INVESTMENT REPORT
City of Cupertino | As of May 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 ▪
▪
▪
The conflict in Iran continues to influence global markets, with Brent crude reaching a four-year highin late April before easing in May amid speculation of a truce. Headline inflation has accelerated, diverging from more stable core measures, while consumer sentiment has weakened due to ongoing uncertainty. Meanwhile, the labor market remains stable. Taken together, the Iran-driven energy shock and steady employment conditions have further narrowed the window for near-term policy easing, prompting the Chandler team to extend its expected timeline for rate cuts beyond our six-month investment horizon.
The Federal Open Market Committee (FOMC) held the federal funds rate at 3.50% to 3.75% at the April meeting on an 8-4 vote, the most dissents at any meeting since October 1992. Governor Stephen Miran sought a quarter-point cut, while Beth Hammack, Neel Kashkari, and Lorie Logan opposed maintaining an easing bias. The session concluded Jerome Powell's tenure as Chairman of the Federal Reserve, with Kevin Warsh sworn in as Chair on May 22nd. Powell will remain on the Board of Governors. April meeting minutes revealed a shift away from prior dovish guidance, with members debating whether rate hikes may be required if inflation pressures persist.
The Treasury yield curve flattened modestly through May month-end, as the 2-year yield finished at 4.00% and the 10-year yield settled at
4.44%, leaving the spread between the 2-year and 10-year points at +44 basis points. That margin narrowed from +50 basis points at the end of April and +69 basis points at the close of 2025, as front-end yields advanced more than long-end yields. The spread between the 3- month and 10-year points stood at +76 basis points. The curve's positive slope reflects a market that expects the Federal Reserve to hold short rates in place over the coming months, even as longer yields continue to embed the uncertainty of higher inflation alongside the outlook for growth.
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 (%)
The April Employment Situation report showed nonfarm payrolls (NFP) rose by 115,000, comfortably above the 65,000 forecast, while the unemployment rate held at 4.3%. February payrolls were revised down 23,000 to a loss of 156,000 (originally reported at -92,000 and previously revised to -133,000), and March payrolls were revised up 7,000 to a gain of 185,000, for a net revision of -16,000. The labor force participation rate dropped to 61.8%, the lowest since October 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)
The Job Openings and Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics reported 6.9 million job openings for the March period, little changed from February. The ratio of job openings to unemployed workers held at 0.94, well below the pre-pandemic norm of
1.20 and far from the2022 cycle peak near 2.00. Quits totaled 3.2 million, and total separations reached 5.4 million. The hires bounce was concentratedin transportation, warehousing, and accommodation. Together with the cooling employment readingsin both ISM surveys, the JOLTS data reinforce the picture of a labor market that has rebalanced toward looser conditions even as headline payroll growth remains positive.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Energy markets remained the dominant macro story in April, with prices pushed higher by the U.S. naval blockade of Iranian ports and the effective closure of the Strait of Hormuz. Cushing West Texas Intermediate (WTI) crude settled April 30 at $105.07 per barrel and Dated Brent finished at $114.01, after Brent traded as high as $126 intraday. Both benchmarks have appreciated nearly 60% since the conflict began February 28. The AAA national average for regular gasoline reached $4.300 per gallon on April 30, the highest level in nearly four years and $1.12 above the year-ago figure, with a 27-cent jump over the prior week. Diesel held near $5.35 per gallon for the week ending April 27 per the Energy Information Administration.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
6 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
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
The Iran conflict continued to push energy prices higher in April. The Consumer Price Index (CPI) rose 0.6% month over month, lifting the headline year-over-year rate to 3.8%, the fastest pace since May 2023 and well above March’s 3.3% reading. Core CPI increased 0.4% on the month and 2.8% year over year. The Personal Consumption Expenditures (PCE) price index also remained firm in April, rising 0.4% month over month and 3.8% year over year, while the core measure increased 0.2% on the month and 3.3% from a year earlier. Energy remains the primary driverof inflation, with the CPI energy componentup 17.9% over the past twelve months and gasoline up 28.4%. Goods inflation has reaccelerated amid tariff pressures and higher oil prices, while services inflation has moderated. Overall, the breadth of price increases makes the policy outlook more complicated.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Perhaps tax refunds are providing a cushion for consumers facing higher gasoline and food prices amid recent inflationary pressure. April retail sales rose 0.5% month over month and 4.9% year over year, consistent with continued—though decelerating—householdspending despite the energy shock. More than 40% of the increase in retail sales in April came from higher gasoline spending. The Conference Board’s Consumer Confidence Index rose to 93.1 in May, down from a revised 93.8 in April. The survey period captured the temporary ceasefire and an equity market rebound, which partially offset the energy price anxiety that had previously weighedon near-term consumer sentiment.
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
8 -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 Leading Economic Index (LEI) rose 0.1% in April to 97.4, following a 0.6% decline in March. The modest increase was driven by gains in equity prices, the ISM New Orders Index, and consumer expectations, partially offset by continued weakness in building permits and the labor differential. The Chicago Fed National Activity Index (CFNAI) also increased to +0.14 in April from a revised -0.15 in March, marking its strongest reading in over a year. The pickup lifted the three-month moving average to +0.03, returning to positive territory for the first time since April 2025 and signaling economic activity slightly above its historical trend.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
9 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 Census Bureau reported total housing starts at 1.465 million in April, down 2.8% from March but up 4.6% from a year earlier. Single- family starts declined to 930,000 units, while multifamily starts rose to 535,000. March starts were revised higher to 1.507 million. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index rose 0.8% over the year at March month-end, with half of metro areas posting annual declines. Seattle led to the downside at -2.5%, while Chicago topped the list at +6.1% year-over-year.
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
10 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management surveys continue to convey strengthening momentum in the manufacturing sector, as the ISM Manufacturing Index advanced to 54.0 in May, its highest reading in four years. The April ISM Services Purchasing Managers Index fell 0.4 points to 53.6 from March's 54.0, marking the twenty-second consecutive month of expansion. Fourteen of the eighteen industries tracked reported growth in April, down from fifteen in March, and consumer-facing industries flagged softening demand.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 Components of GDP 6/25 9/25 12/25 3/26
1.7% 2.3% 1.3% 1.0%
-2.7% 0.0% 0.4% 1.2%
4.8% 1.6% -0.2% -1.3%
-0.4% 0.2% -1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 1.6%
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 Bureau of Economic Analysis released its second estimate of Q1 2026 real GDP growth at 1.6% annualized, revised down from the 2.0% advance estimate. The 0.4% downward revision reflected weaker inventory investment. Growth was driven by exports, private investment, consumer spending, and government spending, while rising imports subtracted from GDP.
GROSS DOMESTIC PRODUCT (GDP)
12 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 Open Market Committee (FOMC) held the target range for the federal funds rateat 3.50 to 3.75% on April 29 by an 8-to-4 vote, the most divided meeting since 1992. Governor Stephen Miran sought a quarter-point reduction, while Presidents Beth Hammack, Neel Kashkari, and Lorie Logan supported the hold but opposed retaining an easing bias amid energy-driven inflation. Chair Jerome Powell characterized the dispersion as natural given the unusually compressed sequence of supply shocks. Powell will remain on the Board of Governors past May 15, while the April session marked Chair Jerome Powell's last meeting before Kevin Warsh succeeded him on May 22.
The Federal Reserve will continue to reinvest principal and interest proceeds from balance sheet assets into U.S. Treasury Securities.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
13 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
May-26
Feb-26
May-25
Yield (%)
At May month-end the 2-year Treasury yield finished at 4.00% and the 10-year Treasury yield settled at 4.44%, leaving the spread between the 2-year and 10-year points on the curve at +44 basis points. That margin narrowed from +69 basis points at the close of 2025, a year-to- date flattening driven by the 2-year yield advancing roughly 53 basis points while the 10-year yield rose about 28 basis points as the Iran conflict tempered dovish monetary policy expectations. The spread between the 3-month and 10-year points stoodat +76 basis points. The simultaneous presence of a positively sloped curve and elevated absolute yields reflected a market calibrating both persistent inflation risk and the prospect of policy remaining restrictive.
BOND YIELDS
14 ACCOUNT PROFILE
15 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. 16 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of May 31, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 11.3 Compliant Max Maturity (Years) 5.0 4.7 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 8.1 Compliant
Max % Issuer (MV) 5.0 1.6 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
17 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of May 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 27.5 Compliant
Max % Issuer (MV) 5.0 1.7 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 11.3 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 0.8 Compliant
Max % Issuer (MV) 5.0 0.8 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
18 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of May 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 1.7 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 46.9 Compliant
Max Maturity (Years) 5 4 Compliant
19 PORTFOLIO SUMMARY
City of Cupertino | Account #10659 | As of May 31, 2026 Portfolio Characteristics Account Summary Top Issuers
Average Modified Duration 2.53
Average Coupon 3.81%
Average Purchase YTM 4.09%
Average Market YTM 4.19%
Average Credit Quality* AA+
Average Final Maturity 2.94
Average Life 2.79
End Values as of
02/28/2026
End Values as of
05/31/2026
Market Value 207,990,852.81 206,688,538.45
Accrued Interest 1,474,068.58 1,749,412.65
Total Market Value 209,464,921.39 208,437,951.10
Income Earned 1,653,776.36 2,437,672.25
Cont/WD 0.00 0.00
Par 207,146,288.30 208,928,512.71
Book Value 205,526,481.72 207,337,555.21
Cost Value 204,980,764.26 206,664,263.84
United States 46.94%
Federal Home Loan Mortgage Corp 11.34%
Farm Credit System 2.54%
International Bank for Recon and Dev 1.66%
Morgan Stanley 1.65%
Chase Issuance Trust 1.60%
Guardian Life Global Funding 1.29%
The Home Depot, Inc. 1.26%
Sector Allocation Maturity Distribution Credit Quality* Performance Review
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19)
City of Cupertino 0.11% (0.47%) 0.59% 3.83% 4.88% 4.54% 1.83% -- 2.34% Benchmark Return 0.03% (0.57%) 0.38% 3.41% 4.39% 4.07% 1.48% -- 2.08% *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 20 ISSUERS
City of Cupertino | Account #10659 | As of May 31, 2026 Issuer Investment Type % Portfolio
United States US Treasury 46.94%
Federal Home Loan Mortgage Corp Agency CMBS 11.34%
Farm Credit System Agency 2.54%
International Bank for Recon and Dev Supras 1.66%
Morgan Stanley Corporate 1.65%
Chase Issuance Trust ABS 1.60%
Guardian Life Global Funding Corporate 1.29%
The Home Depot, Inc. Corporate 1.26%
Toyota Motor Corporation Corporate 1.23%
Meta Platforms, Inc. Corporate 1.16%
New York Life Insurance Company Corporate 1.15%
Deere & Company Corporate 0.99%
Northwestern Mutual Global Funding Corporate 0.97%
UnitedHealth Group Incorporated Corporate 0.92%
Federal Home Loan Banks Agency 0.91%
Simon Property Group, Inc. Corporate 0.90%
PACCAR Inc Corporate 0.90%
Chubb Limited Corporate 0.85%
State of California Muni Bonds 0.85%
Caterpillar Inc. Corporate 0.84%
American Honda Finance Corporation Corporate 0.84%
Prudential Financial, Inc. Corporate 0.84%
The Goldman Sachs Group, Inc. Corporate 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%
21 ISSUERS
City of Cupertino | Account #10659 | As of May 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%
Toyota Auto Receivables Owner Trust ABS 0.60%
Cargill, Incorporated Corporate 0.52%
BMW Vehicle Lease Trust ABS 0.51%
Nat Rural Util Coop Fin Corp Corporate 0.49%
Massachusetts Mutual Life Insurance Corporate 0.48%
Pacific Life Global Funding II Corporate 0.48%
Wells Fargo & Company Money Mkt Fd 0.47%
The Charles Schwab Corporation Corporate 0.46%
Hyundai Auto Lease Sec Trust ABS 0.41%
Honda Auto Receivables Owner Trust ABS 0.35%
GM Financial Securitized Term ABS 0.35%
Mercedes-Benz Auto Receivables Trust ABS 0.23%
BMW Vehicle Owner Trust ABS 0.23%
John Deere Owner Trust ABS 0.18%
WC MMF Sweep Cash 0.03%
Cash Cash -0.30%
TOTAL 100.00%
22 HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of May 31, 2026 Purchase Yield as of 05/31/26 = 4.09%
23 PORTFOLIO HOLDINGS
24 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 208,943.15 05/14/2024
5.41%
208,937.34
208,941.28
100.17
3.84%
209,307.96
502.39
0.10%
366.68
NA/AAA
AAA
0.96 0.11
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 29,462.25 10/12/2022
5.15%
29,459.96
29,461.75
100.05
3.80%
29,477.28
66.65 0.01%
15.53 Aaa/NA
AAA
1.04 0.04
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 485,833.22 11/21/2023
5.65%
483,859.53
484,990.16
100.40
4.04%
487,764.41
1,114.18
0.24%
2,774.25
NA/AAA
AAA
1.88 0.34
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 367,107.02 --
5.64%
368,015.75
367,416.09
100.75
4.15%
369,876.48
578.19
0.18%
2,460.39
Aaa/NA
AAA
2.06 0.45
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/2025
4.32%
1,049,997.06
1,049,997.69
99.80 4.19%
1,047,899.27
694.75
0.51%
(2,098.42)
NA/AAA
AAA
2.32 1.05
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 475,909.87 11/29/2023
3.88%
485,985.77
479,632.12
100.88
4.13%
480,085.02
1,258.52
0.23%
452.90
NA/AAA
AAA
2.46 0.46
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 349,626.44 03/25/2024
5.13%
349,462.56
349,539.57
100.54
3.96%
351,523.51
770.73
0.17%
1,983.95
Aaa/NA
AAA
2.46 0.52
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
851,442.06
100.48
3.94%
854,108.90
1,881.33
0.41%
2,666.84
Aaa/NA
AAA
0.46 0.44
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 360,217.87 05/14/2024
5.27%
360,174.10
360,193.83
100.71
4.05%
362,778.66
685.51
0.18%
2,584.83
NA/AAA
AAA
2.47 0.56
448970AD5 HALST 2026-A A3 3.97
12/15/2028 635,000.00 01/12/2026
3.98%
634,906.91
634,918.43
99.57 4.28%
632,262.26
1,120.42
0.31%
(2,656.16)
NA/AAA
AAA
2.54 1.55
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 717,162.42 --
4.97%
716,025.18
716,537.53
100.36
4.16%
719,735.60
1,449.27
0.35%
3,198.07
Aaa/NA
AAA
2.55 0.48
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,863.63
100.39
4.00%
1,696,592.52
3,455.11
0.82%
6,728.89
NA/AAA
AAA
2.63 0.60
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 469,022.46 06/04/2024
5.18%
468,951.21
468,981.02
100.64
4.07%
472,002.63
404.92
0.23%
3,021.61
Aaa/AAA
NA
2.74 0.55
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/2025
4.57%
1,044,828.52
1,044,858.45
99.52 4.23%
1,039,972.71
1,802.04
0.50%
(4,885.73)
NA/AAA
AAA
2.88 1.49
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,973.65
100.86
4.04%
791,754.85
1,720.02
0.38%
6,781.19
Aaa/AAA
NA
2.96 0.91
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 570,000.00 01/13/2026
3.97%
569,886.97
569,897.15
99.43 4.27%
566,774.43
995.60
0.27%
(3,122.72)
Aaa/NA
AAA
3.63 1.86
25 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,979.79
100.16
4.23%
1,422,277.68
2,701.16
0.69%
2,297.89
NA/AAA
AAA
3.87 1.76
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,981.82
100.19
4.28%
1,367,540.81
2,632.93
0.66%
2,558.99
NA/AAA
AAA
3.96 1.84
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,511,436.55
100.04
4.28%
1,500,666.30
28,666.67
0.73%
(10,770.25)
Aaa/AAA
NA
4.06 1.91
89240QAD7 TAOT 2026-B A3 4.13 12/16/2030 760,000.00 04/14/2026
4.27%
759,839.72
759,843.59
99.55 4.37%
756,603.26
1,395.02
0.37%
(3,240.33)
Aaa/AAA
NA
4.54 2.21
161571JA3 CHAIT 2026-1 A 4.4 05/15/2029 1,595,000.00 05/21/2026
4.45%
1,594,622.62
1,594,624.01
100.35
4.31%
1,600,582.50
584.83
0.77%
5,958.49
NA/NA
AAA
2.96 2.72
16,758,402.23 100.19 16,759,587.03 8.11% 2.95
Total ABS 16,728,284.70 4.51% 16,742,510.15 4.17% 54,480.26 17,076.87 1.33 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,873,587.01
100.81
3.77%
1,890,196.88
12,864.58
0.91%
16,609.87
Aa1/AA+
AA+
0.86 0.83
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
2,404,056.37
100.77
3.90%
2,418,505.20
7,916.67
1.17%
14,448.83
Aa1/AA+
AA+
0.93 0.90
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
2,796,217.37
100.79
4.06%
2,822,232.00
5,755.56
1.37%
26,014.63
Aa1/AA+
AA+
1.46 1.39
7,072,214.00 100.79 7,130,934.08 3.45% 1.12
Total Agency 7,075,000.00 4.70% 7,073,860.75 3.93% 26,536.81 57,073.33 1.08
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 600,204.32 11/12/2021
1.36%
634,786.40
601,432.20
99.56 4.07%
597,547.21
1,326.95
0.29%
(3,884.99)
Aa1/AA+
AAA
0.24 0.19
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,931,607.36 07/01/2024
4.86%
1,847,929.53
1,884,103.30
98.75 4.24%
1,907,431.36
6,070.08
0.92%
23,328.06
Aa1/AAA
AA+
2.57 2.29
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,253,466.48
98.07 4.29%
1,263,104.25
3,824.29
0.61%
9,637.77
Aa1/AA+
AA+
2.65 2.44
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,885,537.09
95.00 4.30%
1,900,052.00
3,766.67
0.92%
14,514.91
Aa1/AA+
AAA
2.65 2.44
26 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
2,501,021.81
98.40 4.29%
2,509,115.85
7,841.25
1.21%
8,094.04
Aaa/AA+
AA+
2.65 2.40
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,452,307.05
97.86 4.29%
2,446,382.50
7,302.08
1.18%
(5,924.55)
Aa1/AAA
AA+
2.82 2.53
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,960,062.68 09/19/2024
3.82%
1,891,001.10
1,916,282.57
96.46 4.30%
1,890,739.18
4,870.76
0.91%
(25,543.39)
Aa1/AA+
AAA
2.98 2.61
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,101,047.54
95.68 4.32%
2,105,067.80
5,105.83
1.02%
4,020.26
Aa1/AA+
AAA
3.07 2.77
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,527,849.09
94.41 4.32%
1,510,636.00
3,233.33
0.73%
(17,213.09)
Aa1/AA+
AAA
3.24 2.96
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,428,452.02
94.78 4.32%
1,421,652.00
3,243.75
0.69%
(6,800.02)
Aa1/AA+
AAA
3.32 3.02
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,850,571.98
92.41 4.34%
1,848,134.00
3,448.33
0.89%
(2,437.98)
Aa1/AA+
AAA
3.65 3.41
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,372,817.09
90.15 4.35%
1,352,298.00
1,846.25
0.65%
(20,519.09)
Aa1/AA+
AAA
3.90 3.56
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,809,275.15
89.05 4.37%
1,781,070.00
2,305.00
0.86%
(28,205.15)
Aa1/AA+
AAA
4.07 3.83
3137FXZ35 FHMS K-127 A2 2.108 01/25/2031 1,000,000.00 02/03/2026
4.11%
910,937.50
916,659.39
90.49 4.39%
904,888.20
1,756.67
0.44%
(11,771.19)
Aa1/AA+
AAA
4.65 4.30
23,092,963.84 95.27 23,438,118.36 11.34% 3.08
Total Agency CMBS 24,629,874.36 4.25% 23,500,822.78 4.31% 55,941.24 (62,704.42) 2.81 CASH
992995944 WC MMF SWEEP 53,171.21 --
2.85%
53,171.21
53,171.21
1.00 1.80%
53,171.21
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Payable (675,000.00) -- (675,000.00)
(675,000.00)
1.00 (675,000.00)
0.00 (0.33%)
0.00 Aaa/AAA
AAA
0.00 0.00
CCYUSD Receivable 57,237.47 -- 57,237.47
57,237.47
1.00 57,237.47
0.00 0.03%
0.00 Aaa/AAA
AAA
0.00 0.00
(564,591.32) 1.00 (564,591.32) (0.27%) 0.00
Total Cash (564,591.32) 2.85% (564,591.32) 1.80% 0.00 0.00 0.00 27 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
CORPORATE
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,955.04
98.78 4.10%
948,276.48
5,749.33
0.46%
(11,678.56)
A2/A-
A
0.76 0.73
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,951.77
98.62 4.09%
1,592,711.39
7,841.72
0.77%
(22,240.39)
Aa2/AA
A+
0.79 0.77
79466LAQ7 SALESFORCE INC 4.5 03/15/2028 1,355,000.00 03/12/2026
4.37%
1,358,284.45
1,357,911.22
100.09
4.44%
1,356,209.80
13,211.25
0.66%
(1,701.42)
A2/A+
NA
1.79 1.61
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
100.63
4.47%
1,962,253.80
36,866.70
0.95%
12,253.80
Aa3/A+
AA
2.12 1.06
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,865,000.00 11/05/2025
4.02%
1,863,955.60
1,864,151.90
99.71 4.12%
1,859,647.13
4,973.33
0.90%
(4,504.77)
A1/A+
NA
2.44 2.29
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 1,310,000.00 01/07/2026
4.05%
1,308,310.10
1,308,522.88
98.74 4.51%
1,293,509.72
19,941.11
0.63%
(15,013.16)
Aa3/AA-
AA-
2.62 2.42
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,488,953.78
99.99 4.38%
1,499,913.00
21,875.00
0.73%
10,959.22
A2/A
NA
2.67 2.46
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,473,529.02
99.36 4.25%
1,490,340.00
15,000.00
0.72%
16,810.98
A2/A
A
2.75 2.55
38151LAJ9 GOLDMAN SACHS BANK USA
4.656 06/03/2029 675,000.00 05/27/2026
4.57%
675,000.00
675,000.00
100.13
4.52%
675,859.28
0.00 0.33%
859.28
A1/A+
AA-
3.01 1.89
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
996,868.27
101.50
4.46%
1,015,005.00
24,305.56
0.49%
18,136.73
Aa1/AA+
AAA
3.02 2.71
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,618,243.40
96.20 4.30%
1,599,741.14
22,621.42
0.77%
(18,502.25)
A2/A
A
3.04 2.83
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
995,234.30
101.27
4.30%
1,012,747.00
20,583.33
0.49%
17,512.70
A2/A
A
3.07 2.70
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,435,283.26
98.45 4.54%
1,440,373.24
22,107.56
0.70%
5,089.98
A3/A-
NA
3.12 2.86
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,545.92
100.65
4.28%
1,509,678.00
25,125.00
0.73%
11,132.08
A1/A+
NA
3.13 2.77
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,498,109.42
99.29 4.75%
1,489,300.50
22,416.00
0.72%
(8,808.92)
A1/A
AA-
3.15 2.00
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,499,280.58
99.41 4.77%
1,491,088.50
22,778.67
0.72%
(8,192.08)
A1/A-
AA-
3.15 2.00
28 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
911,091.99
100.11
4.26%
912,985.87
11,546.93
0.44%
1,893.88
Aa3/AA-
NA
3.21 2.93
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,760,243.07
100.75
4.40%
1,763,097.88
23,960.42
0.85%
2,854.80
A2/A
A
3.21 2.84
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,938,627.05
95.52 4.39%
1,910,402.00
16,930.56
0.92%
(28,225.05)
A2/A+
A
3.21 2.99
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,755,371.62
99.08 4.71%
1,733,865.00
18,394.44
0.84%
(21,506.62)
A3/BBB+
A-
3.27 2.97
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
98.99 4.51%
1,192,805.40
9,092.23
0.58%
(12,194.60)
Aa1/AA+
NA
3.32 3.04
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/2025
4.25%
1,470,184.60
1,470,147.07
98.85 4.62%
1,453,143.08
7,256.86
0.70%
(17,003.99)
A1/A-
A+
3.38 2.23
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
98.80 4.64%
1,012,697.59
4,729.81
0.49%
(12,302.41)
A2/BBB+
A
3.39 2.24
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,680.28
101.10
4.35%
1,213,158.00
2,506.67
0.59%
14,477.72
A1/A
A+
3.46 3.16
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,453.32
100.27
4.52%
1,368,677.31
30,697.33
0.66%
4,223.99
Aa1/AA+
AAA
3.51 3.14
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,767.99
101.54
4.48%
1,467,264.56
28,213.63
0.71%
24,496.57
A1/A+
A+
3.61 3.21
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
1,002,106.78
101.39
4.54%
1,013,863.00
15,675.00
0.49%
11,756.22
A2/NA
A
3.69 3.22
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,983.13
100.17
4.60%
1,402,389.80
13,743.33
0.68%
4,406.68
A3/A-
A-
3.79 3.34
57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/2025
4.58%
998,670.00
998,954.06
99.57 4.67%
995,749.00
3,033.33
0.48%
(3,205.06)
Aa3/AA+
AA+
3.93 3.55
66815L2W8 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025
4.51%
1,004,040.00
1,003,254.69
100.09
4.57%
1,000,917.00
22,744.44
0.48%
(2,337.69)
Aa1/AA+
AAA
4.01 3.54
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,876,724.53
93.00 4.53%
1,860,044.00
20,022.22
0.90%
(16,680.53)
A3/A
NA
4.12 3.80
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
98.73 4.65%
1,480,887.00
9,916.04
0.72%
(19,113.00)
Aa1/AA+
NA
4.35 3.89
29 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
1,006,122.57
99.61 4.47%
996,075.07
5,590.28
0.48%
(10,047.50)
A1/A
A+
4.38 3.92
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,271.95
98.29 4.56%
1,081,218.60
4,789.58
0.52%
(18,053.35)
A2/A
NA
4.40 3.95
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/2025
4.16%
1,502,895.00
1,502,578.54
98.72 4.52%
1,480,743.95
2,800.00
0.72%
(21,834.59)
Aa3/AA-
NA
4.46 4.01
74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/2025
4.36%
1,749,440.00
1,749,493.77
98.68 4.68%
1,726,903.50
1,268.75
0.84%
(22,590.27)
Aa3/NA
AA-
4.49 4.02
89236TPH2 TOYOTA MOTOR CREDIT CORP 4.2
01/10/2031 1,080,000.00 01/07/2026
4.21%
1,079,665.20
1,079,690.90
98.61 4.54%
1,064,969.64
17,514.00
0.52%
(14,721.26)
A1/A+
A+
4.61 4.07
66815L2Z1 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,020,000.00 01/06/2026
4.30%
1,019,908.20
1,019,915.19
98.77 4.60%
1,007,499.90
16,813.00
0.49%
(12,415.29)
Aa1/AA+
AAA
4.62 4.07
6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II
4.375 02/03/2031 1,000,000.00 01/29/2026
4.34%
1,001,380.00
1,001,290.82
99.05 4.60%
990,478.00
14,340.28
0.48%
(10,812.82)
Aa3/AA-
AA-
4.68 4.12
92826CAZ5 VISA INC 4.1 02/12/2031 1,345,000.00 02/03/2026
4.13%
1,343,197.70
1,343,305.29
99.41 4.24%
1,337,060.40
16,696.68
0.65%
(6,244.89)
Aa3/AA-
NA
4.70 4.18
02079KBK2 ALPHABET INC 4.1 02/15/2031 1,500,000.00 02/12/2026
4.10%
1,500,087.78
1,500,082.39
98.66 4.42%
1,479,838.04
18,450.00
0.72%
(20,244.35)
Aa2/AA+
NA
4.71 4.18
24422EYL7 JOHN DEERE CAPITAL CORP 4.2
03/10/2031 1,060,000.00 03/05/2026
4.20%
1,059,766.80
1,059,777.40
98.70 4.50%
1,046,261.62
10,017.00
0.51%
(13,515.78)
A1/A
A+
4.77 4.24
14913V2D9 CATERPILLAR FINANCIAL SERVICES
CORP 4.5 05/15/2031 525,000.00 05/11/2026
4.53%
524,280.75
524,287.45
99.83 4.54%
524,081.25
1,050.00
0.25%
(206.20)
A1/A
A+
4.96 4.39
Total Corporate 57,258,000.00 4.32%
56,847,190.42
56,970,762.59
99.15 4.47%
56,753,730.42
633,188.79
27.46%
(217,032.17)
3.40 2.94
MONEY MARKET
FUND
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 961,944.97 --
0.01%
961,944.97
961,944.97
1.00 3.19%
961,944.97
0.00 0.47%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 961,944.97 0.01%
961,944.97
961,944.97
1.00 3.19%
961,944.97
0.00 0.47%
0.00 0.00
0.00 MUNICIPAL BONDS
30 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024
4.38%
1,749,169.80
1,746,132.64
100.90
4.19%
1,755,581.70
26,100.00
0.85%
9,449.07
Aa2/AA-
AA
3.17 2.88
Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,746,132.64
100.90
4.19%
1,755,581.70
26,100.00
0.85%
9,449.07
3.17 2.88
SUPRANATIONAL
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
1,730,131.13
99.28 4.10%
1,737,459.50
8,470.00
0.84%
7,328.37
Aaa/AAA
NA
3.38 3.12
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
1,695,606.44
100.02
4.12%
1,700,261.80
13,830.21
0.82%
4,655.36
Aaa/AAA
NA
3.80 3.46
Total Supranational 3,450,000.00 4.23%
3,415,730.00
3,425,737.57
99.65 4.11%
3,437,721.30
22,300.21
1.66%
11,983.73
3.59 3.29
US TREASURY
912797UB1 UNITED STATES TREASURY
06/23/2026 2,000,000.00 02/25/2026
3.68%
1,976,657.85
1,995,610.88
99.78 3.69%
1,995,558.00
0.00 0.97%
(52.88)
P-1/A-1+
F1+
0.06 0.06
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,398,597.46
99.07 3.73%
1,386,929.68
2,075.14
0.67%
(11,667.78)
Aa1/AA+
AA+
0.33 0.33
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,399,283.17
98.91 3.81%
1,384,673.82
1,369.57
0.67%
(14,609.35)
Aa1/AA+
AA+
0.42 0.41
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,504,569.54
100.32
3.76%
2,508,032.23
50,480.77
1.21%
3,462.69
Aa1/AA+
AA+
0.54 0.52
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,295,081.30
100.54
3.86%
2,312,398.43
13,290.98
1.12%
17,317.12
Aa1/AA+
AA+
0.87 0.84
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,195,709.59
100.54
3.92%
3,217,224.99
6,652.17
1.56%
21,515.40
Aa1/AA+
AA+
0.96 0.92
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,252,168.42
99.30 3.91%
3,227,402.36
44,350.83
1.56%
(24,766.06)
Aa1/AA+
AA+
1.08 1.04
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
398,401.53
98.66 3.93%
394,640.80
3,676.80
0.19%
(3,760.73)
Aa1/AA+
AA+
1.17 1.12
31 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,492,192.77
99.01 3.94%
4,455,527.36
35,538.38
2.16%
(36,665.42)
Aa1/AA+
AA+
1.25 1.20
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,442,196.97
100.22
3.95%
3,457,681.63
24,107.58
1.67%
15,484.66
Aa1/AA+
AA+
1.33 1.28
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
850,798.33
99.84 3.99%
848,638.67
89.99 0.41%
(2,159.66)
Aa1/AA+
AA+
1.50 1.44
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,758,071.27
99.82 3.99%
2,745,058.58
44,744.48
1.33%
(13,012.69)
Aa1/AA+
AA+
1.59 1.49
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,985,907.14
99.20 4.00%
2,976,093.75
35,096.69
1.44%
(9,813.39)
Aa1/AA+
AA+
1.67 1.58
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,736.68
100.01
3.99%
3,700,289.04
37,402.17
1.79%
552.36
Aa1/AA+
AA+
1.75 1.66
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/2025
3.50%
4,982,812.50
4,986,325.15
98.58 4.03%
4,928,906.25
35,767.66
2.38%
(57,418.90)
Aa1/AA+
AA+
2.29 2.16
91282CQA2 UNITED STATES TREASURY 3.5
02/15/2029 4,000,000.00 04/27/2026
3.81%
3,966,718.75
3,967,823.79
98.60 4.05%
3,944,064.00
40,994.48
1.91%
(23,759.79)
Aa1/AA+
AA+
2.71 2.53
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,271,328.91
100.18
4.05%
2,304,222.66
16,071.72
1.11%
32,893.75
Aa1/AA+
AA+
2.83 2.63
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,991,085.66
100.53
4.06%
2,010,625.00
35,690.61
0.97%
19,539.34
Aa1/AA+
AA+
3.08 2.81
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,517,991.90
98.63 4.08%
3,452,148.42
32,063.52
1.67%
(65,843.48)
Aa1/AA+
AA+
3.25 3.00
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,949,696.11
98.21 4.08%
4,910,351.55
29,644.81
2.38%
(39,344.56)
Aa1/AA+
AA+
3.33 3.09
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,995,752.74
100.12
4.09%
3,003,632.82
10,760.87
1.45%
7,880.08
Aa1/AA+
AA+
3.42 3.14
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,377,713.05
100.94
4.09%
4,441,421.86
80,828.73
2.15%
63,708.82
Aa1/AA+
AA+
3.59 3.23
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,988,124.66
100.52
4.10%
4,020,624.00
56,823.20
1.95%
32,499.34
Aa1/AA+
AA+
3.67 3.32
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --
4.01%
4,496,958.99
4,497,664.41
99.66 4.10%
4,484,882.79
45,489.13
2.17%
(12,781.62)
Aa1/AA+
AA+
3.75 3.41
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --
3.78%
5,020,507.81
5,018,380.82
99.11 4.11%
4,955,664.05
81,353.59
2.40%
(62,716.77)
Aa1/AA+
AA+
4.08 3.68
32 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of May 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
5,077,808.19
99.55 4.12%
4,977,540.00
66,850.83
2.41%
(100,268.19)
Aa1/AA+
AA+
4.17 3.75
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --
3.66%
4,991,425.79
4,992,735.65
98.08 4.12%
4,903,906.25
45,805.03
2.37%
(88,829.40)
Aa1/AA+
AA+
4.25 3.86
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --
3.59%
5,008,789.06
5,007,709.34
98.05 4.12%
4,902,343.75
30,703.55
2.37%
(105,365.59)
Aa1/AA+
AA+
4.33 3.94
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/2025
3.73%
1,731,816.41
1,733,494.12
97.44 4.13%
1,705,224.50
167.35
0.83%
(28,269.62)
Aa1/AA+
AA+
4.50 4.11
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 3,500,000.00 05/21/2026
4.28%
3,438,066.41
3,438,415.53
98.85 4.14%
3,459,804.67
22,974.73
1.67%
21,389.14
Aa1/AA+
AA+
4.83 4.33
Total US Treasury 97,650,000.00 3.83%
97,331,239.90
97,480,375.09
99.36 4.03%
97,015,511.92
930,865.35
46.94%
(464,863.17)
2.75 2.52
Total Portfolio 208,928,512.71 4.09%
206,664,263.84
207,337,555.21
98.78 4.19%
206,688,538.45
1,749,412.65
100.00%
(649,016.75)
2.94 2.53
Total Market Value +
Accrued 208,437,951.10
33 TRANSACTIONS
34 TRANSACTION LEDGER
City of Cupertino | Account #10659|03/01/2026 Through 05/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
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 Purchase 04/21/2026 89240QAD7 760,000.00 TAOT 2026-B A3 4.13 12/16/2030 99.979 4.27% (759,839.72) 0.00 (759,839.72) 0.00 Purchase 04/28/2026 91282CQA2 4,000,000.00
UNITED STATES
TREASURY 3.5
02/15/2029
99.168 3.81% (3,966,718.75) (27,845.30) (3,994,564.05) 0.00 Purchase 05/15/2026 14913V2D9 525,000.00
CATERPILLAR
FINANCIAL SERVICES
CORP 4.5 05/15/2031
99.863 4.53% (524,280.75) 0.00 (524,280.75) 0.00
Purchase 05/22/2026 91282CQG9 3,500,000.00
UNITED STATES
TREASURY 3.875
03/31/2031
98.230 4.28% (3,438,066.41) (19,269.13) (3,457,335.54) 0.00 Purchase 05/28/2026 161571JA3 1,595,000.00 CHAIT 2026-1 A 4.4 05/15/2029 99.976 4.45% (1,594,622.62) 0.00 (1,594,622.62) 0.00 Purchase 06/03/2026 38151LAJ9 675,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (675,000.00) 0.00 (675,000.00) 0.00
Purchase 06/03/2026 38151LAJ9 (675,000.00)
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% 675,000.00 0.00 0.00 0.00
Purchase 06/03/2026 38151LAJ9 675,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (675,000.00) 0.00 0.00 0.00
Total Purchase 13,470,000.00 (13,376,579.50) (47,114.43) (13,423,693.93) 0.00 TOTAL
ACQUISITIONS 13,470,000.00 (13,376,579.50) (47,114.43) (13,423,693.93) 0.00
DISPOSITIONS
35 TRANSACTION LEDGER
City of Cupertino | Account #10659|03/01/2026 Through 05/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Maturity 04/20/2026 4581X0DV7 (2,460,000.00)
INTER-AMERICAN
DEVELOPMENT BANK
0.875 04/20/2026
100.000 0.97% 2,460,000.00 0.00 2,460,000.00 0.00
Maturity 04/30/2026 91282CBW0 (2,500,000.00)
UNITED STATES
TREASURY 0.75
04/30/2026
100.000 0.80% 2,500,000.00 0.00 2,500,000.00 0.00
Total Maturity (4,960,000.00) 4,960,000.00 0.00 4,960,000.00 0.00 Sale 04/17/2026 931142ER0 (350,000.00) WALMART INC 1.05 09/17/2026 98.797 1.09% 345,789.50 306.25 346,095.75 (4,155.07) Sale 04/17/2026 57636QAW4 (945,000.00) MASTERCARD INC
4.875 03/09/2028 101.604 4.90% 960,157.80 4,862.81 965,020.61 15,504.99 Sale 05/12/2026 78016HZV5 (2,000,000.00)
ROYAL BANK OF
CANADA 4.95
02/01/2029
101.596 4.69% 2,031,920.00 27,775.00 2,059,695.00 19,144.52 Total Sale (3,295,000.00) 3,337,867.30 32,944.06 3,370,811.36 30,494.44 TOTAL
DISPOSITIONS (8,255,000.00) 8,297,867.30 32,944.06 8,330,811.36 30,494.44 36 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. 37 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency
Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 38