April 25, 2024 - Monthly Treasurer’s Investment Report for March 2024CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending March 31, 2024
City of Cupertino
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of March 31, 2024
1
SECTION |Section 1 |Economic Update
2
Economic Update
Recent economic da ta has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.
Inflationary trends are subsiding, but core levels remain above the Fed’s target.Given the cumulative effects of restrictive monetary policy
and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024.
As expected at the March meeting,the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a
target range of 5.25 -5.50%.The March Summary of Economic Projections (SEP)showed stronger real GDP growth outlook and higher core
inflation projections for 2024 on resilient labor market and consumer data.The median projection for Federal Funds rate by year-end
remained the same at 4.625%,implying three 0.25%cuts.We continue to believe the FOMC will loosen monetary policy in mid-2024 as
inflation and economic growth continue to moderate.
The US T reasury yield curve stabilized in March as the FOMC left the Federal Funds rate unchanged. The 2-year Treasury yield was
unchanged at 4.62%,the 5-year Treasury fell 4 basis points to 4.21%,and the 10-year Treasury yield dropped 5 basis points to 4.20%.The
inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month-end versus -37 basis
points at February month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -56 basis points. The
inversion between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February.
3
Employment
-400
-200
0
200
400
600
800
1,000
MO
M
C
h
a
n
g
e
I
n
T
h
o
u
s
a
n
d
s
(
0
0
0
'
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)
Ra
t
e
(
%
)
The U.S.economy added a better-than-expected 303,000 jobs in March,and the prior two months were revised up by 22,000.Leading
sectors included healthcare and government.Job creation remains healthy,with the three-month moving average payrolls at 276,000 and
the six-month moving average at 244,000.The unemployment rate edged down to 3.8%in March.The laborparticipation rate ticked up to
62.7%but remained 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 was unchanged at 7.3%.Average hourly earnings rose 4.1%year-
over-year in March, down from 4.3% last month. Employment remains strong by historical standards.
Source: US Department of Labor Source: US Department of Labor
4
Job Openings & Labor Turnover Survey
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)edged up to 8.756 million in February compared to a
downwardly revised 8.748 million in January.Job openings still represent a healthy ratio of around 1.4 jobs for each unemployed
individual. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.
Source: US Department of Labor
5
Inflation
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
YO
Y
(
%
)
C
h
a
n
g
e
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 Core Deflator YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
The Consumer Price Index (CPI)came in higher than expected in February,increasing 0.4%month-over-month and 3.2%year-over-year.
The Core CPI,which excludes volatile food and energy components,was up 0.4%month-over-month and 3.8%year-over-year in February,
falling from 3.9%last month.Shelter costs remain elevated,accounting for about two-thirds of the year-over-year increase.The Personal
Consumption Expenditures (PCE)Index headline inflation increased 0.3%month-over-month and rose 2.5%year-over-year in February,in
line with expectations.Core PCE,the Federal Reserve’s preferred inflation gauge,increased 0.3%month-over-month and rose 2.8%year-
over-year. While the trend is moderating, the path to the Fed's 2% inflation target remains uneven.
Source: US Department of Labor Source: US Department of Commerce
6
Consumer
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
February Retail Sales fell short of expectations but rebounded 0.6%month-over-month from a downwardly revised 1.1%decline last
month.On a year-over-year basis, Retail Sales growth increased just 1.5%for February.Sales got a boost in the month from building
materials and garden equipment stores,motor vehicles,and higher prices at the pump.Control-group sales,which are used to calculate
gross domestic product,were unchanged in February after falling in the prior month, suggesting weaker economic activity in the first
quarter.The Conference Board’s Consumer Confidence Index edged down to 104.7 in March after a sizeable downward revision to 104.8
in February.The lower reading was largely due to a deteriorating view of the labor market and future business conditions,along with
concerns about the highly polarized political environment.While the consumer has been resilient,dwindling excess savings, rising credit
card balances, and the resumption of student loan payments pose potential headwinds to future economic growth.
0
20
40
60
80
100
120
140
160
In
d
e
x
L
e
v
e
l
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)
7
Leading Indicators of Economic Activity
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YO
Y
(%
)
C
h
a
n
g
e
-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
M
o
n
t
h
A
v
e
r
a
g
e
The Conference Board’s Leading Economic Index (LEI)rose to 0.1%month-over-month in February ending its 2-year uninterrupted
contraction since February 2022.The index declined 6.3%year-over-year.The Conference Board is no longer calling for recession but
expects GDP growth to slow to near zero this year.The Chicago Fed National Activity Index (CFNAI)increased +0.05 in February from a
downwardly revised -0.54 in January.On a 3-month moving average basis,the CFNAI decreased to -0.18 in February from -0.11 in January,
indicating moderating economic growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
8
Housing
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing Starts increased 10.7%month-over-month in February to 1.521 million units, due to milder weather than seen in January and
some rising confidence among homebuilders as mortgage rates fell below 7%.Starts for multi-family homes increased 8.6%,while single
family homes increased 11.6%for the month.Total starts of new single-family homes are up 35.2%year-over-year.According to Freddie
Mac,30-year fixed mortgage rates averaged 6.79%as of March 31st.According to the Case-Shiller 20-City Home Price Index, housing
prices rose 6.59%year-over-year in January,accelerating from a 6.15%year-over-year gain in December.Tight inventories and higher
mortgage rates continue to impact affordability.
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
YO
Y
(
%
)
C
h
a
n
g
e
9
Survey Based Measures
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 unexpectedly expanded to 50.3 in March from 47.8 in February,marking
the first month of expansion in factory activity above a reading of 50 since 2022.Production and new orders surged,while employment
improved and prices paid increased. The ISM Services Index fell to 51.4 in March from 52.6 in February but remained in expansion
territory for the 15th consecutive month. The survey reflected slower growth in new orders,a contraction in employment,faster supplier
deliveries, and declining price pressures.
Source: Institute for Supply Management
10
Gross Domestic Product (GDP)
Components of GDP 3/23 6/23 9/23 12/23
2.5% 0.6% 2.1% 2.2%
-1.7% 0.9% 1.7% 0.2%
0.6% 0.0% 0.0% 0.3%
0.3% 0.1% 0.5% 0.2%
0.5% 0.5% 0.5% 0.6%
2.3% 2.1% 4.9% 3.4%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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
According to the third estimate,fourth quarter GDP increased at an annualized rate of 3.4%,revised up from the second estimate of 3.2%.
The upward revision was due mainly to stronger personal consumption expenditures and nonresidential investment.GDP growth for the
full year 2023 is estimated at 2.5%.The consensus projection calls for 2.0%growth in the first quarter and 2.2%growth for the full year
2024.
11
Federal Reserve
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
$
m
i
l
l
i
o
n
s
As expected at the March meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at
a target range of 5.25-5.50%. The FOMC Statement and Summary of Economic Projections (SEP) was minimally changed from January. The
Fed assesses the progress to achieving its employment and inflation goals are moving into better balance, yet changes to monetary policy
remain data dependent. For 2024, the March SEP showed stronger real GDP growth outlook of 2.1% from 1.4% in December as labor
market and consumer data have been resilient. Core inflation projections nudged up from 2.4% to 2.6%. The median projection for the
Federal Funds rate by the end of the year remained the same at 4.625%, implying three 0.25% cuts in 2024, three cuts in 2025 and three
cuts in 2026. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. Since
the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.5T to approximately $7.5T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
12
Bond Yields
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
Y
i
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Mar-24
Dec-23
Mar-23
Yi
e
l
d
(
%
)
At the end of March,the 2-year Treasury yield was 59 basis point higher, and the 10-Year Treasury yield was 73 basis points higher,year-
over-year.The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month-end
versus -37 basis points at February month-end. The average historical spread (since 2003)is about +130 basis points. The inversion
between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February.
13
Section 2|SECTION |Section 2 |Account Profile
14
Objectives
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.
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.
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.
As of March 31, 2024
15
Compliance As of March 31, 2024
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored
Enterprise obligations.Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB.Complies
Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California,
and any local agency within the State of California; Obligations of any of the other 49 states in addition to California,
including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by
a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.
Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and
operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.Complies
Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage
security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal
Agency/GSE.
Complies
Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" short-
term rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally
or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed
or state-licensed branch of a foreign bank.
Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance
with California Government Code.Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5%
max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5%
max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500
million; 10% max outstanding paper of the issuing corporation.
Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted
by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations,
Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency
obligations can be utilized.
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
16
Compliance As of March 31, 2024
Category Standard Comment
Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and
the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies
Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances
arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved
by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips;
Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.
Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for
expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies
Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
17
Portfolio Summary As of March 31, 2024
18
Portfolio Characteristics
City of Cupertino
03/31/24 12/31/23
Benchmark*Portfolio Portfolio
Average Maturity (yrs)1.85 2.03 2.10
Average Modified Duration 1.76 1.75 1.76
Average Purchase Yield n/a 2.44%2.19%
Average Market Yield 4.73%5.14%4.69%
Average Quality**AA+AA+AA/Aa1
Total Market Value 154,774,606 153,958,566
*ICE BofA 1-3 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.
As of March 31, 2024
19
City of Cupertino
Sector Distribution
Agency
16.6%
Asset Backed
Security
10.8%
Corporate
28.2%
Money Market
Fund
0.3%
Municipal Bonds
0.5%
Supranational
4.5%
US Treasury
35.4%
Agency CMBS
3.7%
Cash
0.0%
March 31, 2024 December 31, 2023
ABS
10.1%
Agency
16.7%
Corporate
27.5%
Money Market
Fund
0.3%
Municipal Bonds
0.5%
Supranational
4.5%
US Treasury
36.8%
CMO
3.7%
As of March 31, 2024
20
Duration Allocation As of March 31, 2024
City of Cupertino
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
03/31/24 4.3%7.7%15.4%32.5%22.4%17.6%0.0%0.0%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years
Agency
Agency CMBS
Asset Backed Security
Cash
Corporate
Money Market Fund
Municipal Bonds
Supranational
US Treasury
21
Portfolio Allocation & Duration Changes
City of Cupertino
As of March 31, 2024
Benchmark: ICE BofA 1-3 Yr US Treasury & Agency Index
99.8%100.3%104.5%
117.8%
131.4%130.7%
135.3%134.8%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
150.0%
03/31/2412/31/2309/30/2306/30/2303/31/2312/31/2209/30/2206/30/22
Duration as a % of the Benchmark
0.0%
0.3%
0.5%
3.7%
4.5%
10.1%
16.7%
27.5%
36.8%
0.0%
0.3%
0.5%
3.7%
4.5%
10.8%
16.6%
28.2%
35.4%
Cash
Money Market Fund
Municipal Bonds
Agency CMBS
Supranational
Asset Backed Security
Agency
Corporate
US Treasury
Portfolio Allocation
03/31/24
12/31/23
22
Issue Name Investment Type % Portfolio
United States Government US Treasury 35.41%
Federal National Mortgage Association Agency 8.76%
Federal Home Loan Mortgage Corp Agency 3.76%
Federal Home Loan Mortgage Corp Agency CMBS 3.70%
Federal Home Loan Bank Agency 2.25%
US Treasury US Treasury 1.90%
Federal Farm Credit Bank Agency 1.85%
American Express ABS Asset Backed Security 1.84%
John Deere ABS Asset Backed Security 1.78%
JP Morgan Chase & Co Corporate 1.65%
Toyota Motor Corp Corporate 1.59%
Bank of America Corp Corporate 1.54%
International Finance Corp Supranational 1.53%
Bank of New York Corporate 1.52%
Inter-American Dev Bank Supranational 1.48%
Intl Bank Recon and Development Supranational 1.45%
Toronto Dominion Holdings Corporate 1.30%
Cisco Systems Corporate 1.30%
Deere & Company Corporate 1.30%
Northwestern Mutual Glbl Corporate 1.26%
Paccar Financial Corporate 1.24%
Bank of Montreal Chicago Corporate 1.16%
State Street Bank Corporate 1.14%
Amazon.com Inc Corporate 1.12%
Salesforce.com Inc Corporate 1.12%
Metlife Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.11%
GM Financial Securitized Term Auto Trust Asset Backed Security 1.09%
JP Morgan ABS Asset Backed Security 1.09%
Morgan Stanley Corporate 1.08%
Honda ABS Asset Backed Security 1.07%
New York Life Global Funding Corporate 1.06%
United Health Group Inc Corporate 1.05%
Toyota ABS Asset Backed Security 1.04%
Hyundai Auto Receivables Asset Backed Security 1.01%
Berkshire Hathaway Corporate 0.98%
Guardian Life Global Funding Corporate 0.84%
Mercedes-Benz Asset Backed Security 0.73%
Issuers
City of Cupertino – Account #10659
As of March 31, 2024
23
Issue Name Investment Type % Portfolio
Caterpillar Inc Corporate 0.70%
Royal Bank of Canada Corporate 0.68%
MasterCard Inc Corporate 0.62%
Mass Mutual Insurance Corporate 0.59%
Charles Schwab Corp/The Corporate 0.58%
Bank of America Credit Card Trust Asset Backed Security 0.55%
State of California Municipal Bonds 0.49%
Northern Trust Corp Corporate 0.43%
BMW ABS Asset Backed Security 0.27%
WC MMF Sweep Money Market Fund 0.24%
Wal-Mart Stores Corporate 0.21%
Toyota Lease Owner Trust Asset Backed Security 0.19%
GM Financial Automobile Leasing Trust Asset Backed Security 0.08%
Hyundai Auto Lease Securitization Asset Backed Security 0.04%
Wells Fargo Bank Money Market Fund 0.03%
Account Receivable Payable Cash -0.01%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of March 31, 2024
24
AAA AA A <A NR
03/31/24 13.0%67.3%19.7%0.0%0.0%
12/31/23 13.8%60.4%19.1%0.0%6.6%
Source: S&P Ratings
March 31, 2024 vs. December 31, 2023
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
AAA AA A <A NR
03/31/24 12/31/23
Quality Distribution
City of Cupertino
As of March 31, 2024
25
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
City of Cupertino ICE BofA 1-3 Yr US Treasury & Agency Index
Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
Portfolio 4.3% 7.7% 15.4% 32.5% 22.4% 17.6% 0.0% 0.0%
Benchmark*0.0% 0.0% 3.7% 57.7% 38.5% 0.0% 0.0% 0.0%
*ICE BofA 1-3 Yr US Treasury & Agency Index
Duration Distribution
City of Cupertino
As of March 31, 2024
26
Total Rate of Return Annualized Since Inception January 31, 2019
*ICE BofA 1-5 Yr US Treasury & Agency Index to 06/08/2023.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the
ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Investment Performance
City of Cupertino
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Cupertino ICE BofA 1-3 Yr US Treasury & Agency Index
Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since
Inception
City of Cupertino Gross of Fees 0.54%3.49%1.59%-0.17%1.30%N/A 1.36%
ICE BofA 1-3 Yr US Treasury & Agency Index 0.30%2.69%1.14%-0.50%1.00%N/A 1.14%
City of Cupertino Net of Fees 0.54%3.42%1.52%-0.24%1.23%N/A 1.29%
As of March 31, 2024
27
Purchase Yield as of 03/31/24 = 2.44%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Pe
r
c
e
n
t
(
%
)
Historical Average Purchase Yield
City of Cupertino
As of March 31, 2024
28
SECTION |Section 3 |Portfolio Holdings
29
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
44891WAC3 HALST 2022-A A3 1.16 01/15/2025 54,901.51 01/11/2022
1.16%
54,900.30
54,901.24
99.81
10.03%
54,799.02
28.30
0.04%
(102.22)
Aaa/AAA
NA
0.79
0.04
89238LAC4 TLOT 2022-A A3 1.96 02/20/2025 292,917.96 02/23/2022
1.96%
292,871.86
292,905.76
99.65
6.93%
291,897.35
175.43
0.19%
(1,008.42)
NA/AAA
AAA
0.89
0.11
02589BAA8 AMXCA 2022-1 A 2.21 03/17/2025 1,545,000.00 03/21/2022
2.69%
1,524,359.77
1,538,376.70
97.11
5.33%
1,500,324.01
1,517.53
0.97%
(38,052.69)
Aaa/NA
AAA
0.96
1.46
36265MAC9 GMALT 2022-1 A3 1.9 03/20/2025 131,051.38 02/15/2022
1.91%
131,050.25
131,051.08
99.76
7.67%
130,732.71
76.08
0.08%
(318.37)
Aaa/NA
AAA
0.97
0.07
43813GAC5 HAROT 2021-1 A3 0.27 04/21/2025 19,248.69 02/17/2021
0.27%
19,248.34
19,248.63
99.43
5.97%
19,138.62
1.44
0.01%
(110.01)
Aaa/NA
AAA
1.06
0.15
89240BAC2 TAOT 2021-A A3 0.26 05/15/2025 76,835.04 02/02/2021
0.27%
76,820.77
76,832.42
99.49
5.97%
76,443.39
8.88
0.05%
(389.03)
Aaa/NA
AAA
1.12
0.14
02582JJT8 AMXCA 2022-2 A 05/17/2027 1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,834.89
97.93
5.33%
1,346,593.60
2,071.67
0.87%
(28,241.29)
NA/AAA
AAA
1.12
1.60
44933LAC7 HART 2021-A A3 0.38 09/15/2025 81,208.13 04/20/2021
0.39%
81,199.58
81,206.06
99.18
4.94%
80,542.64
13.72
0.05%
(663.42)
NA/AAA
AAA
1.46
0.24
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 249,940.28 11/16/2021
0.89%
249,887.59
249,919.72
97.56
4.99%
243,849.16
61.10
0.16%
(6,070.56)
Aaa/NA
AAA
1.81
0.67
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 259,813.28 07/13/2021
0.52%
259,790.10
259,804.74
97.64
5.45%
253,694.10
60.05
0.16%
(6,110.64)
Aaa/NA
AAA
1.96
0.53
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 240,313.24 11/09/2021
0.71%
240,308.12
240,311.17
97.44
4.51%
234,161.22
75.83
0.15%
(6,149.95)
NA/AAA
AAA
2.04
0.72
43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 587,241.38 02/15/2022
1.89%
587,153.05
587,200.53
97.68
4.97%
573,593.77
490.67
0.37%
(13,606.76)
Aaa/AAA
NA
2.12
0.81
44935FAD6 HART 2021-C A3 0.74 05/15/2026 707,823.98 --
2.17%
689,927.02
699,680.10
97.77
4.53%
692,033.49
232.80
0.45%
(7,646.62)
NA/AAA
AAA
2.12
0.66
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 420,955.28 05/10/2022
3.23%
420,933.39
420,943.77
98.48
4.87%
414,573.17
225.21
0.27%
(6,370.60)
Aaa/AAA
NA
2.40
0.93
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 312,457.37 03/10/2022
2.34%
312,388.25
312,421.97
97.90
5.26%
305,896.58
322.18
0.20%
(6,525.40)
Aaa/NA
AAA
2.46
0.77
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 204,474.64 10/13/2021
0.68%
204,469.43
204,472.40
97.10
4.44%
198,552.04
57.93
0.13%
(5,920.37)
Aaa/AAA
NA
2.46
0.85
448977AD0 HART 2022-A A3 2.22 10/15/2026 808,931.61 03/09/2022
2.23%
808,900.47
808,915.85
97.85
4.81%
791,542.89
798.15
0.51%
(17,372.96)
NA/AAA
AAA
2.54
0.91
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
30
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
380146AC4 GMCAR 2022-1 A3 1.23 11/16/2026 202,553.59 01/11/2022
1.27%
202,535.99
202,545.07
97.54
4.53%
197,574.14
106.34
0.13%
(4,970.94)
NA/AAA
AAA
2.63
0.90
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
858,231.75
100.24
4.97%
852,036.18
1,881.33
0.55%
(6,195.57)
Aaa/NA
AAA
2.63
2.40
362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 354,988.18 04/05/2022
3.13%
354,913.99
354,947.31
98.21
4.82%
348,626.48
458.53
0.23%
(6,320.83)
Aaa/AAA
NA
2.88
1.12
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 655,000.00 07/12/2022
3.77%
654,937.45
654,961.89
98.54
5.32%
645,409.62
1,088.76
0.42%
(9,552.27)
Aaa/NA
AAA
2.88
1.04
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 1,050,000.00 10/12/2022
5.15%
1,049,918.52
1,049,944.62
99.65
5.44%
1,046,296.86
2,375.33
0.68%
(3,647.76)
Aaa/NA
AAA
3.21
1.33
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023
5.40%
1,294,718.75
1,295,142.96
100.09
5.18%
1,301,180.79
2,981.33
0.84%
6,037.83
NA/AAA
AAA
4.05
2.47
438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 805,000.00 --
5.64%
806,992.67
806,790.04
101.21
5.30%
814,741.55
1,267.88
0.53%
7,951.50
Aaa/NA
AAA
4.22
2.50
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,766.32
99.98
5.45%
499,921.15
826.67
0.32%
154.83
Aaa/NA
AAA
4.63
2.28
58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 1,100,000.00 11/29/2023
5.18%
1,123,289.06
1,121,406.32
101.76
5.37%
1,119,380.57
2,908.89
0.73%
(2,025.75)
NA/AAA
AAA
4.63
2.78
36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 950,000.00 01/23/2024
4.90%
950,074.22
950,070.80
99.72
5.05%
947,383.60
1,919.79
0.61%
(2,687.19)
Aaa/NA
AAA
4.72
3.05
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,751.27
99.44
4.86%
1,680,492.57
3,455.11
1.09%
(9,258.71)
NR/AAA
AAA
4.80
2.71
Total ABS 16,825,655.52 3.73%
16,814,591.86
16,836,585.39
99.04
5.18%
16,661,411.25
25,486.92
10.81%
(175,174.14)
Aaa/AAA
AAA
2.98
1.74
AGENCY
3130A1XJ2 FEDERAL HOME LOAN BANKS 2.875
06/14/2024 1,500,000.00 06/18/2019
1.99%
1,564,890.20
1,502,635.50
99.52
6.30%
1,492,776.78
12,817.71
0.97%
(9,858.72)
Aaa/AA+
AA+
0.21
0.21
3135G0V75 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.75 07/02/2024 1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,499,233.08
99.09
6.61%
1,486,321.34
6,489.58
0.96%
(12,911.74)
Aaa/AA+
AA+
0.25
0.25
3130A2UW4 FEDERAL HOME LOAN BANKS 2.875
09/13/2024 2,000,000.00 09/13/2019
1.82%
2,103,380.00
2,009,351.81
98.93
5.75%
1,978,565.76
2,875.00
1.28%
(30,786.05)
Aaa/AA+
AA+
0.45
0.44
3135G0W66 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.625 10/15/2024 1,975,000.00 --
1.72%
1,965,802.75
1,973,979.72
98.11
5.90%
1,937,605.96
14,798.78
1.26%
(36,373.76)
Aaa/AA+
AA+
0.54
0.52
3135G0X24 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.625 01/07/2025 1,295,000.00 --
1.38%
1,309,953.95
1,297,389.11
97.36
5.48%
1,260,816.55
4,910.21
0.82%
(36,572.56)
Aaa/AA+
AA+
0.77
0.75
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
31
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
3137EAEP0 FEDERAL HOME LOAN MORTGAGE
CORP 1.5 02/12/2025 2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,683.68
96.91
5.48%
2,291,939.69
4,828.54
1.49%
(72,744.00)
Aaa/AA+
AA+
0.87
0.84
3135G03U5 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.625 04/22/2025 1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,859,189.15
95.48
5.38%
1,775,949.35
5,134.38
1.15%
(83,239.80)
Aaa/AA+
AA+
1.06
1.03
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 2,500,000.00 --
0.50%
2,499,227.30
2,499,863.92
94.84
5.21%
2,370,876.00
3,611.11
1.54%
(128,987.92)
Aaa/AA+
AA+
1.21
1.18
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,248,375.49
94.34
5.23%
1,179,232.22
911.46
0.77%
(69,143.27)
Aaa/AA+
AA+
1.31
1.27
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 2,500,000.00 --
0.47%
2,487,983.75
2,496,536.58
93.93
5.17%
2,348,325.00
937.50
1.52%
(148,211.58)
Aaa/AA+
AA+
1.40
1.37
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 2,500,000.00 --
0.46%
2,489,362.80
2,496,784.93
93.67
5.11%
2,341,747.02
208.33
1.52%
(155,037.91)
Aaa/AA+
AA+
1.48
1.44
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 2,500,000.00 --
0.56%
2,492,700.00
2,497,654.18
93.47
4.98%
2,336,821.02
5,000.00
1.52%
(160,833.15)
Aaa/AA+
AA+
1.61
1.56
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/2023
4.73%
2,789,612.00
2,790,593.21
100.55
4.39%
2,815,293.63
48,922.22
1.83%
24,700.42
Aaa/AA+
AA+
3.63
3.26
Total Agency 26,545,000.00 1.48%
26,650,930.10
26,536,270.36
96.56
5.37%
25,616,270.33
111,444.83
16.62%
(920,000.03)
Aaa/AA+
AA+
1.27
1.21
AGENCY CMBS
3137BFE98 FHMS K-041 A2 3.171 10/25/2024 1,277,224.35 07/01/2021
0.66%
1,373,914.22
1,292,194.10
98.68
2.76%
1,260,308.54
3,375.07
0.82%
(31,885.57)
Aaa/AA+
AAA
0.57
0.49
3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,024,974.22
97.38
5.32%
973,771.00
2,508.33
0.63%
(51,203.22)
Aaa/AA+
AAA
1.32
1.15
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 950,000.00 11/16/2021
1.22%
1,018,132.81
974,560.09
97.64
5.26%
927,563.94
2,639.42
0.60%
(46,996.14)
Aaa/AA+
AAA
1.40
1.21
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 440,000.00 03/15/2022
2.32%
453,079.69
445,364.43
97.51
5.23%
429,032.91
1,212.93
0.28%
(16,331.52)
Aaa/AA+
AAA
1.49
1.29
3137BN6G4 FHMS K-053 A2 2.995 12/25/2025 570,000.00 03/15/2022
2.32%
582,001.17
575,423.38
96.83
5.16%
551,957.73
1,422.62
0.36%
(23,465.64)
Aaa/AA+
AAA
1.74
1.51
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
668,572.99
95.21
4.94%
618,860.19
1,437.04
0.40%
(49,712.80)
Aaa/AA+
AAA
2.40
2.24
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
965,943.37
95.60
4.80%
955,961.00
2,703.33
0.62%
(9,982.37)
Aaa/AA+
AA+
3.40
3.08
Total Agency
CMBS 5,887,224.35 1.77%
6,144,930.62
5,947,032.58
97.13
4.60%
5,717,455.32
15,298.75
3.71%
(229,577.27)
Aaa/AA+
AAA
1.69
1.50
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
32
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
CASH
CCYUSD Payable (1,340,000.00)--
0.00%
(1,340,000.00)
(1,340,000.00)
1.00
0.00%
(1,340,000.00)
0.00
(0.87%)
0.00
Aaa/AAA
AAA
0.00
0.00
CCYUSD Receivable 1,324,050.19 --
0.00%
1,324,050.19
1,324,050.19
1.00
0.00%
1,324,050.19
0.00
0.86%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash (15,949.81)0.00%
(15,949.81)
(15,949.81)
1.00
0.00%
(15,949.81)
0.00
(0.01%)
0.00
Aaa/AAA
AAA
0.00
0.00
CORPORATE
06367TQW3 BANK OF MONTREAL 0.625
07/09/2024 600,000.00 02/09/2022
1.88%
582,216.00
597,997.02
98.64
6.77%
591,852.81
854.17
0.38%
(6,144.21)
A2/A-
AA-
0.27
0.27
79466LAG9 SALESFORCE INC 0.625 07/15/2024 1,760,000.00 --
0.87%
1,748,937.40
1,758,786.86
98.61
6.93%
1,735,575.64
2,322.22
1.13%
(23,211.22)
A1/A+
NA
0.29
0.29
69371RR40 PACCAR FINANCIAL CORP 0.5
08/09/2024 680,000.00 08/03/2021
0.52%
679,632.80
679,956.45
98.22
6.77%
667,870.66
491.11
0.43%
(12,085.78)
A1/A+
NA
0.36
0.35
69371RQ25 PACCAR FINANCIAL CORP 2.15
08/15/2024 370,000.00 08/08/2019
2.19%
369,182.30
369,939.13
98.77
6.40%
365,463.51
1,016.47
0.24%
(4,475.62)
A1/A+
NA
0.38
0.37
14913Q3B3 CATERPILLAR FINANCIAL SERVICES
CORP 2.15 11/08/2024 1,100,000.00 01/28/2020
1.93%
1,111,517.00
1,101,459.44
98.09
5.87%
1,078,936.30
9,394.31
0.70%
(22,523.14)
A2/A
A+
0.61
0.59
74153WCQ0 PRICOA GLOBAL FUNDING I 1.15
12/06/2024 885,000.00 12/01/2021
1.18%
884,088.45
884,792.53
97.11
6.01%
859,437.47
3,251.15
0.56%
(25,355.05)
Aa3/AA-
AA-
0.68
0.66
89114TZL9 TORONTO-DOMINION BANK 1.45
01/10/2025 700,000.00 03/15/2022
2.78%
674,737.00
693,034.28
96.98
5.77%
678,868.97
2,283.75
0.44%
(14,165.30)
A1/A
NA
0.78
0.76
89236TJT3 TOYOTA MOTOR CREDIT CORP 1.45
01/13/2025 1,215,000.00 01/10/2022
1.50%
1,213,371.90
1,214,573.66
97.05
5.70%
1,179,184.12
3,817.12
0.77%
(35,389.54)
A1/A+
A+
0.79
0.76
64952WEK5 NEW YORK LIFE GLOBAL FUNDING
1.45 01/14/2025 1,680,000.00 01/11/2022
1.49%
1,678,185.60
1,679,523.22
97.06
5.85%
1,630,678.21
5,210.33
1.06%
(48,845.02)
Aaa/AA+
AAA
0.79
0.77
69371RR73 PACCAR FINANCIAL CORP 2.85
04/07/2025 885,000.00 03/31/2022
2.86%
884,769.90
884,922.11
97.71
5.28%
864,750.80
12,190.88
0.56%
(20,171.31)
A1/A+
NA
1.02
0.98
78016EZ59 ROYAL BANK OF CANADA 3.375
04/14/2025 1,050,000.00 04/07/2022
3.39%
1,049,611.50
1,049,866.01
98.04
5.44%
1,029,410.69
16,439.06
0.67%
(20,455.32)
A1/A
AA-
1.04
0.99
06406RBC0 BANK OF NEW YORK MELLON CORP
3.35 04/25/2025 1,370,000.00 04/19/2022
3.35%
1,369,808.20
1,369,931.86
97.99
5.54%
1,342,397.80
19,887.83
0.87%
(27,534.06)
A1/A
AA-
1.07
1.02
06367WB85 BANK OF MONTREAL 1.85
05/01/2025 1,240,000.00 07/23/2021
0.86%
1,285,656.80
1,253,125.50
96.30
5.62%
1,194,136.44
9,558.33
0.77%
(58,989.05)
A2/A-
AA-
1.08
1.05
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
33
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
46647PCK0 JPMORGAN CHASE & CO 0.969
06/23/2025 655,000.00 --
0.95%
655,406.85
655,030.84
98.84
6.33%
647,392.90
1,727.78
0.42%
(7,637.94)
A1/A-
AA-
1.23
0.23
66815L2J7 NORTHWESTERN MUTUAL GLOBAL
FUNDING 4.0 07/01/2025 1,170,000.00 06/27/2022
4.01%
1,169,602.20
1,169,834.49
98.65
5.19%
1,154,252.40
11,700.00
0.75%
(15,582.09)
Aaa/AA+
AAA
1.25
1.20
74153WCM9 PRICOA GLOBAL FUNDING I 0.8
09/01/2025 904,000.00 04/06/2022
3.23%
832,972.72
874,376.71
93.92
5.56%
849,033.16
602.67
0.55%
(25,343.55)
Aa3/AA-
AA-
1.42
1.38
06406HCQ0 BANK OF NEW YORK MELLON CORP
3.95 11/18/2025 1,000,000.00 04/05/2022
3.21%
1,024,910.00
1,010,910.19
97.95
5.32%
979,515.14
14,593.06
0.64%
(31,395.05)
A1/A
AA-
1.64
1.54
40139LBC6 GUARDIAN LIFE GLOBAL FUNDING
0.875 12/10/2025 1,400,000.00 --
1.12%
1,385,860.00
1,394,278.34
92.96
5.64%
1,301,464.18
3,777.08
0.84%
(92,814.16)
Aa1/AA+
NA
1.70
1.64
66815L2A6 NORTHWESTERN MUTUAL GLOBAL
FUNDING 0.8 01/14/2026 850,000.00 12/06/2021
1.46%
827,449.50
840,169.91
92.78
5.35%
788,652.89
1,454.44
0.51%
(51,517.02)
Aaa/AA+
AAA
1.79
1.73
06051GHY8 BANK OF AMERICA CORP 2.015
02/13/2026 600,000.00 05/24/2021
1.06%
620,988.00
604,911.10
96.88
6.14%
581,263.66
1,612.00
0.38%
(23,647.44)
A1/A-
AA-
1.87
0.84
46647PBK1 JPMORGAN CHASE & CO 2.083
04/22/2026 401,000.00 05/20/2021
1.11%
415,969.33
405,043.50
96.36
6.49%
386,388.46
3,689.17
0.25%
(18,655.04)
A1/A-
AA-
2.06
1.02
6174468Q5 MORGAN STANLEY 2.188
04/28/2026 650,000.00 05/23/2022
4.22%
615,699.50
636,587.73
96.48
6.47%
627,088.46
6,044.35
0.41%
(9,499.27)
A1/A-
A+
2.08
1.03
023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,871,579.90
92.34
4.96%
1,731,436.67
7,239.58
1.12%
(140,143.23)
A1/AA
AA-
2.11
2.04
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,030,205.61
92.49
5.03%
957,322.05
4,496.50
0.62%
(72,883.56)
A2/A+
A
2.12
2.05
89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125
06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,730.34
92.04
5.09%
1,274,792.64
4,457.97
0.83%
(109,937.70)
A1/A+
A+
2.22
2.14
06051GJD2 BANK OF AMERICA CORP 1.319
06/19/2026 700,000.00 07/16/2021
1.27%
701,274.00
700,395.56
95.06
6.16%
665,392.42
2,616.02
0.43%
(35,003.14)
A1/A-
AA-
2.22
1.18
57629WDE7 MASSMUTUAL GLOBAL FUNDING II
1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,001,042.66
91.55
5.42%
915,511.88
2,500.00
0.59%
(85,530.78)
Aa3/AA+
AA+
2.29
2.21
58989V2D5 MET TOWER GLOBAL FUNDING 1.25
09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,652.40
91.04
5.42%
700,971.09
454.51
0.45%
(68,681.31)
Aa3/AA-
AA-
2.46
2.36
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,674.32
91.68
4.82%
320,863.04
142.92
0.21%
(28,811.28)
Aa2/AA
AA
2.47
2.38
61690U7W4 MORGAN STANLEY BANK NA 5.882
10/30/2026 1,000,000.00 --
5.88%
1,000,082.50
1,000,070.78
101.93
5.08%
1,019,278.40
24,508.33
0.66%
19,207.62
Aa3/A+
AA-
2.58
2.25
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,293.45
91.85
5.30%
1,024,155.04
4,645.83
0.66%
(90,138.41)
Aa3/AA-
AA-
2.78
2.64
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
34
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
17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 2,000,000.00 --
4.71%
2,004,911.40
2,004,837.36
100.16
4.80%
2,003,217.04
9,333.33
1.30%
(1,620.32)
A1/AA-
NA
2.91
2.67
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,840.22
93.19
5.16%
894,612.80
1,829.33
0.58%
(65,227.42)
A2/A-
A
2.92
2.76
24422EXM6 JOHN DEERE CAPITAL CORP 4.85
03/05/2027 2,000,000.00 03/11/2024
4.77%
2,004,220.00
2,004,146.24
100.04
4.77%
2,000,865.50
6,466.67
1.30%
(3,280.74)
A1/A
A+
2.93
2.70
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,818.85
94.16
4.63%
1,520,763.86
1,650.89
0.99%
(94,054.99)
Aa2/AA
A+
2.96
2.81
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,760,000.00 03/13/2024
4.99%
1,760,000.00
1,760,000.00
100.19
4.99%
1,763,409.24
3,173.33
1.14%
3,409.24
NA/A
AA-
2.96
2.72
89115A2W1 TORONTO-DOMINION BANK 4.98
04/05/2027 1,340,000.00 03/26/2024
4.98%
1,340,000.00
1,340,000.00
99.85
4.98%
1,338,009.14
0.00
0.87%
(1,990.86)
A1/A
NA
3.01
2.75
06051GHT9 BANK OF AMERICA CORP 3.559
04/23/2027 1,150,000.00 --
4.29%
1,114,222.54
1,126,767.92
96.49
5.83%
1,109,661.91
17,963.06
0.72%
(17,106.01)
A1/A-
AA-
3.06
1.93
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 670,000.00 05/05/2022
4.03%
668,914.60
669,325.93
97.42
4.92%
652,739.73
10,496.67
0.42%
(16,586.21)
A2/A+
A+
3.11
2.84
91324PEG3 UNITEDHEALTH GROUP INC 3.7
05/15/2027 675,000.00 05/17/2022
3.69%
675,316.70
675,196.16
96.96
4.74%
654,483.73
9,435.00
0.42%
(20,712.43)
A2/A+
A
3.12
2.87
46647PEA0 JPMORGAN CHASE & CO 5.04
01/23/2028 1,500,000.00 03/11/2024
5.02%
1,500,780.00
1,500,765.83
99.66
5.49%
1,494,827.62
14,280.00
0.97%
(5,938.21)
A1/A-
AA-
3.82
2.57
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,278.52
101.31
4.49%
957,378.54
2,815.31
0.62%
13,100.02
Aa3/A+
NA
3.94
3.48
Total Corporate 45,010,000.00 2.75%
44,879,732.04
44,950,672.94
96.81
5.45%
43,533,307.00
260,422.54
28.24%
(1,417,365.94)
A1/A+
AA-
1.99
1.75
MONEY MARKET
FUND
992995944 WC MMF SWEEP 50,725.58 --
2.85%
50,725.58
50,725.58
1.00
2.85%
50,725.58
0.00
0.03%
0.00
NA/NA
NA
0.00
0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 376,231.24 --
0.01%
376,231.24
376,231.24
1.00
0.01%
376,231.24
0.00
0.24%
0.00
Aaa/
AAAm
NA
0.00
0.00
Total Money
Market Fund 426,956.82 0.35%
426,956.82
426,956.82
1.00
0.35%
426,956.82
0.00
0.28%
0.00
Aaa/AAA
NA
0.00
0.00
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
35
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
MUNICIPAL
BONDS
13063DRK6 CALIFORNIA ST 2.4 10/01/2024 755,000.00 10/16/2019
1.92%
772,342.35
756,759.23
98.53
5.33%
743,901.50
9,060.00
0.48%
(12,857.73)
Aa2/AA-
AA
0.50
0.49
Total Municipal
Bonds 755,000.00
10/16/2019
1.92%
772,342.35
756,759.23
98.53
5.33%
743,901.50
9,060.00
0.48%
(12,857.73)
Aa2/AA-
AA
0.50
0.49
SUPRANATIONAL
45950KCT5 INTERNATIONAL FINANCE CORP
0.375 07/16/2025 2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,490,977.19
94.34
5.32%
2,358,536.20
1,953.12
1.53%
(132,440.99)
Aaa/AAA
NA
1.29
1.26
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPM
0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,396,268.74
93.53
5.14%
2,244,801.67
5,100.00
1.46%
(151,467.07)
Aaa/AAA
NA
1.58
1.53
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,455,378.51
92.58
4.87%
2,277,569.70
9,626.46
1.48%
(177,808.82)
Aaa/AAA
NA
2.05
1.99
Total
Supranational 7,360,000.00 0.74%
7,308,742.45
7,342,624.45
93.50
5.11%
6,880,907.57
16,679.58
4.46%
(461,716.88)
Aaa/AAA
NA
1.64
1.59
US TREASURY
912828XX3 UNITED STATES TREASURY 2.0
06/30/2024 2,000,000.00 --
1.80%
2,018,574.22
2,000,946.88
99.15
6.52%
1,983,098.96
10,109.89
1.29%
(17,847.92)
Aaa/AA+
AA+
0.25
0.25
912797GB7 UNITED STATES TREASURY
07/11/2024 1,000,000.00 07/27/2023
5.41%
950,378.99
985,639.76
98.56
4.89%
985,565.42
0.00
0.64%
(74.34)
P-1/A-1+
F1+
0.28
0.28
912797GK7 UNITED STATES TREASURY
08/08/2024 1,000,000.00 08/30/2023
5.40%
951,232.07
981,658.71
98.16
4.99%
981,639.90
0.00
0.64%
(18.81)
P-1/A-1+
F1+
0.36
0.35
912828D56 UNITED STATES TREASURY 2.375
08/15/2024 1,700,000.00 09/18/2019
1.73%
1,753,191.41
1,704,036.85
98.90
5.93%
1,681,323.24
5,102.34
1.09%
(22,713.61)
Aaa/AA+
AA+
0.38
0.37
912797GL5 UNITED STATES TREASURY
09/05/2024 1,000,000.00 09/25/2023
5.45%
950,526.04
977,485.76
97.77
4.91%
977,675.47
0.00
0.63%
189.71
P-1/A-1+
F1+
0.43
0.43
912828YY0 UNITED STATES TREASURY 1.75
12/31/2024 2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,096,565.78
97.51
5.53%
2,047,664.05
9,288.46
1.33%
(48,901.73)
Aaa/AA+
AA+
0.75
0.73
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,504,265.15
96.49
5.41%
1,447,397.46
1,467.39
0.94%
(56,867.69)
Aaa/AA+
AA+
0.91
0.89
91282CED9 UNITED STATES TREASURY 1.75
03/15/2025 3,100,000.00 --
2.23%
3,057,617.20
3,086,319.62
96.94
5.35%
3,005,006.48
2,506.11
1.95%
(81,313.14)
Aaa/AA+
AA+
0.96
0.93
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
36
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
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,500,000.00 03/21/2022
2.22%
2,360,839.85
2,451,692.42
95.18
5.33%
2,379,492.20
3,940.59
1.54%
(72,200.22)
Aaa/AA+
AA+
1.08
1.06
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,490,810.57
94.08
5.17%
1,411,171.88
628.43
0.92%
(79,638.69)
Aaa/AA+
AA+
1.33
1.31
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 2,400,000.00 --
0.56%
2,366,140.63
2,388,915.26
93.45
5.08%
2,242,781.26
16.39
1.46%
(146,134.00)
Aaa/AA+
AA+
1.50
1.46
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 2,450,000.00 --
0.49%
2,422,492.19
2,440,886.35
93.15
5.04%
2,282,136.73
2,574.52
1.48%
(158,749.62)
Aaa/AA+
AA+
1.59
1.55
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/2021
0.76%
2,209,658.20
2,235,631.04
93.04
4.99%
2,093,291.01
2,835.55
1.36%
(142,340.03)
Aaa/AA+
AA+
1.67
1.63
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,482,924.73
92.46
4.91%
2,311,425.78
1,571.09
1.50%
(171,498.95)
Aaa/AA+
AA+
1.84
1.79
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,497,320.42
92.38
4.78%
2,309,570.30
7,881.18
1.50%
(187,750.12)
Aaa/AA+
AA+
2.08
2.02
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,389,428.81
91.52
4.63%
1,281,273.43
33.47
0.83%
(108,155.38)
Aaa/AA+
AA+
2.50
2.41
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,395,552.81
91.84
4.63%
1,285,812.50
6,620.19
0.83%
(109,740.31)
Aaa/AA+
AA+
2.59
2.49
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,522,917.27
99.75
4.48%
2,493,847.65
32,274.59
1.62%
(29,069.62)
Aaa/AA+
AA+
2.71
2.50
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,256,521.77
96.57
4.44%
3,138,535.14
26,696.43
2.04%
(117,986.63)
Aaa/AA+
AA+
3.25
3.02
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
395,426.51
94.97
4.45%
379,875.00
1,843.41
0.25%
(15,551.51)
Aaa/AA+
AA+
3.33
3.13
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,478,649.97
96.06
4.44%
4,322,812.50
12,228.26
2.80%
(155,837.47)
Aaa/AA+
AA+
3.42
3.19
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,429,496.97
99.22
4.40%
3,423,181.63
388.83
2.22%
(6,315.34)
Aaa/AA+
AA+
3.50
3.16
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,952.78
98.38
4.40%
836,253.90
11,069.16
0.54%
(15,698.88)
Aaa/AA+
AA+
3.67
3.34
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,769,116.89
98.39
4.34%
2,705,634.77
26,933.38
1.76%
(63,482.12)
Aaa/AA+
AA+
3.75
3.42
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,967,602.62
97.07
4.39%
2,912,226.57
17,596.15
1.89%
(55,376.05)
Aaa/AA+
AA+
3.84
3.53
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,410.21
98.83
4.37%
3,656,785.15
12,869.57
2.37%
(42,625.06)
Aaa/AA+
AA+
3.92
3.58
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
37
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
Total US Treasury 56,700,000.00 2.57%
56,194,875.40
56,481,175.93
96.32
4.86%
54,575,478.38
196,475.39
35.41%
(1,905,697.55)
Aaa/AA+
AA+
2.24
2.10
Total Portfolio 159,493,886.88 2.44%
159,177,151.83
159,262,127.89
96.45
5.14%
154,139,738.35
634,868.01
100.00%
(5,122,389.53)
Aa2/AA-
AA
2.03
1.75
Total Market
Value + Accrued 154,774,606.36
Holdings Report
City of Cupertino - Account #10659
As of March 31, 2024
38
SECTION |Section 4 |Transactions
39
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/25/2024 36268GAD7 950,000.00 GM Financial Securitized Term 2024-1 A3
4.85% Due: 12/18/2028
100.008 4.90%950,074.22 1,023.89 951,098.11 0.00
Purchase 01/26/2024 05522RDH8 850,000.00 Bank of America Credit Card Tr BACCT 2023-A2 A2
4.98% Due: 11/15/2028
101.035 4.28%858,798.83 1,293.42 860,092.25 0.00
Purchase 01/31/2024 161571HV9 1,690,000.00 Chase Issuance Trust 2024-A1 A
4.6% Due: 01/16/2029
99.985 4.66%1,689,742.61 0.00 1,689,742.61 0.00
Subtotal 3,490,000.00 3,498,615.66 2,317.31 3,500,932.97 0.00
TOTAL ACQUISITIONS 3,490,000.00 3,498,615.66 2,317.31 3,500,932.97 0.00
DISPOSITIONS
Sale 01/29/2024 912828X70 1,700,000.00 US Treasury Note
2% Due: 04/30/2024
99.172 1.92%1,685,921.88 8,406.59 1,694,328.47 -14,386.16
Subtotal 1,700,000.00 1,685,921.88 8,406.59 1,694,328.47 -14,386.16
TOTAL DISPOSITIONS 1,700,000.00 1,685,921.88 8,406.59 1,694,328.47 -14,386.16
As of March 31, 2024
40
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 02/26/2024 17275RBQ4 830,000.00 CISCO SYSTEMS INC 4.8
02/26/2027
99.870 4.85%828,921.00 0.00 (828,921.00)0.00
Purchase 03/13/2024 17275RBQ4 1,170,000.00 CISCO SYSTEMS INC 4.8
02/26/2027
100.512 1,175,990.40 (2,652.00)(1,178,642.40)0.00
Purchase 03/13/2024 24422EXM6 2,000,000.00 JOHN DEERE CAPITAL CORP
4.85 03/05/2027
100.211 2,004,220.00 (1,616.67)(2,005,836.67)0.00
Purchase 03/13/2024 46647PEA0 1,500,000.00 JPMORGAN CHASE & CO 5.04
01/23/2028
100.052 1,500,780.00 (10,500.00)(1,511,280.00)0.00
Purchase 03/18/2024 857477CL5 1,760,000.00 STATE STREET CORP 4.993
03/18/2027
100.000 4.99%1,760,000.00 0.00 (1,760,000.00)0.00
Purchase 03/27/2024 47800RAD5 500,000.00 JDOT 2024 A3 4.96 11/15/2028 99.953 5.03%499,765.63 (551.11)(500,316.74)0.00
Purchase 04/05/2024 89115A2W1 1,340,000.00 TORONTO-DOMINION BANK
4.98 04/05/2027
100.000 4.98%1,340,000.00 0.00 (1,340,000.00)0.00
Total Purchase 9,100,000.00 9,109,677.03 (15,319.78)(9,124,996.81)0.00
TOTAL
ACQUISITIONS 9,100,000.00 9,109,677.03 (15,319.78)(9,124,996.81)0.00
DISPOSITIONS
Sale 03/13/2024 46647PCH7 (1,370,000.00)JPMORGAN CHASE & CO 0.824
06/01/2025
98.890 (1,354,793.00)(3,198.49)1,357,991.49 (15,336.48)
Sale 03/13/2024 78013XZU5 (1,500,000.00)ROYAL BANK OF CANADA 2.55
07/16/2024
98.941 (1,484,115.00)(6,056.25)1,490,171.25 (18,660.00)
Sale 03/13/2024 89114QCA4 (1,500,000.00)TORONTO-DOMINION BANK
2.65 06/12/2024
99.252 (1,488,780.00)(10,047.92)1,498,827.92 (12,650.34)
Sale 03/18/2024 009158AV8 (1,675,000.00)AIR PRODUCTS AND
CHEMICALS INC 3.35
07/31/2024
99.142 5.71%(1,660,628.50)(7,481.67)1,668,110.17 (16,768.44)
Sale 04/01/2024 91159HHX1 (1,250,000.00)US BANCORP 2.4 07/30/2024 98.921 5.70%(1,236,512.50)(5,083.33)1,241,595.83 (14,422.95)
Total Sale (7,295,000.00)(7,224,829.00)(31,867.66)7,256,696.66 (77,838.20)
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
41
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
TOTAL
DISPOSITIONS (7,295,000.00)(7,224,829.00)(31,867.66)7,256,696.66 (77,838.20)
OTHER
TRANSACTIONS
Coupon 01/31/2024 009158AV8 0.00 AIR PRODUCTS AND
CHEMICALS INC 3.35
07/31/2024
28,056.25 0.00 28,056.25 0.00
Coupon 01/31/2024 91282CAB7 0.00 UNITED STATES TREASURY 0.25
07/31/2025
1,875.00 0.00 1,875.00 0.00
Coupon 01/31/2024 91282CBH3 0.00 UNITED STATES TREASURY
0.375 01/31/2026
4,687.50 0.00 4,687.50 0.00
Coupon 01/31/2024 91282CFB2 0.00 UNITED STATES TREASURY 2.75
07/31/2027
5,500.00 0.00 5,500.00 0.00
Coupon 01/31/2024 91282CGH8 0.00 UNITED STATES TREASURY 3.5
01/31/2028
52,500.00 0.00 52,500.00 0.00
Coupon 02/01/2024 3137BFE98 0.00 FHMS K-041 A2 3.171
10/25/2024
3,391.03 0.00 3,391.03 0.00
Coupon 02/01/2024 3137BLMZ8 0.00 FHMS K-049 A2 3.01
07/25/2025
2,508.33 0.00 2,508.33 0.00
Coupon 02/01/2024 3137BLW95 0.00 FHMS K-050 A2 3.334
08/25/2025
2,639.42 0.00 2,639.42 0.00
Coupon 02/01/2024 3137BM7C4 0.00 FHMS K-051 A2 3.308
09/25/2025
1,212.93 0.00 1,212.93 0.00
Coupon 02/01/2024 3137BN6G4 0.00 FHMS K-053 A2 2.995
12/25/2025
1,422.62 0.00 1,422.62 0.00
Coupon 02/01/2024 3137BSP72 0.00 FHMS K-058 A2 2.653
08/25/2026
1,437.04 0.00 1,437.04 0.00
Coupon 02/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244
08/25/2027
2,703.33 0.00 2,703.33 0.00
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
42
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Coupon 02/09/2024 69371RR40 0.00 PACCAR FINANCIAL CORP 0.5
08/09/2024
1,700.00 0.00 1,700.00 0.00
Coupon 02/12/2024 3137EAEP0 0.00 FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
17,737.50 0.00 17,737.50 0.00
Coupon 02/13/2024 06051GHY8 0.00 BANK OF AMERICA CORP 2.015
02/13/2026
6,045.00 0.00 6,045.00 0.00
Coupon 02/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/15/2025
3,884.38 0.00 3,884.38 0.00
Coupon 02/15/2024 02589BAA8 0.00 AMXCA 2022-1 A 2.21
03/17/2025
2,845.38 0.00 2,845.38 0.00
Coupon 02/15/2024 05522RDH8 0.00 BACCT 2023-2 A 4.98
11/16/2026
3,527.50 0.00 3,527.50 0.00
Coupon 02/15/2024 161571HV9 0.00 CHAIT 241 A 4.6 01/16/2029 3,239.17 0.00 3,239.17 0.00
Coupon 02/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026
1,060.39 0.00 1,060.39 0.00
Coupon 02/15/2024 44891WAC3 0.00 HALST 2022-A A3 1.16
01/15/2025
164.38 0.00 164.38 0.00
Coupon 02/15/2024 448977AD0 0.00 HART 2022-A A3 2.22
10/15/2026
1,705.74 0.00 1,705.74 0.00
Coupon 02/15/2024 44933LAC7 0.00 HART 2021-A A3 0.38
09/15/2025
39.87 0.00 39.87 0.00
Coupon 02/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026
522.72 0.00 522.72 0.00
Coupon 02/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 688.04 0.00 688.04 0.00
Coupon 02/15/2024 47789QAC4 0.00 JDOT 2021-B A3 0.52
03/16/2026
140.17 0.00 140.17 0.00
Coupon 02/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027
2,041.42 0.00 2,041.42 0.00
Coupon 02/15/2024 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027
4,453.75 0.00 4,453.75 0.00
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
43
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Coupon 02/15/2024 58769FAC9 0.00 MBART 2023-2 A3 5.95
11/15/2028
5,454.17 0.00 5,454.17 0.00
Coupon 02/15/2024 69371RQ25 0.00 PACCAR FINANCIAL CORP 2.15
08/15/2024
3,977.50 0.00 3,977.50 0.00
Coupon 02/15/2024 89231FAD2 0.00 TAOT 2023-C A3 5.16
04/17/2028
5,590.00 0.00 5,590.00 0.00
Coupon 02/15/2024 89238JAC9 0.00 TAOT 2021-D A3 0.71
04/15/2026
167.67 0.00 167.67 0.00
Coupon 02/15/2024 89240BAC2 0.00 TAOT 2021-A A3 0.26
05/15/2025
32.54 0.00 32.54 0.00
Coupon 02/15/2024 912828D56 0.00 UNITED STATES TREASURY
2.375 08/15/2024
20,187.50 0.00 20,187.50 0.00
Coupon 02/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026
133.89 0.00 133.89 0.00
Coupon 02/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027
1,007.50 0.00 1,007.50 0.00
Coupon 02/16/2024 36268GAD7 0.00 GMCAR 2024-1 A3 4.85
12/18/2028
3,711.60 0.00 3,711.60 0.00
Coupon 02/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.23
11/16/2026
242.96 0.00 242.96 0.00
Coupon 02/20/2024 36265MAC9 0.00 GMALT 2022-1 A3 1.9
03/20/2025
580.49 0.00 580.49 0.00
Coupon 02/20/2024 89238LAC4 0.00 TLOT 2022-A A3 1.96
02/20/2025
924.12 0.00 924.12 0.00
Coupon 02/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028
3,803.63 0.00 3,803.63 0.00
Coupon 02/21/2024 43813GAC5 0.00 HAROT 2021-1 A3 0.27
04/21/2025
8.76 0.00 8.76 0.00
Coupon 02/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026
217.44 0.00 217.44 0.00
Coupon 02/25/2024 05601XAC3 0.00 BMWLT 2022-1 A3 1.03
03/25/2025
64.85 0.00 64.85 0.00
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
44
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Coupon 02/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026
1,296.52 0.00 1,296.52 0.00
Coupon 02/25/2024 3135G05X7 0.00 FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.375 08/25/2025
4,687.50 0.00 4,687.50 0.00
Coupon 02/29/2024 912828ZC7 0.00 UNITED STATES TREASURY
1.125 02/28/2025
8,437.50 0.00 8,437.50 0.00
Coupon 02/29/2024 91282CFH9 0.00 UNITED STATES TREASURY
3.125 08/31/2027
70,312.50 0.00 70,312.50 0.00
Coupon 02/29/2024 91282CGP0 0.00 UNITED STATES TREASURY 4.0
02/29/2028
74,000.00 0.00 74,000.00 0.00
Coupon 03/01/2024 3137BFE98 0.00 FHMS K-041 A2 3.171
10/25/2024
3,383.47 0.00 3,383.47 0.00
Coupon 03/01/2024 3137BLMZ8 0.00 FHMS K-049 A2 3.01
07/25/2025
2,508.33 0.00 2,508.33 0.00
Coupon 03/01/2024 3137BLW95 0.00 FHMS K-050 A2 3.334
08/25/2025
2,639.42 0.00 2,639.42 0.00
Coupon 03/01/2024 3137BM7C4 0.00 FHMS K-051 A2 3.308
09/25/2025
1,212.93 0.00 1,212.93 0.00
Coupon 03/01/2024 3137BN6G4 0.00 FHMS K-053 A2 2.995
12/25/2025
1,422.62 0.00 1,422.62 0.00
Coupon 03/01/2024 3137BSP72 0.00 FHMS K-058 A2 2.653
08/25/2026
1,437.04 0.00 1,437.04 0.00
Coupon 03/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244
08/25/2027
2,703.33 0.00 2,703.33 0.00
Coupon 03/01/2024 74153WCM9 0.00 PRICOA GLOBAL FUNDING I 0.8
09/01/2025
3,616.00 0.00 3,616.00 0.00
Coupon 03/03/2024 808513BY0 0.00 CHARLES SCHWAB CORP 2.45
03/03/2027
11,760.00 0.00 11,760.00 0.00
Coupon 03/09/2024 57636QAW4 0.00 MASTERCARD INC 4.875
03/09/2028
23,034.38 0.00 23,034.38 0.00
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
45
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Coupon 03/13/2024 3130A2UW4 0.00 FEDERAL HOME LOAN BANKS
2.875 09/13/2024
28,750.00 0.00 28,750.00 0.00
Coupon 03/14/2024 58989V2D5 0.00 MET TOWER GLOBAL FUNDING
1.25 09/14/2026
4,812.50 0.00 4,812.50 0.00
Coupon 03/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/15/2025
3,884.38 0.00 3,884.38 0.00
Coupon 03/15/2024 02589BAA8 0.00 AMXCA 2022-1 A 2.21
03/17/2025
2,845.38 0.00 2,845.38 0.00
Coupon 03/15/2024 05522RDH8 0.00 BACCT 2023-2 A 4.98
11/16/2026
3,527.50 0.00 3,527.50 0.00
Coupon 03/15/2024 084664CZ2 0.00 BERKSHIRE HATHAWAY
FINANCE CORP 2.3 03/15/2027
18,572.50 0.00 18,572.50 0.00
Coupon 03/15/2024 161571HV9 0.00 CHAIT 241 A 4.6 01/16/2029 6,478.33 0.00 6,478.33 0.00
Coupon 03/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026
989.64 0.00 989.64 0.00
Coupon 03/15/2024 44891WAC3 0.00 HALST 2022-A A3 1.16
01/15/2025
108.50 0.00 108.50 0.00
Coupon 03/15/2024 448977AD0 0.00 HART 2022-A A3 2.22
10/15/2026
1,599.68 0.00 1,599.68 0.00
Coupon 03/15/2024 44933LAC7 0.00 HART 2021-A A3 0.38
09/15/2025
32.65 0.00 32.65 0.00
Coupon 03/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026
478.57 0.00 478.57 0.00
Coupon 03/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 635.84 0.00 635.84 0.00
Coupon 03/15/2024 47789QAC4 0.00 JDOT 2021-B A3 0.52
03/16/2026
123.83 0.00 123.83 0.00
Coupon 03/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027
2,041.42 0.00 2,041.42 0.00
Coupon 03/15/2024 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027
4,453.75 0.00 4,453.75 0.00
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
46
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Coupon 03/15/2024 58769FAC9 0.00 MBART 2023-2 A3 5.95
11/15/2028
5,454.17 0.00 5,454.17 0.00
Coupon 03/15/2024 89231FAD2 0.00 TAOT 2023-C A3 5.16
04/17/2028
5,590.00 0.00 5,590.00 0.00
Coupon 03/15/2024 89238JAC9 0.00 TAOT 2021-D A3 0.71
04/15/2026
154.54 0.00 154.54 0.00
Coupon 03/15/2024 89240BAC2 0.00 TAOT 2021-A A3 0.26
05/15/2025
24.24 0.00 24.24 0.00
Coupon 03/15/2024 91282CED9 0.00 UNITED STATES TREASURY 1.75
03/15/2025
27,125.00 0.00 27,125.00 0.00
Coupon 03/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026
124.90 0.00 124.90 0.00
Coupon 03/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027
970.52 0.00 970.52 0.00
Coupon 03/16/2024 36268GAD7 0.00 GMCAR 2024-1 A3 4.85
12/18/2028
3,839.58 0.00 3,839.58 0.00
Coupon 03/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.23
11/16/2026
227.79 0.00 227.79 0.00
Coupon 03/17/2024 931142ER0 0.00 WALMART INC 1.05
09/17/2026
1,837.50 0.00 1,837.50 0.00
Coupon 03/20/2024 36265MAC9 0.00 GMALT 2022-1 A3 1.9
03/20/2025
398.56 0.00 398.56 0.00
Coupon 03/20/2024 89238LAC4 0.00 TLOT 2022-A A3 1.96
02/20/2025
689.22 0.00 689.22 0.00
Coupon 03/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028
3,803.63 0.00 3,803.63 0.00
Coupon 03/21/2024 43813GAC5 0.00 HAROT 2021-1 A3 0.27
04/21/2025
6.51 0.00 6.51 0.00
Coupon 03/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026
199.99 0.00 199.99 0.00
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
47
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Coupon 03/23/2024 3137EAEX3 0.00 FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
4,687.50 0.00 4,687.50 0.00
Coupon 03/25/2024 05601XAC3 0.00 BMWLT 2022-1 A3 1.03
03/25/2025
26.39 0.00 26.39 0.00
Coupon 03/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026
1,207.96 0.00 1,207.96 0.00
Coupon 03/31/2024 91282CAM3 0.00 UNITED STATES TREASURY 0.25
09/30/2025
3,000.00 0.00 3,000.00 0.00
Coupon 03/31/2024 91282CCZ2 0.00 UNITED STATES TREASURY
0.875 09/30/2026
6,125.00 0.00 6,125.00 0.00
Coupon 03/31/2024 91282CFM8 0.00 UNITED STATES TREASURY
4.125 09/30/2027
71,156.25 0.00 71,156.25 0.00
Total Coupon 0.00 632,268.74 0.00 632,268.74 0.00
Management Fee 02/08/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (88.01)0.00
Management Fee 02/09/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (9,380.44)0.00
Management Fee 03/12/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (9,386.16)0.00
Total Management
Fee 0.00 0.00 0.00 (18,854.61)0.00
Principal Paydown 02/01/2024 3137BFE98 (2,860.16)FHMS K-041 A2 3.171
10/25/2024
(2,860.16)--2,860.16 0.00
Principal Paydown 02/15/2024 43815BAC4 (45,160.24)HAROT 2022-1 A3 1.88
05/15/2026
(45,160.24)--45,160.24 (0.00)
Principal Paydown 02/15/2024 44891WAC3 (57,807.77)HALST 2022-A A3 1.16
01/15/2025
(57,807.77)--57,807.77 (0.00)
Principal Paydown 02/15/2024 448977AD0 (57,330.32)HART 2022-A A3 2.22
10/15/2026
(57,330.32)--57,330.32 (0.00)
Principal Paydown 02/15/2024 44933LAC7 (22,808.74)HART 2021-A A3 0.38
09/15/2025
(22,808.74)--22,808.74 (0.00)
Principal Paydown 02/15/2024 44935FAD6 (71,578.86)HART 2021-C A3 0.74
05/15/2026
(71,578.86)--71,578.86 (0.00)
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
48
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Principal Paydown 02/15/2024 47787JAC2 (27,004.20)JDOT 2022 A3 0.36 09/15/2026 (27,004.20)--27,004.20 (0.00)
Principal Paydown 02/15/2024 47789QAC4 (37,705.98)JDOT 2021-B A3 0.52
03/16/2026
(37,705.98)--37,705.98 0.00
Principal Paydown 02/15/2024 89238JAC9 (22,192.11)TAOT 2021-D A3 0.71
04/15/2026
(22,192.11)--22,192.11 0.00
Principal Paydown 02/15/2024 89240BAC2 (38,310.95)TAOT 2021-A A3 0.26
05/15/2025
(38,310.95)--38,310.95 0.00
Principal Paydown 02/16/2024 362554AC1 (15,866.07)GMCAR 2021-4 A3 0.68
09/16/2026
(15,866.07)--15,866.07 0.00
Principal Paydown 02/16/2024 362585AC5 (14,316.88)GMCAR 2022-2 A3 3.1
02/16/2027
(14,316.88)--14,316.88 0.00
Principal Paydown 02/16/2024 380146AC4 (14,450.60)GMCAR 2022-1 A3 1.23
11/16/2026
(14,450.60)--14,450.60 (0.00)
Principal Paydown 02/20/2024 36265MAC9 (114,903.33)GMALT 2022-1 A3 1.9
03/20/2025
(114,903.33)--114,903.33 0.00
Principal Paydown 02/20/2024 89238LAC4 (143,816.71)TLOT 2022-A A3 1.96
02/20/2025
(143,816.71)--143,816.71 0.00
Principal Paydown 02/21/2024 43813GAC5 (10,022.60)HAROT 2021-1 A3 0.27
04/21/2025
(10,022.60)--10,022.60 0.00
Principal Paydown 02/21/2024 43815GAC3 (23,791.90)HAROT 2021-4 A3 0.88
01/21/2026
(23,791.90)--23,791.90 (0.00)
Principal Paydown 02/25/2024 05601XAC3 (41,949.05)BMWLT 2022-1 A3 1.03
03/25/2025
(41,949.05)--41,949.05 (0.00)
Principal Paydown 02/25/2024 05602RAD3 (33,107.36)BMWOT 2022-A A3 3.21
08/25/2026
(33,107.36)--33,107.36 0.00
Principal Paydown 03/01/2024 3137BFE98 (3,180.01)FHMS K-041 A2 3.171
10/25/2024
(3,180.01)--3,180.01 0.00
Principal Paydown 03/15/2024 43815BAC4 (44,443.43)HAROT 2022-1 A3 1.88
05/15/2026
(44,443.43)--44,443.43 (0.00)
Principal Paydown 03/15/2024 44891WAC3 (57,340.39)HALST 2022-A A3 1.16
01/15/2025
(57,340.39)--57,340.39 (0.00)
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
49
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Principal Paydown 03/15/2024 448977AD0 (55,762.20)HART 2022-A A3 2.22
10/15/2026
(55,762.20)--55,762.20 (0.00)
Principal Paydown 03/15/2024 44933LAC7 (21,891.06)HART 2021-A A3 0.38
09/15/2025
(21,891.06)--21,891.06 0.00
Principal Paydown 03/15/2024 44935FAD6 (68,242.11)HART 2021-C A3 0.74
05/15/2026
(68,242.11)--68,242.11 (0.00)
Principal Paydown 03/15/2024 47787JAC2 (16,422.99)JDOT 2022 A3 0.36 09/15/2026 (16,422.99)--16,422.99 0.00
Principal Paydown 03/15/2024 47789QAC4 (25,946.24)JDOT 2021-B A3 0.52
03/16/2026
(25,946.24)--25,946.24 (0.00)
Principal Paydown 03/15/2024 89238JAC9 (20,887.30)TAOT 2021-D A3 0.71
04/15/2026
(20,887.30)--20,887.30 0.00
Principal Paydown 03/15/2024 89240BAC2 (35,040.33)TAOT 2021-A A3 0.26
05/15/2025
(35,040.33)--35,040.33 (0.00)
Principal Paydown 03/16/2024 362554AC1 (15,937.32)GMCAR 2021-4 A3 0.68
09/16/2026
(15,937.32)--15,937.32 0.00
Principal Paydown 03/16/2024 362585AC5 (20,694.94)GMCAR 2022-2 A3 3.1
02/16/2027
(20,694.94)--20,694.94 0.00
Principal Paydown 03/16/2024 380146AC4 (14,385.77)GMCAR 2022-1 A3 1.23
11/16/2026
(14,385.77)--14,385.77 0.00
Principal Paydown 03/20/2024 36265MAC9 (120,671.37)GMALT 2022-1 A3 1.9
03/20/2025
(120,671.37)--120,671.37 0.00
Principal Paydown 03/20/2024 89238LAC4 (129,055.48)TLOT 2022-A A3 1.96
02/20/2025
(129,055.48)--129,055.48 0.00
Principal Paydown 03/21/2024 43813GAC5 (9,672.49)HAROT 2021-1 A3 0.27
04/21/2025
(9,672.49)--9,672.49 0.00
Principal Paydown 03/21/2024 43815GAC3 (22,778.77)HAROT 2021-4 A3 0.88
01/21/2026
(22,778.77)--22,778.77 0.00
Principal Paydown 03/25/2024 05601XAC3 (28,794.24)BMWLT 2022-1 A3 1.03
03/25/2025
(28,794.24)--28,794.24 (0.00)
Principal Paydown 03/25/2024 05602RAD3 (30,619.03)BMWOT 2022-A A3 3.21
08/25/2026
(30,619.03)--30,619.03 (0.00)
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
50
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Total Principal
Paydown (1,536,749.30)(1,536,749.30)--1,536,749.30 0.01
TOTAL OTHER
TRANSACTIONS (1,536,749.30)(904,480.56)0.00 2,150,163.43 0.01
Transaction Ledger
City of Cupertino - Account #10659
As of March 31, 2024
51
Important Disclosures
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not
reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation
procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of
dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy
will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies,
contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the
deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and
all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included
in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the
index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their
respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be
reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to
change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of
future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the
borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in
general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does
not have any authority to withdraw or deposit funds from/to the custodian account.
As of March 31, 2024
52
Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 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 three
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.
As of March 31, 2024
53