INVESTMENT REPORT
City of Mountain View | As of June 30, 2025
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 Mountain View | As of June 30, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has moderated, the unemployment rate remains low; however, continuing jobless claims remain elevated implying a less robust labor market. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. Fed Chair Powell continued to emphasize the Committee’s “wait and see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-endversus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
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%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, remaining below the pre- pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year increase.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor D epartment’s Job Openings and Labor TurnoverSurvey (JOLTS) unexpectedly rose to 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
In June, t he Consumer Price Index (CPI) increased 0.3% month-over-monthand rose 2.7% year-over-year, while the Core CPI rose 0.2% month-over-monthand 2.9% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-month and rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased
0.2% month-over-monthand 2.7% year-over-year, up from April’s 2.6% year-over-year increase. Although inflation has trended toward the Federal Reserve’s 2% target, the overall impact of tariff policy has not yet fully flowed through to the US economy.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail S ales were up 0.6% month-over-month in June, rebounding from a 0.9% decline in May and exceeding consensus forecasts. Auto sales led the increase. Control group sales, which feed into GDP, increased by 0.5%. On a year-over-year basis, Retail Sales grew 3.9% in June, following a 3.3% increase in May. The Conference Board’s Consumer Confidence Index dropped to 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured.
While the consumer has been resilient, elevated inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could pose potential risks to future spending. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference B oard’s Leading Economic Index (LEI) fell by 0.3% in June, following a flat reading in May. The LEI decreased by 4.0% year- over-year. The Conference Board is expecting economic growth to slow substantially in 2025 due to consumer pessimism, persistently soft manufacturing new orders, and rising first-time jobless claims. The Chicago Fed National Activity Index (CFNAI) improvedto -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts increased 4.6% month-over-monthin June to a seasonally adjusted annual rate of 1.321 million units. Multi-family starts drove the gain, while single-family starts fell on weak buyer demand. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index edged up to 49.0 in June from 48.5 in May, indicating a continuation of modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 6/24 9/ 24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce Real GDP d ecreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureau of Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. In the Summaryof Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about theeconomic outlook remained elevated but had diminished. The monthly redemptioncap on Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jun-25
Mar-25
Jun-24
Yield (%)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
City of Mountain View | As of June 30, 2025
Investment Objectives
The investment objectives of the City of Mountain View are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all requirements which might be reasonably anticipated; and third, to earn a commensurate rate of return.
City of Mountain View Performance Objectives
The performance objective of the City is to earn a return that equals or exceeds the return on the City’s index which is a blended index comprised of 10% of 3-month T-bills, 10% of 6-month T-bills, and 80% of the Merrill Lynch 1-5 Year non-callable Government index.
Chandler Asset Management Performance Objective
The performance objective of the Corporate Account is to earn a return that is consistent with the return of the ICE BAML 1-5 Year AA US Corp.
Strategy
In order to achieve this objective, the portfolio invests in high-quality money market instruments, US Treasury securities, US agency securities, Supranational and AA or higher rated Corporate medium-term notes. 15 STATEMENT OF COMPLIANCE
City of Mountain View Cons Non SRPC | Account #915 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
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; A- Issuer by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1/P-1 or A- Issuer by S&P or Moody's) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 15.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1/P-1 or A- Issuer by S&P or Moody's) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 15.0 11.7 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
Max Callables (MV) 10.0 7.1 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 2) 0.0 0.0 Compliant
FDIC INSURED CERTIFICATES OF DEPOSIT
Max % (MV) 10.0 0.0 C ompliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 2 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 50.0 14.7 Compliant
Max % Issuer (MV) 25.0 9.2 Compliant
Max Callables (MV) 10.0 2.8 Compliant
16 STATEMENT OF COMPLIANCE
City of Mountain View Cons Non SRPC | Account #915 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max % (MV) 20.0 7.1 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % Issuer (MV) 10.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 10.0 1.3 Compliant
Max % Issuer (MV) 5.0 1.1 Compliant
Min Rating (AAA by S&P + Moody's) 0.0 0.0 Compliant
MUNICIPAL SECURITIES
As Approved by the City Council 100.0 0.2 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD )
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 2 0.0 Compliant
Min Rating (A- or A-1 by Moody's or S&P) 0.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 10.0 8.0 Compliant
Max % Issuer (MV) 5.0 3.6 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
TIME DEPOSITS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 2.0 0.0 Compliant
17 STATEMENT OF COMPLIANCE
City of Mountain View Cons Non SRPC | Account #915 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- or A-1 by Moody's or S&P) 0.0 0.0 Compliant U.S. TREASURIES
Max % (MV) 100.0 56.9 Compliant
Max Callables (MV) 10.0 0.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min % (MV) 25.0 56.9 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Mountain View Cons Non SRPC | Account #915 | As of June 30, 2025 Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 2.30 2.28 2.17
Average Modified Duration 2.11 2.07 1.96
Average Purchase Yield 3.40% 3.28%
Average Market Yield 3.91% 3.97% 4.08%
Average Quality** AA+ AA+ AAA
Total Market Value 1,070,334,828 1,029,836,874
*Benchmark: 40% ICE 1-5 Yr Trsry & Agcy 10% ICE 6-Mnth Trsry 10% ICE 3-Mnth Trsry 40% ICE 1-5 Yr US Bullet Agncy **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 SECTOR DISTRIBUTION
City of Mountain View Cons Non SRPC | Account #915 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 56.88% 56.57%
Agency 14.73% 14.47%
Corporate 11.71% 10.01%
Supras 7.98% 8.22%
LAIF 7.08% 8.33%
Money Mkt Fd 1.30% 2.06%
Muni Bonds 0.22% 0.23%
Cash 0.11% 0.12%
20 DURATION DISTRIBUTION
City of Mountain View Cons Non SRPC | Account #915 | As of June 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 14.5% 4.6% 10.1% 19.4% 21.7% 18.9% 10.8% 0.0% 0.0% 03/31/2025 14.6% 6.2% 10.4% 19.7% 21.9% 16.0% 11.2% 0.0% 0.0% 21 MATURITY DISTRIBUTION
City of Mountain View Cons Non SRPC | Account #915 | As of June 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 14.21% 3.97% 9.30% 16.86% 19.07% 17.34% 19.13% 0.12% 0.00% 03/31/2025 14.65% 6.22% 8.45% 17.91% 18.47% 19.27% 14.91% 0.12% 0.00% 22 PERFORMANCE
City of Mountain View | As of June 30, 2025
As of 07/31/25
City of Mountain
View
0-5 Yr
Government*
City of Mountain
View Corporate
Account
ICE BofA 1-5 Yr US
Corporate Rated
AAA-AA Index
City of Mountain View
Consolidated Non
SRPC
1 month 0.66% 0.66% 0.69% 0.75% 0.67%
3 month 1.34% 1.29% 1.55% 1.51% 1.36%
YTD 3.13% 3.09% 3.45% 3.45% 3.16%
Since Inception
8/31/1995 3.32% 3.52% 2.54% 2.18% 3.34%
Annualized
1 Yr 5.77% 5.76% 6.69% 6.62% 5.86%
3 Yrs 3.58% 3.62% 4.72% 3.98% 3.67%
5 Yrs 1.43% 1.44% 2.14% 1.42% 1.49%
Since Inception
8/31/1995 3.32% 3.52% 2.54% 2.18%** 3.34%
** Inception of City of Mountain View Corporate Account is as of 7/31/2013 Portfolio Performance
*10% 3-month Treasury Bill, 10% 6-month Treasury Bill, 80% 1-5 Govt 23 PORTFOLIO HOLDINGS
24 ISSUERS
City of Mountain View Cons | Account #914 | As of June 30, 2025 Issuer Investment Type % Portfolio
Government of The United States US Treasury 56.88%
Federal Home Loan Banks Agency 9.19%
LAIF LAIF 7.08%
International Bank for Recon and Dev Supras 3.63%
Federal Home Loan Mortgage Corp Agency 3.27%
Inter-American Development Bank Supras 2.60%
FNMA Agency 2.26%
International Finance Corporation Supras 1.75%
Principal Money Mkt Fd 1.05%
The Procter & Gamble Company Corporate 0.98%
BlackRock, Inc. Corporate 0.78%
Florida Power & Light Corporate 0.77%
Amazon.com, Inc. Corporate 0.74%
Apple Inc. Corporate 0.69%
New York Life Insurance Company Corporate 0.57%
Metropolitan Life Global Funding I Corporate 0.56%
Walmart Inc. Corporate 0.51%
Microsoft Corporation Corporate 0.48%
Northwestern Mutual Global Funding Corporate 0.48%
Massachusetts Mutual Life Insurance Corporate 0.48%
Meta Platforms, Inc. Corporate 0.45%
Guardian Life Global Funding Corporate 0.37%
CME Group Inc. Corporate 0.36%
Morgan Stanley Corporate 0.34%
UnitedHealth Group Incorporated Corporate 0.34%
Caterpillar Inc. Corporate 0.34%
Toyota Motor Corporation Corporate 0.34%
JPMorgan Chase & Co. Corporate 0.34%
Wells Fargo & Company Corporate 0.33%
QUALCOMM Incorporated Corporate 0. 33%
25 ISSUERS
City of Mountain View Cons | Account #914 | As of June 30, 2025 Issuer Investment Type % Portfolio
Bank of America Corporation Corporate 0.33%
Colgate-Palmolive Company Corporate 0.29%
Berkshire Hathaway Inc. Corporate 0.28%
First American Govt Oblig fund Money Mkt Fd 0.24%
Visa Inc. Corporate 0.23%
Mountain View California Shoreline R Muni Bonds 0.22%
Cash Cash 0.11%
TOTAL 100.00%
26 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
AGENCY
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 21,000,000.00 --
0.46%
20,918,568.00
20,999,073.62
99.78 4.31%
20,954,166.66
35,000.00
1.97%
(44,906.96)
Aa1/AA+
AA+
0.06 0.06
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 9,000,000.00 09/10/2020
0.43%
8,976,186.00
8,999,275.97
99.39 4.48%
8,944,839.09
11,812.50
0.84%
(54,436.88)
Aa1/AA+
AA+
0.15 0.15
3130ATHT7 FEDERAL HOME LOAN BANKS
4.375 09/12/2025 3,000,000.00 10/20/2022
4.68%
2,975,655.00
2,998,318.65
99.96 4.51%
2,998,834.71
39,739.58
0.28%
516.06
Aa1/AA+
AA+
0.20 0.20
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 14,000,000.00 --
0.85%
13,754,072.00
13,985,082.60
99.09 4.41%
13,872,440.12
14,291.67
1.30%
(112,642.48)
Aa1/AA+
AA+
0.23 0.23
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 8,000,000.00 12/14/2020
0.44%
8,021,472.00
8,001,549.15
98.68 4.32%
7,894,411.76
6,000.00
0.74%
(107,137.39)
Aa1/AA+
AA+
0.36 0.34
3130ALN83 FEDERAL HOME LOAN BANKS 0.75
03/13/2026 4,200,000.00 03/12/2021
0 .85%
4,179,105.00
4,197,082.02
97.70 4.12%
4,103,398.15
9,450.00
0.39%
(93,683.87)
Aa1/AA+
AA+
0.70 0.68
3130AVWS7 FEDERAL HOME LOAN BANKS 3.75
06/12/2026 7,000,000.00 05/05/2023
3.51%
7,049,490.00
7,015,100.12
99.89 3.86%
6,992,550.39
13,854.17
0.66%
(22,549.73)
Aa1/AA+
AA+
0.95 0.92
3130AMFS6 FEDERAL HOME LOAN BANKS 0.75
06/12/2026 5,000,000.00 06/16/2021
0.78%
4,993,635.00
4,998,790.62
96.99 4
.02%
4,849,544.10
1,979.17
0.46%
(149,246.52)
Aa1/AA+
AA+
0.95 0.93
3130ATY50 FEDERAL HOME LOAN BANKS 4.15
09/15/2026 6,000,000.00 11/18/2022
4.15%
6,000,000.00
6,000,000.00
100.27
3.91%
6,016,175.04
73,316.67
0.57%
16,175.04
Aa1/AA+
AA+
1.21 1.15
3130A9YY1 FEDERAL HOME LOAN BANKS
2.125 12/11/2026 8,000,000.00 01/13/2022
1.51%
8,230,328.00
8,067,864.50
97.58 3.87%
7,806,137.52
9,444.44
0.73%
(261,726.98)
Aa1/AA+
AA+
1.45 1.40
3130B6J64 FEDERAL HOME LOAN BANKS 4.3
02/23/2028 5,000,000.00 05/29/2025
4.30%
5,000,000.00
5,000,000.00
100.06
4.28%
5,002,938.50
22,694.44
0.47%
2,938.50
Aa1/AA+
AA+
2.65 0.63
31364FYC9 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 5.625 04/17/2028 6,900,000.00 11/26/2024
4.20%
7,207,671.00
7,153,946.72
104.61
3.87%
7,217,940.13
79,781.25
0.68%
63,993.41
Aa1/AA+
AA+
2.80 2.55
3130AYQ41 F
EDERAL HOME LOAN BANKS
4.375 10/23/2028 15,000,000.00 01/29/2024
4.38%
15,000,000.00
15,000,000.00
99.95 4.39%
14,993,127.00
123,958.33
1.41%
(6,873.00)
Aa1/AA+
AA+
3.31 3.03
3130B0PF0 FEDERAL HOME LOAN BANKS 4.8
01/02/2029 10,000,000.00 03/27/2024
4.80%
10,000,000.00
10,000,000.00
100.24
4.72%
10,024,205.50
238,666.67
0.94%
24,205.50
Aa1/AA+
AA+
3.51 0.71
3130ATUT2 FEDERAL HOME LOAN BANKS 4.5
12/14/2029 12,000,000.00 01/29/2025
4.34%
12,080,400.00
12,073,530.52
102.49
3.88%
12,299,173.68
25,500.00
1.16%
225,643.16
Aa1/AA+
AA+
4.46 4.00
3130AV5P3 FEDERAL HOME LOAN BANKS
4.375 03/08/2030 7,500,000.00 04/22/2025
4.02%
7,618,125.00
7,613,546.00
102.38
3.81%
7,678,833.23
102,994.79
0 .72%
65,287.23
Aa1/AA+
AA+
4.69 4.16
27 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
3130B62S4 FEDERAL HOME LOAN BANKS
3.965 04/24/2030 15,000,000.00 04/22/2025
3.97%
15,000,000.00
15,000,000.00
100.15
3.93%
15,022,049.70
110,689.58
1.41%
22,049.70
Aa1/AA+
AA+
4.82 4.31
Total Agency 156,600,000.00 2.69%
157,004,707.00
157,103,160.50
100.07
4.18%
156,670,765.28
919,173.26
14.73%
(432,395.22)
2.06 1.66
CASH
CCYUSD Cash 85,531.10 --
0.00%
85,531.10
85,531.10
1.00 0.00%
85,531.10
0.00 0.01%
0.00 Aaa/AAA
AAA
0.00 0.00
CCYUSD Receivable 187,537.43 -- 187,537.43
187,537.43
1.00 0.00%
187,537.43
0.00 0.02%
0.00 Aaa/AAA
AAA
0.00 0.00
CCYUSD Receivable 16,488.61 -- 16,488.61
16,488.61
1.00 0.00%
16,488.61
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
CCYUSD Receivable 845,243.95 -- 845,243.95
845,243.95
1.00 0.00%
845,243.95
0.00 0.08%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 1,134,801.09 0.00%
1,134,801.09
1,134,801.09
1.00 0.00%
1,134,801.09
0.00 0.11%
0.00 0.00
0.00 C
ORPORATE
742718FL8 PROCTER & GAMBLE CO 0.55
10/29/2025 3,000,000.00 11/02/2020
0.58%
2,995,590.00
2,999,709.23
98.79 4.29%
2,963,650.02
2,841.67
0.28%
(36,059.21)
Aa3/AA-
NA
0.33 0.
32 40139LBC6 GUARDIAN LIFE GLOBAL FUNDING
0.875 12/10/2025 4,000,000.00 --
1.71%
3,885,650.00
3,985,935.62
98.42 4.52%
3,936,812.04
2,041.67
0.37%
(49,123.58)
Aa1/AA+
NA
0.45 0.43
037833EB2 APPLE INC 0.7 02/08/2026 3,000,000.00 02/22/2021
0.83%
2,981,550.00
2,997,737.07
97.88 4.30%
2,936,348.79
8,341.67
0.28%
(61,388.28)
Aaa/AA+
NA
0.61 0.59
084670BS6 BERKSHIRE HATHAWAY INC 3.125
03/15/2026 3,000,000.00 03/17/2021
1.20%
3,268,050.00
3,025,845.47
99.22 4.25%
2,976,633.24
27,604.17
0.28%
(49,212.23)
Aa2/AA
A+
0.71 0.68
931142EM1 WALMART INC 3.05 07/08/2026 3,000,000.00 07/08/2021
0.92%
3,302,250.00
3,053,378.62
99.01 4.05%
2,970,412.92
43,970.83
0.28%
(82,965.70)
Aa2/AA
AA
1.02 0.98
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 3,000,000.00 05/16/2022
3.68%
2,767,890.00
2,923,631.85
96.65 4.16%
2,899,488.45
26,562.50
0.27%
(24,143.40)
Aa3/AA-
AA-
1.53 1.47
66815L2F5
NORTHWESTERN MUTUAL
GLOBAL FUNDING 1.75
01/11/2027
2,000,000.00 07/25/2022
3.71%
1,838,420.00
1,944,552.96
9 6.45
4.17%
1,929,053.76
16,527.78
0.18%
(15,499.20)
Aa1/AA+
AAA
1.53 1.47
28 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
742718FV6 PROCTER & GAMBLE CO 1.9
02/01/2027 3,000,000.00 02/01/2022
1.90%
3,000,270.00
3,000,085.85
96.88 3.95%
2,906,458.89
23,750.00
0.27%
(93,626.96)
Aa3/AA-
NA
1.59 1.52
594918BY9 MICROSOFT CORP 3.3 02/06/2027 5,200,000.00 --
3.88%
5,084,029.00
5,155,455.32
98.98 3.97%
5,146,839.98
69,116.67
0.48%
(8,615.33)
Aaa/AAA
NA
1.61 1.52
09247XAN1 BLACKROCK FINANCE INC 3.2
03/15/2027 6,000,000.00 --
3.50%
5,920,380.00
5,972,021.05
98.64 4.03%
5,918,302.86
56,533.33
0.56%
(53,718.19)
Aa3/AA-
NA
1.71 1.63
64952WEQ2 NEW YORK LIFE GLOBAL FUNDING
3.25 04/07/2027 3,000,000.00 06/06/2022
3.70%
2,940,300.00
2,978,170.92
98.69 4.02%
2,960,808.57
22,750.00
0.28%
(17,362.35)
Aa1/AA+
AAA
1.77 1.68
023135CF1 AMAZON.COM INC 3.3
04/13/2027 8,000,000.00 --
3.38%
7,972,280.00
7,989,886.39
98.90 3.95%
7,911,664.80
57,200.00
0.74%
(78,221.59)
A1/AA
AA-
1.79 1.70
037833CR9 APPLE INC 3.2 05/11/2027 2,000,000.00 06/28/2022
3.72%
1,953,360.00
1,982,168.60
98.74 3
.91%
1,974,712.72
8,888.89
0.19%
(7,455.88)
Aaa/AA+
NA
1.86 1.78
66815L2K4
NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.35
09/15/2027
2,500,000.00 11/16/2022
4.88%
2,443,275.00
2,474,052.01
100.37
4.17%
2,509,355.90
32,020.83
0.24%
35,303.89
Aa1/AA+
AAA
2.21 2.06
92826CAH5 VISA INC 2.75 09/15/2027 2,500,000.00 08/17/2023
4.92%
2 ,302,375.00
2,392,809.05
97.60 3.89%
2,440,062.48
20,243.06
0.23%
47,253.42
Aa3/AA-
NA
2.21 2.10
037833DK3 APPLE INC 3.0 11/13/2027 2,500,000.00 01/12/2023
3.98%
2,392,750.00
2,447,318.99
98.07 3.86%
2,451,711.90
10,000.00
0.23%
4,392.91
Aaa/AA+
NA
2.37 2.25
742718FZ7 PROCTER & GAMBLE CO 3.95
01/26/2028 3,000,000.00 03/20/2023
4.02%
2,991,240.00
2,995,355.37
100.53
3.73%
3,015,978.69
51,020.83
0.28%
20,623.32
Aa3/AA-
NA
2.57 2.38
194162AR4 COLGATE-PALMOLIVE CO 4.6
03/01/2028 3,000,000.00 02/28/2023
4.62%
2,997,480.00
2,998,655.82
101.71
3.92%
3,051,341.85
46,000.00
0.29%
52,686.03
Aa3/A+
NA
2.67 2.38
931142FB4 WALMART INC 3.9 04/15/2028 2,500,000.00 04/13/2023
3.95%
2,493,950.00
2,496,620.09
100.11
3.86%
2,502,794.98
20,583.33
0.24%
6,174.88
Aa2/AA
AA
2.79 2.52
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028 5,000,000.00 --
4 .78%
4,929,100.00
4,951,291.19
100.75
4.12%
5,037,345.00
28,111.11
0.47%
86,053.81
Aa2/A+
AA-
2.88 2.51
30303M8L9 META PLATFORMS INC 4.6
05/15/2028 4,700,000.00 --
4.70%
4,683,115.00
4,687,893.47
101.83
3.92%
4,786,126.18
27,625.56
0.45%
98,232.72
Aa3/AA-
NA
2.88 2.59
64952WFD0 NEW YORK LIFE GLOBAL FUNDING
4.9 06/13/2028 3,000,000.00 08/17/2023
5.36%
2,942,160.00
2,964,532.70
102.05
4.15%
3,061,643.28
7,350.00
0.29%
97,110.58
Aa1/AA+
AAA
2.96 2.72
12572QAJ4 CME GROUP INC 3.75 06/15/2028 3,850,000.00 07/11/2023
4.69%
3,691,957.50
3 ,755,121.79
99.35 3.98%
3,825,071.83
6,416.67
0.36%
69,950.04
Aa3/AA-
AA-
2.96 2.77
29 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
59217GFR5 METROPOLITAN LIFE GLOBAL
FUNDING I 4.85 01/08/2029 3,000,000.00 02/12/2024
5.03%
2,976,780.00
2,983,304.95
101.82
4.29%
3,054,539.64
69,920.83
0.29%
71,234.69
Aa3/AA-
AA-
3.53 3.14
66815L2Q1
NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.71
01/10/2029
700,000.00 07/29/2024
4.63%
702,205.00
701,749.07
101.09
4.37%
707,621.71
15,660.75
0.07%
5,872.63
Aa1/AA+
AAA
3.53 3.15
57629W5B2 MASSMUTUAL GLOBAL FUNDING
II 4.85 01/17/2029 5,000,000.00 --
5.06%
4,954,225.00
4,966,576.23
101.60
4.36%
5,080,191.80
110,472.22
0.48%
113,615.57
Aa3/AA+
AA+
3.55 3.16
742718GF0 PROCTER & GAMBLE CO 4.35
01/29/2029 1,500,000.00 02/12/2024
4.42%
1,495,080.00
1,496,446.52
101.39
3.93%
1,520,777.57
27,550.00
0.14%
24,331.05
Aa3/AA-
NA
3.58 3.16
95000U3T8 WELLS FARGO & CO 4.97
04/23/2029 3,500,000.00 06/27/2025
4.44%
3,547,880.00
3,547,833.42
101.40
4.76%
3,548,975.05
32,857.22
0.33%
1,141.62
A1/BBB+
A+
3.81 2.58
09247XAP6 BLACKROCK FINANCE INC 3.25
04/30/2029 2,500,000.00 05/09/2024
4.89%
2 ,320,975.00
2,361,855.50
97.21 4.04%
2,430,212.38
13,767.36
0.23%
68,356.87
Aa3/AA-
NA
3.83 3.54
341081GT8 FLORIDA POWER & LIGHT CO 5.15
06/15/2029 3,000,000.00 06/13/2024
4.82%
3,041,594.26
3,032,652.56
103.48
4.19%
3,104,395.71
6,866.67
0.29%
71,743.15
Aa2/A+
AA-
3.96 3.42
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 3,500,000.00 05/14/2025
4.80%
3,445,645.00
3 ,447,837.86
99.67 4.73%
3,488,470.58
65,607.31
0.33%
40,632.72
A1/A-
AA-
4.06 2.79
14913UAX8 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/08/2030 3,500,000.00 03/25/2025
4.55%
3,537,590.00
3,535,505.25
102.40
4.21%
3,584,067.17
80,733.33
0.34%
48,561.92
A2/A
A+
4.53 3.95
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 3,500,000.00 04/21/2025
4.82%
3,518,585.00
3,517,829.95
102.26
4.39%
3,579,187.68
82,775.00
0.34%
61,357.72
A1/A+
A+
4.53 3.93
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 3,500,000.00 03/25/2025
4.73%
3,533,810.00
3,531,465.78
101.85
4.70%
3,564,599.50
76,989.89
0.34%
33,133.72
A1/A
AA-
4.57 3.17
91324PEQ1 UNITEDHEALTH GROUP INC 5.3
02/15/2030 3,500,000.00 05/12/2025
4.66%
3,591,385.00
3,588,714.84
103.57
4.44%
3,624,960.78
70,077.78
0.34%
36,245.94
A2/A+
A
4.63 3.
87 61747YFQ3 MORGAN STANLEY 5.656
04/18/2030 3,500,000.00 04/29/2025
4.72%
3,617,705.00
3,612,668.62
103.87
4.75%
3,635,487.59
40,141.89
0.34%
22,818.97
A1/A-
A+
4.80 3.37
747525BU6 QUALCOMM INC 4.5 05/20/2030 3,500,000.00 06/27/2025
4.29%
3,531,255.00
3,531,237.19
101.06
4.26%
3,537,058.35
17,500.00
0.33%
5,821.16
A2/A
NA
4.89 4.26
Total Corporate 124,450,000.00 3.91%
123,592,135.76
124,027,907.17
100.14
4.18%
124,573,164.61
1,326,420.81
11.71%
545,257.43
2.71 2.35
LAIF
30 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
90LAIF$00 Local Agency Investment Fund
State Pool 75,258,157.58 --
4.27%
75,258,157.58
75,258,157.58
1.00 4.27%
75,258,157.58
0.00 7.08%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 75,258,157.58 4.27%
75,258,157.58
75,258,157.58
1.00 4.27%
75,258,157.58
0.00 7.08%
0.00 0.00
0.00 MONEY MARKET
FUND
VP4580008 PRINCIPAL GOVT MM INSTL 11,212,056.95 --
4.12%
11,212,056.95
11,212,056.95
1.00 4.12%
11,212,056.95
0.00 1.05%
0.00 NA/NA
NA
0.00 0.00
31846V203 FIRST AMER:GVT OBLG Y 2,592,617.30 --
3.96%
2,592,617.30
2,592,617.30
1.00 3.96%
2,592,617.30
0.00 0.24%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 13,804,674.25 4.09%
13,804,674.25
13,804,674.25
1.00 4.09%
13,804,674.25
0.00 1.30%
0.00 0.00
0.00 MUNICIPAL BONDS
624410HP4
MOUNTAIN VIEW CALIF
SHORELINE REGL PK CMNTY 3.885
08/01/2026
760,000.00 11/28/2018
3.89%
760,000.00
760,000.00
99.45 4.41%
755,808.60
12,302.50
0.07%
(4,191.40)
NA/A+
NA
1. 09
1.03 624410HR0
MOUNTAIN VIEW CALIF
SHORELINE REGL PK CMNTY 4.085
08/01/2028
400,000.00 11/28/2018
4.09%
400,000.00
400,000.00
99.34 4.31%
397,366.00
6,808.33
0.04%
(2,634.00)
NA/A+
NA
3.09 2.82
624410HT6
MOUNTAIN VIEW CALIF
SHORELINE REGL PK CMNTY 4.185
08/01/2030
1,240,000.00 11/28/2018
4.19%
1,240,000.00
1,240,000.00
98.67 4.48%
1,223,536.52
21,622.50
0.12%
(16,463.48)
NA/
A+
NA
5.09 4.45
Total Municipal
Bonds 2,400,000.00 4.07%
2,400,000.00
2,400,000.00
99.03 4.43%
2,376,711.12
40,733.33
0.22%
(23,288.88)
3.48 3.09
SUPRANATIONAL
45950VPU4 INTERNATIONAL FINANCE CORP
0.75 03/23/2026 4,000,000.00 04/27/2021
0.89%
3,972,240.00
3,995,890.28
97.44 4.37%
3,897,444.20
8,166.67
0.37%
(98,446.08)
Aaa/AAA
NA
0.73 0.71
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 8,000,000.00 04/27/2021
0.92%
7,981,752.00
7,997,055.80
97.47 4.11%
7,797,376.72
13,805.56
0.73%
(199,679.08)
Aaa/AAA
NA
0.80 0.78
31 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
459058JX2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.875 07/15/2026
7,000,000.00 08/18/2021
0.80%
7,026,810.00
7,005,673.36
96.87 3.98%
6,780,990.02
28,243.06
0.64%
(224,683.34)
Aaa/AAA
NA
1.04 1.01
45950KCX6 INTERNATIONAL FINANCE CORP
0.75 10/08/2026 9,000,000.00 11/18/2021
1.25%
8,785,557.00
8,944,225.59
96.13 3.90%
8,651,826.99
15,562.50
0.81%
(292,398.60)
Aaa/AAA
NA
1.27 1.24
459058KJ1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.125 06/15/2027
5,000,000.00 07/20/2022
3.29%
4,962,600.00
4,985,081.79
98.70 3.82%
4,934,993.30
6,944.44
0.46%
(50,088.49)
Aaa/AAA
NA
1.96 1.87
4581X0CY2 INTER-AMERICAN DEVELOPMENT
BANK 2.375 07/07/2027 10,000,000.00 09/19/2022
3.80%
9,381,737.60
9,739,827.83
97.30 3.78%
9,730,052.50
114,791.67
0.91%
(9,775.33)
Aaa/NA
AAA
2.02 1.92
459058JW4
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 1.375 04/20/2028
7,000,000.00 11/30/2023
4.47%
6,145,125.00
6,453,903.93
93.73 3.75%
6,561,038.89
18,982.64
0.62%
107,134.96
Aaa/AAA
NA
2.81 2.70
459058KW2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.625 08/01/2028
10,000,000.00 1
0/25/2023
5.01%
9,840,410.00
9,896,752.05
102.47
3.77%
10,247,489.10
192,708.33
0.96%
350,737.05
Aaa/AAA
NA
3.09 2.81
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 10,000,000.00 03/25/2024
4.33%
9,908,600.00
9,932,229.99
101.10
3.80%
10,109,597.80
155,833.33
0.95%
177,367.81
Aaa/AAA
NA
3.63 3.29
45950KDH0 INTERNATIONAL FINANCE CORP
4.25 07/02/2029 5,920,000.00 08/28/2024
3.71%
6,061,014.40
6 ,036,608.06
101.65
3.80%
6,017,866.36
125,101.11
0.57%
(18,741.70)
Aaa/AAA
NA
4.01 3.58
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
10,000,000.00 03/28/2025
4.09%
10,015,500.00
10,014,714.33
101.23
3.84%
10,122,509.40
115,729.17
0.95%
107,795.07
Aaa/AAA
NA
4.72 4.21
Total Supranational 85,920,000.00 3.16%
84,081,346.00
85,001,963.01
98.83 3.88%
84,851,185.28
795,868.47
7.98%
(150,777.73)
2.54 2.34
US TREASURY
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 5,000,000.00 06/01/2022
2.88%
4,604,687.50
4,989,732.14
99.66 4.34%
4,983,096.20
5,214.09
0.47%
(6,635.94)
Aa1/AA+
AA+
0.08 0.08
912828K74 UNITED STATES TREASURY 2.0
08/15/2025 10,000,000.00 08/14/2020
0.30%
10,843,750.00
10,020,793.40
99.69 4.45%
9,969,256.90
75,138.12
0.94%
(51,536.50)
Aa1/AA+
AA+
0.13 0.12
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 3,000,000.00 0
4/14/2022
2.72%
2,756,718.75
2,982,485.29
99.00 4.31%
2,970,039.06
1,885.25
0.28%
(12,446.23)
Aa1/AA+
AA+
0.25 0.25
32 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 15,000,000.00 --
2.07%
14,107,617.19
14,913,818.66
98.67 4.33%
14,799,755.85
6,317.93
1.39%
(114,062.81)
Aa1/AA+
AA+
0.34 0.33
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 10,000,000.00 10/29/2024
4.28%
9,795,312.50
9,926,398.46
99.24 4.32%
9,923,697.90
28,736.41
0.93%
(2,700.56)
Aa1/AA+
AA+
0.38 0.37
91282CBC4 UNITED STATES TREASURY 0.375
12/31/2025 10,000,000.00 01/21/2021
0.45%
9,964,843.75
9,996,433.71
98.11 4.27%
9,810,546.90
101.90
0.92%
(185,886.81)
Aa1/AA+
AA+
0.50 0.49
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 12,000,000.00 02/23/2021
0.57%
11,883,750.00
11,986,194.51
97.80 4.24%
11,735,742.24
18,770.72
1.10%
(250,452.27)
Aa1/AA+
AA+
0.59 0.57
912828P46 UNITED STATES TREASURY 1.625
02/15/2026 3,000,000.00 11/18/2022
4.23%
2,766,093.75
2,954,759.69
98.43 4.20%
2,952,861.33
18,314.92
0.28%
(1,898.36)
Aa1/AA+
AA+
0.63 0.61
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 10,000,000.00 03/12/2021
0.85%
9,831,640.63
9,977,527.32
97.60 4.19%
9,760,156.20
1 6,711.96
0.92%
(217,371.12)
Aa1/AA+
AA+
0.67 0.65
91282CGV7 UNITED STATES TREASURY 3.75
04/15/2026 10,000,000.00 08/28/2024
3.99%
9,962,500.00
9,981,818.18
99.74 4.08%
9,974,023.40
78,893.44
0.94%
(7,794.78)
Aa1/AA+
AA+
0.79 0.76
912828R36 UNITED STATES TREASURY 1.625
05/15/2026 12,000,000.00 05/17/2021
0.83%
12,466,875.00
12,081,440.62
97.92 4.07%
1 1,750,859.36
24,904.89
1.10%
(330,581.26)
Aa1/AA+
AA+
0.87 0.85
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 10,000,000.00 --
2.89%
9,212,695.32
9,816,728.50
97.05 4.06%
9,705,468.80
6,352.46
0.91%
(111,259.70)
Aa1/AA+
AA+
0.92 0.90
91282CCP4 UNITED STATES TREASURY 0.625
07/31/2026 15,000,000.00 --
1.60%
14,409,570.31
14,851,315.32
96.47 3.99%
14,470,898.40
39,105.66
1.36%
(380,416.92)
Aa1/AA+
AA+
1.08 1.06
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 17,000,000.00 --
1.10%
16,722,304.69
16,933,521.00
96.38 3.96%
16,384,414.02
42,615.49
1.54%
(549,106.98)
Aa1/AA+
AA+
1.17 1.14
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 16,000,000.00 --
1.66%
15,450,000.00
15,851,106.88
96.33 3.92%
15,412,500.00
35,191.26
1.45%
(438,606.88)
Aa1/AA+
AA+
1.25 1.22
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 3,000,000.00 01/27/2023
3.77%
2,724,375.00
2,902,165.18
96.43 3
.90%
2,893,007.82
5,686.14
0.27%
(9,157.36)
Aa1/AA+
AA+
1.34 1.30
91282CDK4 UNITED STATES TREASURY 1.25
11/30/2026 9,000,000.00 12/09/2021
1.24%
9,004,570.31
9,001,301.13
96.42 3.87%
8,677,968.75
9,528.69
0.82%
(323,332.38)
Aa1/AA+
AA+
1.42 1.38
91282CJT9 UNITED STATES TREASURY 4.0
01/15/2027 5,000,000.00 06/26/2024
4.61%
4,927,343.75
4,956,110.01
100.24
3.84%
5,011,914.05
92,265.19
0.47%
55,804.04
Aa1/AA+
AA+
1.54 1.45
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 5,000,000.00 02/14/2022
1.91%
4,902,343.75
4,968,778.04
96.46 3.83%
4,822,851.55
31,284.53
0.45%
(145,926.49)
Aa1/AA+
AA+
1.59 1.53
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 5,000,000.00
0 3/22/2022
2.40%
4,965,039.06
4,988,398.44
97.56 3.81%
4,878,125.00
42,265.19
0.46%
(110,273.44)
Aa1/AA+
AA+
1.63 1.56
33 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 10,000,000.00 04/14/2022
2.76%
9,878,906.25
9,957,339.69
97.86 3.77%
9,786,328.10
62,841.53
0.92%
(171,011.59)
Aa1/AA+
AA+
1.75 1.68
912828ZN3 UNITED STATES TREASURY 0.5
04/30/2027 5,000,000.00 06/01/2022
2.95%
4,442,968.75
4,792,472.46
94.29 3.75%
4,714,648.45
4,211.96
0.44%
(77,824.01)
Aa1/AA+
AA+
1.83 1.79
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 20,500,000.00 --
3.81%
19,370,507.82
19,995,711.89
97.53 3.75%
19,993,105.52
62,182.40
1.88%
(2,606.37)
Aa1/AA+
AA+
1.87 1.80
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 3,000,000.00 03/14/2023
3.96%
2,846,484.38
2,930,229.25
97.93 3.75%
2,938,007.82
6,670.08
0.28%
7,778.57
Aa1/AA+
AA+
1.92 1.84
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 15,000,000.00 --
3.73%
14,407,031.26
14,720,553.19
98.05 3.73%
14,707,617.15
172,064.92
1.38%
(12,936.04)
Aa1/AA+
AA+
2.08 1.98
9128282R0 UNITED STATES TREASURY 2.25
08/15/2027 10,000,000.00 10/20/2022
4.44%
9,058,593.75
9,585,224.65
97.00 3.73%
9,700,000.00
8 4,530.39
0.91%
114,775.35
Aa1/AA+
AA+
2.13 2.03
912810FA1 UNITED STATES TREASURY 6.375
08/15/2027 5,000,000.00 01/11/2023
3.77%
5,543,750.00
5,251,435.71
105.43
3.69%
5,271,679.70
119,751.38
0.50%
20,243.99
Aa1/AA+
AA+
2.13 1.94
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 5,000,000.00 02/23/2023
4.20%
4,780,859.38
4,894,881.61
98.77 3.72%
4,938,476.55
5 2,224.86
0.46%
43,594.94
Aa1/AA+
AA+
2.17 2.05
91282CAL5 UNITED STATES TREASURY 0.375
09/30/2027 10,000,000.00 11/08/2022
4.35%
8,267,578.13
9,203,629.14
92.85 3.72%
9,285,156.20
9,426.23
0.87%
81,527.06
Aa1/AA+
AA+
2.25 2.20
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 8,000,000.00 03/14/2023
3.86%
8,087,500.00
8,043,275.60
100.91
3.70%
8,072,812.48
82,950.82
0.76%
29,536.88
Aa1/AA+
AA+
2.25 2.11
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 15,000,000.00 --
3.92%
15,135,156.25
15,064,193.53
100.91
3.71%
15,137,109.30
104,245.92
1.42%
72,915.77
Aa1/AA+
AA+
2.34 2.19
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 7,000,000.00 01/27/2023
3.65%
6,570,976.56
6,787,692.17
96.70 3.72%
6,768,945.33
20,115.49
0.64%
(18,746.84)
Aa1/AA+
AA+
2.38 2.27
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 7,000,000.00 09/26/2024
3.55%
7,067,812.50
7,051,605.37
100.38
3 .71%
7,026,796.84
22,974.73
0.66%
(24,808.53)
Aa1/AA+
AA+
2.42 2.28
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 10,000,000.00 03/14/2023
3.82%
10,023,437.50
10,012,213.72
100.42
3.70%
10,042,187.50
1,052.99
0.94%
29,973.78
Aa1/AA+
AA+
2.50 2.36
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 14,000,000.00 06/13/2023
3.99%
13,711,523.44
13,839,053.27
99.49 3.71%
13,928,906.32
204,392.27
1.31%
89,853.05
Aa1/AA+
AA+
2.59 2.41
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 10,000,000.00 04/20/2023
3.77%
9,552,343.75
9,756,355.08
97.62 3.71%
9,762,109.40
103,314.92
0.92%
5,754.32
Aa1/AA+
AA+
2.63 2.48
91282CMS7
U
NITED STATES TREASURY 3.875
03/15/2028 5,000,000.00 05/29/2025
3.90%
4,996,875.00
4,996,973.04
100.48
3.69%
5,024,023.45
56,861.41
0.47%
27,050.41
Aa1/AA+
AA+
2.71 2.52
34 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 7,000,000.00 10/31/2023
4.82%
6,669,687.50
6,794,399.41
99.83 3.69%
6,987,968.75
63,784.15
0.66%
193,569.34
Aa1/AA+
AA+
2.75 2.57
9128284N7 UNITED STATES TREASURY 2.875
05/15/2028 15,000,000.00 --
4.01%
14,307,421.88
14,556,978.14
97.77 3.70%
14,665,429.65
55,078.13
1.38%
108,451.51
Aa1/AA+
AA+
2.88 2.72
91282CCR0 UNITED STATES TREASURY 1.0
07/31/2028 10,000,000.00 09/14/2023
4.43%
8,511,718.75
9,059,593.33
92.19 3.70%
9,219,140.60
41,712.71
0.87%
159,547.27
Aa1/AA+
AA+
3.08 2.97
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 10,000,000.00 05/29/2024
4.70%
9,783,593.75
9,840,004.31
101.21
3.71%
10,120,703.10
172,064.92
0.95%
280,698.79
Aa1/AA+
AA+
3.08 2.83
9128284V9 UNITED STATES TREASURY 2.875
08/15/2028 10,000,000.00 12/22/2023
3.92%
9,559,375.00
9,703,914.53
97.54 3.72%
9,753,906.20
108,011.05
0.92%
49,991.67
Aa1/AA+
AA+
3.13 2.92
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 15,000,000.00 11/29/2023
4.34%
15,182,812.50
15,122,806.13
102.77
3.71%
15,415,429.65
1 74,385.25
1.45%
292,623.52
Aa1/AA+
AA+
3.25 2.97
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 20,000,000.00 --
4.10%
19,164,062.50
19,405,872.93
98.13 3.72%
19,626,562.40
79,823.37
1.85%
220,689.47
Aa1/AA+
AA+
3.38 3.15
91282CDP3 UNITED STATES TREASURY 1.375
12/31/2028 10,000,000.00 03/28/2024
4.22%
8,785,546.88
9,106,279.90
92.38 3.72%
9,238,281.20
3 73.64
0.87%
132,001.30
Aa1/AA+
AA+
3.50 3.36
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 6,000,000.00 02/27/2025
4.10%
5,679,375.00
5,706,610.41
96.30 3.72%
5,778,046.86
59,171.27
0.54%
71,436.45
Aa1/AA+
AA+
3.63 3.38
91282CEE7 UNITED STATES TREASURY 2.375
03/31/2029 16,000,000.00 --
4.45%
14,632,656.25
14,885,752.72
95.28 3.73%
15,245,008.00
95,519.13
1.43%
359,255.28
Aa1/AA+
AA+
3.75 3.52
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 10,000,000.00 05/29/2024
4.65%
9,228,125.00
9,398,745.48
96.95 3.74%
9,694,921.90
48,437.50
0.91%
296,176.42
Aa1/AA+
AA+
3.83 3.57
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 15,000,000.00 --
4.25%
14,057,812.50
14,207,428.95
96.43 3.74%
14,464,453.20
34,938.52
1.36%
257,024.25
Aa1/AA+
AA+
3.92 3.66
91282CFC0 UNITED STATES TREASURY 2.625
07/31/2029 5,000,000.00 08/28/2024
3.67%
4,765,625.00
4,805,535.27
95.79 3
.75%
4,789,257.80
54,747.93
0.45%
(16,277.47)
Aa1/AA+
AA+
4.08 3.78
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 15,000,000.00 --
3.70%
14,629,687.50
14,670,493.45
97.59 3.76%
14,637,890.70
156,674.59
1.38%
(32,602.75)
Aa1/AA+
AA+
4.17 3.82
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 18,000,000.00 --
4.23%
17,729,375.00
17,758,909.81
100.46
3.76%
18,082,968.84
175,327.87
1.70%
324,059.03
Aa1/AA+
AA+
4.25 3.85
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 16,000,000.00 --
4.27%
15,811,250.00
15,830,058.13
100.95
3.76%
16,152,500.00
107,826.09
1.52%
322,441.87
Aa1/AA+
AA+
4.34 3.92
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 12,000,000.00 01/29/2025
4.34%
1 1,756,250.00
11,777,241.50
100.44
3.76%
12,052,968.72
39,385.25
1.13%
275,727.22
Aa1/AA+
AA+
4.42 4.01
35 HOLDINGS REPORT
City of Mountain View Cons | Account #914 | As of June 30, 2025 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
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 8,000,000.00 06/27/2025
3.75%
8,120,000.00
8,119,925.65
101.47
3.76%
8,117,504.00
27,950.82
0.76%
(2,421.65)
Aa1/AA+
AA+
4.42 4.00
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 7,000,000.00 06/27/2025
3.78%
7,171,171.88
7,171,067.82
102.48
3.77%
7,173,632.83
832.20
0.67%
2,565.01
Aa1/AA+
AA+
4.50 4.06
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 12,000,000.00 02/26/2025
4.11%
11,678,437.50
11,700,601.90
98.84 3.78%
11,860,312.56
175,193.37
1.12%
159,710.66
Aa1/AA+
AA+
4.59 4.13
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 17,000,000.00 --
4.06%
15,073,906.25
15,189,933.84
90.49 3.76%
15,383,671.96
95,801.11
1.45%
193,738.12
Aa1/AA+
AA+
4.63 4.37
912828ZQ6 UNITED STATES TREASURY 0.625
05/15/2030 10,000,000.00 05/29/2025
4.01%
8,492,187.50
8,518,830.24
86.04 3.79%
8,603,906.20
7,982.34
0.81%
85,075.96
Aa1/AA+
AA+
4.87 4.71
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 10,000,000.00 06/27/2025
3.80%
9,978,125.00
9,978,137.18
99.78 3.80%
9,977,734.40
3 1,762.30
0.94%
(402.78)
Aa1/AA+
AA+
4.92 4.44
Total US Treasury 618,500,000.00 3.39%
595,812,539.12
604,272,786.87
97.91 3.84%
605,027,293.36
3,555,880.02
56.88%
754,506.49
2.55 2.38
Total Portfolio 1,078,067,632.92 3.40%
1,053,088,360.80
1,063,003,450.46
90.35 3.97%
1,063,696,752.57
6,638,075.90
100.00%
693,302.10
2.28 2.07
T
otal Market Value +
Accrued 1,070,334,828.46
36 TRANSACTIONS
37 TRANSACTION LEDGER
City of Mountain View Cons | Account #914|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/01/2025 90LAIF$00 1,500,000.00 Local Agency Investment Fund State Pool 1.000 4.29% (1,500,000.00) 0.00 (1,500,000.00) 0.00 Purchase 04/03/2025 90LAIF$00 1,100,000.00 Local Agency Investment Fund State Pool 1.000 4.29% (1,100,000.00) 0.00 (1,100,000.00) 0.00 Purchase 04/08/2025 90LAIF$00 1,400,000.00 Local Agency Investment Fund State Pool 1.000 4.29% (1,400,000.00) 0.00 (1,400,000.00) 0.00 Purchase 04/11/2025 90LAIF$00 1,700,000.00 Local Agency Investment Fund State Pool 1.000 4.28% (1,700,000.00) 0.00 (1,700,000.00) 0.00 Purchase 04/15/2025 90LAIF$00 1,150,934.74 Local Agency Investment Fund State Pool 1.000 4.28% (1,150,934.74) 0.00 (1,150,934.74) 0.00 Purchase 04/16/2025 90LAIF$00 9,700,000.00 Local Agency Investment Fund State Pool 1.000 4.28% (9,700,000.00) 0.00 (9,700,000.00) 0.00 Purchase 04/22/2025 89236TNA9 3,500,000.00 TOYOTA MOTOR CREDIT CORP 4.95 01/09/2030 100.531 4.82% (3,518,585.00) (49,568.75) (3,568,153.75) 0.00 Purchase 04/23/2025 3130AV5P3 7,500,000.00 FEDERAL HOME LOAN BANKS 4.375 03/08/2030 101.575 4.02% (7,618,125.00) (41,015.63) (7,659,140.63) 0.00 Purchase 04/23/2025 912828Z94 5,000,000.00 U NITED STATES TREASURY
1.5 02/15/2030 89.266 3.97% (4,463,281.25) (13,881.22) (4,477,162.47) 0.00 Purchase 04/24/2025 3130B62S4 15,000,000.00 FEDERAL HOME LOAN BANKS 3.965 04/24/2030 100.000 3.97% (15,000,000.00) 0.00 (15,000,000.00) 0.00 Purchase 04/24/2025 90LAIF$00 1,200,000.00 Local Agency Investment Fund State Pool 1.000 4.28% (1,200,000.00) 0.
00 (1,200,000.00) 0.00
Purchase 04/25/2025 90LAIF$00 3,500,000.00 Local Agency Investment Fund State Pool 1.000 4.28% (3,500,000.00) 0.00 (3,500,000.00) 0.00 Purchase 04/30/2025 61747YFQ3 3,500,000.00 MORGAN STANLEY 5.656 04/18/2030 103.363 4.72% (3,617,705.00) (6,598.67) (3,624,303.67) 0.00 Purchase 04/30/2025 90LAIF$00 9,000,000.00 Local Agency Investment Fund State Pool 1.000 4.27% (9,000,000.00) 0.00 (9,000,000.00) 0.00 Purchase 05/06/2025 90LAIF$00 1,200,000.00 Local Agency Investment Fund State Pool 1.000 4.27% (1,200,000.00) 0.00 (1,200,000.00) 0.00 Purchase 05/12/2025 90LAIF$00 5,100,000.00 Local Agency Investment Fund State Pool 1.000 4.26% (5,100,000.00) 0.00 (5,100,000.00) 0.00 Purchase 05/13/2025 91324PEQ1 3,500,000.00 UNITEDHEALTH GROUP INC
5.3 02/15/2030 102.611 4.66% (3,591,385.00) (45,344.44) (3,636,729.44) 0.00 38 TRANSACTION LEDGER
City of Mountain View Cons | Account #914|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Purchase 05/15/2025 06051GHM4 3,500,000.00 BANK OF AMERICA CORP
4.271 07/23/2029 98.447 4.80% (3,445,645.00) (46,506.44) (3,492,151.44) 0.00 Purchase 05/15/2025 90LAIF$00 1,500,000.00 Local Agency Investment Fund State Pool 1.000 4.28% (1,500,000.00) 0.00 (1,500,000.00) 0.00 Purchase 05/22/2025 90LAIF$00 1,400,000.00 Local Agency Investment Fund State Pool 1.000 4.28% (1,400,000.00) 0.00 (1,400,000.00) 0.00 Purchase 05/28/2025 90LAIF$00 2,000,000.00 Local Agency Investment Fund State Pool 1.000 4.28% (2,000,000.00) 0.00 (2,000,000.00) 0.00 Purchase 05/30/2025 3130B6J64 5,000,000.00 FEDERAL HOME LOAN BANKS 4.3 02/23/2028 100.000 4.30% (5,000,000.00) (4,180.56) (5,004,180.56) 0.00 Purchase 05/30/2025 912828ZQ6 10,000,000.00 UNITED STATES TREASURY
0.625 05/15/2030 84.922 4.01% (8,492,187.50) (2,547.55) (8,494,735.05) 0.00 Purchase 05/30/2025 91282CMS7 5,000,000.00 UNITED STATES TREASURY
3.875 03/15/2028 99.937 3.90% (4,996,875.00) (40,013.59) (5,036,888.59) 0.00 Purchase 06/04/2025 90LAIF$00 1,800,000.00 Local Agency Investment Fund State Pool 1.000 4.27% (1,800,000.00) 0.00 (1,800,000.00) 0.00 Purchase 06/05/2025 90LAIF$00 1,100,000.00 Local A gency Investment Fund State Pool 1.000 4.27% (1,100,000.00) 0.00 (1,100,000.00) 0.00 Purchase 06/23/2025 90LAIF$00 9,900,000.00 Local Agency Investment Fund State Pool 1.000 4.27% (9,900,000.00) 0.00 (9,900,000.00) 0.00 Purchase 06/26/2025 90LAIF$00 3,500,000.00 Local Agency Investment Fund State Pool 1.000 4.27% (3,500,000.00) 0.00 (
3,500,000.00) 0.00
Purchase 06/27/2025 90LAIF$00 5,200,000.00 Local Agency Investment Fund State Pool 1.000 4.27% (5,200,000.00) 0.00 (5,200,000.00) 0.00 Purchase 06/30/2025 95000U3T8 3,500,000.00 WELLS FARGO & CO 4.97 04/23/2029 101.368 4.44% (3,547,880.00) (32,374.03) (3,580,254.03) 0.00 Purchase 06/30/2025 747525BU6 3,500,000.00 QUALCOMM INC 4.5 05/20/2030 100.893 4.29% (3,531,255.00) (17,062.50) (3,548,317.50) 0.00 Purchase 06/30/2025 91282CHF1 10,000,000.00 UNITED STATES TREASURY
3.75 05/31/2030 99.781 3.80% (9,978,125.00) (30,737.70) (10,008,862.70) 0.00 Purchase 06/30/2025 91282CMA6 8,000,000.00 UNITED STATES TREASURY
4.125 11/30/2029 101.500 3.75% (8,120,000.00) (27,049.18) (8,147,049.18) 0.00 Purchase 06/30/2025 91282CMD0 7,000,000.00 UNITED STATES TREASURY
4.375 12/31/2029 102.445 3.78% (7,171,171.88) 0.00 (7,171,171.88) 0.00 Total Purchase 156,450,934.74 (155,043,155.37) (155,400,035.63) 0.00 39 TRANSACTION LEDGER
City of Mountain View Cons | Account #914|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS 156,450,934.74 (155,043,155.37) (155,400,035.63) 0.00
DISPOSITIONS
Maturity 04/22/2025 3135G03U5 (5,000,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.625 04/22/2025
100.000 0.61% 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 04/30/2025 912828ZL7 (3,000,000.00) UNITED STATES TREASURY
0.375 04/30/2025 100.000 1.38% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 05/15/2025 912828XB1 (7,000,000.00) UNITED STATES TREASURY
2.125 05/15/2025 100.000 0.32% 7,000,000.00 0.00 7,000,000.00 0.00 Maturity 05/15/2025 91282CEQ0 (4,000,000.00) UNITED STATES TREASURY
2.75 05/15/2025 100.000 3.94% 4,000,000.00 0.00 4,000,000.00 0.00 Maturity 05/31/2025 912828ZT0 (8,000,000.00) UNITED STATES TREASURY
0.25 05/31/2025 100.000 0.86% 8,000,000.00 0.00 8,000,000.00 0.00 Maturity 06/13/2025 3130AWBY5 (5,000,000.00) FEDERAL HOME LOAN BANKS 4.75 06/13/2025 100.000 4.87% 5,000,000.00 0.00 5,000,000.00 0.00 Maturity 06/17/2025 3135G04Z3 (10,000,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 06/17/2025
100.000 0.49% 10,000,000.00 0.00 10,000,000.00 0.00
Total Maturity (42,000,000.00) 42,000,000.00 0.00 42,000,000.00 0.00 Sale 04/02/2025 90LAIF$00 (7,400,000.00) Local Agency Investment Fund State Pool 1.000 4 .29% 7,400,000.00 0.00 7,400,000.00 0.00 Sale 04/04/2025 90LAIF$00 (3,300,000.00) Local Agency Investment Fund State Pool 1.000 4.29% 3,300,000.00 0.00 3,300,000.00 0.00 Sale 04/07/2025 90LAIF$00 (1,400,000.00) L
ocal Agency Investment
Fund State Pool 1.000 4.29% 1,400,000.00 0.00 1,400,000.00 0.00 Sale 04/10/2025 90LAIF$00 (300,000.00) Local Agency Investment Fund State Pool 1.000 4.29% 300,000.00 0.00 300,000.00 0.00 Sale 04/14/2025 90LAIF$00 (2,800,000.00) Local Agency Investment Fund State Pool 1.000 4.28% 2,800,000.00 0.00 2,800,000.00 0.00 Sale 04/16/2025 90LAIF$00 (3,500,000.00) Local Agency Investment Fund State Pool 1.000 4.28% 3,500,000.00 0.00 3,500,000.00 0.00 Sale 04/16/2025 90LAIF$00 (1,600,000.00) Local Agency Investment Fund State Pool 1.000 4.28% 1,600,000.00 0.00 1,600,000.00 0.00 40 TRANSACTION LEDGER
City of Mountain View Cons | Account #914|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 04/28/2025 90LAIF$00 (2,500,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 2,500,000.00 0.00 2,500,000.00 0.00 Sale 05/02/2025 90LAIF$00 (2,200,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 2,200,000.00 0.00 2,200,000.00 0.00 Sale 05/05/2025 90LAIF$00 (9,200,000.00) Local Agency Investment Fund State Pool 1.000 4.26% 9,200,000.00 0.00 9,200,000.00 0.00 Sale 05/09/2025 90LAIF$00 (1,000,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 1,000,000.00 0.00 1,000,000.00 0.00 Sale 05/16/2025 90LAIF$00 (3,600,000.00) Local Agency Investment Fund State Pool 1.000 4.28% 3,600,000.00 0.00 3,600,000.00 0.00 Sale 05/19/2025 90LAIF$00 (700,000.00) Local Agency Investment Fund State Pool 1.000 4.28% 700,000.00 0.00 700,000.00 0.00 Sale 05/27/2025 90LAIF$00 (2,400,000.00) Local Agency Investment Fund State Pool 1.000 4.28% 2,400,000.00 0.00 2,400,000.00 0.00 Sale 05/30/2025 90LAIF$00 (3,700,000.00) Local Agency Investment Fund State Pool 1.000 4.28% 3,700,000.00 0.00 3,700,000.00 0.00 Sale 06/02/2025 90LAIF$00 (2,900,000.00) L ocal Agency Investment Fund State Pool 1.000 4.27% 2,900,000.00 0.00 2,900,000.00 0.00 Sale 06/09/2025 90LAIF$00 (6,600,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 6,600,000.00 0.00 6,600,000.00 0.00 Sale 06/10/2025 90LAIF$00 (2,600,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 2,600,000.00 0.00 2,600,000.00 0. 00 Sale 06/13/2025 90LAIF$00 (2,400,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 2,400,000.00 0.00 2,400,000.00 0.00 Sale 06/16/2025 90LAIF$00 (3,800,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 3,800,000.00 0.00 3,800,000.00 0.00 Sale 06/18/2025 90LAIF$00 (6,800,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 6,800,000.00 0.00 6,800,000.00 0.00 Sale 06/30/2025 90LAIF$00 (2,300,000.00) Local Agency Investment Fund State Pool 1.000 4.27% 2,300,000.00 0.00 2,300,000.00 0.00 Total Sale (73,000,000.00) 73,000,000.00 0.00 73,000,000.00 0.00 TOTAL
DISPOSITIONS (115,000,000.00) 115,000,000.00 0.00 115,000,000.00 0.00 41 IMPORTANT DISCLOSURES
City of Mountain View | As of June 30, 2025
2025 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 I CE 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 i ncome 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. 42 BENCHMARK DISCLOSURES
City of Mountain View | As of June 30,2024
Benchmark Disclosure
40% ICE 1-5 Yr Trsry & Agcy 10% ICE 6-Mnth
Trsry 10% ICE 3-Mnth Trsry 40% ICE 1-5 Yr
US Bullet Agncy
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.
The ICE BofA US 6-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, six months from the rebalancing date.
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.
ICE B ofA 1-5 Yr US Corporate Rated AAA-AA
Index
The ICE BofA 1-5 Year AAA-AA US Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must be rated AAA through AA3 (based on an average of Moody's, S&P and Fitch). In addition, 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 final maturity at the time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 43