14
Total Return Performance – Matched Funding & Total Return
Total Return as of Period Ended 9/30/2025
Ending
Trailing Period
1 Month 3 Months
6 Months 12 Months
Market Value
Combined Accounts Weighted Average
0.37% 1.23% 2.45% 4.30%
$
956,646,469
MATCHED FUNDING Capital
0.35% 1.09% 2.13% 4.40% 0.36% 0.97% 2.06% 4.37% 0.40% 1.43% 2.90% 4.00% 0.34% 1.30% 2.69% 3.71%
$ $
511,073,313 36,318,705
Bond Service
TOTAL RETURN
Reserves General / M&O
$
409,254,451
Composite Agency / STRIPS Index
Shorter Term Matched Funded accounts for Capital/Construction & Bond Service continue to benefit from higher short- term interest rates. Longer Duration Reserves – interest rate volatility results in market value changes that drive total returns higher or lower than market yields.
Trailing Period Total Returns
0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50%
Yield curve twist (lower front end, higher back end) was modest enough to be offset by accruals, leading to mark-to-market price increases.
Note: Table provides weighted returns for the combined M&O / General accounts & the respective indices. Graph shows individual portfolio total returns.
1 Month
3 Months
6 Months
12 Months
General
Agency Index M&O STRIPS Index
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