INVESTMENT REPORT
City of Cupertino | As of January 31, 2026
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data has signaled moderating inflation alongside a continued rebalancing in labor market conditions. Price pressures continues to run modestly above the Federal Reserve’s longer‑run objective, while the unemployment rate dropped to 4.4%. As the data flow normalizes, the Chandler team anticipates additional yield curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. One additional 25 basis point rate cut may come in the first half of 2026, while U.S. trade and fiscal policy continue to represent important sources of elevated market uncertainty.
The Federal Reserve’s January Federal Open Market Committee meeting concluded with policymakers leaving the target range unchanged at 3.50%–3.75% after three consecutive 25‑basis ‑point cuts at the end of 2025. However, officials remain divided on the appropriate path forward, with Governors Christopher Waller and Stephen Miran dissentingin favor of an additional reduction. The future policy regime also began to take shape as President Trump announced Kevin Warsh as his nominee for the next Federal Reserve Chair.
The US Treasury yield curve steepened in January, as the 2-year Treasury yield rose 4 basis points to 3.52%, the 5-year Treasury was up 6 basis points to 3.79%, and the 10-year Treasury yield was 7 basis points higher at 4.24%. The spread between the 2-year and 10-year Treasury yield points on the curve was 2 basis points wider from December at +71 basis points at January month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +56 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +58 basis points in January versus +54 basis points in December.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
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 downwardly revised 7.4 millionin October. The dropin 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
The Consumer Price Index (CPI) showed that inflation remained relatively subduedin December, with headline CPI and core CPI holding at
2.7% and 2.6% respectively year-over-year. Shelter has continued to play a central but gradually moderating role in services inflation.
December data keeps inflation close to the prior month’s pace and consistent with a trend of easing price pressures. The Personal Consumption Expenditures (PCE) Index for October and November, released on January 22, showed headline inflation up 0.2% for both months reflecting increase in both services and goods. Annual PCE Inflation increased 2.7% in October and 2.8% in November. Month-over- month, Core PCE rose 0.2% in both months; year-over-over Core PCE increased 2.7% followed by an increase of 2.8%.
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
November Retail Sales rose 0.6% from October and 3.3% from a year earlier, while the control group measure which feeds into GDP rose a solid 0.4% on the month after an even stronger 0.8% gain in October. This confirms that underlying goods spending excluding the most volatile categories remained resilient into the start of the holiday season. 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 by 9.7 points to 84.5 in January from an upwardly revised 94.2 in December, sinking to its lowest level since 2014 and resuming the downtrend after a brief year‑end uptick. Consumers grew more pessimistic about both current and future 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 November, marking its fourth consecutive monthly decrease after a revised 0.1% drop in October. On a year-over-year basis, the index fell 3.7%. According to the Conference Board, weak expectations among consumers led to the decline in LEI, followed by new orders. Despite strong GDP in the third quarter of 2025, the LEI continues to signal slower economic growth into 2026. The Chicago Fed National Activity Index (CFNAI) registered –0.04 in November, improving from –0.42 in October, but still signaling that U.S. economic activity remained slightly below its historical trend. The three ‑month moving average increased to –0.23 in November from –0.34 in October, indicating that underlying growth has firmed but continues to run modestly below trend. Employment ‑related indicators were negative in both November and October, pointing to a labor market that remains a mild drag on overall activity even as conditions have steadied relative to earlier in the year.
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 1.4% year-over-year in November remaining near the slowest annual increase since mid ‑2023. Short‑term momentum softened further, with 15 of the 20 tracked markets posting month‑over‑month price declines on a non‑seasonally adjusted basis as higher mortgage rates and stretched affordability continued to weigh on demand.
Housing starts declined in October to an annualized rate of 1.25 million units adding 875 thousand single-family home starts and 372 thousand multifamily home starts. The Freddie Mac 30‑year fixed mortgage rate continued to trend lower at 6.10% at the end of January.
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 above50 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% 2.3%
-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% 4.4%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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 Real gross domestic product (GDP) demonstrated continued strength in the third quarter, with the third estimate showing a 4.4% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, alongside of upturns in investment, exports, and government spending. 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 left its benchmark interest rate unchanged in January, keeping the target range at 3.50% to 3.75% after the December quarter‑point cut that was justified by signs of softening in the labor market. Policymakers maintained a cautious tone, acknowledging that inflation has continued to moderatebut emphasizing that the outlook remains uncertain and that future adjustments will depend on incoming data. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a desire to maintain ample reserves and support orderly market functioning while it assesses the effects of earlier tightening and recent rate cuts.
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
Jan-26
Oct-25
Jan-25
Yield (%)
At the end of January, the 2-year yield was 8 basis points lower, and the 10-year yield was 7 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield pointson the curve increased to +71 basis points at January month-end versus +69 basis points at December 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 +58 basis points in January versus +54 basis points in December.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of January 31, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 11.5 Compliant Max Maturity (Years) 5.0 4.4 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.9 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
Max % 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 January 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 27.0 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 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 11.5 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 1.3 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 January 31, 2026 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 44.1 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 0.24% 1.01% 0.24% 5.76% 5.00% 4.67% 1.75% -- 2.41% Benchmark Return 0.16% 0.90% 0.16% 5.39% 4.41% 4.22% 1.41% -- 2.15% City of Cupertino | Account #10659 | As of January 31, 2026 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.62
Average Coupon 3.76%
Average Purchase YTM 4.03%
Average Market YTM 3.80%
Average Credit Quality* AA+
Average Final Maturity 3.05
Average Life 2.87
End Values as
of 12/31/2025
End Values as
of 01/31/2026
Market Value 205,668,734.88 206,174,722.48
Accrued Interest 1,621,951.12 1,600,582.56
Total Market Value 207,290,686.00 207,775,305.04
Income Earned 695,391.72 438,034.24
Cont/WD 0.00 0.00
Par 205,673,731.74 206,274,386.28
Book Value 204,078,590.52 204,717,752.76
Cost Value 203,529,920.42 204,173,834.30
United States 44.12%
Federal Home Loan Mortgage Corp 11.54%
Farm Credit System 2.56%
International Bank for Recon and Dev 1.69%
Morgan Stanley 1.67%
Guardian Life Global Funding 1.31%
Wells Fargo & Company 1.29%
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 HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of January 31, 2026 Purchase Yield as of 01/31/26 = 4.03%
20 PORTFOLIO HOLDINGS
21 ISSUERS
City of Cupertino | Account #10659 | As of January 31, 2026 Issuer Investment Type % Portfolio
United States US Treasury 44.12%
Federal Home Loan Mortgage Corp Agency CMBS 11.54%
Farm Credit System Agency 2.56%
International Bank for Recon and Dev Supras 1.69%
Morgan Stanley Corporate 1.67%
Guardian Life Global Funding Corporate 1.31%
Wells Fargo & Company Money Mkt Fd 1.29%
The Home Depot, Inc. Corporate 1.28%
Toyota Motor Corporation Corporate 1.24%
Deere & Company Corporate 1.20%
Inter-American Development Bank Supras 1.19%
Meta Platforms, Inc. Corporate 1.17%
New York Life Insurance Company Corporate 1.17%
Royal Bank of Canada Corporate 1.00%
Northwestern Mutual Global Funding Corporate 0.99%
UnitedHealth Group Incorporated Corporate 0.93%
Federal Home Loan Banks Agency 0.92%
PACCAR Inc Corporate 0.91%
Simon Property Group, Inc. Corporate 0.91%
Chubb Limited Corporate 0.87%
State of California Muni Bonds 0.86%
American Honda Finance Corporation Corporate 0.86%
Cash Cash 0.85%
Pricoa Global Funding I Corporate 0.85%
Chase Issuance Trust ABS 0.83%
Bank of America Credit Card Trust ABS 0.80%
Mercedes-Benz Auto Lease Trust ABS 0.78%
Berkshire Hathaway Inc. Corporate 0.77%
PepsiCo, Inc. Corporate 0.74%
Citigroup Inc ABS 0.74%
22 ISSUERS
City of Cupertino | Account #10659 | As of January 31, 2026 Issuer Investment Type % Portfolio
Prologis, Inc. Corporate 0.73%
Bank of America Corporation Corporate 0.73%
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%
Met Tower Global Funding Corporate 0.63%
Caterpillar Inc. Corporate 0.60%
Hyundai Auto Lease Securitization Tr ABS 0.55%
Cargill, Incorporated Corporate 0.53%
BMW Vehicle Lease Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.50%
The Goldman Sachs Group, Inc. Corporate 0.50%
Honda Auto Receivables Owner Trust ABS 0.50%
GM Financial Securitized Term ABS 0.49%
Massachusetts Mutual Life Insurance Corporate 0.49%
Pacific Mutual Holding Company Corporate 0.49%
Mastercard Incorporated Corporate 0.47%
The Charles Schwab Corporation Corporate 0.46%
Toyota Auto Receivables Owner Trust ABS 0.36%
John Deere Owner Trust ABS 0.35%
Mercedes-Benz Auto Receivables Trust ABS 0.33%
BMW Vehicle Owner Trust ABS 0.31%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Money Mkt Fd 0.03%
TOTAL 100.00%
23 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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 51,477.88 07/12/2022
3.77%
51,472.97
51,476.80
99.99 3.91%
51,470.73
85.57 0.02%
(6.07)
Aaa/NA
AAA
1.04 0.10
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 502,715.63 05/14/2024
5.41%
502,701.65
502,709.60
100.46
4.08%
505,012.04
1,208.75
0.24%
2,302.43
NA/AAA
AAA
1.29 0.33
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 195,168.20 10/12/2022
5.15%
195,153.05
195,163.81
100.20
4.26%
195,564.39
441.51
0.09%
400.58
Aaa/NA
AAA
1.37 0.22
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 745,625.29 11/21/2023
5.65%
742,596.19
744,105.09
100.63
3.82%
750,354.05
1,709.97
0.36%
6,248.97
NA/AAA
AAA
2.21 0.46
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 526,551.79 --
5.64%
527,855.20
527,101.36
101.06
3.94%
532,159.04
829.32
0.26%
5,057.68
Aaa/NA
AAA
2.39 0.57
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/2025
4.32%
1,049,997.06
1,049,997.36
100.18
3.87%
1,051,894.20
694.75
0.51%
1,896.84
NA/AAA
AAA
2.65 1.31
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 679,756.08 11/29/2023
3.88%
694,147.79
686,294.12
101.28
3.67%
688,463.76
1,797.58
0.33%
2,169.64
NA/AAA
AAA
2.79 0.54
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 468,509.50 03/25/2024
5.13%
468,289.89
468,377.52
100.85
4.10%
472,468.40
1,032.80
0.23%
4,090.88
Aaa/NA
AAA
2.79 0.92
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
852,472.10
100.97
3.75%
858,262.85
1,881.33
0.42%
5,790.75
Aaa/NA
AAA
0.79 0.76
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 485,931.17 05/14/2024
5.27%
485,872.13
485,894.43
101.06
3.84%
491,097.10
924.75
0.24%
5,202.67
NA/AAA
AAA
2.80 0.71
448970AD5 HALST 26A A3 3.97 12/15/2028 635,000.00 01/12/2026
3.98%
634,906.91
634,907.88
100.21
3.89%
636,327.15
700.26
0.31%
1,419.27
NA/AAA
AAA
2.87 1.81
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,003,885.55 --
4.97%
1,002,293.63
1,002,900.19
100.65
3.73%
1,010,436.91
2,028.69
0.49%
7,536.72
Aaa/NA
AAA
2.88 0.56
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,846.59
100.82
3.75%
1,703,898.56
3,455.11
0.83%
14,051.97
NA/AAA
AAA
2.96 0.92
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 635,663.84 06/04/2024
5.18%
635,567.28
635,600.95
100.91
3.73%
641,425.50
548.79
0.31%
5,824.55
Aaa/AAA
NA
3.07 0.60
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/2025
4.57%
1,044,828.52
1,044,842.27
100.11
3.85%
1,046,151.59
1,802.04
0.51%
1,309.32
NA/AAA
AAA
3.21 1.80
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,970.72
101.41
3.83%
796,099.12
1,720.02
0.39%
11,128.39
Aaa/AAA
NA
3.28 1.22
24 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 570,000.00 01/13/2026
3.97%
569,886.97
569,887.82
100.11
3.91%
570,600.78
622.25
0.28%
712.96
Aaa/NA
AAA
3.96 2.03
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,978.07
101.05
3.81%
1,434,867.40
2,701.16
0.70%
14,889.33
NA/AAA
AAA
4.20 2.06
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,980.31
101.18
3.83%
1,381,038.75
2,632.93
0.67%
16,058.44
NA/AAA
AAA
4.28 2.14
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,513,263.96
101.03
3.84%
1,515,474.00
7,166.67
0.74%
2,210.04
Aaa/AAA
NA
4.39 2.24
16,239,018.29 100.79 16,333,066.30 7.92% 3.10
Total ABS 16,205,284.93 4.60% 16,224,770.95 3.83% 33,984.26 108,295.35 1.29 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,873,043.55
101.41
3.52%
1,901,405.63
27,708.33
0.92%
28,362.08
Aa1/AA+
AA+
1.19 1.13
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
2,405,492.25
101.48
3.54%
2,435,479.20
26,916.67
1.18%
29,986.95
Aa1/AA+
AA+
1.26 1.21
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
2,795,364.15
101.81
3.57%
2,850,694.00
27,338.89
1.38%
55,329.85
Aa1/AA+
AA+
1.79 1.69
7,072,214.00 101.59 7,187,578.83 3.49% 1.45
Total Agency 7,075,000.00 4.70% 7,073,899.95 3.55% 81,963.89 113,678.88 1.38
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
653,945.67
99.24 3.81%
645,067.80
1,437.04
0.31%
(8,877.87)
Aa1/AA+
AAA
0.56 0.51
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
984,720.69
99.18 3.69%
991,795.00
2,703.33
0.48%
7,074.31
Aaa/AA+
AA+
1.56 1.44
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,941,151.70 07/01/2024
4.86%
1,857,060.41
1,887,145.24
99.76 3.80%
1,936,450.23
6,100.07
0.94%
49,304.99
Aa1/AAA
AA+
2.90 2.58
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,249,081.27
99.16 3.81%
1,277,180.80
3,824.29
0.62%
28,099.53
Aa1/AA+
AA+
2.99 2.75
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,871,002.12
95.62 3.84%
1,912,326.00
3,766.67
0.93%
41,323.88
Aa1/AA+
AAA
2.99 2.75
25 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,494,802.36
99.46 3.83%
2,536,263.15
7,841.25
1.23%
41,460.79
Aaa/AA+
AA+
2.99 2.71
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,446,606.70
98.88 3.85%
2,471,877.50
7,302.08
1.20%
25,270.80
Aa1/AAA
AA+
3.15 2.83
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,969,684.64 09/19/2024
3.82%
1,900,284.03
1,920,732.43
97.41 3.83%
1,918,640.26
4,894.67
0.93%
(2,092.16)
Aa1/AA+
AAA
3.31 2.90
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,090,213.33
96.62 3.85%
2,125,664.20
5,105.83
1.03%
35,450.87
Aa1/AA+
AAA
3.40 3.08
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,520,365.85
95.25 3.87%
1,524,009.60
3,233.33
0.74%
3,643.75
Aa1/AA+
AAA
3.56 3.26
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,421,224.95
95.65 3.89%
1,434,726.00
3,243.75
0.70%
13,501.05
Aa1/AA+
AAA
3.65 3.32
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,836,883.92
93.14 3.94%
1,862,864.00
3,448.33
0.90%
25,980.08
Aa1/AA+
AAA
3.98 3.72
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,361,915.70
90.69 3.97%
1,360,300.50
1,846.25
0.66%
(1,615.20)
Aa1/AA+
AAA
4.23 3.87
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,793,609.86
89.62 3.99%
1,792,378.00
2,305.00
0.87%
(1,231.86)
Aa1/AA+
AAA
4.40 4.14
23,203,768.98 96.42 23,789,543.04 11.54% 3.27
Total Agency CMBS 24,698,836.34 4.25% 23,532,250.10 3.86% 57,051.90 257,292.95 2.98 CASH
CCYUSD Payable (1,001,380.00) -- (1,001,380.00)
(1,001,380.00)
1.00 (1,001,380.00)
0.00 (0.49%)
0.00 Aaa/AAA
AAA
0.00 0.00
CCYUSD Receivable 2,754,039.44 -- 2,754,039.44
2,754,039.44
1.00 2,754,039.44
0.00 1.34%
0.00 Aaa/AAA
AAA
0.00 0.00
1,752,659.44 1.00 1,752,659.44 0.85% 0.00
Total Cash 1,752,659.44 1,752,659.44 0.00 0.00 0.00
CORPORATE
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,917.40
98.39 3.68%
344,357.30
1,367.92
0.17%
(5,560.10)
Aa2/AA
AA
0.63 0.61
26 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,937.62
98.61 3.77%
946,670.40
9,669.33
0.46%
(13,267.22)
A2/A-
A
1.08 1.05
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,931.61
98.50 3.68%
1,590,781.46
14,032.56
0.77%
(24,150.15)
Aa2/AA
A+
1.12 1.08
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/2025
4.66%
1,429,571.00
1,429,723.29
101.80
3.68%
1,455,682.80
4,433.00
0.71%
25,959.51
A1/A
A+
1.93 1.83
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,615.18
102.22
3.77%
965,949.71
18,171.56
0.47%
21,334.53
Aa3/A+
NA
2.10 1.88
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
101.30
4.26%
1,975,431.90
4,574.70
0.96%
25,431.90
Aa3/A+
AA-
2.45 1.39
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,865,000.00 11/05/2025
4.02%
1,863,955.60
1,864,037.55
100.56
3.78%
1,875,416.03
17,406.67
0.91%
11,378.47
A1/A+
NA
2.77 2.57
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 1,310,000.00 01/07/2026
4.05%
1,308,310.10
1,308,337.85
99.84 4.06%
1,307,938.06
2,474.44
0.63%
(399.79)
Aa3/AA-
AA-
2.96 2.75
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,487,595.63
100.97
4.03%
1,514,523.00
32,812.50
0.73%
26,927.37
A2/A
NA
3.00 2.57
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/2024
4.69%
2,019,920.00
2,014,058.16
102.75
3.97%
2,054,914.00
49,500.00
1.00%
40,855.84
A1/A
AA-
3.00 2.77
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,470,365.15
100.21
3.92%
1,503,207.00
25,000.00
0.73%
32,841.85
A2/A
A
3.08 2.61
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
996,526.93
102.97
4.04%
1,029,658.00
7,638.89
0.50%
33,131.07
Aa1/AA+
AAA
3.34 3.04
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,613,404.84
96.98 3.91%
1,612,855.56
6,268.59
0.78%
(549.28)
A2/A
A
3.37 3.16
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
994,723.69
102.54
3.94%
1,025,354.00
4,750.00
0.50%
30,630.31
A2/A
A
3.40 3.03
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,432,365.71
99.76 4.08%
1,459,427.35
2,600.89
0.71%
27,061.65
A3/A-
NA
3.45 3.19
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,393.13
101.99
3.88%
1,529,796.00
2,625.00
0.74%
31,402.87
A1/A+
NA
3.46 3.11
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,497,819.68
100.40
4.35%
1,505,935.50
1,401.00
0.73%
8,115.82
A1/A
AA-
3.47 2.33
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,499,170.32
100.47
4.39%
1,507,123.50
1,423.67
0.73%
7,953.18
A1/A-
AA-
3.47 2.33
27 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,998.94
101.18
3.94%
922,722.38
18,082.93
0.45%
11,723.45
Aa3/AA-
NA
3.54 3.12
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,761,321.29
102.28
3.95%
1,789,919.25
37,522.92
0.87%
28,597.96
A2/A
A
3.54 3.10
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,932,337.77
96.12 4.06%
1,922,334.00
26,513.89
0.93%
(10,003.77)
A2/A+
A
3.54 3.27
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,755,912.39
100.92
4.12%
1,766,135.00
31,227.78
0.86%
10,222.61
A3/A-
NA
3.59 3.24
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
100.10
4.15%
1,206,239.95
17,485.05
0.59%
1,239.95
Aa1/AA+
NA
3.65 3.31
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/2025
4.25%
1,470,184.60
1,470,167.36
99.92 4.27%
1,468,881.33
16,707.65
0.71%
(1,286.03)
A1/A-
A+
3.71 2.51
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
99.95 4.27%
1,024,438.30
11,824.51
0.50%
(561.70)
A2/BBB+
A
3.72 2.52
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,554.89
102.58
3.96%
1,230,979.20
11,906.67
0.60%
32,424.31
A2/A
A+
3.79 3.42
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,402.19
101.68
4.12%
1,387,959.30
9,767.33
0.67%
23,557.11
Aa1/AA+
AAA
3.84 3.47
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,564.77
103.00
4.12%
1,488,341.33
4,371.13
0.72%
45,776.56
A1/A+
A+
3.94 3.55
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
1,002,298.89
102.73
4.20%
1,027,293.00
23,925.00
0.50%
24,994.11
A2/NA
A
4.02 3.47
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,808.13
101.80
4.17%
1,425,200.00
24,593.33
0.69%
27,391.88
A3/A-
A-
4.12 3.59
57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/2025
4.58%
998,670.00
998,866.66
100.82
4.33%
1,008,239.00
10,616.67
0.49%
9,372.34
Aa3/AA+
AA+
4.26 3.80
66815L2W8 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025
4.51%
1,004,040.00
1,003,521.65
101.37
4.25%
1,013,670.00
7,411.11
0.49%
10,148.35
Aa1/AA+
AAA
4.34 3.87
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,866,895.25
93.70 4.22%
1,874,080.00
2,355.56
0.91%
7,184.75
A3/A
NA
4.45 4.13
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
100.02
4.32%
1,500,255.00
20,733.54
0.73%
255.00
Aa1/AA+
NA
4.68 4.14
28 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 11/04/2025
4.22%
1,006,920.00
1,006,582.63
101.08
4.12%
1,010,768.00
12,881.94
0.49%
4,185.37
A1/A
A+
4.70 4.17
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,217.52
99.46 4.25%
1,094,109.50
12,352.08
0.53%
(5,108.02)
A2/A
NA
4.73 4.20
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/2025
4.16%
1,502,895.00
1,502,772.29
99.82 4.24%
1,497,306.00
15,400.00
0.73%
(5,466.29)
Aa3/AA-
NA
4.79 4.25
74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/2025
4.36%
1,749,440.00
1,749,456.69
100.08
4.33%
1,751,447.25
13,956.25
0.85%
1,990.56
Aa3/NA
AA-
4.82 4.27
89236TPH2 TOYOTA MOTOR CREDIT CORP 4.2
01/10/2031 1,080,000.00 01/07/2026
4.21%
1,079,665.20
1,079,668.87
99.83 4.24%
1,078,130.52
2,394.00
0.52%
(1,538.35)
A1/A+
A+
4.94 4.41
66815L2Z1 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,020,000.00 01/06/2026
4.30%
1,019,908.20
1,019,909.16
99.89 4.32%
1,018,860.66
2,193.00
0.49%
(1,048.50)
Aa1/AA+
AAA
4.95 4.40
6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II
4.375 02/03/2031 1,000,000.00 01/29/2026
4.34%
1,001,380.00
1,001,380.00
100.12
4.35%
1,001,199.00
0.00 0.49%
(181.00)
Aa3/AA-
AA-
5.01 4.45
Total Corporate 55,523,000.00 4.34%
55,129,485.79
55,220,561.07
100.38
4.09%
55,713,529.53
540,373.06
27.02%
492,968.46
3.55 3.08
MONEY MARKET
FUND
992995944 WC MMF SWEEP 52,857.76 --
1.80%
52,857.76
52,857.76
1.00 1.80%
52,857.76
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 2,666,747.81 --
3.24%
2,666,747.81
2,666,747.81
1.00 3.24%
2,666,747.81
0.00 1.29%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 2,719,605.57 3.22%
2,719,605.57
2,719,605.57
1.00 3.22%
2,719,605.57
0.00 1.32%
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
1,746,768.69
102.44
3.75%
1,782,496.02
39,150.00
0.86%
35,727.33
Aa2/AA-
AA
3.50 3.22
Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,746,768.69
102.44
3.75%
1,782,496.02
39,150.00
0.86%
35,727.33
3.50 3.22
SUPRANATIONAL
29 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,459,518.72
99.41 3.63%
2,445,399.90
6,038.96
1.19%
(14,118.82)
Aaa/AAA
NA
0.22 0.22
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
1,728,197.42
100.57
3.71%
1,759,975.00
19,775.00
0.85%
31,777.58
Aaa/AAA
NA
3.71 3.39
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
1,695,226.59
101.41
3.75%
1,723,978.50
25,517.71
0.84%
28,751.91
Aaa/AAA
NA
4.13 3.72
Total Supranational 5,910,000.00 2.88%
5,864,463.20
5,882,942.73
100.33
3.69%
5,929,353.40
51,331.67
2.88%
46,410.67
2.39 2.18
US TREASURY
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,499,689.32
99.30 3.67%
2,482,567.50
4,816.99
1.20%
(17,121.82)
Aa1/AA+
AA+
0.24 0.24
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,397,206.52
98.23 3.62%
1,375,259.20
4,173.08
0.67%
(21,947.32)
Aa1/AA+
AA+
0.66 0.64
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,398,717.25
98.18 3.64%
1,374,504.60
4,046.27
0.67%
(24,212.65)
Aa1/AA+
AA+
0.75 0.72
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,507,353.01
100.67
3.58%
2,516,762.50
14,423.08
1.22%
9,409.49
Aa1/AA+
AA+
0.87 0.84
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,293,225.19
101.11
3.54%
2,325,516.20
30,993.13
1.13%
32,291.01
Aa1/AA+
AA+
1.20 1.15
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,194,230.14
101.18
3.54%
3,237,875.20
31,027.62
1.57%
43,645.06
Aa1/AA+
AA+
1.28 1.23
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,252,828.85
99.62 3.53%
3,237,559.00
9,337.02
1.57%
(15,269.85)
Aa1/AA+
AA+
1.41 1.36
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
397,950.20
98.87 3.53%
395,484.40
30.39 0.19%
(2,465.80)
Aa1/AA+
AA+
1.50 1.45
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,490,138.24
99.38 3.54%
4,471,875.00
59,823.90
2.17%
(18,263.24)
Aa1/AA+
AA+
1.58 1.50
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,440,270.29
100.94
3.53%
3,482,478.30
48,480.08
1.69%
42,208.01
Aa1/AA+
AA+
1.66 1.57
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
850,973.47
100.59
3.54%
855,013.30
5,700.72
0.41%
4,039.83
Aa1/AA+
AA+
1.83 1.74
30 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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
2,759,746.96
100.62
3.54%
2,766,973.00
9,419.89
1.34%
7,226.04
Aa1/AA+
AA+
1.91 1.82
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,983,130.22
99.93 3.53%
2,998,008.00
290.06
1.45%
14,877.78
Aa1/AA+
AA+
2.00 1.91
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,687.15
100.89
3.55%
3,733,096.50
62,961.33
1.81%
33,409.35
Aa1/AA+
AA+
2.08 1.94
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/2025
3.50%
4,982,812.50
4,984,364.60
99.47 3.59%
4,973,635.00
64,796.27
2.41%
(10,729.60)
Aa1/AA+
AA+
2.62 2.45
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,268,001.51
101.46
3.63%
2,333,600.70
32,320.05
1.13%
65,599.19
Aa1/AA+
AA+
3.16 2.90
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,990,134.79
101.88
3.66%
2,037,578.00
7,513.81
0.99%
47,443.21
Aa1/AA+
AA+
3.41 3.14
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,519,810.80
99.81 3.68%
3,493,437.50
53,974.45
1.69%
(26,373.30)
Aa1/AA+
AA+
3.58 3.27
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,944,735.99
99.36 3.69%
4,968,165.00
59,615.38
2.41%
23,429.01
Aa1/AA+
AA+
3.66 3.36
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,995,344.35
101.48
3.70%
3,044,532.00
31,792.13
1.48%
49,187.65
Aa1/AA+
AA+
3.75 3.41
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,375,669.94
102.38
3.71%
4,504,843.20
17,016.57
2.18%
129,173.26
Aa1/AA+
AA+
3.91 3.56
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,987,061.19
101.95
3.72%
4,078,124.00
469.61
1.98%
91,062.81
Aa1/AA+
AA+
4.00 3.65
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --
4.01%
4,496,958.99
4,497,459.54
101.01
3.73%
4,545,526.50
76,574.59
2.20%
48,066.96
Aa1/AA+
AA+
4.08 3.67
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --
3.78%
5,020,507.81
5,019,861.16
100.47
3.76%
5,023,635.00
17,127.07
2.44%
3,773.84
Aa1/AA+
AA+
4.41 4.01
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/2025
3.59%
5,089,062.50
5,083,946.91
100.97
3.76%
5,048,635.00
552.49
2.45%
(35,311.91)
Aa1/AA+
AA+
4.50 4.08
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --
3.66%
4,991,425.79
4,992,173.98
99.37 3.78%
4,968,360.00
77,106.35
2.41%
(23,813.98)
Aa1/AA+
AA+
4.58 4.11
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --
3.59%
5,008,789.06
5,008,294.12
99.33 3.78%
4,966,405.00
61,744.51
2.41%
(41,889.12)
Aa1/AA+
AA+
4.66 4.19
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/2025
3.73%
1,731,816.41
1,732,288.58
98.71 3.79%
1,727,440.75
10,600.96
0.84%
(4,847.83)
Aa1/AA+
AA+
4.83 4.37
31 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of January 31, 2026 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 90,650,000.00 3.73%
90,443,449.23
90,564,294.26
100.36
3.65%
90,966,890.35
796,727.79
44.12%
402,596.09
2.98 2.74
Total Portfolio 206,274,386.28 4.03%
204,173,834.30
204,717,752.76
97.85 3.80%
206,174,722.48
1,600,582.56
100.00%
1,456,969.73
3.05 2.62
Total Market Value +
Accrued 207,775,305.04
32 TRANSACTIONS
33 TRANSACTION LEDGER
City of Cupertino | Account #10659|01/01/2026 Through 01/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/12/2026 89236TPH2 1,080,000.00
TOYOTA MOTOR
CREDIT CORP 4.2
01/10/2031
99.969 4.21% (1,079,665.20) 0.00 (1,079,665.20) 0.00
Purchase 01/13/2026 66815L2Z1 1,020,000.00
NORTHWESTERN
MUTUAL GLOBAL
FUNDING 4.3
01/13/2031
99.991 4.30% (1,019,908.20) 0.00 (1,019,908.20) 0.00
Purchase 01/14/2026 58989V2M5 1,310,000.00
MET TOWER GLOBAL
FUNDING 4.0
01/14/2029
99.871 4.05% (1,308,310.10) 0.00 (1,308,310.10) 0.00
Purchase 01/21/2026 448970AD5 635,000.00 HALST 26A A3 3.97 12/15/2028 99.985 3.98% (634,906.91) 0.00 (634,906.91) 0.00 Purchase 01/21/2026 58770YAD3 570,000.00 MBALT 2026-A A3 3.93 01/15/2030 99.980 3.97% (569,886.97) 0.00 (569,886.97) 0.00 Purchase 02/03/2026 6944PL3M9 1,000,000.00
PACIFIC LIFE GLOBAL
FUNDING II 4.375
02/03/2031
100.138 4.34% (1,001,380.00) 0.00 (1,001,380.00) 0.00
Total Purchase 5,615,000.00 (5,614,057.38) 0.00 (5,614,057.38) 0.00 TOTAL
ACQUISITIONS 5,615,000.00 (5,614,057.38) 0.00 (5,614,057.38) 0.00
DISPOSITIONS
Maturity 01/31/2026 91282CBH3 (2,500,000.00)
UNITED STATES
TREASURY 0.375
01/31/2026
100.000 0.75% 2,500,000.00 0.00 2,500,000.00 0.00
Total Maturity (2,500,000.00) 2,500,000.00 0.00 2,500,000.00 0.00 Sale 01/09/2026 58989V2D5 (770,000.00)
MET TOWER GLOBAL
FUNDING 1.25
09/14/2026
98.183 1.27% 756,009.10 3,074.65 759,083.75 (13,894.69) Sale 01/09/2026 59217GER6 (1,115,000.00)
METROPOLITAN LIFE
GLOBAL FUNDING I
1.875 01/11/2027
98.059 1.90% 1,093,357.85 10,336.98 1,103,694.83 (21,386.68) Sale 01/09/2026 57629WDE7 (1,000,000.00)
MASSMUTUAL GLOBAL
FUNDING II 1.2
07/16/2026
98.592 1.15% 985,920.00 5,766.67 991,686.67 (14,314.47) 34 TRANSACTION LEDGER
City of Cupertino | Account #10659|01/01/2026 Through 01/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 01/09/2026 89236TJK2 (1,385,000.00)
TOYOTA MOTOR
CREDIT CORP 1.125
06/18/2026
98.805 1.13% 1,368,449.25 908.91 1,369,358.16 (16,497.35) Sale 01/30/2026 14913UAL4 (1,000,000.00)
CATERPILLAR
FINANCIAL SERVICES
CORP 5.0 05/14/2027
101.638 5.04% 1,016,380.00 10,555.56 1,026,935.56 16,838.71 Total Sale (5,270,000.00) 5,220,116.20 30,642.77 5,250,758.97 (49,254.48) TOTAL
DISPOSITIONS (7,770,000.00) 7,720,116.20 30,642.77 7,750,758.97 (49,254.48) 35 IMPORTANT DISCLOSURES
2026 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 ICE 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 income 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
Benchmark Disclosure
ICE BofA 1-5 Yr Unsubordinated US
Treasury & Agency Index
The ICE BofA 1-5 Year Unsubordinated 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