INVESTMENT REPORT
City of Cupertino | As of July 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
City of Cupertino | Account #10659 | As of July 31, 2026
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Renewed hostilities between the United States and Iran unsettled energy markets in July, even as domestic data painted a more encouraging picture of the economy. Crude prices retreated from their near-term peak after diplomatic overtures eased fearsof a prolonged closure of the Strait of Hormuz, though the conflict continues to fuel market volatility. Inflation cooled meaningfully in June after the recent run-up tied to tariffs and conflict-related uncertainty. Growth slowed from the first quarter’s pace, while hiring continued at a moderated clip. The Chandler team continues to expect the Federal Reserve to hold the federal funds rate steady through the remainder of 2026, provided actual and market-based measures of inflation remain contained.
The Federal Open Market Committee held the federal funds rate at 3.50% to 3.75% during its July 28 to 29 meeting, extending its policy pause into a fifth consecutive gathering. Three regional Reserve Bank presidents, Cleveland's Beth Hammack, Minneapolis's Neel Kashkari, and Dallas's Lorie Logan, dissented in favor of raising rates by a quarter point, citing inflation that has stayed above target for more than five years. Chair Kevin Warsh, in his second meeting leading the Committee, again declined to offer explicit forward guidance, preferring instead to let incoming data dictate the timing of any future move. The balance sheet runoff continued without modification. Officials next convene September 15 to 16.
Treasury yields advanced across the curve in July, with the two-year note ending the month at 4.29%, the five-year at 4.45%, and the ten- year at 4.74%. The two-year to ten-year spread narrowed to 45 basis points from 69 basis points at year end, while the three-month bill to ten-year spread widenedto roughly 97 basis points. Because the two-year yield rose more than the ten-year yield over the year to date, the curve has flattened rather than steepened, a shift driven by growing expectations that the Federal Reserve may need to raise rates rather than cut before year end. The two-yearto ten-year spread has averaged near 95 basis points since 2005, underscoring how compressed the relationship between short and long maturities remains relative to that longer run norm.
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%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Nonfarm payrolls unexpectedly declinedby 23,000 in July, challenging the view that the labor market was continuingto expand at a modest pace. Revisions to the prior two months further weakened the picture: May payroll growth was revised down to 63,000 from 129,000, erasing 66,000 jobs, while June was revised down to 20,000 from 57,000, a 37,000-job reduction. Together, the revisions reduced employment growth in May and June by 103,000 positions. By industry, local government education led July’s declines, shedding 50,000 jobs, followed by leisure and hospitality (-40,000) and retail trade (-19,000). Health care partially offset those losses, adding 22,000 jobs.
Meanwhile, the unemployment rate edged down to 4.1%, due in part to a modest decline in labor force participation.
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 totaled 7.359 million in June, according to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), while May’s figure was revised down to 7.537 million. Transportation, warehousing, and utilities posted the largest increase in openings (+97,000), followed by the federal government (+39,000).In contrast, openings declined in wholesale trade (-74,000) and nondurable-goods manufacturing (-55,000). The broadly stable levels of hiring, quits, and layoffs point to a labor market that is cooling gradually rather than deteriorating sharply, even as the July payroll report signaled unexpected weakness.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
West Texas Intermediate (WTI) crude settled at $84.67 a barrel at the end of July, while Brent finished at $90.12, with both benchmarks posting their strongest monthly gains since March: WTI rose 21% and Brent rose 24%. The advance reflected renewed hostilities between the United States and Iran, which intermittently disrupted tanker traffic through the Strait of Hormuz, a corridor that historically traffics roughly a fifth of global crude and natural gas supply. Prices retreated from their intramonth highs late in July as diplomatic overtures raised hopes for a durable ceasefire, though the stop-and-start nature of the conflict left a persistent risk premium embedded in oil markets. AAA’s national average for regular gasoline held at $4.09 a gallon to end July.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) 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
Inflation decelerated sharply in June, with the Consumer Price Index (CPI) falling 0.4% on the month—its largest decline since the onset of the pandemic in 2020—and bringing the annual rate down to 3.5% from 4.2% in May. Core CPI (excluding food and energy) was flat on the month and rose 2.6% year over year, both coming in softer than expected after energy-driven pressures pushed inflation to a three-year high earlier in the quarter. The CPI report suggests at least a near-term reprieve in inflation. The Personal Consumption Expenditures Index (PCE), the Fed's preferred gauge, told a similar story: headline PCE fell 0.1% and decelerated to 3.7% annually, while core PCE rose 0.1% and cooled to 3.3% from a year earlier. Both measures remain well above the central bank's longstanding target, and officials have signaled they are unwilling to declare victory given how quickly the disinflationary trend could reverse if oil prices resume climbing.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
5.0%
10.0%
15.0%
20.0%
Retail Sales YOY % Change
YOY (%) Change
Households grew less optimistic in July even as they kept spending; the Conference Board's Consumer Confidence Index retreated 1.4 points to 90.8, extending a downward trajectory that has persisted since late 2021 amid elevated grocery and fuel costs. Retail sales, by contrast, advanced 0.2% in June and 6.7% year over year, a fifth consecutive month of growth even as gas station receipts fell 5.3% alongside softer pump prices. The divergence between softening sentiment and resilient spending illustrates a familiar pattern this cycle, with consumers still opening their wallets despite voicing unease about the broader economy. A labor market that remains robust, even as hiring decelerates, appears to be underpinning this spending for now. 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
Data from the Federal Reserve Bank of Chicago showed the National Activity Index (CFNAI) improving to -0.02 in June from -0.19 in May, while its smoother three-month moving average rose to -0.05. Both measures remain well above the -0.70 level that has historically preceded recessions, indicating the economy is still expanding, albeit below trend, rather than contracting. The Conference Board’s Leading Economic Index (LEI) painted a more cautious picture, falling 0.2% in June and erasing some of the gains seen earlier in the spring. Weak consumer expectations and a decline in building permits were the main drags, partly offset by the yield spread’s contribution.
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
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Home price growth showed further signs of firming, as the S&P CoreLogic Case-Shiller 20-City Composite rose 1.6% year over year in May, marking its second consecutive month of acceleration after an upwardly revised 1.2% increase in April. Housing starts also rebounded in June, rising to a seasonally adjusted annual rate of 1.427 million, a 19% increase from an upwardly revised 1.199 million in May. The gain was driven primarily by multifamily construction, with starts surging more than76% month over monthto 532,000 units, while single-family starts edged down slightly to 895,000. Freddie Mac’s average 30-year fixed mortgage rate rose to 6.49% in late June from 6.44% in May, continuing to weigh on affordability for prospective buyers.
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 SupplyManagement’s Manufacturing PMI rose to 55.6 in July, while the Services PMI registered 54.1, marking the seventh consecutive month in which both surveys signaled expansion. Readings above 50 indicate expansion, while those below 50 indicate contraction, leaving both headline indexes firmly in expansionary territory. However, elevated prices-paid components in both surveys indicate that input-cost pressures remain persistent, despite broader cooling in headline inflation measures.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 Components of GDP 9/25 12/25 3/26 6/26
2.3% 1.3% 0.4% 2.1%
0.0% 0.4% 1.4% 0.5%
1.6% -0.2% -0.4% -1.0%
0.2% -1.2% 0.6% -0.3%
0.2% 0.2% 0.2% 0.1%
4.4% 0.5% 2.1% 1.5%
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 Growth downshiftedin the second quarter, with the U.S. economy expandingat a 1.5% annualized rate, decelerating from the first quarter's
2.1% pace and short of the 2.1% economists had anticipated, according to the Bureau of Economic Analysis's advance estimate. Consumer spending and business investment contributed positively, while a pullback in government outlays and rising imports, which subtract from growth, weighed on the result. The deceleration reflects lingering tariff related cost pressures and the energy disruptions tied to the conflict in the Middle East. As this is the advance estimate, the Bureau of Economic Analysis will publish two additional revisions as more complete data arrives.
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 Reserve held its benchmark rate at 3.50% to 3.75% following the July 28 to 29 meeting of the Federal Open Market Committee, with minutes from the prior June gathering revealing officials had grown increasingly split over how much weight to place on tariff driven costs versus signs of labor market softening. Chair Kevin Warsh, sworn in earlier this year, has continued winding down forward guidance from post meeting communications, arguing markets should focus on incoming data rather than anticipated rhetoric. The balance sheet continued its gradual runoff without any announced change to the pace of reduction. Minutes also noted that the conflict in the Middle East has complicated officials' read on how persistent current inflation will prove.
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
Jul-26
Apr-26
Jul-25
Yield (%)
A positively sloped Treasury curve persisted across its full range through the end of July, with the three-month bill yielding roughly 3.76%, the two-year note 4.29%, the five-year 4.45%, and the ten-year note 4.74%. The gap between the three-month bill and the ten-year note widened to 97 basis points, while the more closely watched two-year-to-ten-year spread widened to 45 basis points after a 24 basis points intramonth lowin June. That divergence suggests recent yield increases have been concentrated in the shorter and intermediate maturities rather than lifting the entire curve uniformly. The overall shape continuesto imply that markets see a near-term recession as unlikely, even as uncertainty about the Federal Reserve’s next move has increased since the July meeting.
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 July 31, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 11.5 Compliant Max Maturity (Years) 5.0 4.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.9 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
The Statement of Compliance reflects Chandler's assessment of compliance with the applicable investment policy for the assets Chandler directly manages. The report may also present assets reported to Chandler by clients, custodians, or other third parties. Chandler includes those assets in the assessment but has no discretionary authority over them, does not independently verify the information provided, and assumes no responsibility for the accuracy or completeness of that information. Questions regarding this report should be directed to the designated investment professional. 17 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of July 31, 2026 Rules Name Limit Actual Compliance
Status Notes
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.8 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 11.5 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 1 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.7 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
The Statement of Compliance reflects Chandler's assessment of compliance with the applicable investment policy for the assets Chandler directly manages. The report may also present assets reported to Chandler by clients, custodians, or other third parties. Chandler includes those assets in the assessment but has no discretionary authority over them, does not independently verify the information provided, and assumes no responsibility for the accuracy or completeness of that information. Questions regarding this report should be directed to the designated investment professional. 18 STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of July 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
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 47.2 Compliant
Max Maturity (Years) 5 4 Compliant
The Statement of Compliance reflects Chandler's assessment of compliance with the applicable investment policy for the assets Chandler directly manages. The report may also present assets reported to Chandler by clients, custodians, or other third parties. Chandler includes those assets in the assessment but has no discretionary authority over them, does not independently verify the information provided, and assumes no responsibility for the accuracy or completeness of that information. Questions regarding this report should be directed to the designated investment professional. 19 PORTFOLIO SUMMARY
City of Cupertino | Account #10659 | As of July 31, 2026 Portfolio Characteristics Account Summary Top Issuers
Average Modified Duration 2.46
Average Coupon 3.83%
Average Purchase YTM 4.12%
Average Market YTM 4.45%
Average Credit Quality* AA+
Average Final Maturity 2.85
Average Life 2.72
End Values as of
06/30/2026
End Values as of
07/31/2026
Market Value 206,884,323.76 206,702,630.60
Accrued Interest 1,712,686.71 1,715,001.08
Total Market Value 208,597,010.47 208,417,631.68
Income Earned 757,355.19 721,527.44
Cont/WD 0.00 0.00
Par 209,750,558.47 210,394,588.49
Book Value 208,055,759.90 208,751,856.94
Cost Value 207,356,230.92 207,994,491.53
United States 47.12%
Federal Home Loan Mortgage Corp 11.53%
Farm Credit System 2.53%
International Bank for Recon and Dev 1.65%
Chase Issuance Trust 1.59%
Amazon.com, Inc. 1.32%
Guardian Life Global Funding 1.28%
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 (0.08%) 0.12% 0.59% 3.05% 3.94% 4.55% 1.80% -- 2.29% Benchmark Return (0.04%) 0.05% 0.39% 2.81% 3.51% 4.12% 1.46% -- 2.03% *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 July 31, 2026 Issuer Investment Type % Portfolio
United States US Treasury 47.12%
Federal Home Loan Mortgage Corp Agency CMBS 11.53%
Farm Credit System Agency 2.53%
International Bank for Recon and Dev Supras 1.65%
Chase Issuance Trust ABS 1.59%
Amazon.com, Inc. Corporate 1.32%
Guardian Life Global Funding Corporate 1.28%
The Home Depot, Inc. Corporate 1.26%
Toyota Motor Corporation Corporate 1.21%
New York Life Insurance Company Corporate 1.14%
Meta Platforms, Inc. Corporate 1.14%
Deere & Company Corporate 0.98%
Northwestern Mutual Global Funding Corporate 0.96%
UnitedHealth Group Incorporated Corporate 0.92%
Federal Home Loan Banks Agency 0.91%
Simon Property Group, Inc. Corporate 0.89%
Chubb Limited Corporate 0.84%
Mastercard Incorporated Corporate 0.84%
State of California Muni Bonds 0.84%
American Honda Finance Corporation Corporate 0.83%
Caterpillar Inc. Corporate 0.83%
Prudential Financial, Inc. Corporate 0.83%
The Goldman Sachs Group, Inc. Corporate 0.81%
Bank of America Credit Card Trust ABS 0.79%
Toyota Auto Receivables Owner Trust ABS 0.79%
Mercedes-Benz Auto Lease Trust ABS 0.78%
Berkshire Hathaway Inc. Corporate 0.77%
PepsiCo, Inc. Corporate 0.73%
Citigroup Inc. ABS 0.72%
Bank of America Corporation Corporate 0.72%
21 ISSUERS
City of Cupertino | Account #10659 | As of July 31, 2026 Issuer Investment Type % Portfolio
JPMorgan Chase & Co. Corporate 0.72%
The Progressive Corporation Corporate 0.72%
Alphabet Inc. Corporate 0.70%
Morgan Stanley Corporate 0.70%
Realty Income Corporation Corporate 0.69%
American Express Credit Master Trust ABS 0.69%
Marsh & McLennan Companies, Inc. Corporate 0.67%
WF Card Issuance Trust ABS 0.66%
Wells Fargo & Company Money Mkt Fd 0.66%
Visa Inc. Corporate 0.64%
Met Tower Global Funding Corporate 0.62%
Hyundai Motor Company Corporate 0.53%
Cargill, Incorporated Corporate 0.52%
BMW Vehicle Lease Trust ABS 0.51%
NVIDIA Corporation Corporate 0.50%
Nat Rural Util Coop Fin Corp Corporate 0.49%
Massachusetts Mutual Life Insurance Corporate 0.48%
Pacific Life Global Funding II Corporate 0.47%
Hyundai Auto Lease Sec Trust ABS 0.33%
Honda Auto Receivables Owner Trust ABS 0.29%
GM Financial Securitized Term ABS 0.28%
BMW Vehicle Owner Trust ABS 0.19%
Mercedes-Benz Auto Receivables Trust ABS 0.19%
John Deere Owner Trust ABS 0.15%
WC MMF Sweep Cash 0.03%
Cash Cash 0.00%
TOTAL 100.00%
22 PORTFOLIO HOLDINGS
23 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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 57,070.28 05/14/2024
5.41%
57,068.69
57,069.86
100.04
4.14%
57,094.99
137.22
0.03%
25.13 NA/AAA
AAA
0.79 0.03
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 367,312.94 11/21/2023
5.65%
365,820.74
366,732.23
100.28
4.16%
368,355.75
842.37
0.18%
1,623.52
NA/AAA
AAA
1.71 0.27
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 298,087.69 --
5.64%
298,825.57
298,307.00
100.59
4.41%
299,851.48
469.49
0.15%
1,544.48
Aaa/NA
AAA
1.89 0.39
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/2025
4.32%
1,049,997.06
1,049,997.85
99.64 4.42%
1,046,227.35
694.75
0.51%
(3,770.50)
NA/AAA
AAA
2.15 0.87
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 389,873.19 11/29/2023
3.88%
398,127.54
392,551.25
100.72
4.21%
392,692.37
1,031.00
0.19%
141.12
NA/AAA
AAA
2.29 0.40
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 312,523.06 03/25/2024
5.13%
312,376.56
312,450.68
100.40
4.36%
313,783.15
688.94
0.15%
1,332.47
Aaa/NA
AAA
2.29 0.61
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
850,918.45
100.27
4.05%
852,308.60
1,881.33
0.41%
1,390.15
Aaa/NA
AAA
0.30 0.28
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 304,312.22 05/14/2024
5.27%
304,275.25
304,293.29
100.56
4.25%
306,030.37
579.12
0.15%
1,737.08
NA/AAA
AAA
2.31 0.52
448970AD5 HALST 2026-A A3 3.97
12/15/2028 635,000.00 01/12/2026
3.98%
634,906.91
634,923.79
99.29 4.51%
630,477.53
1,120.42
0.31%
(4,446.26)
NA/AAA
AAA
2.38 1.39
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 586,976.99 --
4.97%
586,046.19
586,498.42
100.26
4.25%
588,525.43
1,186.18
0.28%
2,027.02
Aaa/NA
AAA
2.38 0.41
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,872.30
100.20
4.19%
1,693,369.86
3,455.11
0.82%
3,497.56
NA/AAA
AAA
2.46 0.44
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 395,466.55 06/04/2024
5.18%
395,406.48
395,433.74
100.50
4.29%
397,441.12
341.42
0.19%
2,007.37
Aaa/AAA
NA
2.57 0.53
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/2025
4.57%
1,044,828.52
1,044,866.67
99.39 4.38%
1,038,580.57
1,802.04
0.50%
(6,286.11)
NA/AAA
AAA
2.71 1.30
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,975.14
100.58
4.22%
789,520.03
1,720.02
0.38%
4,544.89
Aaa/AAA
NA
2.79 0.75
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 570,000.00 01/13/2026
3.97%
569,886.97
569,901.89
99.13 4.49%
565,068.93
995.60
0.27%
(4,832.96)
Aaa/NA
AAA
3.46 1.64
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,980.66
99.81 4.44%
1,417,265.08
2,701.16
0.69%
(2,715.58)
NA/AAA
AAA
3.71 1.60
24 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,982.59
99.86 4.46%
1,363,154.52
2,632.93
0.66%
(1,828.07)
NA/AAA
AAA
3.79 1.68
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,510,507.61
99.61 4.52%
1,494,148.50
7,166.67
0.72%
(16,359.11)
Aaa/AAA
NA
3.89 1.78
89240QAD7 TAOT 2026-B A3 4.13 12/16/2030 760,000.00 04/14/2026
4.27%
759,839.72
759,849.34
99.29 4.56%
754,569.04
1,395.02
0.37%
(5,280.30)
Aaa/AAA
NA
4.38 1.81
89231DAD7 TAOT 2026-C A3 4.51 03/17/2031 515,000.00 07/14/2026
4.80%
514,925.12
514,925.60
99.84 4.62%
514,187.33
645.18
0.25%
(738.27)
NA/AAA
AAA
4.63 2.25
161571JA3 CHAIT 2026-1 A 4.4 05/15/2029 1,595,000.00 05/21/2026
4.45%
1,594,622.62
1,594,645.27
99.69 4.56%
1,589,986.92
3,119.11
0.77%
(4,658.35)
NA/AAA
AAA
2.79 2.56
16,520,402.98 99.89 16,472,638.90 7.97% 2.88
Total ABS 16,491,622.93 4.49% 16,503,683.63 4.39% 34,605.10 (31,044.73) 1.25 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,873,863.27
100.51
3.98%
1,884,511.88
27,708.33
0.91%
10,648.61
Aa1/AA+
AA+
0.69 0.66
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
2,403,326.46
100.46
4.12%
2,411,011.20
26,916.67
1.17%
7,684.74
Aa1/AA+
AA+
0.76 0.73
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
2,796,651.10
100.52
4.20%
2,814,498.40
27,338.89
1.36%
17,847.30
Aa1/AA+
AA+
1.29 1.22
7,072,214.00 100.50 7,110,021.48 3.44% 0.95
Total Agency 7,075,000.00 4.70% 7,073,840.82 4.12% 81,963.89 36,180.65 0.91
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 239,025.83 11/12/2021
1.36%
252,797.82
239,025.83
99.74 3.74%
238,406.03
528.45
0.12%
(619.79)
Aa1/AA+
AAA
0.07 0.07
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,926,986.90 07/01/2024
4.86%
1,843,509.23
1,882,759.29
98.14 4.56%
1,891,052.45
6,055.56
0.91%
8,293.16
Aa1/AAA
AA+
2.40 2.14
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,255,695.63
97.54 4.57%
1,256,295.88
3,824.29
0.61%
600.25
Aa1/AA+
AA+
2.49 2.29
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,892,925.70
94.72 4.57%
1,894,420.00
3,766.67
0.92%
1,494.30
Aa1/AA+
AAA
2.49 2.28
25 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
2,504,183.37
97.86 4.57%
2,495,379.00
7,841.25
1.21%
(8,804.37)
Aaa/AA+
AA+
2.49 2.25
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,455,204.73
97.31 4.58%
2,432,800.00
7,302.08
1.18%
(22,404.73)
Aa1/AAA
AA+
2.65 2.37
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,955,381.14 09/19/2024
3.82%
1,886,484.51
1,914,207.20
95.98 4.58%
1,876,682.92
4,859.12
0.91%
(37,524.29)
Aa1/AA+
AAA
2.82 2.46
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,106,554.93
95.22 4.60%
2,094,833.40
5,105.83
1.01%
(11,721.53)
Aa1/AA+
AAA
2.90 2.61
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,531,653.07
93.93 4.61%
1,502,899.20
3,233.33
0.73%
(28,753.87)
Aa1/AA+
AAA
3.07 2.79
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,432,125.78
94.25 4.61%
1,413,685.50
3,243.75
0.68%
(18,440.28)
Aa1/AA+
AAA
3.15 2.86
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,857,530.08
91.87 4.63%
1,837,318.00
3,448.33
0.89%
(20,212.08)
Aa1/AA+
AAA
3.49 3.25
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,378,358.63
89.68 4.64%
1,345,212.00
1,846.25
0.65%
(33,146.63)
Aa1/AA+
AAA
3.73 3.39
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,817,238.34
88.57 4.65%
1,771,310.00
2,305.00
0.86%
(45,928.34)
Aa1/AA+
AAA
3.90 3.66
3137FX3Q9 FHMS K-117 A2 1.406 08/25/2030 1,000,000.00 06/03/2026
4.46%
885,820.31
889,890.08
88.28 4.65%
882,786.00
1,171.67
0.43%
(7,104.08)
Aa1/AA+
AAA
4.07 3.79
3137FXZ35 FHMS K-127 A2 2.108 01/25/2031 1,000,000.00 02/03/2026
4.11%
910,937.50
919,694.48
89.75 4.68%
897,535.00
1,756.67
0.43%
(22,159.48)
Aa1/AA+
AAA
4.49 4.14
23,587,858.68 94.46 23,830,615.38 11.53% 3.00
Total Agency CMBS 25,259,393.87 4.30% 24,077,047.14 4.59% 56,288.24 (246,431.77) 2.73 CASH
992995944 WC MMF SWEEP 53,331.28 --
2.85%
53,331.28
53,331.28
1.00 1.80%
53,331.28
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 2,209.49 -- 2,209.49
2,209.49
1.00 2,209.49
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
55,540.77 1.00 55,540.77 0.03% 0.00
Total Cash 55,540.77 2.85% 55,540.77 1.80% 0.00 0.00 0.00 26 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,962.02
98.92 4.10%
1,597,480.48
14,032.56
0.77%
(17,481.54)
Aa2/AA
A+
0.62 0.60
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 1,310,000.00 01/07/2026
4.05%
1,308,310.10
1,308,616.93
98.31 4.74%
1,287,888.51
2,474.44
0.62%
(20,728.42)
Aa3/AA-
AA-
2.46 2.30
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,475,137.31
98.54 4.61%
1,478,089.50
25,000.00
0.72%
2,952.19
A2/A
A
2.58 2.38
38151LAJ9 GOLDMAN SACHS BANK USA
4.656 06/03/2029 675,000.00 05/27/2026
4.57%
675,000.00
675,000.00
99.73 4.67%
673,202.48
5,063.40
0.33%
(1,797.53)
A1/A+
AA-
2.84 1.72
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
997,041.78
100.65
4.75%
1,006,539.00
7,638.89
0.49%
9,497.22
Aa1/AA+
AAA
2.85 2.60
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,620,702.99
95.74 4.55%
1,592,149.55
6,268.59
0.77%
(28,553.44)
A2/A
A
2.87 2.70
44891AEN3 HYUNDAI CAPITAL AMERICA 4.75
06/18/2029 1,100,000.00 06/15/2026
4.79%
1,098,909.75
1,098,953.52
99.32 5.01%
1,092,470.50
6,240.97
0.53%
(6,483.02)
A3/A-
A-
2.88 2.64
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
995,493.86
100.49
4.57%
1,004,897.00
4,750.00
0.49%
9,403.14
A2/A
A
2.90 2.59
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,436,766.35
98.01 4.73%
1,433,905.32
2,600.89
0.69%
(2,861.03)
A3/A-
NA
2.96 2.74
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,623.59
99.97 4.51%
1,499,563.50
2,625.00
0.73%
939.91
A1/A+
NA
2.96 2.73
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,498,256.71
98.95 4.94%
1,484,223.00
1,401.00
0.72%
(14,033.71)
A1/A
AA-
2.98 1.87
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,499,336.62
99.07 4.95%
1,486,105.50
1,423.67
0.72%
(13,231.12)
A1/A-
AA-
2.98 1.87
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
911,139.29
99.04 4.64%
903,206.50
18,082.93
0.44%
(7,932.79)
Aa3/AA-
NA
3.04 2.75
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,759,694.98
99.79 4.72%
1,746,305.75
37,522.92
0.84%
(13,389.23)
A2/A
A
3.04 2.74
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,941,824.11
94.92 4.69%
1,898,416.00
26,513.89
0.92%
(43,408.11)
A2/A+
A
3.04 2.82
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,755,096.73
98.56 4.91%
1,724,759.75
31,227.78
0.83%
(30,336.98)
A3/BBB+
A-
3.10 2.80
27 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
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
98.12 4.83%
1,182,358.05
17,485.05
0.57%
(22,641.95)
Aa1/AA+
NA
3.16 2.87
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/2025
4.25%
1,470,184.60
1,470,136.76
98.45 4.79%
1,447,194.42
17,382.71
0.70%
(22,942.34)
A1/A-
A+
3.22 2.06
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
98.41 4.81%
1,008,729.15
11,824.51
0.49%
(16,270.85)
A2/BBB+
A
3.22 2.07
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,744.02
100.28
4.60%
1,203,405.60
11,906.67
0.58%
4,661.58
A1/A
A+
3.29 2.98
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,479.31
99.52 4.76%
1,358,449.37
9,767.33
0.66%
(6,029.95)
Aa1/AA+
AAA
3.35 3.04
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,871.29
100.42
4.81%
1,451,128.25
4,371.13
0.70%
8,256.95
A1/A+
A+
3.44 3.12
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
1,002,009.13
100.31
4.85%
1,003,124.00
23,925.00
0.49%
1,114.87
A2/NA
A
3.52 3.05
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,398,072.08
99.28 4.87%
1,389,929.80
24,593.33
0.67%
(8,142.28)
A3/A-
A-
3.62 3.23
57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/2025
4.58%
998,670.00
998,998.49
98.60 4.96%
985,985.00
10,616.67
0.48%
(13,013.49)
Aa3/AA+
AA+
3.77 3.38
66815L2W8 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025
4.51%
1,004,040.00
1,003,118.99
98.86 4.93%
988,623.00
7,411.11
0.48%
(14,495.99)
Aa1/AA+
AAA
3.84 3.45
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,881,721.07
92.17 4.85%
1,843,436.00
2,355.56
0.89%
(38,285.07)
A3/A
NA
3.96 3.67
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
97.49 5.00%
1,462,306.50
20,733.54
0.71%
(37,693.50)
Aa1/AA+
NA
4.18 3.71
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 11/04/2025
4.22%
1,006,920.00
1,005,888.71
98.54 4.76%
985,404.00
12,881.94
0.48%
(20,484.71)
A1/A
A+
4.21 3.74
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,299.62
97.12 4.89%
1,068,337.60
12,352.08
0.52%
(30,962.02)
A2/A
NA
4.23 3.78
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/2025
4.16%
1,502,895.00
1,502,480.04
96.92 5.01%
1,453,843.50
13,300.00
0.70%
(48,636.54)
Aa3/AA-
NA
4.29 3.83
74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/2025
4.36%
1,749,440.00
1,749,512.63
97.55 4.99%
1,707,116.25
13,956.25
0.83%
(42,396.38)
Aa3/NA
AA-
4.32 3.84
28 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
89236TPH2 TOYOTA MOTOR CREDIT CORP 4.2
01/10/2031 1,080,000.00 01/07/2026
4.21%
1,079,665.20
1,079,702.09
97.42 4.85%
1,052,088.48
2,646.00
0.51%
(27,613.61)
A1/A+
A+
4.45 3.98
66815L2Z1 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,020,000.00 01/06/2026
4.30%
1,019,908.20
1,019,918.25
97.62 4.90%
995,680.14
2,193.00
0.48%
(24,238.11)
Aa1/AA+
AAA
4.45 3.98
6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II
4.375 02/03/2031 1,000,000.00 01/29/2026
4.34%
1,001,380.00
1,001,244.72
97.83 4.92%
978,285.00
21,631.94
0.47%
(22,959.72)
Aa3/AA-
AA-
4.51 4.03
92826CAZ5 VISA INC 4.1 02/12/2031 1,345,000.00 02/03/2026
4.13%
1,343,197.70
1,343,365.49
98.08 4.58%
1,319,124.89
25,887.51
0.64%
(24,240.60)
Aa3/AA-
NA
4.54 4.00
02079KBK2 ALPHABET INC 4.1 02/15/2031 1,500,000.00 02/12/2026
4.10%
1,500,087.78
1,500,079.23
96.94 4.86%
1,454,100.00
28,700.00
0.70%
(45,979.23)
Aa2/AA+
NA
4.54 4.00
24422EYL7 JOHN DEERE CAPITAL CORP 4.2
03/10/2031 1,060,000.00 03/05/2026
4.20%
1,059,766.80
1,059,785.19
97.46 4.82%
1,033,051.62
17,437.00
0.50%
(26,733.57)
A1/A
A+
4.61 4.06
14913V2D9 CATERPILLAR FINANCIAL SERVICES
CORP 4.5 05/15/2031 525,000.00 05/11/2026
4.53%
524,280.75
524,311.47
98.59 4.83%
517,600.13
4,987.50
0.25%
(6,711.35)
A1/A
A+
4.79 4.21
57636QBL7 MASTERCARD INC 4.6 06/08/2031 1,765,000.00 06/04/2026
4.62%
1,763,588.00
1,763,629.76
98.93 4.85%
1,746,151.57
11,952.97
0.84%
(17,478.19)
Aa3/A+
NA
4.85 4.26
67066GAR5 NVIDIA CORP 4.5 06/15/2031 1,065,000.00 06/15/2026
4.54%
1,062,976.50
1,063,025.34
97.87 5.00%
1,042,299.53
5,724.38
0.50%
(20,725.81)
Aa1/AA
NA
4.87 4.29
023135EC6 AMAZON.COM INC 4.8
07/09/2031 2,760,000.00 07/07/2026
4.83%
2,756,494.80
2,756,538.95
99.05 5.02%
2,733,818.64
8,096.00
1.32%
(22,720.31)
A1/AA
AA-
4.94 4.33
Total Corporate 56,318,000.00 4.37%
55,915,954.52
56,045,579.45
98.26 4.80%
55,320,772.79
536,986.11
26.76%
(724,806.66)
3.57 3.12
MONEY MARKET
FUND
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 1,355,030.92 --
3.25%
1,355,030.92
1,355,030.92
1.00 3.25%
1,355,030.92
0.00 0.66%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 1,355,030.92 3.25%
1,355,030.92
1,355,030.92
1.00 3.25%
1,355,030.92
0.00 0.66%
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
1,745,809.31
100.09
4.47%
1,741,494.66
39,150.00
0.84%
(4,314.65)
Aa2/AA-
AA
3.00 2.77
29 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
1,745,809.31
100.09
4.47%
1,741,494.66
39,150.00
0.84%
(4,314.65)
3.00 2.77
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
1,731,114.10
98.54 4.37%
1,724,469.25
19,775.00
0.83%
(6,644.85)
Aaa/AAA
NA
3.21 2.94
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
1,695,799.53
99.15 4.38%
1,685,621.40
25,517.71
0.82%
(10,178.13)
Aaa/AAA
NA
3.64 3.29
Total Supranational 3,450,000.00 4.23%
3,415,730.00
3,426,913.62
98.84 4.37%
3,410,090.65
45,292.71
1.65%
(16,822.97)
3.42 3.11
US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,399,304.53
99.54 3.80%
1,393,519.40
4,116.80
0.67%
(5,785.13)
Aa1/AA+
AA+
0.17 0.16
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,399,570.84
99.34 3.86%
1,390,771.20
3,980.30
0.67%
(8,799.64)
Aa1/AA+
AA+
0.25 0.24
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,503,154.60
100.17
3.88%
2,504,297.50
14,045.42
1.21%
1,142.90
Aa1/AA+
AA+
0.38 0.36
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 3,000,000.00 06/29/2026
3.99%
2,968,007.81
2,972,458.90
99.07 4.02%
2,972,235.00
31,139.50
1.44%
(223.90)
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
2,296,024.83
100.30
4.06%
2,306,847.10
30,540.98
1.12%
10,822.27
Aa1/AA+
AA+
0.71 0.67
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,196,461.64
100.28
4.12%
3,208,972.80
30,521.74
1.55%
12,511.16
Aa1/AA+
AA+
0.79 0.76
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,251,832.70
99.21 4.14%
3,224,399.75
9,184.78
1.56%
(27,432.95)
Aa1/AA+
AA+
0.91 0.88
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
398,630.96
98.62 4.19%
394,478.00
29.89 0.19%
(4,152.96)
Aa1/AA+
AA+
1.00 0.96
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,493,237.16
98.89 4.19%
4,450,077.00
58,848.51
2.15%
(43,160.16)
Aa1/AA+
AA+
1.08 1.03
30 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,443,176.36
99.91 4.20%
3,447,036.45
47,826.33
1.67%
3,860.09
Aa1/AA+
AA+
1.17 1.11
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
850,709.31
99.54 4.23%
846,115.50
5,579.58
0.41%
(4,593.81)
Aa1/AA+
AA+
1.33 1.27
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,757,219.45
99.50 4.24%
2,736,250.00
9,266.30
1.32%
(20,969.45)
Aa1/AA+
AA+
1.42 1.35
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,987,318.74
98.92 4.26%
2,967,540.00
285.33
1.44%
(19,778.74)
Aa1/AA+
AA+
1.50 1.44
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,761.86
99.61 4.25%
3,685,692.10
61,934.78
1.78%
(14,069.76)
Aa1/AA+
AA+
1.58 1.49
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/2025
3.50%
4,982,812.50
4,987,321.77
98.16 4.29%
4,907,815.00
63,739.81
2.37%
(79,506.77)
Aa1/AA+
AA+
2.13 1.99
91282CQA2 UNITED STATES TREASURY 3.5
02/15/2029 4,000,000.00 04/27/2026
3.81%
3,966,718.75
3,969,806.37
98.04 4.33%
3,921,408.00
64,585.64
1.90%
(48,398.37)
Aa1/AA+
AA+
2.54 2.35
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,273,020.34
99.50 4.32%
2,288,500.00
31,884.22
1.11%
15,479.66
Aa1/AA+
AA+
2.67 2.46
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,991,569.01
99.75 4.34%
1,995,078.00
7,391.30
0.97%
3,508.99
Aa1/AA+
AA+
2.91 2.70
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,517,067.30
97.95 4.34%
3,428,085.50
53,094.43
1.66%
(88,981.80)
Aa1/AA+
AA+
3.08 2.83
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,952,217.50
97.52 4.35%
4,875,975.00
58,811.48
2.36%
(76,242.50)
Aa1/AA+
AA+
3.17 2.92
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,995,960.34
99.30 4.36%
2,979,024.00
31,273.78
1.44%
(16,936.34)
Aa1/AA+
AA+
3.25 2.97
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,378,751.63
100.02
4.37%
4,400,858.00
16,739.13
2.13%
22,106.37
Aa1/AA+
AA+
3.42 3.12
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,988,665.25
99.60 4.38%
3,983,908.00
461.96
1.93%
(4,757.25)
Aa1/AA+
AA+
3.50 3.21
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --
4.01%
4,496,958.99
4,497,768.56
98.79 4.37%
4,445,334.00
75,326.09
2.15%
(52,434.56)
Aa1/AA+
AA+
3.58 3.24
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --
3.78%
5,020,507.81
5,017,628.32
98.15 4.39%
4,907,420.00
16,847.83
2.37%
(110,208.32)
Aa1/AA+
AA+
3.91 3.57
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/2025
3.59%
5,089,062.50
5,074,687.68
98.56 4.40%
4,928,125.00
543.48
2.38%
(146,562.68)
Aa1/AA+
AA+
4.00 3.65
31 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of July 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
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --
3.66%
4,991,425.79
4,993,021.17
97.11 4.41%
4,855,470.00
75,849.18
2.35%
(137,551.17)
Aa1/AA+
AA+
4.08 3.68
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --
3.59%
5,008,789.06
5,007,412.07
97.07 4.40%
4,853,515.00
60,911.89
2.35%
(153,897.07)
Aa1/AA+
AA+
4.17 3.76
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/2025
3.73%
1,731,816.41
1,734,106.94
96.43 4.41%
1,687,519.75
10,375.68
0.82%
(46,587.19)
Aa1/AA+
AA+
4.33 3.93
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 3,500,000.00 05/21/2026
4.28%
3,438,066.41
3,440,545.15
97.72 4.42%
3,420,158.00
45,578.89
1.65%
(20,387.15)
Aa1/AA+
AA+
4.67 4.15
Total US Treasury 98,650,000.00 3.83%
98,322,589.86
98,468,411.28
98.75 4.28%
97,406,425.05
920,715.03
47.12%
(1,061,986.23)
2.57 2.35
Total Portfolio 210,394,588.49 4.12%
207,994,491.53
208,751,856.94
97.62 4.45%
206,702,630.60
1,715,001.08
100.00%
(2,049,226.35)
2.85 2.46
Total Market Value +
Accrued 208,417,631.68
32 TRANSACTIONS
33 TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2026 Through 07/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/09/2026 023135EC6 2,760,000.00 AMAZON.COM INC 4.8 07/09/2031 99.873 4.83% (2,756,494.80) 0.00 (2,756,494.80) 0.00 Purchase 07/21/2026 89231DAD7 515,000.00 TAOT 2026-C A3 4.51 03/17/2031 99.985 4.80% (514,925.12) 0.00 (514,925.12) 0.00 Total Purchase 3,275,000.00 (3,271,419.92) 0.00 (3,271,419.92) 0.00 TOTAL
ACQUISITIONS 3,275,000.00 (3,271,419.92) 0.00 (3,271,419.92) 0.00
DISPOSITIONS
Sale 07/09/2026 74340XBL4 (1,500,000.00) PROLOGIS LP 4.375 02/01/2029 99.491 4.68% 1,492,365.00 28,802.08 1,521,167.08 2,981.15 Sale 07/09/2026 79466LAQ7 (1,355,000.00) SALESFORCE INC 4.5 03/15/2028 99.771 4.37% 1,351,897.05 19,647.50 1,371,544.55 (5,836.88) Total Sale (2,855,000.00) 2,844,262.05 48,449.58 2,892,711.63 (2,855.74) TOTAL
DISPOSITIONS (2,855,000.00) 2,844,262.05 48,449.58 2,892,711.63 (2,855.74) 34 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. 35 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. 36