA
A+
1.37 1.32
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/2024
5.04%
998,930.00
999,453.26
1 01.67
3.86%
1,016,745.00
23,194.44
0.50%
17,291.74
A2/A
A+
1.53 1.43
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/2025
4.66%
1,429,571.00
1,429,687.18
101.58
3.88%
1,452,599.72
21,056.75
0.71%
22,912.54
A1/A
A+
2.19 2.03
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,569.02
1 02.17
3.90%
965,520.68
6,654.38
0.47%
20,951.66
Aa3/A+
NA
2.36 2.12
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
101.39
4.43%
1,977,130.35
28,793.70
0.97%
27,130.35
Aa3/A+
AA-
2.70 1.59
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,486,554.39
100.78
4.11%
1,511,773.50
16,406.25
0.74%
25,219.11
A2/A
NA
3.25 2.75
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/2024
4.69%
2,019,920.00
2,015,238.22
102.73
4.04%
2,054,616.00
24,750.00
1.01%
39,377.78
A1/A
AA-
3.25 2.95
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,467,939.53
100.12
3.96%
1,501,762.50
10,000.00
0.74%
33,822.97
A2/A
A
3.33 2.85
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 0
7/01/2024
5.12%
994,880.00
996,265.24
102.56
4.22%
1,025,593.00
20,138.89
0.50%
29,327.76
Aa1/AA+
AAA
3.60 3.20
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,609,695.29
96.62 3.96%
1,606,793.93
18,533.21
0.79%
(2,901.36)
A2/A
A
3.62 3.35
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
994,332.23
102.39
4.04%
1,023,944.00
16,625.00
0.50%
29,611.77
A2/A
A
3.65 3.20
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,430,128.92
99.51 4.14%
1,455,888.36
17,230.89
0.71%
2 5,759.44
A3/A-
NA
3.70 3.37
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,275.99
102.04
3.90%
1,530,672.00
19,500.00
0.75%
32,396.01
A1/A+
NA
3.71 3.28
27 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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
1,497,597.54
100.14
4.47%
1,502,032.50
17,162.25
0.74%
4,434.96
A1/A
AA-
3.73 2.52
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,499,085.79
100.38
4.47%
1,505,631.00
17,439.92
0.74%
6,545.21
A1/A-
AA-
3.73 2.52
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,927.60
100.97
4.02%
920,815.39
8,278.93
0.45%
9,887.79
Aa3/AA-
NA
3.79 3.36
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,762,147.92
101.97
4.08%
1,784,552.00
17,179.17
0.87%
22,404.08
A2/A
A
3.79 3.34
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,927,515.98
95.72 4.11%
1,914,408.00
12,138.89
0.94%
(13,107.98)
A2/A+
A
3.79 3.51
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,756,326.98
1 00.73
4.19%
1,762,818.75
11,977.78
0.86%
6,491.77
A3/A-
NA
3.85 3.48
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
99.96 4.19%
1,204,462.57
4,895.81
0.59%
(537.43)
Aa1/AA+
NA
3.90 3.55
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/2025
4.25%
1,470,184.60
1,470,182.91
99.77 4
.40%
1,466,564.61
1,518.88
0.72%
(3,618.30)
A1/A-
A+
3.96 2.75
38141GD27 GOLDMAN SACHS GROUP INC
4.153 10/21/2029 1,025,000.00 10/14/2025
4.37%
1,025,000.00
1,025,000.00
99.70 4.43%
1,021,967.03
1,182.45
0.50%
(3,032.98)
A2/BBB+
A
3.97 2.76
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,458.76
102.60
4.00%
1,231,198.80
26,006.67
0.60%
32,740.04
A2/A
A+
4.04 3.58
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,362.99
101.46
4.21%
1,384,913.99
25,464.83
0.68%
20,551.00
Aa1/AA+
AAA
4.10 3.63
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,408.97
103.07
4.14%
1,489,336.94
22,253.00
0.73%
46,927.96
A1/A+
A+
4.19 3.70
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
1,000,000.00 0
2/05/2025
4.88%
1,002,873.61
1,002,446.17
102.92
4.19%
1,029,172.00
11,550.00
0.50%
26,725.83
A2/NA
A
4.27 3.71
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,673.96
101.65
4.23%
1,423,158.80
8,318.33
0.70%
25,484.84
A3/A-
A-
4.37 3.83
57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/2025
4.58%
998,670.00
998,799.65
100.96
4.31%
1,009,562.00
21,991.67
0.49%
10,762.35
Aa3/AA+
AA+
4.51 3.96
66815L2W8 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025
4.51%
1,004,040.00
1,003,726.32
101.48
4.24%
1,014,822.00
18,911.11
0 .50%
11,095.68
Aa1/AA+
AAA
4.59 4.03
28 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,859,359.47
93.36 4.22%
1,867,104.00
15,605.56
0.91%
7,744.53
A3/A
NA
4.70 4.31
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
100.05
4.31%
1,500,786.00
4,507.29
0.73%
786.00
Aa1/AA+
NA
4.93 4.38
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,175.78
99.48 4.24%
1,094,269.00
1,008.33
0.54%
(4,906.78)
A2/A
NA
4.98 4.45
Total Corporate 53,178,000.00 3.98%
52,757,534.14
52,844,804.80
100.02
4.13%
53,162,145.66
510,450.67
26.03%
317,340.85
3.21 2.76
MONEY MARKET
FUND
992995944 WC MMF SWEEP 52,594.74 --
2.85%
52,594.74
52,594.74
1.00 2.10%
52,594.74
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 3,807,043.04 --
0.01%
3,807,043.04
3,807,043.04
1.00 3.55%
3,807,043.04
0.00 1.86%
0. 00
Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 3,859,637.78 0.05%
3,859,637.78
3,859,637.78
1.00 3.53%
3,859,637.78
0.00 1.89%
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
1,747,256.33
102.55
3.76%
1,784,389.14
19,575.00
0.87%
3 7,132.81
Aa2/AA-
AA
3.75 3.39
Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,747,256.33
102.55
3.76%
1,784,389.14
19,575.00
0.87%
37,132.81
3.75 3.39
SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,458,951.06
98.59 3.98%
2,425,222.98
657.71
1.19%
(33,728.08)
Aaa/AAA
NA
0.47 0.46
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,750,000.00 12/12/2024
4.25%
1,721,510.00
1,726,714.90
100.60
3.71%
1,760,501.75
2,817.50
0.86%
33,786.85
Aaa/AAA
NA
3.96 3.63
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
1,694,935.38
101.58
3.73%
1,726,861.70
7,986.46
0.85%
31,926.32
Aaa/AAA
NA
4.38 3.96
29 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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 Supranational 5,910,000.00 2.89%
5,864,463.20
5,880,601.35
100.06
3.83%
5,912,586.43
11,461.67
2.89%
31,985.08
2.65 2.43
US TREASURY
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/2021
0.76%
2,209,658.20
2,249,314.64
99.73 4.02%
2,243,952.00
3,550.20
1.10%
(5,362.64)
Aa1/AA+
AA+
0.08 0.07
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,497,680.82
99.15 3.91%
2,478,807.50
2,369.23
1.21%
(18,873.32)
Aa1/AA+
AA+
0.25 0.24
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,499,364.53
98.52 3.82%
2,462,910.00
51.80 1.21%
(36,454.53)
Aa1/AA+
AA+
0.50 0.48
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,396,140.13
97.45 3.76%
1,364,365.80
1,076.92
0.67%
(31,774.33)
Aa1/AA+
AA+
0.91 0.89
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,398,283.37
97.47 3.74%
1,364,617.80
43.51 0.67%
(33,665.57)
Aa1/AA+
AA+
1. 00
0.97 91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,509,487.01
100.70
3.73%
2,517,382.50
41,538.59
1.23%
7,895.49
Aa1/AA+
AA+
1.12 1.06
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,291,802.17
101.18
3.65%
2,327,133.10
4 ,833.79
1.14%
35,330.93
Aa1/AA+
AA+
1.45 1.39
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,193,095.89
101.26
3.65%
3,240,249.60
66,521.74
1.59%
47,153.71
Aa1/AA+
AA+
1.54 1.44
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,253,335.18
99.40 3.62%
3,230,574.75
35,591.03
1.58%
(22,760.43)
Aa1/AA+
AA+
1.66 1.58
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
397,604.18
98.53 3.63%
394,125.20
2,779.89
0.19%
(3,478.98)
Aa1/AA+
AA+
1.75 1.67
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,488,563.09
99.14 3.61%
4,461,502.50
24,084.94
2.18%
(27,060.59)
Aa1/AA+
AA+
1.83 1.75
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,438,793.18
100.94
3.61%
3,482,478.30
12,510.99
1.70%
43,685.12
Aa
1/AA+
AA+
1.91 1.81
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,107.74
100.55
3.60%
854,681.80
13,858.95
0.42%
3,574.06
Aa1/AA+
AA+
2.08 1.95
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,761,031.66
100.58
3.59%
2,765,897.75
35,906.93
1.35%
4,866.09
Aa1/AA+
AA+
2.17 2.03
30 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,981,001.25
99.80 3.59%
2,993,907.00
26,535.33
1.47%
12,905.75
Aa1/AA+
AA+
2.25 2.12
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,649.18
100.89
3.60%
3,732,952.20
25,348.07
1.83%
33,303.02
Aa1/AA+
AA+
2.33 2.19
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/2025
3.50%
4,982,812.50
4,982,861.51
99.39 3.60%
4,969,530.00
21,909.53
2.43%
(13,331.51)
Aa1/AA+
AA+
2.88 2.69
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,265,450.51
101.57
3.63%
2,336,116.90
8,340.66
1.14%
70,666.39
Aa1/AA+
AA+
3.41 3.15
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,989,405.80
102.06
3.64%
2,041,250.00
28,641.30
1.00%
51,844.20
Aa1/AA+
AA+
3.66 3.32
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,521,205.28
99.88 3.66%
3,495,761.50
2 1,729.97
1.71%
(25,443.78)
Aa1/AA+
AA+
3.83 3.52
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,940,933.23
99.43 3.66%
4,971,290.00
15,384.62
2.43%
30,356.77
Aa1/AA+
AA+
3.91 3.61
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,995,031.25
101.69
3.67%
3,050,742.00
3 41.85
1.49%
55,710.75
Aa1/AA+
AA+
4.00 3.66
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,374,103.55
102.68
3.67%
4,518,078.40
64,864.13
2.21%
143,974.85
Aa1/AA+
AA+
4.17 3.73
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,986,245.87
102.22
3.68%
4,088,908.00
42,961.96
2.00%
102,662.13
Aa1/AA+
AA+
4.25 3.82
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --
4.01%
4,496,958.99
4,497,302.46
101.27
3.68%
4,557,303.00
30,828.73
2.23%
60,000.54
Aa1/AA+
AA+
4.33 3.92
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --
3.78%
5,020,507.81
5,020,996.08
100.76
3.69%
5,038,085.00
65,285.33
2.47%
17,088.92
Aa1/AA+
AA+
4.66 4.18
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/2025
3.59%
5,089,062.50
5,088,653.25
101.27
3.71%
5,063,280.00
5 0,543.48
2.48%
(25,373.25)
Aa1/AA+
AA+
4.75 4.25
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --
3.66%
4,991,425.79
4,991,743.36
99.65 3.70%
4,982,420.00
31,042.82
2.44%
(9,323.36)
Aa1/AA+
AA+
4.83 4.36
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --
3.59%
5,008,789.06
5,008,742.45
99.63 3.71%
4,981,250.00
15,934.07
2.44%
(27,492.45)
Aa1/AA+
AA+
4.91 4.44
Total US Treasury 93,650,000.00 3.58%
93,377,736.33
93,568,928.63
100.40
3.68%
94,009,552.60
694,410.34
46.02%
440,623.97
3.05 2.79
31 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of October 31, 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 Portfolio 204,416,276.67 3.81%
202,435,834.11
202,969,256.23
98.07 3.85%
204,271,199.79
1,462,124.01
100.00%
1,301,943.56
3.04 2.60
Total Market Value +
Accrued 205,733,323.80
32 TRANSACTIONS
33 TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 10/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/10/2025 17305EHA6 1,500,000.00 CCCIT 2025-A1 A1 4.3 06/21/2030 101.000 3.90% (1,515,000.00) (18,633.33) (1,533,633.33) 0.00 Purchase 10/15/2025 05594HAD5 1,050,000.00 BMWLT 2025-2 A3
3.97 09/25/2028 100.000 4.32% (1,049,997.06) 0.00 (1,049,997.06) 0.00 Purchase 10/21/2025 38141GD27 1,025,000.00
GOLDMAN SACHS
GROUP INC 4. 153
10/21/2029
100.000 4.37% (1,025,000.00) 0.00 (1,025,000.00) 0.00
Purchase 10/21/2025 91282CPA3 2,500,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
100.184 3.58% (2,504,589.84) (5,228.37) (2,509,818.21) 0.00 Purchase 10/22/2025 58770XAD5 1,045,000.00 MBALT 2025-B A3 3.88 04/16/2029 99.984 4.57% (1,044,828.52) 0.00 (1,044,828.52) 0.00 Purchase 10/22/2025 61748UAK8 710,000.00 MORGAN STANLEY
4.133 10/18/2029 100.026 4.12% (710,184.60) 0.00 (710,184.60) 0.00 Purchase 10/22/2025 61748UAK8 760,000.00 MORGAN STANLEY
4.133 10/18/2029 100.000 4.36% (760,000.00) 0.00 (760,000.00) 0.00 Purchase 10/23/2025 141781CF9 165,000.00 CARGILL INC 4.125 10/23/2030 99.741 4.18% (164,572.65) 0.00 (164,572.65) 0.00 Purchase 10/23/2025 141781CF9 275,000.00 C ARGILL INC 4.125 10/23/2030 99.982 4.13% (274,950.50) 0.00 (274,950.50) 0.00 Purchase 10/23/2025 141781CF9 385,000.00 CARGILL INC 4.125 10/23/2030 99.928 4.14% (384,722.80) 0.00 (384,722.80) 0.00 Purchase 10/23/2025 141781CF9 275,000.00 CARGILL INC 4.125 10/23/2030 9
9.973 4.13% (274,925.75) 0.00 (274,925.75) 0.00
Purchase 10/24/2025 91282CNX5 2,000,000.00
UNITED STATES
TREASURY 3.625
08/31/2030
100.160 3.59% (2,003,203.13) (10,814.92) (2,014,018.05) 0.00 Purchase 10/24/2025 91282CHR5 5,000,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
101.781 3.59% (5,089,062.50) (46,195.65) (5,135,258.15) 0.00 Purchase 10/24/2025 91282CPA3 2,500,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
100.168 3.59% (2,504,199.22) (5,975.27) (2,510,174.49) 0.00 34 TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 10/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 10/29/2025 91282CNK3 2,500,000.00
UNITED STATES
TREASURY 3.875
06/30/2030
101.164 3.60% (2,529,101.56) (31,852.92) (2,560,954.48) 0.00 Purchase 10/29/2025 91282CNY3 5,000,000.00
UNITED STATES
TREASURY 3.375
09/15/2028
99.656 3.50% (4,982,812.50) (20,511.05) (5,003,323.55) 0.00 Total Purchase 26,690,000.00 (26,817,150.63) (139,211.51) (26,956,362.14) 0.00 TOTAL
ACQUISITIONS 26,690,000.00 (26,817,150.63) (139,211.51) (26,956,362.14) 0.00
DISPOSITIONS
Maturity 10/28/2025 459058JL8 (1,400,000.00)
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 0.5
10/28/2025
100.000 0.60% 1,400,000.00 0.00 1,400,000.00 0.00
Maturity 10/31/2025 91282CAT8 (1,950,000.00)
UNITED STATES
TREASURY 0.25
10/31/2025
100.000 0.49% 1,950,000.00 0.00 1,950,000.00 0.00
Total Maturity (3,350,000.00) 3,350,000.00 0.00 3,350,000.00 0.00 TOTAL
DISPOSITIONS (3,350,000.00) 3,350,000.00 0.00 3,350,000.00 0.00 35 IMPORTANT DISCLOSURES
City of Cupertino | As of October 31, 2025
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. 36 BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of October 31, 2025 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. 37