INVESTMENT REPORT
City of Cupertino | As of August 31, 2026
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪ Renewed U.S. strikes near Iran’s Strait of Hormuz pushed oil prices higher heading into September, underscoring how the ongoing U.S.–Iran conflict continues to influence global energy markets. Consequently, inflation has remained more persistent than policymakers had hoped.
▪ Following a summer of softer labor-market momentum, August payrolls staged a clear rebound, comfortably surpassing consensus expectations.
▪ The Federal Open Market Committee is scheduled to meet next on September 15-16, 2026. Although the FOMC held the Fed’s benchmark rate at 3.50% to 3.75% following the July 28-29 meeting, market participants inferred a hawkish tone from Chair Kevin Warsh during his August 28th speech at the Jackson Hole Economic Symposium, where he emphasized that the Fed “will have work to do” if price pressures remain elevated. ▪ The July FOMC meeting minutes highlighted concerns that successive supply shocks related to tariffs and the U.S.– Iran conflict have driven recent inflationary pressure. ▪ The Chandler team continues to expect the Federal Reserve to hold the federal funds rate steady through the remainder of 2026, provided that both realized and market-based measures of inflation remain contained. ▪ The U.S. Treasury curve bear-flattened in August as short-term yields rose on hawkish signals from Fed Chair Kevin Warsh and renewed Middle East tensions, while long-end yields were capped by Treasury Secretary Scott Bessent’s surprise expansion of long-duration buybacks.
▪ At August month-end, the 2-year Treasury yield had advanced to 4.34%, the 5-year to 4.50%, and the 10-year to
4.75%. The 2s–10s spread narrowed to 41 basis points, down from 45 basis points in July and 69 basis points at year-end 2025. The 3-month bill to 10-year spread also tightened, falling to 92 basis points from 97 basis points the prior month.
ECONOMIC UPDATE
3 Source: U.S. Department of Labor
▪ Nonfarm payrolls advanced in August by 162,000, well above the median consensus estimate of 55,000 and a marked acceleration from July.
▪ The Bureau of Labor Statistics revised June's initial estimate of 20,000 up to 31,000, an increase of 11,000, and revised July's initial estimate of a 23,000 decline up to a gain of 21,000, a swing of 44,000, for a net two-month revision of positive 55,000 jobs. Food services, local government education, and manufacturing led job gains, while the information sector continued to shed positions, down 23,000 for the month. ▪ The unemployment rate held steady at 4.1%, leaving 7.0 million people unemployed, while the underemployment rate fell to 7.7% in August.
EMPLOYMENT
Source: U.S. Department of Labor
-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's): 162k
3-month average (000's): 1k
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Unemployment Rate
Unemployment Rate (U3): 4.1%
Underemployment Rate (U6): 7.7%
Rate (%)
4 ▪ Job openings held at 7.27 million in July, according to the Bureau of Labor Statistics, as June's estimate was revised down to 7.18 million.
▪ Durable goods manufacturing recorded the largest increase in openings, up 76,000 to a 5.2% opening rate, an ancillary but encouraging signal for a sector that has otherwise shed positions through much of the past two years.
JOB OPENINGS & LABOR TURNOVER SURVEY
Source: U.S. Department of Labor
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
U.S. Job Openings By Industry Total: 7,271k
Historical Average: 5,983k In Thousands (000's)
5 Source: Bloomberg Indices
▪ West Texas Intermediate crude settled at $91.48 per barrel on September 4, while Brent crude finished at $92.68, both climbing for a second straight week as the conflict among the United States, Israel, and Iran disrupted shipping through the Strait of Hormuz, with vessel transits falling to roughly a quarter of their pace from ten days earlier.
▪ The disruption has proven more protracted than markets initially priced, and further escalation could push prices higher still, though a diplomatic resolution or increased output elsewhere could just as quickly reverse the recent advance.
▪ AAA’s national average price for regular gasoline was unchanged at $4.10 per gallon at the end of August, while diesel prices rose more sharply to $5.63 per gallon.
ENERGY MARKETS
Source: Bloomberg Indices
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate: $85.76
Dated Brent: $89.71
Price Per Barrel (WTI Spot)
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: $5.63
Average Retail Price US Gas: $4.10
($) Per Gallon
6 Source: U.S. Department of Commerce
▪ Headline Consumer Price Index (CPI) inflation rose 0.1% in July and 3.4% from a year earlier. Core CPI, which excludes food and energy, increased 0.2% for the month and remained unchanged at 2.5% year over year. Energy prices fell 1.5%, reflecting a 2.9% decline in gasoline prices. ▪ The Personal Consumption Expenditures Price Index, the gauge the Federal Reserve references against its 2% target, told a firmer story, with the headline measure up 0.2% for the month and 3.7% year-over-year, and core also up 0.2% but running 3.3% annually.
▪ Inflation remains well above the Federal Reserve's longer-run objective, keeping the debate over its path unresolved. Policymakers have indicated that they are not prepared to declare victory, particularly given the risk that renewed increases in oil prices could elevate headline measures.
INFLATION
Source: U.S. Department of Labor
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: 3.4%
Core CPI YOY % Change: 2.5%
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change: 3.7%
PCE Core Deflator YOY % Change: 3.3%
Fed Target: 2%
YOY (%) Change
7 Source: The Conference Board
All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) ▪ July's Advance Retail Sales report fell -0.6% month-over-month, well below the 0.1% increase economists expected, with the control group down -0.4%. Autos and gasoline station sales drove most of the shortfall:
excluding both, sales were down a more modest -0.2%, with the remainder tied to Amazon's Prime Day, held in June rather than July this year, pulling online spending forward a month earlier. ▪ The July decline followed several strong months and left retail sales up 5.0% year-over-year. ▪ The Conference Board's Consumer Confidence Index eased to 89.4 in August from 90.2 in July. The gap between respondents calling jobs plentiful and those calling them hard to get widened to 7.5%, suggesting households still view the labor market as reasonably healthy even as broader sentiment softens.
CONSUMER
Source: U.S. Department of Commerce
0.0%
5.0%
10.0%
15.0%
20.0%
Retail Sales YOY % Change
Jul-26: 5%
YOY (%) Change
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Consumer Confidence: 89.4
8 Source: Federal Reserve Bank of Chicago
▪ The Conference Board’s Leading Economic Index edged up 0.2% in July, following a 0.1% decline in June. The increase pushed the index’s six-month growth rate into positive territory for the first time in more than four years. ▪ The Chicago Fed National Activity Index fell to -0.08 in July from +0.06 in June, lowering its three-month moving average to -0.04.
▪ Taken together, the two indicators suggest that economic growth remains near historically average levels, with neither index showing a definitive move above or below trend.
LEADING INDICATORS OF ECONOMIC ACTIVITY
Source: The Conference Board
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
Jul-26: -1.1%
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
Jul-26: -0.04
3 Month Average
9 Source: S&P
▪ Housing data weakened in July, with starts falling 12.4% month over month to a seasonally adjusted annual rate of
1.239 million—well below economists’ forecast of 1.35 million. Single-family starts declined 9.9% to 808,000 units, while multifamily starts fell 16.8% to 431,000 units. In contrast, building permits rose 5.0%, suggesting builders continue to plan future projects.
▪ The S&P Cotality Case-Shiller 20-City Composite Home Price Index posted a 2.10% year-over-year gain in June, an acceleration from May's unrevised 1.6% pace, suggesting renewed firmness in home prices even as transaction volumes soften elsewhere.
▪ Freddie Mac’s average 30-year fixed mortgage rate climbed to 6.70% in late July, following a modest pullback to
6.49% in June, adding to affordability pressures for prospective homebuyers.
HOUSING
Source: U.S. Department of Commerce
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: 431k
Single Family Housing Starts: 808k
-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
Jun-26: 2.1%
YOY (%) Change
10 ▪ The Institute for Supply Management’s (ISM) Manufacturing Index eased to 54.6% in August from 55.6% in July, an eighth consecutive month of expansion.
▪ The Services Index climbed to 55.4% from 54.1%, for a twenty-sixth consecutive month of expansion. The services prices component jumped to 72.6%, the highest reading since August 2022, while services employment contracted for a second straight month at 47.8%.
▪ ISM surveys above 50% signal expansion, while readings below 50% signal contraction.
PURCHASING MANAGERS INDEX (PMI)
Source: Institute of Supply Management
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing: 54.6%
ISM Services: 55.4%
EXPANDING
CONTRACTING
11 Source: U.S. Department of Commerce
▪ The Bureau of Economic Analysis's second estimate of second-quarter gross domestic product held real growth at an annualized 1.5%, essentially unchanged from the July advance estimate, with the agency describing the revision as less than one-tenth of a percentage point.
▪ Consumer spending and private investment—via AI related infrastructure capital expenditures—were the leading components, while government spending and rising imports subtracted from the total. A third estimate is due in September. Momentum already looks considerably attenuated versus earlier in the year.
GROSS DOMESTIC PRODUCT (GDP)
Source: U.S. Department of Commerce
Components of GDP Q3 2025 Q4 2025 Q1 2026 Q2 2026
2.3% 1.3% 0.4% 2.3%
0.0% 0.4% 1.4% 0.5%
1.6% -0.2% -0.4% -1.1%
0.2% -1.2% 0.6% -0.3%
0.2% 0.2% 0.2% 0.1%
Total 4.4% 0.5% 2.1% 1.5%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
State and Local (Consumption and Gross
Investment) -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: 1.5%
GDP YOY % Change: 2.1%
12 Source: Bloomberg
▪ The Federal Reserve held its target range at 3.50% to 3.75% at the July 28 to 29 FOMC meeting, with three regional bank presidents, Beth Hammack, Neel Kashkari, and Lorie Logan, dissenting in favor of a quarter point increase, citing inflation that has stayed elevated for a protracted stretch. ▪ Federal Reserve Chair Kevin Warsh, sworn in earlier this year, reiterated his intention to wind down forward guidance at the Jackson Hole Economic Symposium, arguing markets should focus on incoming data rather than anticipated rhetoric.
▪ The Committee made no change to its balance sheet policy, continuing to reinvest holdings into treasury securities.
▪ Minutes released August 19 showed the committee discussed artificial intelligence-related effects on labor productivity and continued Middle East geopolitical risk.
FEDERAL RESERVE
Source: Federal Reserve
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
Aug-26: $6.73 mm
In $ millions
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Range: 3.50% - 3.75%
Yield (%)
13 Source: Bloomberg
▪ Short-term yields have climbed faster than long-term yields over the past three months, consistent with a market recalibrating the odds of near-term Federal Reserve rate cuts against still-elevated inflation. To end August, the 2- year yield advanced to 4.34%, the 5-year to 4.50%, and the 10-year yield rose to 4.75%, narrowing the spread between the two maturities to 41 basis points from July’s 45 and 69 basis points at year-end 2025. The threemonth bill to ten-year spread also narrowed to 92 basis points from 97 the prior month. ▪ The two-year to 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 of the longer run norm.
BOND YIELDS
Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year: 4.34%
5-Year: 4.50%
10-Year: 4.75%
Yield (%)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Aug-26
May-26
Aug-25
Yield (%)
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 August 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 4.4 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.7 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 (NONNEGOTIABLE 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 August 31, 2026 Rules Name Limit Actual Compliance
Status Notes
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 27.5 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 3.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 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 0.8 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 2 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 August 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 46.7 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 August 31, 2026 Portfolio Characteristics Account Summary Top Issuers
Average Modified Duration 2.44
Average Coupon 3.85%
Average Purchase YTM 4.14%
Average Market YTM 4.52%
Average Credit Quality* AA+
Average Final Maturity 2.83
Average Life 2.69
End Values as of
07/31/2026
End Values as of
08/31/2026
Market Value 206,702,630.60 207,329,417.02
Accrued Interest 1,715,001.08 1,529,427.95
Total Market Value 208,417,631.68 208,858,844.97
Income Earned 721,527.44 719,871.49
Cont/WD 0.00 0.00
Par 210,394,588.49 211,208,196.00
Book Value 208,751,856.94 209,628,567.41
Cost Value 207,994,491.53 208,825,767.31
United States 46.69%
Federal Home Loan Mortgage Corp 11.37%
Farm Credit System 2.52%
International Bank for Recon and Dev 1.64%
Chase Issuance Trust 1.58%
Bank of America Corporation 1.44%
JPMorgan Chase & Co. 1.43%
Amazon.com, Inc. 1.32%
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 0.22% 0.22% 0.81% 2.21% 3.57% 4.51% 1.86% -- 2.30% Benchmark Return 0.20% 0.21% 0.59% 1.95% 3.15% 4.05% 1.51% -- 2.04% *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 August 31, 2026 Issuer Investment Type% Portfolio
United States US Treasury 46.69%
Federal Home Loan Mortgage Corp Agency CMBS 11.37%
Farm Credit System Agency 2.52%
International Bank for Recon and Dev Supras 1.64%
Chase Issuance Trust ABS 1.58%
Bank of America Corporation Corporate 1.44%
JPMorgan Chase& Co. Corporate 1.43%
Amazon.com, Inc. Corporate 1.32%
The Home Depot, Inc. Corporate 1.25%
Toyota Motor Corporation Corporate 1.21%
National Rural Utilities Cooperative Corporate 1.19%
Guardian Life Global Funding Corporate 1.18%
Meta Platforms, Inc. Corporate 1.14%
Deere& Company Corporate 0.97%
New York Life Insurance Company Corporate 0.96%
Northwestern Mutual Global Funding Corporate 0.95%
UnitedHealth Group Incorporated Corporate 0.92%
Federal Home Loan Banks Agency 0.91%
Simon Property Group, Inc. Corporate 0.89%
PACCAR Inc Corporate 0.85%
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%
The Goldman Sachs Group, Inc. Corporate 0.81%
Bank of America Credit Card Trust ABS 0.79%
Wells Fargo& Company Money Mkt Fd 0.79%
Mercedes-Benz Auto Lease Trust ABS 0.77%
Berkshire Hathaway Inc. Corporate 0.77%
21 ISSUERS
City of Cupertino | Account #10659 | As of August 31, 2026 Issuer Investment Type % Portfolio
Toyota Auto Receivables Owner Trust ABS 0.76%
Citigroup Inc. ABS 0.72%
Alphabet Inc. Corporate 0.70%
Morgan Stanley Corporate 0.70%
Realty Income Corporation Corporate 0.69%
American Express Credit Master Trust ABS 0.68%
Marsh & McLennan Companies, Inc. Corporate 0.67%
WF Card Issuance Trust ABS 0.66%
Visa Inc. Corporate 0.63%
Hyundai Motor Company Corporate 0.53%
Cargill, Incorporated Corporate 0.51%
BMW Vehicle Lease Trust ABS 0.50%
NVIDIA Corporation Corporate 0.50%
Met Tower Global Funding Corporate 0.47%
Massachusetts Mutual Life Insurance Corporate 0.47%
Pacific Life Global Funding II Corporate 0.47%
Prudential Financial, Inc. Corporate 0.47%
Hyundai Auto Lease Sec Trust ABS 0.30%
Honda Auto Receivables Owner Trust ABS 0.26%
GM Financial Securitized Term ABS 0.25%
BMW Vehicle Owner Trust ABS 0.17%
Mercedes-Benz Auto Receivables Trust ABS 0.17%
John Deere Owner Trust ABS 0.14%
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 August 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
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 311,387.90 11/21/2023
5.65%
310,122.89
310,920.02
100.24
4.22%
312,124.02
714.12
0.15%
1,204.00
NA/AAA
AAA
1.63 0.24
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 265,843.41 --5.64%
266,501.47
266,024.18
100.52
4.38%
267,228.45
418.70
0.13%
1,204.27
Aaa/NA
AAA
1.81 0.35
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/20254.32%
1,049,997.06
1,049,997.94
99.62 4.46%
1,046,026.80
694.75
0.50%
(3,971.14)
NA/AAA
AAA
2.07 0.83
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 352,339.62 11/29/20233.88%
359,799.31
354,589.34
100.71
4.26%
354,847.93
931.74
0.17%
258.59
NA/AAA
AAA
2.21 0.40
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 284,310.93 03/25/2024
5.13%
284,177.66
284,247.52
100.34
4.25%
285,283.56
626.75
0.14%
1,036.04
Aaa/NA
AAA
2.21 0.45
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
850,652.36
100.20
4.05%
851,668.55
1,881.33
0.41%
1,016.19
Aaa/NA
AAA
0.21 0.20
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 277,849.76 05/14/20245.27%
277,816.01
277,833.11
100.47
4.37%
279,167.33
528.76
0.13%
1,334.22
NA/AAA
AAA
2.22 0.49
448970AD5 HALST 2026-A A3 3.97
12/15/2028 635,000.00 01/12/20263.98%
634,906.91
634,926.51
99.25 4.58%
630,229.88
1,120.42
0.30%
(4,696.63)
NA/AAA
AAA
2.29 1.31
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 524,071.11 --4.97%
523,240.07
523,658.75
100.23
4.31%
525,261.80
1,059.06
0.25%
1,603.05
Aaa/NA
AAA
2.30 0.38
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,876.70
100.16
4.20%
1,692,734.42
3,455.11
0.82%
2,857.72
NA/AAA
AAA
2.38 0.36
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 360,090.09 06/04/20245.18%
360,035.39
360,061.20
100.43
4.37%
361,640.27
310.88
0.17%
1,579.08
Aaa/AAA
NA
2.49 0.50
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/20254.57%
1,044,828.52
1,044,870.85
99.28 4.47%
1,037,466.60
1,802.04
0.50%
(7,404.26)
NA/AAA
AAA
2.62 1.28
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,975.90
100.46
4.30%
788,626.70
1,720.02
0.38%
3,650.80
Aaa/AAA
NA
2.70 0.68
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 570,000.00 01/13/20263.97%
569,886.97
569,904.29
99.05 4.57%
564,564.48
995.60
0.27%
(5,339.81)
Aaa/NA
AAA
3.38 1.57
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,981.10
99.70 4.51%
1,415,766.98
2,701.16
0.68%
(4,214.12)
NA/AAA
AAA
3.62 1.53
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,982.98
99.77 4.52%
1,361,842.76
2,632.93
0.66%
(3,140.22)
NA/AAA
AAA
3.70 1.61
24 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,510,035.53
99.57 4.55%
1,493,568.00
12,541.67
0.72%
(16,467.53)
Aaa/AAA
NA
3.80 1.70
89240QAD7 TAOT 2026-B A3 4.13 12/16/2030 760,000.00 04/14/2026
4.27%
759,839.72
759,852.26
99.05 4.69%
752,784.56
1,395.02
0.36%
(7,067.70)
Aaa/AAA
NA
4.29 1.82
89231DAD7 TAOT 2026-C A3 4.51 03/17/2031 515,000.00 07/14/2026
4.80%
514,925.12
514,926.97
99.73 4.67%
513,619.80
1,032.29
0.25%
(1,307.17)
NA/AAA
AAA
4.54 2.23
161571JA3 CHAIT 2026-1 A 4.4 05/15/2029 1,595,000.00 05/21/2026
4.45%
1,594,622.62
1,594,656.07
99.50 4.64%
1,587,071.26
3,119.11
0.77%
(7,584.82)
NA/AAA
AAA
2.70 2.49
16,184,148.75 99.79 16,121,524.14 7.78% 2.82
Total ABS 16,155,892.82 4.48% 16,166,973.60 4.44% 39,681.47 (45,449.46) 1.21 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/20244.85%
1,870,050.00
1,874,003.66
100.34
4.18%
1,881,286.88
35,130.21
0.91%
7,283.22
Aa1/AA+
AA+
0.61 0.58
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/20244.55% 2,412,552.00
2,402,955.52
100.38
4.17%
2,409,160.80
36,416.67
1.16%
6,205.28
Aa1/AA+
AA+
0.68 0.66
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/20234.73% 2,789,612.00
2,796,871.51
100.41
4.27%
2,811,443.60
38,130.56
1.36%
14,572.09
Aa1/AA+
AA+
1.21 1.15
7,072,214.00 100.38 7,101,891.28 3.43% 0.87
Total Agency 7,075,000.00 4.70% 7,073,830.70 4.21% 109,677.43 28,060.58 0.83
AGENCY CMBS
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,924,760.08 07/01/2024
4.86%
1,841,378.88
1,882,189.06
98.11 4.60%
1,888,430.23
6,048.56
0.91%
6,241.18
Aa1/AAA
AA+
2.32 2.07
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,256,828.47
97.48 4.63%
1,255,595.21
3,824.29
0.61%
(1,233.26)
Aa1/AA+
AA+
2.40 2.22
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,896,680.57
94.73 4.65%
1,894,530.00
3,766.67
0.91%
(2,150.57)
Aa1/AA+
AAA
2.40 2.20
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,505,790.06
97.80 4.63%
2,493,795.45
7,841.25
1.20%
(11,994.61)
Aaa/AA+
AA+
2.40 2.18
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,456,677.32
97.26 4.63%
2,431,437.50
7,302.08
1.17%
(25,239.82)
Aa1/AAA
AA+
2.56 2.30
25 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,953,117.68 09/19/2024
3.82%
1,884,300.80
1,913,261.24
95.93 4.65%
1,873,596.49
4,853.50
0.90%
(39,664.74)
Aa1/AA+
AAA
2.73 2.39
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,109,353.77
95.18 4.66%
2,094,023.80
5,105.83
1.01%
(15,329.97)
Aa1/AA+
AAA
2.82 2.54
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,533,586.24
93.91 4.67%
1,502,571.20
3,233.33
0.72%
(31,015.04)
Aa1/AA+
AAA
2.98 2.72
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,433,992.78
94.21 4.68%
1,413,091.50
3,243.75
0.68%
(20,901.28)
Aa1/AA+
AAA
3.07 2.79
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,861,066.16
91.84 4.70%
1,836,850.00
3,448.33
0.89%
(24,216.16)
Aa1/AA+
AAA
3.40 3.18
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,381,174.83
89.70 4.70%
1,345,426.50
1,846.25
0.65%
(35,748.33)
Aa1/AA+
AAA
3.65 3.32
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,821,285.20
88.54 4.72%
1,770,802.00
2,305.00
0.85%
(50,483.20)
Aa1/AA+
AAA
3.82 3.59
3137FX3Q9 FHMS K-117 A2 1.406 08/25/2030 1,000,000.00 06/03/2026
4.46%
885,820.31
892,226.43
88.21 4.73%
882,071.00
1,171.67
0.43%
(10,155.43)
Aa1/AA+
AAA
3.98 3.72
3137FXZ35 FHMS K-127 A2 2.108 01/25/2031 1,000,000.00 02/03/2026
4.11%
910,937.50
921,236.91
89.79 4.71%
897,869.00
1,756.67
0.43%
(23,367.91)
Aa1/AA+
AAA
4.40 4.07
23,330,746.80 94.37 23,580,089.89 11.37% 2.94
Total Agency CMBS 25,015,877.76 4.33% 23,865,349.03 4.66% 55,747.18 (285,259.15) 2.68 CASH
992995944 WC MMF SWEEP 53,412.81 --
1.80%
53,412.81
53,412.81
1.00 1.80%
53,412.81
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 4,953.12 -- 4,953.12
4,953.12
1.00 4,953.12
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
58,365.93 1.00 58,365.93 0.03% 0.00
Total Cash 58,365.93 1.80% 58,365.93 1.80% 0.00 0.00 0.00
CORPORATE
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/20222.30%
1,614,693.15
1,614,967.23
98.96 4.26%
1,598,283.14
17,127.97
0.77%
(16,684.10)
Aa2/AA
A+
0.54 0.52
26 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 1,000,000.00 01/07/20264.05%
998,710.00
998,980.71
98.34 4.75%
983,402.00
5,222.22
0.47%
(15,578.71)
Aa3/AAAA2.37
2.22 38151LAJ9 GOLDMAN SACHS BANK USA
4.656 06/03/2029 675,000.00 05/27/20264.57%
675,000.00
675,000.00
99.68 4.68%
672,871.05
7,682.40
0.32%
(2,128.95)
A1/A+
AA2.761.65
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/20245.12%
994,880.00
997,129.96
100.48
4.81%
1,004,760.00
11,805.56
0.48%
7,630.04
Aa1/AA+
AAA
2.76 2.53
437076BY7 THE HOME DEPOT, INC. 2.95
06/15/2029 1,663,000.00 09/17/20243.93%
1,593,203.89
1,621,952.95
95.65 4.63%
1,590,649.52
10,356.79
0.77%
(31,303.43)
A2/A
A
2.79 2.62
44891AEN3 HYUNDAI CAPITAL AMERICA 4.75
06/18/2029 1,100,000.00 06/15/20264.79%
1,098,909.75
1,098,984.36
99.20 5.06%
1,091,205.50
10,595.14
0.53%
(7,778.86)
A3/AA2.80
2.56 437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/20244.93%
992,260.00
995,625.77
100.28
4.64%
1,002,779.00
8,708.33
0.48%
7,153.23
A2/A
A
2.82 2.52
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/20244.69%
1,419,212.41
1,437,520.05
97.85 4.81%
1,431,538.19
7,477.56
0.69%
(5,981.86)
A3/ANA2.87
2.66 46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/20244.27%
1,496,610.00
1,498,331.56
99.04 4.94%
1,485,550.50
6,654.75
0.72%
(12,781.06)
A1/A
AA2.891.79
06051GHM4 BANK OF AMERICA CORPORATION
4.271 07/23/2029 1,500,000.00 09/17/20244.29%
1,498,710.00
1,499,365.11
99.04 5.00%
1,485,600.00
6,762.42
0.72%
(13,765.11)
A1/AAA2.89
1.79 30303M8S4 META PLATFORMS, INC. 4.3
08/15/2029 912,000.00 08/12/20244.33%
910,584.09
911,163.33
99.23 4.58%
904,990.37
1,742.93
0.44%
(6,172.96)
Aa3/AANA2.96
2.74 171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --4.44%
1,765,746.34
1,759,416.44
99.77 4.73%
1,746,001.25
3,616.67
0.84%
(13,415.19)
A2/A
A
2.96 2.73
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/20243.94%
1,906,080.00
1,943,448.84
94.92 4.74%
1,898,440.00
2,555.56
0.92%
(45,008.84)
A2/A+
A
2.96 2.78
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/20244.29%
1,758,102.50
1,754,957.04
98.42 4.97%
1,722,313.25
37,644.44
0.83%
(32,643.79)
A3/BBB+
A3.012.72
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,000,000.00 09/23/20244.18%
1,000,000.00
1,000,000.00
97.92 4.92%
979,220.00
17,992.92
0.47%
(20,780.00)
Aa1/AA+
NA
3.07 2.79
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/20254.25%
1,470,184.60
1,470,131.52
98.40 4.83%
1,446,474.12
22,445.63
0.70%
(23,657.40)
A1/AA+3.13
1.98 38141GD27 GOLDMAN SACHS GROUP INC
4.153 10/21/2029 1,025,000.00 10/14/20254.37%
1,025,000.00
1,025,000.00
98.41 4.82%
1,008,691.23
15,371.87
0.49%
(16,308.78)
A2/BBB+
A
3.14 1.99
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/20244.74%
1,198,092.00
1,198,776.41
99.98 4.71%
1,199,743.20
16,606.67
0.58%
966.79
A1/A
A+
3.21 2.91
27 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,000,000.00 12/02/20244.61%
999,430.00
999,628.22
99.35 4.82%
993,487.00
10,988.89
0.48%
(6,141.22)
Aa1/AA+
AAA
3.26 2.96
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/20255.00%
1,441,907.70
1,442,923.79
100.34
4.84%
1,449,889.88
10,331.75
0.70%
6,966.09
A1/A+
A+
3.36 3.04
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
1,001,959.50
100.12
4.91%
1,001,211.00
3,300.00
0.48%
(748.50)
A2/NA
A
3.44 3.11
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/20254.69% 1,397,340.00
1,398,117.29
99.23 4.89%
1,389,161.20
30,018.33
0.67%
(8,956.09)
A3/AA3.54
3.16 57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/20254.58%
998,670.00
999,021.07
98.32 5.05%
983,224.00
14,408.33
0.47%
(15,797.07)
Aa3/AA+
AA+
3.68 3.30
66815L2W8 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/20254.51% 1,004,040.00
1,003,050.02
98.69 4.99%
986,852.00
11,244.44
0.48%
(16,198.02)
Aa1/AA+
AAA
3.76 3.37
828807DK0 SIMON PROPERTYGROUP LP 2.65
07/15/2030 2,000,000.00 08/19/20254.32%
1,853,380.00
1,884,260.30
92.00 4.95%
1,839,920.00
6,772.22
0.89%
(44,340.30)
A3/A
NA
3.87 3.60
40139LBN2 GUARDIAN LIFE GLOBAL FUNDING
4.327 10/06/2030 1,500,000.00 09/30/20254.33%
1,500,000.00
1,500,000.00
97.19 5.09%
1,457,829.00
26,142.29
0.70%
(42,171.00)
Aa1/AA+
NA
4.10 3.63
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 11/04/20254.22%
1,006,920.00
1,005,769.86
98.33 4.83%
983,267.00
16,527.78
0.47%
(22,502.86)
A1/A
A+
4.12 3.66
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,313.68
97.00 4.93%
1,066,991.20
16,133.33
0.51%
(32,322.48)
A2/A
NA
4.15 3.70
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/20254.16%
1,502,895.00
1,502,429.99
96.92 5.02%
1,453,849.50
18,550.00
0.70%
(48,580.49)
Aa3/AANA4.21
3.75 74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,000,000.00 12/08/20254.36%
999,680.00
999,726.98
97.29 5.07%
972,937.00
11,600.00
0.47%
(26,789.98)
Aa3/NA
AA4.243.77
89236TPH2 TOYOTA MOTOR CREDIT CORP 4.2
01/10/2031 1,080,000.00 01/07/20264.21%
1,079,665.20
1,079,707.78
97.37 4.88%
1,051,548.48
6,426.00
0.51%
(28,159.30)
A1/A+
A+
4.36 3.90
66815L2Z1 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,020,000.00 01/06/20264.30% 1,019,908.20
1,019,919.81
97.33 4.99%
992,784.36
5,848.00
0.48%
(27,135.45)
Aa1/AA+
AAA
4.37 3.90
06051GML0 BANK OF AMERICA CORPORATION
5.162 01/24/2031 1,500,000.00 08/10/20264.93%
1,510,845.00
1,510,664.54
100.36
4.97%
1,505,415.00
7,958.08
0.73%
(5,249.54)
A1/AAA4.40
3.07 6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II
4.375 02/03/2031 1,000,000.00 01/29/20264.34%
1,001,380.00
1,001,221.29
97.71 4.96%
977,141.00
3,402.78
0.47%
(24,080.29)
Aa3/AAAA4.43
3.95 28
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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
92826CAZ5 VISA INC. 4.1 02/12/2031 1,345,000.00 02/03/2026
4.13%
1,343,197.70
1,343,396.09
97.81 4.65%
1,315,603.68
2,910.43
0.63%
(27,792.41)
Aa3/AANA4.45
4.00 02079KBK2 ALPHABET INC. 4.1 02/15/2031 1,500,000.00 02/12/2026
4.10%
1,500,087.78
1,500,077.62
96.64 4.95%
1,449,643.50
2,733.33
0.70%
(50,434.12)
Aa2/AA+
NA
4.46 4.00
24422EYL7 JOHN DEERE CAPITAL CORP 4.2
03/10/2031 1,060,000.00 03/05/20264.20%
1,059,766.80
1,059,789.15
97.10 4.92%
1,029,303.46
21,147.00
0.50%
(30,485.69)
A1/A
A+
4.52 3.98
46647PBJ4 JPMORGAN CHASE & CO 4.493
03/24/2031 1,500,000.00 08/10/20264.81%
1,480,335.00
1,480,579.94
98.37 5.53%
1,475,514.00
29,391.71
0.71%
(5,065.94)
A1/A
AA4.563.19
14913V2D9 CATERPILLAR FINANCIAL SERVICES
CORP 4.5 05/15/2031 525,000.00 05/11/20264.53%
524,280.75
524,323.68
98.28 4.91%
515,983.65
6,956.25
0.25%
(8,340.03)
A1/A
A+
4.70 4.13
57636QBL7 MASTERCARD INCORPORATED 4.6
06/08/2031 1,765,000.00 06/04/20264.62%
1,763,588.00
1,763,653.73
98.69 4.91%
1,741,867.91
18,718.81
0.84%
(21,785.82)
Aa3/A+
NA
4.77 4.19
67066GAR5 NVIDIA CORP 4.5 06/15/2031 1,065,000.00 06/15/2026
4.54%
1,062,976.50
1,063,059.75
97.69 5.05%
1,040,419.80
9,718.13
0.50%
(22,639.95)
Aa1/AA
NA
4.79 4.21
023135EC6 AMAZON.COM INC 4.8
07/09/2031 2,760,000.00 07/07/20264.83%
2,756,494.80
2,756,598.46
99.08 5.01%
2,734,734.96
19,136.00
1.32%
(21,863.50)
A1/AA
AA4.854.25
69371RU61 PACCAR FINANCIAL CORP 4.85
08/10/2031 1,765,000.00 08/03/20264.85%
1,765,000.00
1,765,000.00
99.71 4.92%
1,759,957.40
4,993.48
0.85%
(5,042.61)
A1/A+
NA
4.94 4.33
63743HGH9
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.0
08/15/2031
1,475,000.00
08/10/2026
5.03%
1,472,949.75
1,472,966.61
99.40 5.14%
1,466,197.20
2,868.06
0.71%
(6,769.41)
A2/NA
A
4.96 4.33
Total Corporate 57,928,000.00 4.42%
57,562,762.22
57,677,910.43
98.23 4.89%
56,887,245.48
528,595.25
27.44%
(790,664.95)
3.66 3.15
MONEY MARKET
FUND
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 1,635,059.49 --3.25%
1,635,059.49
1,635,059.49
1.00 3.25%
1,635,059.49
0.00 0.79%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 1,635,059.49 3.25%
1,635,059.49
1,635,059.49
1.00 3.25%
1,635,059.49
0.00 0.79%
0.00 0.00
0.00 MUNICIPAL BONDS
29 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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
1,745,644.99
99.91 4.53%
1,738,439.22
6,525.00
0.84%
(7,205.77)
Aa2/AAAA2.92
2.70 Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,745,644.99
99.91 4.53%
1,738,439.22
6,525.00
0.84%
(7,205.77)
2.92 2.70
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
1,731,613.64
98.36 4.44%
1,721,252.75
25,427.50
0.83%
(10,360.89)
Aaa/AAA
NA
3.13 2.87
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
1,695,897.66
98.89 4.47%
1,681,141.90
31,361.46
0.81%
(14,755.76)
Aaa/AAA
NA
3.55 3.21
Total Supranational 3,450,000.00 4.23%
3,415,730.00
3,427,511.29
98.62 4.45%
3,402,394.65
56,788.96
1.64%
(25,116.64)
3.34 3.03
US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/20211.19%
1,379,054.68
1,399,663.85
99.75 3.97%
1,396,557.40
5,154.37
0.67%
(3,106.45)
Aa1/AA+
AA+
0.08 0.08
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/20211.25%
1,391,468.75
1,399,717.04
99.54 3.93%
1,393,613.20
5,307.07
0.67%
(6,103.84)
Aa1/AA+
AA+
0.17 0.16
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,000,000.00 12/28/20234.01%
2,020,078.13
2,001,948.43
100.14
3.85%
2,002,774.00
18,647.54
0.97%
825.57
Aa1/AA+
AA+
0.29 0.28
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 3,000,000.00 06/29/20263.99%
2,968,007.81
2,976,770.89
99.23 3.98%
2,976,750.00
3,118.21
1.44%
(20.89)
Aa1/AA+
AA+
0.46 0.45
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/20244.77%
2,283,109.38
2,296,504.32
100.27
4.05%
2,306,115.70
39,307.38
1.11%
9,611.38
Aa1/AA+
AA+
0.62 0.60
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/20244.65%
3,186,500.00
3,196,843.84
100.25
4.13%
3,208,064.00
42,652.17
1.55%
11,220.16
Aa1/AA+
AA+
0.70 0.68
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --3.18%
3,260,312.50
3,251,662.09
99.25 4.17%
3,225,657.50
18,082.54
1.56%
(26,004.59)
Aa1/AA+
AA+
0.83 0.80
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/20223.12%
393,218.75
398,747.56
98.69 4.23%
394,756.40
956.52
0.19%
(3,991.16)
Aa1/AA+
AA+
0.91 0.89
30 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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
4,493,767.91
98.94 4.22%
4,452,435.00
388.47
2.15%
(41,332.91)
Aa1/AA+
AA+
1.00 0.97
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --4.31%
3,421,152.34
3,443,674.09
99.88 4.24%
3,445,687.50
59,880.12
1.66%
2,013.41
Aa1/AA+
AA+
1.08 1.03
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/20223.81%
852,656.25
850,664.06
99.50 4.28%
845,783.15
8,369.36
0.41%
(4,880.91)
Aa1/AA+
AA+
1.25 1.19
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --3.67%
2,775,107.42
2,756,786.57
99.45 4.30%
2,734,960.25
18,243.04
1.32%
(21,826.32)
Aa1/AA+
AA+
1.33 1.27
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/20233.81%
2,957,929.69
2,988,036.11
98.90 4.31%
2,967,069.00
9,130.43
1.43%
(20,967.11)
Aa1/AA+
AA+
1.42 1.36
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --4.01%
3,699,113.28
3,699,774.65
99.55 4.32%
3,683,235.30
408.84
1.78%
(16,539.35)
Aa1/AA+
AA+
1.50 1.44
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/20253.50%
4,982,812.50
4,987,828.24
98.11 4.36%
4,905,275.00
77,955.16
2.37%
(82,553.24)
Aa1/AA+
AA+
2.04 1.91
91282CQA2 UNITED STATES TREASURY 3.5
02/15/2029 4,000,000.00 04/27/20263.81%
3,966,718.75
3,970,813.90
97.95 4.39%
3,917,968.00
6,467.39
1.89%
(52,845.90)
Aa1/AA+
AA+
2.46 2.32
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/20244.62%
2,249,867.19
2,273,879.92
99.37 4.39%
2,285,445.60
39,920.08
1.10%
11,565.68
Aa1/AA+
AA+
2.58 2.38
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/20244.41%
1,985,546.88
1,991,814.65
99.59 4.41%
1,991,718.00
14,551.63
0.96%
(96.65)
Aa1/AA+
AA+
2.83 2.62
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/20243.45%
3,527,480.47
3,516,597.42
97.80 4.42%
3,422,891.50
350.48
1.65%
(93,705.92)
Aa1/AA+
AA+
3.00 2.80
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --3.83%
4,925,039.06
4,953,498.87
97.38 4.42%
4,868,945.00
73,633.88
2.35%
(84,553.87)
Aa1/AA+
AA+
3.08 2.84
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/20244.17%
2,993,789.06
2,996,065.84
99.11 4.43%
2,973,165.00
41,698.37
1.43%
(22,900.84)
Aa1/AA+
AA+
3.17 2.89
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --4.53%
4,369,171.88
4,379,279.43
99.82 4.43%
4,392,093.20
32,955.16
2.12%
12,813.77
Aa1/AA+
AA+
3.33 3.04
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/20254.34%
3,983,906.25
3,988,939.98
99.38 4.45%
3,975,312.00
14,782.61
1.92%
(13,627.98)
Aa1/AA+
AA+
3.42 3.13
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --4.01%
4,496,958.99
4,497,821.48
98.59 4.44%
4,436,541.00
497.24
2.14%
(61,280.48)
Aa1/AA+
AA+
3.50 3.22
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --3.78%
5,020,507.81
5,017,245.90
97.96 4.46%
4,897,850.00
33,169.16
2.36%
(119,395.90)
Aa1/AA+
AA+
3.83 3.49
31 HOLDINGS REPORT
City of Cupertino | Account #10659 | As of August 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 10/23/20253.59%
5,089,062.50
5,073,101.85
98.34 4.47%
4,917,190.00
17,391.30
2.37%
(155,911.85)
Aa1/AA+
AA+
3.91 3.57
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --3.66%
4,991,425.79
4,993,166.27
96.93 4.47%
4,846,680.00
500.69
2.34%
(146,486.27)
Aa1/AA+
AA+
4.00 3.67
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --3.59%
5,008,789.06
5,007,261.01
96.88 4.47%
4,843,750.00
76,263.66
2.34%
(163,511.01)
Aa1/AA+
AA+
4.08 3.68
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/20253.73%
1,731,816.41
1,734,418.37
96.24 4.48%
1,684,170.25
15,563.52
0.81%
(50,248.12)
Aa1/AA+
AA+
4.25 3.85
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 3,500,000.00 05/21/20264.28%
3,438,066.41
3,441,627.42
97.48 4.49%
3,411,954.00
57,066.26
1.65%
(29,673.42)
Aa1/AA+
AA+
4.58 4.07
Total US Treasury 98,150,000.00 3.83%
97,817,570.33
97,977,921.95
98.64 4.34%
96,804,406.95
732,412.67
46.69%
(1,173,515.00)
2.49 2.30
Total Portfolio 211,208,196.00 4.14%
208,825,767.31
209,628,567.41
97.41 4.52%
207,329,417.02
1,529,427.95
100.00%
(2,299,150.39)
2.83 2.44
Total Market Value +
Accrued 208,858,844.97
32 TRANSACTIONS
33 TRANSACTION LEDGER
City of Cupertino | Account #10659|08/01/2026 Through 08/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 08/10/2026 69371RU61 1,765,000.00 PACCAR FINANCIAL CORP 4.85 08/10/2031 100.000 4.85% (1,765,000.00) 0.00 (1,765,000.00) 0.00 Purchase 08/11/2026 46647PBJ4 1,500,000.00 JPMORGAN CHASE & CO 4.493 03/24/2031 98.689 4.81% (1,480,335.00) (25,647.54) (1,505,982.54) 0.00 Purchase 08/11/2026 06051GML0 1,500,000.00
BANK OF AMERICA
CORPORATION 5.162
01/24/2031
100.723 4.93% (1,510,845.00) (3,656.42) (1,514,501.42) 0.00 Purchase 08/17/2026 63743HGH9 1,475,000.00
NATIONAL
RURAL UTILITIES
COOPERATIVE
FINANCE CORP 5.0
08/15/2031
99.861 5.03% (1,472,949.75) 0.00 (1,472,949.75) 0.00
Total Purchase 6,240,000.00 (6,229,129.75) (29,303.96) (6,258,433.71) 0.00 TOTAL
ACQUISITIONS 6,240,000.00 (6,229,129.75) (29,303.96) (6,258,433.71) 0.00
DISPOSITIONS
Sale 08/05/2026 713448FX1 (1,500,000.00) PEPSICO, INC. 4.5 07/17/2029 100.139 4.53% 1,502,085.00 3,375.00 1,505,460.00 3,456.32 Sale 08/07/2026 64952WFK4 (365,000.00)
NEW YORK LIFE
GLOBAL FUNDING 4.6
12/05/2029
99.613 4.61% 363,587.45 2,891.61 366,479.06 (1,274.00)
Sale 08/07/2026 40139LBJ1 (205,000.00)
GUARDIAN LIFE
GLOBAL FUNDING
4.179 09/26/2029
98.158 4.18% 201,223.90 3,117.42 204,341.32 (3,776.10)
Sale 08/07/2026 74153WCZ0 (750,000.00)
PRICOA GLOBAL
FUNDING I 4.35
11/25/2030
97.801 4.36% 733,507.50 6,525.00 740,032.50 (16,284.42) Sale 08/07/2026 58989V2M5 (310,000.00)
MET TOWER GLOBAL
FUNDING 4.0
01/14/2029
98.435 4.05% 305,148.50 792.22 305,940.72 (4,526.40)
Sale 08/11/2026 743315AV5 (1,500,000.00)
THE PROGRESSIVE
CORPORATION 4.0
03/01/2029
98.543 4.72% 1,478,145.00 26,666.67 1,504,811.67 2,744.03 34 TRANSACTION LEDGER
City of Cupertino | Account #10659|08/01/2026 Through 08/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 08/11/2026 91282CJP7 (500,000.00)
UNITED STATES
TREASURY 4.375
12/15/2026
100.172 4.01% 500,859.38 3,406.76 504,266.14 274.85
Total Sale (5,130,000.00) 5,084,556.73 46,774.68 5,131,331.41 (19,385.72) TOTAL
DISPOSITIONS (5,130,000.00) 5,084,556.73 46,774.68 5,131,331.41 (19,385.72) 35 IMPORTANT DISCLOSURES
2026 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” 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 yieldsrepresent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 36 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr Unsubordinated US
Treasury & Agency Index
The ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 37