INVESTMENT REPORT
City of Cupertino | As of December 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 December 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s target, while labor market conditions have continued to soften. As the flow of economic data normalizes, the Chandler team expects further yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in 2025, lowering the target range to 3.50%–3.75%. However, policymakers remain divided on the path forward. Four Fed governors project one additional 25-basis-point cut in 2026, another four anticipate no furthereasing, eight expect multiple cuts, and three call for a potential rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term.
The US Treasury yield curve steepened in December, as the 2-year Treasury yield dropped2 basis points to 3.48%, the 5-year Treasury was up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10- year Treasury yield points on the curve was 17 basis points wider from Novemberat +69 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
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)
-1.0%
3.0%
7.0%
11.0%
15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate edged down to 4.4% after increasing to 4.6% in November.
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 Department’s Job Openings and Labor Turnover Survey (JOLTS) reported that job openings fell to 7.1 million in November from a downwardlyr evised 7.4 million in October. The drop in vacancies, alongside slower hiring, suggests the labor market continues to soften, though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed individuals, pointing to a labor market that is approaching equilibrium.
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%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YOY (%) Change
Inflation came in l ower than expected in November,with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to
2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5, showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
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
October Retail S ales, released with a one-monthdelay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index declined to
89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers were pessimistic about both business conditions and the labor market.
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 Board’s Leading Economic Index (LEI) declined 0.3% in September, marking its second consecutive monthly decrease after a r evised 0.3% drop in August. On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth through the end of 2025 and into 2026. The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
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
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in September and marking the slowest annual increase since mid 2023. Short-termmomentum also weakened, with 80 percent of the 20 tracked markets recording month-over-monthprice declines on a non-seasonally adjusted basis. Housing starts declined in October to an annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13 million-unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30 ‑
year fixed mortgage
rate fell throughout 2025 and averaged 6.18% at the end of December.
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
The Institute for Supply Management’s (ISM) manufacturing index slipped to 47.9 in December, down from 48.2 in November, marking continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months, as readings below 50 indicate contraction and those above 50 signal expansion. The latest decline was driven primarily by pullbacks in the Production and Inventories components. In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in November. Respondents attributed the improvementto seasonal strength, though many remained cautious about the potential impact of tariffs.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 12/24 3/ 25 6/25 9/25
2.6% 0.4% 1.7% 2.4%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-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 The U.S. in flation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first estimate showing a 4.3% annualized quarter-over-quarterincrease, up from 3.8% in the second quarter. Consumer spending accelerated, while exports contributed 1.6 percentage points to growth—both key drivers of the quarter’s performance. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth quarter and 2.0% growth 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 target range of 3.50% to 3.75% at its December meeting, citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support market stability.
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
Dec-25
Sep-25
Dec-24
Yield (%)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-endversus +52 basis points at November 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 +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
City of Cupertino | As of December 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 December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.6 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 7.6 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 December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 27.5 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 1 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.6 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 December 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 45.5 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 0.19% 1.08% 6.06% 6.06% 5.09% 4.94% 1.70% -- 2.40% Benchmark Return 0.19% 1.11% 5.73% 5.73% 4.53% 4.52% 1.37% -- 2.15% City of Cupertino | Account #10659 | As of December 31, 2025 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.63
Average Coupon 3.71%
Average Purchase YTM 3.95%
Average Market YTM 3.78%
Average Credit Quality* AA
Average Final Maturity 3.05
Average Life 2.87
End Values as
of 09/30/2025
End Values as
of 12/31/2025
Market Value 204,001,801.31 205,668,734.88
Accrued Interest 1,106,379.00 1,621,951.12
Total Market Value 205,108,180.31 207,290,686.00
Income Earned 1,646,763.62 1,975,161.43
Cont/WD 27,800,000.00 0.00
Par 204,299,921.15 205,673,731.74
Book Value 202,688,318.55 204,078,590.52
Cost Value 202,164,869.60 203,529,920.42
United States 45.52%
FHLMC 11.56%
Farm Credit System 2.57%
International Bank for Recon and Dev 1.70%
Morgan Stanley 1.68%
Toyota Motor Corporation 1.39%
Guardian Life Global Funding 1.32%
The Home Depot, Inc. 1.28%
*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 PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.64 3.05 2.56
Average Modified Duration 2.47 2.63 2.21
Average Purchase Yield 3.95% 3.32%
Average Market Yield 3.55% 3.78% 3.35%
Average Quality** AA+ AA AA+
Total Market Value 207,290,686 205,108,180
*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. 20 SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 45.52% 37.16%
Corporate 27.48% 24.11%
Agency CMBS 11.56% 10.69%
ABS 7.60% 6.36%
Agency 3.50% 3.50%
Supras 2.88% 3.55%
Muni Bonds 0.87% 0.87%
Money Mkt Fd 0.59% 0.24%
Cash -- 13.53%
21 DURATION ALLOCATION
City of Cupertino | Account #10659 | As of December 31, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
12/31/2025 1.9% 3.3% 8.0% 20.8% 19.4% 30.7% 15.7% 0.0% 0.0% 22 ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2025 Issuer Investment Type % Portfolio
United States US Treasury 45.52%
FHLMC Agency CMBS 11.56%
Farm Credit System Agency 2.57%
International Bank for Recon and Dev Supras 1.70%
Morgan Stanley Corporate 1.68%
Toyota Motor Corporation Corporate 1.39%
Guardian Life Global Funding Corporate 1.32%
The Home Depot, Inc. Corporate 1.28%
Deere & Company Corporate 1.20%
Inter-American Development Bank Supras 1.19%
Meta Platforms, Inc. Corporate 1.18%
New York Life Insurance Company Corporate 1.17%
Caterpillar Inc. Corporate 1.09%
Royal Bank of Canada Corporate 1.00%
Massachusetts Mutual Life Insurance Corporate 0.97%
UnitedHealth Group Incorporated Corporate 0.93%
Federal Home Loan Banks Agency 0.93%
PACCAR Inc Corporate 0.91%
Simon Property Group, Inc. Corporate 0.91%
Chubb Limited Corporate 0.87%
State of California Muni Bonds 0.87%
American Honda Finance Corporation Corporate 0.86%
Pricoa Global Funding I Corporate 0.85%
Chase Issuance Trust ABS 0.83%
Bank of America Credit Card Trust ABS 0.81%
Berkshire Hathaway Inc. Corporate 0.77%
PepsiCo, Inc. Corporate 0.74%
Citigroup Inc ABS 0.74%
Prologis, Inc. Corporate 0.74%
Bank of America Corporation Corporate 0. 73%
23 ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2025 Issuer Investment Type % Portfolio
JPMorgan Chase & Co. Corporate 0.73%
The Progressive Corporation Corporate 0.73%
Realty Income Corporation Corporate 0.71%
American Express Credit Master Trust ABS 0.70%
Marsh & McLennan Companies, Inc. Corporate 0.69%
WF Card Issuance Trust ABS 0.67%
Wells Fargo & Company Money Mkt Fd 0.57%
Honda Auto Receivables Owner Trust ABS 0.54%
Cargill, Incorporated Corporate 0.53%
Metropolitan Life Global Funding I Corporate 0.53%
GM Financial Securitized Term ABS 0.53%
BMW Vehicle Lease Trust ABS 0.51%
Mercedes-Benz Auto Lease Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.50%
The Goldman Sachs Group, Inc. Corporate 0.50%
Northwestern Mutual Global Funding Corporate 0.49%
Mastercard Incorporated Corporate 0.47%
The Charles Schwab Corporation Corporate 0.46%
Toyota Auto Receivables Owner Trust ABS 0.40%
John Deere Owner Trust ABS 0.39%
Met Tower Global Funding Corporate 0.37%
Mercedes-Benz Auto Receivables Trust ABS 0.37%
BMW Vehicle Owner Trust ABS 0.34%
Hyundai Auto Lease Securitization Tr ABS 0.27%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Money Mkt Fd 0.03%
C
ash Cash 0.00%
TOTAL 100.00%
24 QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 11.52% 23.28%
AA 66.23% 56.92%
A 18.76% 16.64%
BBB 0.50% --
NA 3.00% 3.16%
Rating 12/31/2025 09/30/2025
Aaa 8.21% 20.99%
Aa 68.96% 57.92%
A 18.32% 16.60%
NA 4.51% 4.49%
Rating 12/31/2025 09/30/2025
AAA 14.80% 26.36%
AA 60.71% 52.84%
A 11.16% 10.00%
NA 13.33% 10.80%
City of Cupertino | Account #10659 | As of December 31, 2025 S&P Rating Moody’s Rating Fitch Rating
25 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 1.9% 3.3% 8.0% 20.8% 19.4% 30.7% 15.7% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.4% 28.7% 21.2% 12.3% 0.0% 0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of December 31, 2025 Portfolio Compared to the Benchmark
26 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Cupertino Gross of Fees 1.08% 6.06% 5.09% 4.94% 1.70% 2.40% City of Cupertino Net of Fees 1.07% 5.99% 5.02% 4.87% 1.63% 2.33% Benchmark 1.11% 5.73% 4.53% 4.52% 1.37% 2.15%
REALIZED RATE OF RETURN
City of Cupertino 0.96% 3.54% 3.01%
*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 December 31, 2025 Total and Realized Rate of Return : Inception | 02/01/2019 27 HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of December 31, 2025 Purchase Yield as of 12/31/25 = 3.95%
28 PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.63% 3.90%
Average Market Yield 3.63% 3.90%
Average Quality** AAA AAA
Total Market Value 81,009,098 74,825,162
*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 Reporting | Account #10663 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
LAIF 91.23% 92.86%
Cash 8.77% 7.14%
30 CONSOLIDATED INFORMATION
31 PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.19 1.87
Average Modified Duration 1.89 1.62
Average Purchase Yield 3.86% 3.47%
Average Market Yield 3.74% 3.50%
Average Quality** AA+ AA+
Total Market Value 288,299,784 279,933,343
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 32 SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 32.74% 27.31%
LAIF 25.62% 24.61%
Corporate 19.77% 17.72%
Agency CMBS 8.31% 7.85%
ABS 5.47% 4.67%
Agency 2.52% 2.57%
Cash 2.46% 11.84%
Supras 2.07% 2.61%
Muni Bonds 0.62% 0.64%
Money Mkt Fd 0.43% 0.18%
33 PORTFOLIO HOLDINGS
34 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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 73,664.30 07/12/2022
3.77%
73,657.26
73,662.62
99.96 4.07%
73,637.04
122.45
0.04%
(25.58)
Aaa/NA
AAA
1.13 0.12
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 560,116.93 05/14/2024
5.41%
560,101.36
560,109.77
100.51
4.11%
562,972.97
1,346.77
0.27%
2,863.20
NA/AAA
AAA
1.38 0.37
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 231,161.92 10/12/2022
5.15%
231,143.98
231,156.39
100.24
4.16%
231,724.80
522.94
0.11%
568.40
Aaa/NA
AAA
1.45 0.24
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 817,404.32 11/21/2023
5.65%
814,083.62
815,673.67
100.59
4.05%
822,250.71
1,874.58
0.40%
6,577.04
NA/AAA
AAA
2.30 0.51
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 570,497.05 --
5.64%
571,909.24
571,122.23
101.09
4.09%
576,722.88
898.53
0.28%
5,600.66
Aaa/NA
AAA
2.47 0.64
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/2025
4.32%
1,049,997.06
1,049,997.27
1 00.27
3.82%
1,052,808.75
694.75
0.51%
2,811.48
NA/AAA
AAA
2.74 1.47
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 741,090.54 11/29/2023
3.88%
756,780.81
748,557.41
101.34
4.13%
751,006.33
1,959.77
0.37%
2,448.92
NA/AAA
AAA
2.88 0.70
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,854.87
100.88
3 .98%
504,381.50
1,102.22
0.25%
4,526.63
Aaa/NA
AAA
2.88 0.85
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
852,738.19
101.04
3.79%
858,823.00
1,881.33
0.42%
6,084.81
Aaa/NA
AAA
0.88 0.84
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 519,127.49 05/14/2024
5.27%
519,064.41
519,087.05
101.21
3.84%
525,406.33
987.93
0.26%
6,319.28
NA/AAA
AAA
2.89 0.81
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,085,959.77 --
4.97%
1,084,237.70
1,084,862.93
100.61
4.00%
1,092,586.29
2,194.54
0.53%
7,723.37
Aaa/NA
AAA
2.97 0.68
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,842.18
100.90
3.75%
1,705,140.71
3,455.11
0.83%
15,298.53
NA/AAA
AAA
3.04 0.99
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 685,001.19 06/04/2024
5 .18%
684,897.14
684,931.54
100.91
3.98%
691,253.20
591.38
0.34%
6,321.66
Aaa/AAA
NA
3.16 0.73
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/2025
4.57%
1,044,828.52
1,044,838.09
100.09
3.86%
1,045,976.03
1,802.04
0.51%
1,137.94
NA/AAA
AAA
3.29 1.94
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,969.97
101.57
3.78%
797,297.81
1,720.02
0.39%
12,327.84
Aaa/AAA
NA
3.37 1.30
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,977.63
101.14
3.79%
1,436,207.88
2,701.16
0.70%
16,230.25
NA/AAA
AAA
4.29 2.
14 35
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,979.92
101.33
3.78%
1,383,120.38
2,632.93
0.67%
18,140.45
NA/AAA
AAA
4.37 2.21
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,513,736.04
101.16
3.80%
1,517,418.00
1,791.67
0.74%
3,681.96
Aaa/AAA
NA
4.47 2.32
15,523,915.77 100.90 15,628,734.61 7.60% 3.14
Total ABS 15,489,023.50 4.66% 15,510,097.78 3.88% 28,280.14 118,636.83 1.30 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,872,903.16
101.68
3.38%
1,906,554.38
20,286.46
0.93%
33,651.22
Aa1/AA+
AA+
1.27 1.21
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
2,405,863.18
101.63
3.49%
2,439,168.00
17,416.67
1.19%
33,304.82
Aa1/AA+
AA+
1.34 1.29
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
2,795,143.73
101.99
3.51%
2,855,658.40
16,547.22
1.39%
60,514.67
Aa
1/AA+
AA+
1.87 1.77
7,072,214.00 101.79 7,201,380.78 3.50% 1.53
Total Agency 7,075,000.00 4.70% 7,073,910.07 3.47% 54,250.35 127,470.70 1.46
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
654,621.45
99.14 3.82%
644,432.75
1,437.04
0.31%
(
10,188.70)
Aa1/AA+
AAA
0.65 0.59
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
983,853.18
99.12 3.71%
991,219.00
2,703.33
0.48%
7,365.82
Aaa/AA+
AA+
1.65 1.51
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,943,312.76 07/01/2024
4.86%
1,859,127.85
1,887,625.23
99.74 3.81%
1,938,188.24
6,106.86
0.94%
50,563.02
Aa1/AAA
AA+
2.99 2.65
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,247,948.42
99.09 3.83%
1,276,325.57
3,824.29
0.62%
28,377.14
Aa1/AA+
AA+
3.07 2.82
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,867,247.25
95.51 3.84%
1,910,230.00
3,766.67
0.93%
42,982.75
Aa1/AA+
AAA
3.07 2.83
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,493,195.67
99.49 3.81%
2,536,938.90
7,841.25
1.23%
43,743.23
Aaa/AA+
AA+
3.07 2.78
3137FLN91 FHMS K-091 A
2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,445,134.11
98.88 3.84%
2,472,087.50
7,302.08
1.20%
26,953.39
Aa1/AAA
AA+
3.23 2.90
36 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,971,885.56 09/19/2024
3.82%
1,902,407.40
1,921,596.61
97.33 3.84%
1,919,194.81
4,900.14
0.93%
(2,401.80)
Aa1/AA+
AAA
3.40 2.98
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,087,414.49
96.49 3.87%
2,122,879.00
5,105.83
1.03%
35,464.51
Aa1/AA+
AAA
3.48 3.15
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,518,432.68
95.07 3.90%
1,521,092.80
3,233.33
0.74%
2,660.12
Aa1/AA+
AAA
3.65 3.34
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,419,357.96
95.51 3.91%
1,432,642.50
3,243.75
0.70%
13,284.54
Aa1/AA+
AAA
3.73 3.40
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,833,347.84
92.97 3.95%
1,859,444.00
3,448.33
0.90%
26,096.16
Aa1/AA+
AAA
4.07 3.79
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,359,099.51
90.51 3.97%
1,357,692.00
1,846.25
0.66%
(
1,407.51)
Aa1/AA+
AAA
4.31 3.95
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,789,563.00
89.45 3.99%
1,788,922.00
2,305.00
0.87%
(641.00)
Aa1/AA+
AAA
4.48 4.21
23,207,959.79 96.34 23,771,289.07 11.56% 3.35
Total Agency CMBS 24,703,198.32 4.25%
2 3,508,437.40 3.87% 57,064.16 262,851.67 3.05
CASH
CCYUSD Receivable 6,962.94 -- 6,962.94
6,962.94
1.00 6,962.94
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
6,962.94 1.00 6,962.94 0.00% 0.00
Total Cash 6,962.94 6,962.94 0.00 0.00 0.00
CORPORATE
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,943.93
98.79 3.80%
1,368,184.72
562.66
0.67%
(16,759.22)
A1/A+
A+
0.46 0.45
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,000,244.45
98.54 3.96%
985,425.00
5,500.00
0.48%
(14,819.45)
Aa3/AA+
AA+
0.54 0.53
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,900.68
98.18 3.90%
756,019.88
2,860.76
0.37%
(13,880.80)
Aa3/AA-
AA-
0.70 0.68
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
3 49,338.50
349,906.17
98.21 3.63%
343,738.50
1,061.67
0.17%
(6,167.67)
Aa2/AA
AA
0.71 0.69
37 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,738.96
97.99 3.89%
1,092,633.10
9,872.40
0.53%
(22,105.86)
Aa3/AA-
AA-
1.03 0.99
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,933.12
98.42 3.84%
944,854.08
7,709.33
0.46%
(15,079.04)
A2/A-
A
1.17 1.13
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,926.40
98.42 3.65%
1,589,560.52
10,937.14
0.77%
(25,365.88)
Aa2/AA
A+
1.20 1.16
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/2024
5.04%
998,930.00
999,512.93
101.66
3.74%
1,016,583.00
6,527.78
0.49%
17,070.08
A2/A
A+
1.37 1.31
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/2025
4.66%
1,429,571.00
1,429,711.12
101.72
3.75%
1,454,598.86
32,139.25
0.71%
24,887.74
A1/A
A+
2.02 1.87
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,599.62
1 02.27
3.78%
966,493.08
14,332.50
0.47%
21,893.46
Aa3/A+
NA
2.19 1.96
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
4.27%
1,977,190.80
44,939.70
0.96%
27,190.80
Aa3/A+
AA-
2.54 1.43
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,865,000.00 11/05/2025
4.02%
1,863,955.60
1,864,008.01
100.47
3 .82%
1,873,718.88
11,190.00
0.91%
9,710.86
A1/A+
NA
2.85 2.65
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,487,244.78
100.96
4.04%
1,514,335.50
27,343.75
0.74%
27,090.72
A2/A
NA
3.09 2.59
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/2024
4.69%
2,019,920.00
2,014,455.79
102.65
4.03%
2,052,958.00
41,250.00
1.00%
38,502.21
A1/A
AA-
3.09 2.79
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,469,547.82
100.18
3.94%
1,502,643.00
20,000.00
0.73%
33,095.18
A2/A
A
3.16 2.69
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
996,438.76
102.62
4.17%
1,026,183.00
3,472.22
0.50%
29,744.24
Aa1/AA+
AAA
3.43 3.12
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 0
9/17/2024
3.93%
1,593,203.89
1,612,154.88
96.76 3.96%
1,609,157.05
2,180.38
0.78%
(2,997.84)
A2/A
A
3.45 3.24
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
994,591.79
102.52
3.97%
1,025,244.00
791.67
0.50%
30,652.21
A2/A
A
3.48 3.12
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,431,612.01
99.51 4.15%
1,455,891.28
26,984.22
0.71%
24,279.28
A3/A-
NA
3.54 3.20
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,353.66
101.96
3.90%
1,529,364.00
30,750.00
0.74%
31,010.34
A1
/A+
NA
3.54 3.12
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,497,744.83
100.32
4.37%
1,504,864.50
27,669.75
0.73%
7,119.67
A1/A
AA-
3.56 2.36
38 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,499,141.84
100.46
4.39%
1,506,874.50
28,117.42
0.73%
7,732.66
A1/A-
AA-
3.56 2.36
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,974.90
101.20
3.94%
922,987.78
14,814.93
0.45%
12,012.88
Aa3/AA-
NA
3.62 3.20
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,761,599.83
102.21
3.99%
1,788,659.25
30,741.67
0.87%
27,059.42
A2/A
A
3.62 3.19
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,930,713.04
96.03 4.07%
1,920,526.00
21,722.22
0.93%
(10,187.04)
A2/A+
A
3.62 3.35
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,756,052.09
101.01
4.10%
1,767,669.75
24,811.11
0.86%
11,617.66
A3/A-
NA
3.68 3.32
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
9 9.93
4.20%
1,204,202.29
13,288.64
0.59%
(797.71)
Aa1/AA+
NA
3.74 3.39
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/2025
4.25%
1,470,184.60
1,470,172.60
99.97 4.27%
1,469,526.66
11,644.73
0.71%
(645.94)
A1/A-
A+
3.80 2.59
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
9 9.98
4.27%
1,024,770.40
8,277.16
0.50%
(229.60)
A2/BBB+
A
3.80 2.60
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,522.50
102.60
3.97%
1,231,172.40
7,206.67
0.60%
32,649.90
A2/A
A+
3.87 3.50
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,388.98
101.57
4.16%
1,386,435.96
4,534.83
0.67%
22,046.98
Aa1/AA+
AAA
3.93 3.55
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,512.27
102.97
4.14%
1,487,865.93
34,174.25
0.72%
45,353.65
A1/A+
A+
4.02 3.54
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
1,002,348.52
102.92
4.17%
1,029,175.00
19,800.00
0.50%
26,826.48
A2/NA
A
4.10 3.55
571748CA8 MARSH & M
CLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,762.92
102.00
4.12%
1,428,065.80
19,168.33
0.69%
30,302.88
A3/A-
A-
4.20 3.67
57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/2025
4.58%
998,670.00
998,844.08
100.94
4.31%
1,009,392.00
6,825.00
0.49%
10,547.92
Aa3/AA+
AA+
4.35 3.89
66815L2W8 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025
4.51%
1,004,040.00
1,003,590.62
101.47
4.23%
1,014,740.00
3,577.78
0.49%
11,149.38
Aa1/AA+
AAA
4.42 3.96
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,864,356.02
93.64 4.21%
1,872,740.00
24,438.89
0 .91%
8,383.98
A3/A
NA
4.54 4.15
39 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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
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
100.18
4.28%
1,502,752.50
15,324.79
0.73%
2,752.50
Aa1/AA+
NA
4.76 4.22
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 11/04/2025
4.22%
1,006,920.00
1,006,701.47
101.05
4.13%
1,010,534.00
9,236.11
0.49%
3,832.53
A1/A
A+
4.79 4.25
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,203.45
99.57 4.22%
1,095,233.70
8,570.83
0.53%
(3,969.75)
A2/A
NA
4.81 4.29
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/2025
4.16%
1,502,895.00
1,502,822.34
100.21
4.15%
1,503,169.50
10,150.00
0.73%
347.16
Aa3/AA-
NA
4.87 4.27
74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/2025
4.36%
1,749,440.00
1,749,447.11
100.25
4.29%
1,754,408.25
7,612.50
0.85%
4,961.14
Aa3/NA
AA-
4.90 4.35
Total Corporate 56,383,000.00 4.14%
55,988,793.39
56,073,724.28
100.29
4.07%
56,520,542.40
652,113.03
27.48%
446,818.12
3.31 2.86
MO
NEY MARKET
FUND
992995944 WC MMF SWEEP 52,773.62 --
1.80%
52,773.62
52,773.62
1.00 1.80%
52,773.62
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 1,163,773.36 --
3.30%
1,163,773.36
1,163,773.36
1.00 3.30%
1,163,773.36
0. 00
0.57%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 1,216,546.98 3.24%
1,216,546.98
1,216,546.98
1.00 3.24%
1,216,546.98
0.00 0.59%
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
1,746,933.00
102.47
3.76%
1,782,978.00
32,625.00
0.87%
36,045.00
Aa2/AA-
AA
3.58 3.23
Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,746,933.00
102.47
3.76%
1,782,978.00
32,625.00
0.87%
36,045.00
3.58 3.23
SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,459,327.45
99.14 3.77%
2,438,819.40
4,245.21
1.19%
(20,508.05)
Aaa/AAA
NA
0.30 0.30
40 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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
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
1,727,697.87
100.70
3.68%
1,762,246.50
14,122.50
0.86%
34,548.63
Aaa/AAA
NA
3.79 3.47
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
1,695,128.47
101.49
3.74%
1,725,297.70
19,673.96
0.84%
30,169.23
Aaa/AAA
NA
4.22 3.80
Total Supranational 5,910,000.00 2.89%
5,864,463.20
5,882,153.79
100.29
3.73%
5,926,363.60
38,041.67
2.88%
44,209.81
2.48 2.26
US TREASURY
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,499,235.44
99.74 3.68%
2,493,505.00
3,923.23
1.21%
(5,730.44)
Aa1/AA+
AA+
0.08 0.08
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,499,579.88
99.08 3.59%
2,477,082.50
3,211.33
1.20%
(22,497.38)
Aa1/AA+
AA+
0.33 0.32
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,396,847.19
98.03 3.59%
1,372,375.20
3 ,129.81
0.67%
(24,471.99)
Aa1/AA+
AA+
0.75 0.73
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,398,571.05
97.99 3.62%
1,371,836.20
2,697.51
0.67%
(26,734.85)
Aa1/AA+
AA+
0.83 0.81
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,508,072.08
100.78
3.53%
2,519,610.00
5 ,108.17
1.23%
11,537.92
Aa1/AA+
AA+
0.96 0.92
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,292,745.70
101.23
3.51%
2,328,301.50
22,178.57
1.13%
35,555.80
Aa1/AA+
AA+
1.29 1.23
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,193,847.95
101.33
3.49%
3,242,499.20
18,696.13
1.58%
48,651.25
Aa1/AA+
AA+
1.37 1.31
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,252,999.46
99.66 3.49%
3,238,829.75
291.78
1.57%
(14,169.71)
Aa1/AA+
AA+
1.50 1.45
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
397,833.61
98.87 3.49%
395,484.40
4,603.26
0.19%
(2,349.21)
Aa1/AA+
AA+
1.58 1.51
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,489,607.48
99.43 3.48%
4 ,474,161.00
47,781.42
2.18%
(15,446.48)
Aa1/AA+
AA+
1.67 1.58
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,439,772.57
101.07
3.48%
3,486,925.35
36,360.06
1.70%
47,152.78
Aa1/AA+
AA+
1.75 1.65
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,018.71
100.71
3.49%
856,042.65
2,895.60
0.42%
5,023.94
Aa1/AA+
AA+
1.91 1.82
41 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,760,179.85
100.75
3.48%
2,770,517.75
294.37
1.35%
10,337.90
Aa1/AA+
AA+
2.00 1.91
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,982,412.85
100.02
3.49%
3,000,585.00
43,940.22
1.46%
18,172.15
Aa1/AA+
AA+
2.08 1.96
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,674.36
101.04
3.49%
3,738,591.00
50,287.29
1.82%
38,916.64
Aa1/AA+
AA+
2.16 2.03
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/2025
3.50%
4,982,812.50
4,983,858.13
99.59 3.53%
4,979,490.00
50,345.30
2.42%
(4,368.13)
Aa1/AA+
AA+
2.71 2.53
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,267,141.94
101.66
3.58%
2,338,094.90
24,240.04
1.14%
70,952.96
Aa1/AA+
AA+
3.25 2.99
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,989,889.16
102.11
3.60%
2,042,266.00
234.81
0 .99%
52,376.84
Aa1/AA+
AA+
3.50 3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,520,280.68
99.98 3.63%
3,499,454.00
43,109.46
1.70%
(20,826.68)
Aa1/AA+
AA+
3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,943,454.63
99.54 3.63%
4,976,760.00
44,711.54
2 .42%
33,305.38
Aa1/AA+
AA+
3.75 3.45
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,995,238.85
101.71
3.64%
3,051,327.00
21,194.75
1.48%
56,088.15
Aa1/AA+
AA+
3.83 3.49
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,375,142.13
102.67
3.65%
4,517,563.60
531.77
2.20%
142,421.47
Aa1/AA+
AA+
4.00 3.65
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,986,786.46
102.22
3.66%
4,088,908.00
71,141.30
1.99%
102,121.54
Aa1/AA+
AA+
4.08 3.66
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --
4.01%
4,496,958.99
4,497,406.61
101.27
3.67%
4,557,303.00
61,160.22
2.22%
59,896.39
Aa1/AA+
AA+
4.16 3.75
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --
3.78%
5,020,507.81
5,020,243.58
100.75
3.69%
5,037,695.00
535.22
2 .45%
17,451.42
Aa1/AA+
AA+
4.50 4.09
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/2025
3.59%
5,089,062.50
5,085,532.74
101.27
3.70%
5,063,475.00
83,695.65
2.46%
(22,057.74)
Aa1/AA+
AA+
4.58 4.09
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --
3.66%
4,991,425.79
4,992,028.88
99.64 3.71%
4,982,225.00
61,584.94
2.42%
(9,803.88)
Aa1/AA+
AA+
4.67 4.20
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --
3.59%
5,008,789.06
5,008,445.18
99.61 3.71%
4,980,665.00
46,308.38
2.42%
(27,780.18)
Aa1/AA+
AA+
4.75 4.28
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/2025
3.73%
1,731,816.41
1 ,731,977.15
98.99 3.73%
1,732,363.50
5,384.62
0.84%
386.35
Aa1/AA+
AA+
4.91 4.45
42 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 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 US Treasury 93,150,000.00 3.65%
92,899,894.54
93,059,824.27
100.51
3.60%
93,613,936.50
759,576.78
45.52%
554,112.23
2.99 2.74
Total Portfolio 205,673,731.74 3.95%
203,529,920.42
204,078,590.52
99.46 3.78%
205,668,734.88
1,621,951.12
100.00%
1,590,144.36
3.05 2.63
Total Market Value +
Accrued 207,290,686.00
43 HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of December 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
CASH
90CASH$00 Wells Fargo Government
Advantage Checking 7,023,661.05 --
0.00%
7,023,661.05
7,023,661.05
1.00 0.00%
7,023,661.05
0.00 8.67%
0.00 NA/NA
NA
0.00 0.00
90CASH$02 Wells Fargo WC Distribution
Account 19,224.61 --
0.00%
19,224.61
19,224.61
1.00 0.00%
19,224.61
0.00 0.02%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 713,820.82 -- 713,820.82
713,820.82
1.00 713,820.82
0.00 0.88%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 7,756,706.48 0.00%
7,756,706.48
7,756,706.48
1.00 0.00%
7,756,706.48
0.00 9.58%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 73,252,391.03 --
3.98%
73,252,391.03
73,252,391.03
1.00 3.98%
73,252,391.03
0.00 90.42%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 73,252,391.03 3.98%
73,252,391.03
73,252,391.03
1.00 3.98%
73,252,391.03
0.00 90.42%
0.00 0.00
0.00 Total Portfolio 81,009,097.51 3.63%
81,009,097.51
81,009,097.51
1.00 3.63%
81,009,097.51
0.00 1
00.00%
0.00 0.00
0.00 Total Market Value +
Accrued 81,009,097.51
44 TRANSACTIONS
45 TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| 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 46 TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| 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 Purchase 11/05/2025 24422EYF0 1,000,000.00
JOHN DEERE
CAPITAL CORP 4.375
10/15/2030
100.692 4.22% (1,006,920.00) (2,430.56) (1,009,350.56) 0.00 Purchase 11/07/2025 69371RU20 1,865,000.00 PACCAR FINANCIAL CORP 4.0 11/07/2028 99.944 4.02% (1,863,955.60) 0.00 (1,863,955.60) 0.00 Purchase 11/17/2025 30303MAB8 1,500,000.00 META PLATFORMS INC
4.2 11/15/2030 100.193 4.16% (1,502,895.00) (2,450.00) (1,505,345.00) 0.00 Purchase 12/09/2025 74153WCZ0 1,750,000.00
PRICOA GLOBAL
FUNDING I 4. 35
11/25/2030
99.968 4.36% (1,749,440.00) (2,960.42) (1,752,400.42) 0.00 Purchase 12/15/2025 3137FWG79 2,000,000.00 FHMS K-115 A2 1.383 06/25/2030 89.367 3.99% (1,787,343.75) (1,075.67) (1,788,419.42) 0.00 Purchase 12/16/2025 91282CPN5 1,750,000.00
UNITED STATES
TREASURY 3.5
11/30/2030
98.961 3.73% (1,731,816.41) (2,692.31) (1,734,508.72) 0.00 Total Purchase 36,555,000.00 (36,459,521.39) (150,820.47) ( 36,610,341.86) 0.00 TOTAL
ACQUISITIONS 36,555,000.00 (36,459,521.39) (150,820.47) (36,610,341.86) 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
Maturity 11/30/2025 91282CAZ4 (2,250,000.00)
UNITED STATES
TREASURY 0.375
11/30/2025
100.000 0.76% 2,250,000.00 0.00 2,250,000.00 0.00
47 TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Total Maturity (5,600,000.00) 5,600,000.00 0.00 5,600,000.00 0.00 Sale 11/14/2025 023135BX3 (1,875,000.00) AMAZON.COM INC 1.0 05/12/2026 98.563 1.09% 1,848,056.25 104.17 1,848,160.42 (26,149.72) Sale 12/16/2025 91324PEC2 (1,035,000.00) UNITEDHEALTH GROUP INC 1.15 05/15/2026 98.876 1.37% 1,023,366.60 1,024.94 1,024,391.54 (10,689.40) Total Sale (2,910,000.00) 2,871,422.85 1,129.11 2,872,551.96 (36,839.12) TOTAL
DISPOSITIONS (8,510,000.00) 8,471,422.85 1,129.11 8,472,551.96 (36,839.12) 48 TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2025 90LAIF$00 751,567.92
Local Agency
Investment Fund State
Pool
1.000 4.15% (751,567.92) 0.00 (751,567.92) 0.00
Purchase 11/30/2025 90LAIF$00 10,500,000.00
Local Agency
Investment Fund State
Pool
1.000 4.09% (10,500,000.00) 0.00 (10,500,000.00) 0.00
Total Purchase 11,251,567.92 (11,251,567.92) 0.00 (11,251,567.92) 0.00 TOTAL
ACQUISITIONS 11,251,567.92 (11,251,567.92) 0.00 (11,251,567.92) 0.00
DISPOSITIONS
Sale 10/31/2025 90LAIF$00 (5,700,000.00)
Local Agency
Investment Fund State
Pool
1.000 4.13% 5,700,000.00 0.00 5,700,000.00 0.00
Sale 12/31/2025 90LAIF$00 (1,100,000.00)
Local Agency
Investment Fund State
Pool
1.000 3.98% 1,100,000.00 0.00 1,100,000.00 0.00
Total Sale (6,800,000.00) 6,800,000.00 0.00 6,800,000.00 0.00 TOTAL
DISPOSITIONS (6,800,000.00) 6,800,000.00 0.00 6,800,000.00 0.00 49 IMPORTANT DISCLOSURES
City of Cupertino | As of December 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.
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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. 50 BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of December 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. 51