INVESTMENT REPORT
City of Cupertino | As of March 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
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
March payrolls reboundedby 178,000 after February’s revised 133,000 decline, but the war in Iran and its disruption of the Strait of Hormuz have pushed crude oil above $112, injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.
The Federal Reserve has held the funds rate at 3.50–3.75% and is signaling a cautionary stance, keeping open the option of delaying cuts if oil‑related inflation proves persistent rather than transitory. 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. The Federal Reserve’s March dot plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.
The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%, as the Committee maintained its pause following three late ‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.
Meanwhile, President Trump’s nominationof Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.
Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market grappling with sticky core prices. At March month-end, the 2-year yield stood at 3.79%, up 32 basis points year-to-date, the 10-year at
4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022 through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.
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%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as striking nurses returned, while construction and leisure rebounded from weather-induced troughs. The unemployment rate edged lowerto
4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to
8.0% from 7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since May 2021.
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)
Job openings fell to 6.9 million in February from a revised 7.2 million in January, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. The ratio of openings to unemployed workers slipped to 0.9, reinforcing the gradual rebalancing of demand and supply. Hires decreased to 4.8 million, the lowest since April 2020, suggesting employers have grown selective about adding headcount. Quits were little changed at 3 million. The data reflects a labor market consistent with the Federal Reserve’s characterization of a no-hire, no-fire environment.
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
Consumer Price Index (CPI) for March surged 0.9%, the highest monthly rate since June 2022, and was up 3.3% on an annual basis primarily due to spikes in energy and airfare prices. Notably, Core CPI was little changed with a monthly increase of 0.2% and an annual rise of 2.6% as costs for services and other goods remained subdued. Personal Consumption Expenditures (PCE) were little changed in February, with the headline PCE Price Index up 0.4% month-over-month and 2.8% year-over-year. The Fed’s preferred metric, Core PCE, which excludes food and energy, rose 0.4% during the month and 3.0% from February of 2025.
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
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that nonetheless sits well below the all-time peak of 144.7 from early 2000. The Present Situation component rose 4.6 points to 123.3 on favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations climbed to their highest since August 2025, reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded
0.6% from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related weakness; the control group also advanced 0.5%, signaling firmer underlying consumer demand. 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 Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s three‑month moving average edgedup to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1% in January, an improvement from ‑0.2% in December, with consumer expectations and building permits the largest drags on the index. On a year‑over‑year basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026. Notably, the latest LEI data do not yet reflect the impact of the war in Iran.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts rose 7.2% in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing returns that began in the second half of 2025. The Freddie Mac 30-year fixed mortgage rate climbed to 6.46% as of April 2, its fifth consecutive weekly rise, reversing progress made when rates dipped below 6% in February. Higher borrowing costs and elevated prices continue to constrain affordability.
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 Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August 2022 and a third consecutive month above 50. Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.
The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.
Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st consecutive month of expansion. The expansion was mainly from an increase in prices, amid higher oil and fuel costs. With both measures above the 50 threshold, ISM data point toward a resilient if cost-pressured economy.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 3/25 6/25 9/25 12/25
0.4% 1.7% 2.3% 1.3%
3.8% -2.7% 0.0% 0.4%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%
0.2% 0.3% 0.2% 0.2%
-0.6% 3.8% 4.4% 0.5%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The third and final estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.5% from the initial
1.4% estimate. The slowdown from 4.4% in the third quarter primarily reflected a sharp pullback in government spending, as the federal government shutdown weighedon activity. The Bureau of Labor Statistics expects statistical distortions will persist into the spring due to data collection disruptions. Personal Consumption Expenditures also declined across both goods and services.
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 March, keeping the target range at 3.50% to 3.75% following three late‑2025 rate cuts that were justified by signs of softening in the labor market. The Federal Open Market Committee minutes showed some participants supported two-sided language on future rate direction given the upside risks to inflation and downside risks to employment being elevated. However, policymakers have grown waryof potential inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now projects just one rate cut in 2026, even as inflation expectations rise. 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 continued emphasis on maintaining ample reserves and supporting orderly market functioning.
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 (%)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yield (%)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20 basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10- year spread stood near 64 basis points at March month-end.
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 March 31, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.4 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 11.4 Compliant Max Maturity (Years) 5.0 4.8 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.4 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 March 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 28.6 Compliant
Max % Issuer (MV) 5.0 1.3 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 11.4 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 0.5 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 March 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 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 44.8 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 (0.79%) 0.26% 0.26% 4.24% 4.96% 4.46% 1.85% -- 2.35% Benchmark Return (0.75%) 0.20% 0.20% 3.87% 4.48% 3.97% 1.51% -- 2.10% City of Cupertino | Account #10659 | As of March 31, 2026 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.56
Average Coupon 3.74%
Average Purchase YTM 4.01%
Average Market YTM 4.04%
Average Credit Quality* AA+
Average Final Maturity 2.96
Average Life 2.81
End Values as of
12/31/2025
End Values as of
03/31/2026
Market Value 205,668,734.88 206,386,615.39
Accrued Interest 1,621,951.12 1,408,186.33
Total Market Value 207,290,686.00 207,794,801.72
Income Earned 1,975,161.43 2,049,095.66
Cont/WD 0.00 0.00
Par 205,673,731.74 207,849,407.81
Book Value 204,078,590.52 206,277,628.74
Cost Value 203,529,920.42 205,686,359.19
United States 44.82%
Federal Home Loan Mortgage Corp 11.42%
Farm Credit System 2.55%
International Bank for Recon and Dev 1.68%
Morgan Stanley 1.65%
Guardian Life Global Funding 1.30%
The Home Depot, Inc. 1.27%
Toyota Motor Corporation 1.23%
*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 March 31, 2026 Benchmark* 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 2.65 2.96 3.05
Average Modified Duration 2.47 2.56 2.63
Average Purchase Yield 4.01% 3.95%
Average Market Yield 3.84% 4.04% 3.78%
Average Quality** AA+ AA+ AA
Total Market Value 207,794,802 207,290,686
*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 March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 44.82% 45.52%
Corporate 28.58% 27.48%
Agency CMBS 11.42% 11.56%
ABS 7.43% 7.60%
Agency 3.47% 3.50%
Supras 2.87% 2.88%
Muni Bonds 0.86% 0.87%
Money Mkt Fd 0.53% 0.57%
21 DURATION ALLOCATION
City of Cupertino | Account #10659 | As of March 31, 2026 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
03/31/2026 4.1% 1.4% 8.0% 19.8% 21.4% 33.7% 11.5% 0.0% 0.0% 22 ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2026 Issuer Investment Type % Portfolio
United States US Treasury 44.82%
Federal Home Loan Mortgage Corp Agency CMBS 11.42%
Farm Credit System Agency 2.55%
International Bank for Recon and Dev Supras 1.68%
Morgan Stanley Corporate 1.65%
Guardian Life Global Funding Corporate 1.30%
The Home Depot, Inc. Corporate 1.27%
Toyota Motor Corporation Corporate 1.23%
Inter-American Development Bank Supras 1.19%
Meta Platforms, Inc. Corporate 1.16%
New York Life Insurance Company Corporate 1.16%
Deere & Company Corporate 0.99%
Royal Bank of Canada Corporate 0.99%
Northwestern Mutual Global Funding Corporate 0.97%
UnitedHealth Group Incorporated Corporate 0.92%
Federal Home Loan Banks Agency 0.92%
PACCAR Inc Corporate 0.90%
Simon Property Group, Inc. Corporate 0.90%
State of California Muni Bonds 0.86%
Chubb Limited Corporate 0.86%
American Honda Finance Corporation Corporate 0.84%
Pricoa Global Funding I Corporate 0.84%
Chase Issuance Trust ABS 0.82%
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 0.73%
Citigroup Inc ABS 0.73%
Prologis, Inc. Corporate 0.73%
Bank of America Corporation Corporate 0.72%
23 ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2026 Issuer Investment Type % Portfolio
The Progressive Corporation Corporate 0.72%
JPMorgan Chase & Co. Corporate 0.72%
Alphabet Inc. Corporate 0.72%
Realty Income Corporation Corporate 0.70%
American Express Credit Master Trust ABS 0.69%
Marsh & McLennan Companies, Inc. Corporate 0.68%
WF Card Issuance Trust ABS 0.66%
Salesforce, Inc. Corporate 0.66%
Visa Inc. Corporate 0.65%
Met Tower Global Funding Corporate 0.63%
Caterpillar Inc. Corporate 0.59%
Wells Fargo & Company Money Mkt Fd 0.53%
Cargill, Incorporated Corporate 0.53%
BMW Vehicle Lease Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.49%
The Goldman Sachs Group, Inc. Corporate 0.49%
Hyundai Auto Lease Sec Trust ABS 0.49%
Massachusetts Mutual Life Insurance Corporate 0.48%
Pacific Mutual Holding Company Corporate 0.48%
Mastercard Incorporated Corporate 0.46%
The Charles Schwab Corporation Corporate 0.46%
Honda Auto Receivables Owner Trust ABS 0.42%
GM Financial Securitized Term ABS 0.42%
Toyota Auto Receivables Owner Trust ABS 0.30%
Mercedes-Benz Auto Receivables Trust ABS 0.28%
BMW Vehicle Owner Trust ABS 0.27%
John Deere Owner Trust ABS 0.25%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Cash 0.03%
Cash Cash 0.00%
24 ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2026 Issuer Investment Type % Portfolio
TOTAL 100.00%
25 QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 11.34% 11.52%
AA 65.98% 66.23%
A 17.45% 18.76%
BBB 1.34% 0.50%
A-1+ 0.95% --
NA 2.94% 3.00%
Rating 03/31/2026 12/31/2025
Aaa 7.57% 8.21%
Aa 69.14% 68.96%
A 17.86% 18.32%
P-1 0.95% --
NA 4.47% 4.51%
Rating 03/31/2026 12/31/2025
AAA 15.60% 14.80%
AA 58.14% 60.71%
A 10.20% 11.16%
F1+ 0.95% --
NA 15.11% 13.33%
City of Cupertino | Account #10659 | As of March 31, 2026 S&P Rating Moody’s Rating Fitch Rating
26 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 4.1% 1.4% 8.0% 19.8% 21.4% 33.7% 11.5% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.8% 29.1% 20.5% 12.1% 0.0% 0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of March 31, 2026 Portfolio Compared to the Benchmark
27 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Cupertino Gross of Fees 0.26% 4.24% 4.96% 4.46% 1.85% 2.35% City of Cupertino Net of Fees 0.25% 4.18% 4.88% 4.40% 1.78% 2.28% Benchmark 0.20% 3.87% 4.48% 3.97% 1.51% 2.10%
REALIZED RATE OF RETURN
City of Cupertino 0.99% 3.79% 3.25%
*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 March 31, 2026 Total and Realized Rate of Return : Inception | 02/01/2019 28 HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of March 31, 2026 Purchase Yield as of 03/31/26 = 4.01%
29 PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.29% 3.63%
Average Market Yield 3.29% 3.63%
Average Quality** AAA AAA
Total Market Value 86,638,115 81,009,098
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 30 SECTOR DISTRIBUTION
City of Cupertino Reporting | Account #10663 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
LAIF 86.10% 91.23%
Cash 13.90% 8.77%
31 CONSOLIDATED INFORMATION
32 PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 2.09 2.19
Average Modified Duration 1.81 1.89
Average Purchase Yield 3.80% 3.86%
Average Market Yield 3.82% 3.74%
Average Quality** AA+ AA+
Total Market Value 294,432,916 288,299,784
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 33 SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 31.64% 32.74%
LAIF 25.31% 25.62%
Corporate 20.18% 19.77%
Agency CMBS 8.07% 8.31%
ABS 5.25% 5.47%
Cash 4.11% 2.48%
Agency 2.45% 2.52%
Supras 2.03% 2.07%
Muni Bonds 0.61% 0.62%
Money Mkt Fd 0.37% 0.41%
34 PORTFOLIO HOLDINGS
35 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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 390.25 07/12/2022
3.77%
390.21
390.24
99.98 4.24%
390.18
0.65 0.00%
(0.06)
Aaa/NA
AAA
0.88 0.04
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 376,474.40 05/14/2024
5.41%
376,463.93
376,470.45
100.23
4.08%
377,335.02
905.21
0.18%
864.57
NA/AAA
AAA
1.13 0.16
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 111,819.13 10/12/2022
5.15%
111,810.46
111,816.92
100.09
4.39%
111,921.56
252.96
0.05%
104.64
Aaa/NA
AAA
1.21 0.09
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 617,017.19 11/21/2023
5.65%
614,510.55
615,851.27
100.45
4.18%
619,815.36
1,415.03
0.30%
3,964.08
NA/AAA
AAA
2.05 0.44
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 445,778.69 --
5.64%
446,882.15
446,199.72
100.87
4.23%
449,652.95
702.10
0.22%
3,453.23
Aaa/NA
AAA
2.22 0.55
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/2025
4.32%
1,049,997.06
1,049,997.52
99.87 4.11%
1,048,582.50
694.75
0.51%
(1,415.02)
NA/AAA
AAA
2.49 1.26
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 576,097.06 11/29/2023
3.88%
588,294.11
581,136.67
101.02
4.08%
581,988.22
1,523.46
0.28%
851.56
NA/AAA
AAA
2.63 0.52
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 407,838.61 03/25/2024
5.13%
407,647.44
407,730.38
100.58
4.15%
410,217.12
899.06
0.20%
2,486.74
Aaa/NA
AAA
2.63 0.67
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
851,965.66
100.64
3.98%
855,409.40
1,881.33
0.41%
3,443.74
Aaa/NA
AAA
0.63 0.60
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 422,775.05 05/14/2024
5.27%
422,723.68
422,744.93
100.76
4.16%
425,998.71
804.56
0.21%
3,253.78
NA/AAA
AAA
2.64 0.65
448970AD5 HALST 2026-A A3 3.97
12/15/2028 635,000.00 01/12/2026
3.98%
634,906.91
634,913.06
99.64 4.21%
632,726.70
1,120.42
0.31%
(2,186.36)
NA/AAA
AAA
2.71 1.76
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 862,195.35 --
4.97%
860,828.12
861,395.78
100.39
4.25%
865,537.22
1,742.35
0.42%
4,141.44
Aaa/NA
AAA
2.72 0.59
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,854.97
100.45
4.05%
1,697,657.39
3,455.11
0.82%
7,802.42
NA/AAA
AAA
2.80 0.76
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 552,424.53 06/04/2024
5.18%
552,340.62
552,372.75
100.66
4.30%
556,063.90
476.93
0.27%
3,691.15
Aaa/AAA
NA
2.91 0.70
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/2025
4.57%
1,044,828.52
1,044,850.23
99.46 4.24%
1,039,346.55
1,802.04
0.50%
(5,503.68)
NA/AAA
AAA
3.04 1.64
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,972.16
101.03
4.02%
793,120.04
1,720.02
0.38%
8,147.88
Aaa/AAA
NA
3.12 1.07
36 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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
569,892.41
99.43 4.24%
566,739.03
995.60
0.27%
(3,153.38)
Aaa/NA
AAA
3.79 2.04
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,978.92
100.35
4.14%
1,424,916.04
2,701.16
0.69%
4,937.12
NA/AAA
AAA
4.04 1.91
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,981.05
100.52
4.12%
1,372,089.81
2,632.93
0.66%
7,108.76
NA/AAA
AAA
4.12 1.99
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,512,365.48
100.30
4.16%
1,504,431.00
17,916.67
0.73%
(7,934.48)
Aaa/AAA
NA
4.22 2.08
15,314,959.77 100.34 15,333,938.70 7.43% 2.98
Total ABS 15,282,810.24 4.57% 15,299,880.57 4.14% 43,642.34 34,058.12 1.23 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,873,310.75
101.00
3.74%
1,893,748.13
42,552.08
0.92%
20,437.37
Aa1/AA+
AA+
1.02 0.97
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
2,404,786.27
101.15
3.67%
2,427,561.60
45,916.67
1.18%
22,775.33
Aa1/AA+
AA+
1.10 1.04
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
2,795,783.65
101.27
3.80%
2,835,697.20
48,922.22
1.37%
39,913.55
Aa1/AA+
AA+
1.63 1.53
7,072,214.00 101.16 7,157,006.93 3.47% 1.29
Total Agency 7,075,000.00 4.70% 7,073,880.68 3.74% 137,390.97 83,126.25 1.22
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
652,659.51
99.38 3.93%
645,979.10
1,437.04
0.31%
(6,680.41)
Aa1/AA+
AAA
0.40 0.35
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,936,191.40 07/01/2024
4.86%
1,852,314.99
1,885,396.68
99.06 4.09%
1,918,022.18
6,084.48
0.93%
32,625.50
Aa1/AAA
AA+
2.74 2.44
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,251,237.33
98.48 4.09%
1,268,400.50
3,824.29
0.61%
17,163.17
Aa1/AA+
AA+
2.82 2.60
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,878,148.48
95.16 4.12%
1,903,114.00
3,766.67
0.92%
24,965.52
Aa1/AA+
AAA
2.82 2.59
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,497,860.26
98.82 4.09%
2,519,841.15
7,841.25
1.22%
21,980.89
Aaa/AA+
AA+
2.82 2.56
37 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,449,409.37
98.28 4.09%
2,457,012.50
7,302.08
1.19%
7,603.13
Aa1/AAA
AA+
2.98 2.68
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,964,709.50 09/19/2024
3.82%
1,895,484.19
1,918,312.06
96.84 4.09%
1,902,534.30
4,882.30
0.92%
(15,777.76)
Aa1/AA+
AAA
3.15 2.76
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,095,540.15
96.08 4.10%
2,113,696.20
5,105.83
1.02%
18,156.05
Aa1/AA+
AAA
3.24 2.93
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,524,045.11
94.75 4.11%
1,515,985.60
3,233.33
0.73%
(8,059.51)
Aa1/AA+
AAA
3.40 3.11
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,424,778.26
95.15 4.12%
1,427,185.50
3,243.75
0.69%
2,407.24
Aa1/AA+
AAA
3.49 3.17
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,843,613.88
92.74 4.14%
1,854,792.00
3,448.33
0.90%
11,178.12
Aa1/AA+
AAA
3.82 3.56
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,367,275.55
90.38 4.16%
1,355,634.00
1,846.25
0.66%
(11,641.55)
Aa1/AA+
AAA
4.07 3.71
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,801,311.96
89.32 4.18%
1,786,388.00
2,305.00
0.87%
(14,923.96)
Aa1/AA+
AAA
4.24 3.98
3137FXZ35 FHMS K-127 A2 2.108 01/25/2031 1,000,000.00 02/03/2026
4.11%
910,937.50
913,624.30
90.82 4.24%
908,244.00
1,756.67
0.44%
(5,380.30)
Aa1/AA+
AAA
4.82 4.45
23,154,497.16 95.60 23,576,829.04 11.42% 3.24
Total Agency CMBS 24,688,900.90 4.24% 23,503,212.92 4.11% 56,077.28 73,616.12 2.95 CASH
992995944 WC MMF SWEEP 53,011.65 --
1.80%
53,011.65
53,011.65
1.00 1.80%
53,011.65
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 3,344.38 -- 3,344.38
3,344.38
1.00 3,344.38
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
56,356.03 1.00 56,356.03 0.03% 0.00
Total Cash 56,356.03 1.80% 56,356.03 1.80% 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
349,938.78
98.68 3.96%
345,377.90
142.92
0.17%
(4,560.88)
Aa2/AA
AA
0.47 0.45
38 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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
959,946.18
98.46 4.17%
945,195.84
1,829.33
0.46%
(14,750.34)
A2/A-
A
0.92 0.90
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,941.52
98.45 3.97%
1,589,972.35
1,650.89
0.77%
(24,969.18)
Aa2/AA
A+
0.96 0.93
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,644.78
101.48
4.07%
959,010.57
2,815.31
0.46%
14,365.79
Aa3/A+
NA
1.94 1.76
79466LAQ7 SALESFORCE INC 4.5 03/15/2028 1,355,000.00 03/12/2026
4.37%
1,358,284.45
1,358,195.81
100.03
4.48%
1,355,349.59
3,048.75
0.66%
(2,846.22)
A2/A+
NA
1.96 1.85
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
100.59
4.53%
1,961,565.45
20,720.70
0.95%
11,565.45
Aa3/A+
AA-
2.29 1.22
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,865,000.00 11/05/2025
4.02%
1,863,955.60
1,864,093.77
99.64 4.14%
1,858,338.22
29,840.00
0.90%
(5,755.55)
A1/A+
NA
2.61 2.41
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 1,310,000.00 01/07/2026
4.05%
1,308,310.10
1,308,428.82
98.95 4.40%
1,296,267.27
11,207.78
0.63%
(12,161.55)
Aa3/AA-
AA-
2.79 2.59
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,488,263.39
100.05
4.35%
1,500,816.00
10,937.50
0.73%
12,552.61
A2/A
NA
2.84 2.62
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/2024
4.69%
2,019,920.00
2,013,301.38
101.72
4.30%
2,034,440.00
16,500.00
0.99%
21,138.62
A1/A
AA-
2.84 2.60
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,471,920.72
99.54 4.17%
1,493,124.00
5,000.00
0.72%
21,203.28
A2/A
A
2.92 2.72
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
996,694.76
101.64
4.44%
1,016,400.00
15,972.22
0.49%
19,705.24
Aa1/AA+
AAA
3.18 2.87
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,615,783.80
96.21 4.23%
1,599,973.96
14,445.00
0.78%
(15,809.84)
A2/A
A
3.21 2.99
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
994,974.74
101.54
4.23%
1,015,369.00
12,666.67
0.49%
20,394.26
A2/A
A
3.24 2.87
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,433,800.17
98.88 4.37%
1,446,634.88
12,354.22
0.70%
12,834.71
A3/A-
NA
3.29 3.02
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,468.25
100.96
4.18%
1,514,416.50
13,875.00
0.73%
15,948.25
A1/A+
NA
3.30 2.94
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,497,962.14
99.43 4.68%
1,491,376.50
11,908.50
0.72%
(6,585.64)
A1/A
AA-
3.31 2.16
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,499,224.53
99.59 4.69%
1,493,886.00
12,101.17
0.72%
(5,338.53)
A1/A-
AA-
3.31 2.16
39 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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
911,044.69
100.45
4.16%
916,068.43
5,010.93
0.44%
5,023.74
Aa3/AA-
NA
3.38 3.02
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,760,791.17
101.12
4.29%
1,769,675.25
10,397.92
0.86%
8,884.08
A2/A
A
3.38 3.01
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,935,430.00
95.33 4.38%
1,906,564.00
7,347.22
0.92%
(28,866.00)
A2/A+
A
3.38 3.15
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,755,646.51
99.10 4.69%
1,734,202.75
5,561.11
0.84%
(21,443.76)
A3/BBB+
NA
3.43 3.14
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,205,000.00 09/23/2024
4.18%
1,205,000.00
1,205,000.00
99.08 4.47%
1,193,869.42
699.40
0.58%
(11,130.59)
Aa1/AA+
NA
3.49 3.21
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/2025
4.25%
1,470,184.60
1,470,157.38
98.84 4.61%
1,452,945.06
26,833.50
0.70%
(17,212.32)
A1/A-
A+
3.55 2.35
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
99.07 4.54%
1,015,435.73
18,919.22
0.49%
(9,564.28)
A2/BBB+
A
3.56 2.35
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,616.54
101.37
4.28%
1,216,498.80
21,306.67
0.59%
17,882.26
A2/A
A+
3.63 3.25
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,427.33
100.59
4.42%
1,373,018.01
20,232.33
0.67%
8,590.68
Aa1/AA+
AAA
3.68 3.30
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,664.69
101.62
4.48%
1,468,433.57
16,292.38
0.71%
25,768.88
A1/A+
A+
3.78 3.38
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
1,002,204.44
101.74
4.45%
1,017,356.00
7,425.00
0.49%
15,151.56
A2/NA
A
3.86 3.39
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,894.17
100.71
4.45%
1,409,984.80
2,893.33
0.68%
12,090.63
A3/A-
A-
3.96 3.50
57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/2025
4.58%
998,670.00
998,909.63
99.67 4.64%
996,748.00
18,200.00
0.48%
(2,161.63)
Aa3/AA+
AA+
4.10 3.63
66815L2W8 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025
4.51%
1,004,040.00
1,003,390.40
100.11
4.57%
1,001,115.00
15,077.78
0.49%
(2,275.40)
Aa1/AA+
AAA
4.18 3.70
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,871,727.98
92.87 4.50%
1,857,340.00
11,188.89
0.90%
(14,387.98)
A3/A
NA
4.29 3.96
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
98.86 4.61%
1,482,853.50
31,551.04
0.72%
(17,146.50)
Aa1/AA+
NA
4.52 3.97
40 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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
1,006,356.43
99.85 4.41%
998,526.00
20,173.61
0.48%
(7,830.43)
A1/A
A+
4.54 4.00
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,244.28
98.55 4.48%
1,084,065.40
19,914.58
0.53%
(15,178.88)
A2/A
NA
4.56 4.04
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/2025
4.16%
1,502,895.00
1,502,677.03
99.03 4.43%
1,485,445.50
25,900.00
0.72%
(17,231.53)
Aa3/AA-
NA
4.63 4.09
74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/2025
4.36%
1,749,440.00
1,749,474.92
98.97 4.60%
1,731,952.25
26,643.75
0.84%
(17,522.67)
Aa3/NA
AA-
4.65 4.10
89236TPH2 TOYOTA MOTOR CREDIT CORP 4.2
01/10/2031 1,080,000.00 01/07/2026
4.21%
1,079,665.20
1,079,679.70
98.62 4.52%
1,065,119.76
9,954.00
0.52%
(14,559.94)
A1/A+
A+
4.78 4.24
66815L2Z1 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,020,000.00 01/06/2026
4.30%
1,019,908.20
1,019,912.12
98.59 4.63%
1,005,634.32
9,503.00
0.49%
(14,277.80)
Aa1/AA+
AAA
4.79 4.23
6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II
4.375 02/03/2031 1,000,000.00 01/29/2026
4.34%
1,001,380.00
1,001,336.92
99.29 4.54%
992,874.00
7,048.61
0.48%
(8,462.92)
Aa3/AA-
AA-
4.85 4.28
92826CAZ5 VISA INC 4.1 02/12/2031 1,345,000.00 02/03/2026
4.13%
1,343,197.70
1,343,245.08
99.90 4.12%
1,343,669.80
7,505.85
0.65%
424.72
Aa3/AA-
NA
4.87 4.35
02079KBK2 ALPHABET INC 4.1 02/15/2031 1,500,000.00 02/12/2026
4.10%
1,500,087.78
1,500,085.55
99.31 4.26%
1,489,576.50
8,200.00
0.72%
(10,509.05)
Aa2/AA+
NA
4.88 4.35
24422EYL7 JOHN DEERE CAPITAL CORP 4.2
03/10/2031 1,060,000.00 03/05/2026
4.20%
1,059,766.80
1,059,769.61
99.05 4.42%
1,049,942.72
2,597.00
0.51%
(9,826.89)
A1/A
A+
4.94 4.40
Total Corporate 59,353,000.00 4.32%
58,961,251.52
59,065,270.09
99.40 4.40%
58,976,428.58
553,393.09
28.58%
(88,841.51)
3.49 3.04
MONEY MARKET
FUND
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 1,093,340.64 --
0.01%
1,093,340.64
1,093,340.64
1.00 0.01%
1,093,340.64
0.00 0.53%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 1,093,340.64 0.01%
1,093,340.64
1,093,340.64
1.00 0.01%
1,093,340.64
0.00 0.53%
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
1,746,455.96
101.76
3.93%
1,770,670.98
13,050.00
0.86%
24,215.02
Aa2/AA-
AA
3.34 3.05
41 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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 Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,746,455.96
101.76
3.93%
1,770,670.98
13,050.00
0.86%
24,215.02
3.34 3.05
SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,459,882.77
99.84 3.84%
2,456,137.80
9,626.46
1.19%
(3,744.97)
Aaa/AAA
NA
0.05 0.05
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
1,729,148.16
100.04
3.86%
1,750,630.00
31,080.00
0.85%
21,481.84
Aaa/AAA
NA
3.54 3.22
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
1,695,413.35
100.81
3.90%
1,713,764.90
2,142.71
0.83%
18,351.55
Aaa/AAA
NA
3.97 3.63
Total Supranational 5,910,000.00 2.87%
5,864,463.20
5,884,444.27
100.18
3.87%
5,920,532.70
42,849.17
2.87%
36,088.43
2.22 2.03
US TREASURY
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,499,897.62
99.76 3.70%
2,494,090.00
7,872.93
1.21%
(5,807.62)
Aa1/AA+
AA+
0.08 0.08
912797UB1 UNITED STATES TREASURY
06/23/2026 2,000,000.00 02/25/2026
3.68%
1,976,657.85
1,983,441.04
99.18 3.66%
1,983,514.00
0.00 0.96%
72.96 P-1/A-1+
F1+
0.23 0.23
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,397,890.40
98.59 3.76%
1,380,279.60
33.47 0.67%
(17,610.80)
Aa1/AA+
AA+
0.50 0.49
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,398,995.49
98.48 3.80%
1,378,693.40
6,613.26
0.67%
(20,302.09)
Aa1/AA+
AA+
0.59 0.57
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,505,984.47
100.43
3.75%
2,510,717.50
32,151.44
1.22%
4,733.03
Aa1/AA+
AA+
0.71 0.68
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,294,137.78
100.76
3.74%
2,317,509.90
47,769.23
1.12%
23,372.12
Aa1/AA+
AA+
1.04 0.99
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,194,957.53
100.73
3.82%
3,223,500.80
54,497.24
1.56%
28,543.27
Aa1/AA+
AA+
1.12 1.07
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,252,504.14
99.30 3.82%
3,227,402.75
26,552.14
1.56%
(25,101.39)
Aa1/AA+
AA+
1.25 1.20
42 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
398,172.11
98.60 3.84%
394,390.80
1,823.20
0.19%
(3,781.31)
Aa1/AA+
AA+
1.33 1.29
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,491,148.38
99.02 3.84%
4,455,877.50
12,228.26
2.16%
(35,270.88)
Aa1/AA+
AA+
1.42 1.36
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,441,217.58
100.41
3.84%
3,464,151.90
388.83
1.68%
22,934.32
Aa1/AA+
AA+
1.50 1.44
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
850,887.36
100.06
3.84%
850,498.10
11,039.49
0.41%
(389.26)
Aa1/AA+
AA+
1.67 1.58
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,758,923.08
100.07
3.83%
2,751,933.25
26,787.81
1.33%
(6,989.83)
Aa1/AA+
AA+
1.75 1.66
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,984,495.54
99.43 3.82%
2,982,891.00
17,403.31
1.45%
(1,604.54)
Aa1/AA+
AA+
1.84 1.75
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,711.50
100.33
3.82%
3,712,139.70
12,869.57
1.80%
12,428.20
Aa1/AA+
AA+
1.92 1.82
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/2025
3.50%
4,982,812.50
4,985,328.54
98.97 3.82%
4,948,440.00
7,795.52
2.40%
(36,888.54)
Aa1/AA+
AA+
2.46 2.33
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,269,637.49
100.83
3.83%
2,319,136.00
259.22
1.12%
49,498.51
Aa1/AA+
AA+
3.00 2.80
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,990,602.30
101.21
3.85%
2,024,218.00
21,367.40
0.98%
33,615.70
Aa1/AA+
AA+
3.25 2.98
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,518,916.51
99.23 3.87%
3,473,204.00
11,032.61
1.68%
(45,712.51)
Aa1/AA+
AA+
3.42 3.17
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,947,174.72
98.80 3.87%
4,939,845.00
478.14
2.39%
(7,329.72)
Aa1/AA+
AA+
3.50 3.26
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,995,545.14
100.82
3.88%
3,024,609.00
51,961.33
1.47%
29,063.86
Aa1/AA+
AA+
3.59 3.25
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,376,674.47
101.69
3.88%
4,474,421.60
48,390.88
2.17%
97,747.13
Aa1/AA+
AA+
3.75 3.40
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,987,584.06
101.27
3.89%
4,050,624.00
28,176.80
1.96%
63,039.94
Aa1/AA+
AA+
3.84 3.49
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --
4.01%
4,496,958.99
4,497,560.27
100.38
3.89%
4,517,050.50
15,652.17
2.19%
19,490.23
Aa1/AA+
AA+
3.91 3.58
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --
3.78%
5,020,507.81
5,019,133.33
99.85 3.91%
4,992,385.00
48,705.11
2.42%
(26,748.33)
Aa1/AA+
AA+
4.25 3.85
43 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 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
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/2025
3.59%
5,089,062.50
5,080,928.70
100.32
3.92%
5,015,820.00
33,149.17
2.43%
(65,108.70)
Aa1/AA+
AA+
4.33 3.92
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --
3.66%
4,991,425.79
4,992,450.13
98.77 3.93%
4,938,670.00
15,760.87
2.39%
(53,780.13)
Aa1/AA+
AA+
4.42 4.02
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --
3.59%
5,008,789.06
5,008,006.60
98.75 3.93%
4,937,695.00
495.22
2.39%
(70,311.60)
Aa1/AA+
AA+
4.50 4.11
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/2025
3.73%
1,731,816.41
1,732,881.31
98.16 3.93%
1,717,803.50
20,528.85
0.83%
(15,077.81)
Aa1/AA+
AA+
4.67 4.21
Total US Treasury 92,650,000.00 3.73%
92,420,107.08
92,554,787.57
99.85 3.85%
92,501,511.80
561,783.48
44.82%
(53,275.77)
2.76 2.55
Total Portfolio 207,849,407.81 4.01%
205,686,359.19
206,277,628.74
98.79 4.04%
206,386,615.39
1,408,186.33
100.00%
108,986.65
2.96 2.56
Total Market Value +
Accrued 207,794,801.72
44 HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of March 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
CASH
90CASH$00 Wells Fargo Government
Advantage Checking 11,912,803.90 --
0.00%
11,912,803.90
11,912,803.90
1.00 0.00%
11,912,803.90
0.00 13.75%
0.00 NA/NA
NA
0.00 0.00
90CASH$02 Wells Fargo WC Distribution
Account 34,369.23 --
0.00%
34,369.23
34,369.23
1.00 0.00%
34,369.23
0.00 0.04%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 710,680.90 -- 710,680.90
710,680.90
1.00 710,680.90
0.00 0.82%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 12,657,854.03 0.00%
12,657,854.03
12,657,854.03
1.00 0.00%
12,657,854.03
0.00 14.61%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 73,980,260.70 --
3.82%
73,980,260.70
73,980,260.70
1.00 3.82%
73,980,260.70
0.00 85.39%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 73,980,260.70 3.82%
73,980,260.70
73,980,260.70
1.00 3.82%
73,980,260.70
0.00 85.39%
0.00 0.00
0.00 Total Portfolio 86,638,114.73 3.29%
86,638,114.73
86,638,114.73
1.00 3.29%
86,638,114.73
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 86,638,114.73
45 TRANSACTIONS
46 TRANSACTION LEDGER
City of Cupertino | Account #10659|01/01/2026 Through 03/31/2026| 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
Purchase 02/06/2026 3137FXZ35 1,000,000.00 FHMS K-127 A2 2.108 01/25/2031 91.094 4.11% (910,937.50) (292.78) (911,230.28) 0.00 Purchase 02/12/2026 92826CAZ5 1,345,000.00 VISA INC 4.1 02/12/2031 99.866 4.13% (1,343,197.70) 0.00 (1,343,197.70) 0.00 Purchase 02/17/2026 02079KBK2 612,000.00 ALPHABET INC 4.1 02/15/2031 99.951 4.11% (611,697.06) (278.80) (611,975.86) 0.00 Purchase 02/17/2026 02079KBK2 888,000.00 ALPHABET INC 4.1 02/15/2031 100.044 4.09% (888,390.72) (404.53) (888,795.25) 0.00 Purchase 02/26/2026 912797UB1 2,000,000.00 UNITED STATES TREASURY 06/23/2026 98.833 3.68% (1,976,657.85) 0.00 (1,976,657.85) 0.00 Purchase 03/10/2026 24422EYL7 1,060,000.00 JOHN DEERE CAPITAL CORP 4.2 03/10/2031 99.978 4.20% (1,059,766.80) 0.00 (1,059,766.80) 0.00 Purchase 03/13/2026 79466LAQ7 680,000.00 SALESFORCE INC 4.5 03/15/2028 100.214 4.38% (681,455.20) 0.00 (681,455.20) 0.00 Purchase 03/13/2026 79466LAQ7 675,000.00 SALESFORCE INC 4.5 03/15/2028 100.271 4.35% (676,829.25) 0.00 (676,829.25) 0.00 Total Purchase 13,875,000.00 (13,762,989.46) (976.11) (13,763,965.57) 0.00 47 TRANSACTION LEDGER
City of Cupertino | Account #10659|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS 13,875,000.00 (13,762,989.46) (976.11) (13,763,965.57) 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) 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 Sale 02/06/2026 3137FBBX3 (1,000,000.00) FHMS K-068 A2 3.244 08/25/2027 99.094 4.36% 990,937.50 450.56 991,388.06 6,076.89 Sale 02/26/2026 24422EXZ7 (1,430,000.00) JOHN DEERE CAPITAL CORP 4.65 01/07/2028 101.742 4.66% 1,454,910.60 9,050.71 1,463,961.31 25,177.50 Total Sale (7,700,000.00) 7,665,964.30 40,144.04 7,706,108.34 (18,000.09) TOTAL
DISPOSITIONS (10,200,000.00) 10,165,964.30 40,144.04 10,206,108.34 (18,000.09) 48 TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2026 90LAIF$00 727,869.67
Local Agency
Investment Fund State
Pool
1.000 3.93% (727,869.67) 0.00 (727,869.67) 0.00
Total Purchase 727,869.67 (727,869.67) 0.00 (727,869.67) 0.00 TOTAL
ACQUISITIONS 727,869.67 (727,869.67) 0.00 (727,869.67) 0.00 49 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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 50 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. 51