April 25, 2024 - Treasurer's Investment Report for the Quarter Ending March 31, 2024CITY COUNCIL INFORMATIONAL MEMORANDUM
Meeting: April 25, 2024
To: Cupertino City Council
From: Thomas Leung, Budget Manager
Re: Receive the Treasurer's Investment Report for the Quarter Ending March 31, 2024
Background
On May 16, 2023, the City Council approved the City Investment Policy. Per the City's
Investment Policy, the Treasurer shall submit a quarterly investment report to the City
Council approximately 45 days following the end of the quarter. In addition to the
quarterly investment reports, monthly transaction reports are submitted to the City
Council within 30 days of the end of the reporting period per California Government Code
Section 53607. The quarterly investment report offers a more extensive discussion of the
City's economy, cash flow, and investments.
The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer
shall make a monthly report of all investment transactions to the City Council. The City's
Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services
also shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess
and collect all City taxes save and except for those collected by State and County officers
for the City. Lastly, the City's Municipal Code Section 2.88.100 Duties–Powers–
Responsibilities lists one of the powers and functions of the Audit Committee is "to review
the quarterly Treasurer's Investment report."
Per the referenced code provisions, a Treasurer's Investment Report is made available to
the City Council quarterly.
2
Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending
March 31, 2024. The report is as of April 16, 2024.
The attached statements include balances and transactions of the City's investments with
the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The
Chandler investment report provides information on the investment type, issuer,
purchase date, maturity date, cost value, par value, and market value for each security, as
well as the weighted average maturity and weighted average yield of all investments.
While not governed by the City's Investment Policy, statements for the Public Agency
Retirement Services (PARS) Section 115 Trusts are also attached per a request from the
Treasurer's Report sub-committee.
The City's General Ledger cash and investments balance was $253.6 million, a $14.7
million increase from the prior quarter.
Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
December 31, 2023
Quarter Ending
March 31, 2024
General Fund 141,499,792 156,022,661
Special Revenue 41,412,237 43,487,002
Debt Service 2,356,550 2,356,550
Capital Projects 36,107,366 35,814,019
Enterprise 10,016,565 10,188,953
Internal Service 7,567,025 5,750,623
Total $238,959,536 $253,619,809
3
The $253.6 million in cash and investments include $17.9 million in cash, $67.0 million in
cash equivalents, $149.6 million in investments, and $19.1 million restricted for funding
pension costs.
The City pools cash for all funds except restricted funds. However, the City accounts for
interest earnings, revenues, and expenditures separately for each fund to adequately meet
the purpose and restrictions of each funding source. Pooling funds is a common and
appropriate practice used in public agencies. By pooling funds, the City can benefit from
economies of scale, diversification, liquidity, and ease of administration.
4
Cash and Investments – General Ledger Balance
Quarter Ending
December 31,
2023
Quarter Ending
March 31, 2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 48,460,978 17,890,177 7%
Workers' Compensation Checking (Wells Fargo) 22,010 34,199 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Petty Cash and Change 3,586 3,586 0%
Cash Equivalents
Local Agency Investment Fund 21,787,939 67,006,824 26%
Investments
Investments (Chandler) 149,596,163 149,596,163 59%
Restricted for Pension2 (PARS) 19,088,859 19,088,859 8%
Total Cash and Investments3 $238,959,536 $253,619,809 100%
1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash
and investments in the General Fund. The assets can only be used to fund CalPERS costs.
3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own
operations. The assets are held in trust for retirees' post-employment health benefits.
5
The table below shows the bank balances for the City's cash and investments. Bank and
General Ledger balances differ due to timing. Bank balances do not include outstanding
checks and deposits in transit. The General Ledger is updated quarterly with interest
earnings and annually with the year-end investment market values.
Cash and Investments – Bank Balance
Quarter Ending
December 31,
2023
Quarter Ending
March 31, 2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 49,177,441 20,797,662 8%
Workers' Compensation Checking (Wells Fargo) 23,013 27,369 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 21,787,939 67,006,824 25%
Investments
Investments (Chandler) 153,958,566 154,774,606 59%
Restricted for Pension2 (PARS) 20,389,010 21,561,323 8%
Total Cash and Investments3 $245,335,970 $264,167,784 100%
1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash
and investments in the General Fund. The assets can only be used to fund CalPERS costs.
3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own
operations. The assets are held in trust for retirees' post-employment health benefits.
Local Agency Investment Fund (LAIF)
LAIF is an investment pool administered by the State of California Treasurer and
governed by California Government Code. The City can withdraw funds from LAIF at
any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield.
The City's LAIF account had a balance of $67.0 million. The quarterly interest rate was
4.30%. The City deposited roughly $45 million to earn interest on the City’s cash
equivalents in the quarter ending March 2024.
Investment Portfolio
In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment
management services and selected Chandler Asset Management. Under the City's
Treasurer's direction, Chandler Asset Management manages the City's investment
portfolio in accordance with the City's investment objectives. The City's investment
objectives, in order of priority, are to provide:
6
• Safety to ensure the preservation of capital in the overall portfolio
• Sufficient liquidity for cash needs
• A market rate of return consistent with the investment program
The performance objective is to earn a total rate of return through a market cycle equal to
or above the return on the benchmark index. Chandler Asset Management invests in high-
quality fixed-income securities consistent with the City's Investment Policy and California
Government Code to achieve the objective.
The portfolio's market value was $154.8 million, compared to $154.0 million at the end of
the previous quarter. The table below includes historical comparisons of the City's
portfolio:
December
31, 2023
March 31,
2024
Market Value 153,958,566 154,139,738
Par Value 158,767,712 159,493,887
Book Value 158,476,712 159,262,128
Average Maturity 2.10 years 2.10 years
Average Modified Duration 1.86 1.75
Average Purchase Yield 2.19% 2.44%
Average Market Yield 4.69% 5.14%
Average Quality1 AA/Aa1 AA+
1 S&P and Moody's respectively
The portfolio's market value fluctuates depending on interest rates. When interest rates
decrease after an investment is purchased, the market value of the investment increases.
In contrast, when interest rates increase after an investment is purchased, the market value
of the investment decreases. At the time of purchase, the City intends to hold all
investments until maturity, meaning that changes in market value will not impact the
City's investment principal. If the market value decreases, the City will incur an
unrealized loss. However, the loss will only be realized if the City sells its investments
before their maturity. The market values for the portfolio were provided by Chandler
Asset Management.
Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre-fund
Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment
tool that local governments can use to set aside funds for pension and retiree health costs.
Contributions made to the trust can only be used to fund retirement plans.
Investments in the Section 115 Trusts are governed by separate investment policies, which
are distinct from the City's Investment Policy. On December 5, 2023, City Council
7
approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public
Agency Retirement Services (PARS) administers the trust, while US Bank manages the
investments in accordance with the approved investment policies.
Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is
designed to provide a moderate amount of current income with moderate growth of
capital. This type of investment strategy is generally recommended for investors with a
long-term horizon. The strategic asset allocation ranges for this investment objective are:
Asset Class Range Target
Equities 50-70% 63%
Fixed Income 20-40% 29%
Real Estate 0-15% 5%
Commodities 0-10% 2%
Cash 0-10% 1%
The Section 115 Pension Trust had a balance of $21.6 million, an increase of $1.2 million
from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance
of $39.2 million, an increase of $2.1 million from the prior quarter due to investment gains.
The quarterly investment return for OPEB Trust was 5.86% and Pension Trust was 5.84%.
Analysis
The City compares its portfolio to LAIF and one-year and two-year Treasury yields. Yield
comparisons for the one-year Treasury, two-year Treasury, LAIF, and City average are
presented below:
8
In June, one-year and two-year Treasury yields increased. The yield curve remained
inverted and the spread between the two-year and 10-year Treasury yield became more
inverted. The one-year and two-year Treasury yields were 5.03% and 4.59%, respectively.
The one-year Treasury yield increased by 24 basis points, and the two-year Treasury yield
increased by 36 basis points from December 31, 2023. The yield of the City's investment
portfolio was 5.14%, higher than the one-year Treasury yield, two-year Treasury yield and
LAIF.
Cash Flow History
Historical revenues, expenditures, and liquidity ratios are presented below:
9
10
As the City's portfolio becomes more or less liquid over time, the ratio of cash and cash
equivalents to revenues and expenditures will increase or decrease, respectively. The
portfolio's investment structure is complete, so the City anticipates the ratio of cash and
cash equivalents to revenues and expenditures to continue to flatten out moving forward.
While a formal liquidity level has not been established, significant and consistent
fluctuations in the ratio may indicate that additional funds should be invested or,
conversely, that investments should be liquidated. In recent years, sufficient liquidity
levels for operating revenues and expenditures have approximated a ratio of 1.0. In March
2022, the City transferred $15.0 million from the operating account to the investment
portfolio, which reduced the March 2022 liquidity ratios. Liquidity ratios have been higher
in FY 2023-24 due to increased cash and investment balances as the City anticipated an
adverse decision from a California Department of Tax and Fee Administration (CDTFA)
audit of a City taxpayer. On October 10, 2023, the City established a Sales Tax Repayment
Reserve with an initial allocation of $56.5 million to set aside disputed sales tax revenue.
As of March 31, 2024, the liquidity ratio was 2.5 and 1.4 for revenues and expenditures,
respectively. The City will monitor inflows and outflows during FY 2023-24 and bring
recommendations for the City's investment portfolio as necessary and applicable.
As of March 31, 2024, the City had $87.8 million in cash and cash equivalents in the bank
and on hand. Based on the cash flow forecast, the City maintains the ability to meet its
expenditure requirements for the next six months.
Cash Flow Forecast
Applying three-year historical trend data for each of the City's revenue and expenditure
line items to the FY 2023-24 Adopted Budget, the City estimated the following cash flow
forecast for FY 2023-24:
11
12
The purpose of this cash flow and liquidity forecast is to illustrate the timing of the City's
revenues and expenditures throughout a fiscal year using historical trend data. The first
quarter of the fiscal year experiences expenditures exceeding revenues since the City
begins receiving its property tax distributions in November and April of the respective
fiscal year. In January and April, the City receives additional property tax revenues due
to the Vehicle License Fee (VLF) swap. In June, the City tends to experience higher
activities, particularly expenditures, due to the year-end close and accrual process. From
one fiscal year to the next, the City typically incurs one-time special project or capital
expenditure costs. The timing of these costs is more difficult to pinpoint in a particular
month.
From a cash flow analysis perspective, the Adopted and Amended Budgets are efficient
planning tools for determining cash flow needs for a single fiscal year. If a budget is
adopted at a position in which revenues and expenditures are balanced, then it is
reasonable to conclude cash flow is unlikely to be of concern. Beyond one fiscal year, a
City prepares a long-term forward-looking forecast using historical and prospective
assumptions. This forecast model is incorporated and presented to the City Council as
part of the City's Adopted Budget.
Compliance
All of the City's investments comply with state law and the City's Investment Policy. In
compliance with California Government Code 53646 (b)(3), the City maintains the ability
to meet its expenditure requirements for the next six months.
Sustainability Impact
13
No sustainability impact.
Fiscal Impact
No fiscal impact.
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Thomas Leung
Budget Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services and City Treasurer
Approved for Submission by: __________________
Matt Morley
Assistant City Manager
Attachments:
A – Chandler Investment Report March 2024
B – Chandler Custodial Statement March 2024
C – PARS Pension and OPEB Account Statement March 2024
D – LAIF Account Statement March 2024
CHANDLER 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
INVESTMENT AND INSURANCE PRODUCTS ARE:
·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY
·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE
·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
PCS - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075
CITY OF CUPERTINO -CHANDLER ASSET MANAGEMENT
ACCOUNT NUMBER
MONTHLY STATEMENT
MARCH 1, 2024 THROUGH MARCH 31, 2024
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/DOE SLANGER
TELEPHONE NUMBER:
ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
09024 SE
Custody and trust services are provided by Principal Bank
®, Member FDIC, and/or Principal Trust Company
®. These services are provided under the trade
name Principal
®Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and
Principal Trust Company are members of the Principal Financial Group
®, Des Moines, IA 50392.
ASSET VALUATION PRACTICES
VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE
PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED
REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE
THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED.
TRADE CONFIRMS
PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED
IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE
ACCOUNT MANAGER.
UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION
YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY
STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT
INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY
RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO
DESIGNATE A REPRESENTATIVE FOR NOTICE.
TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
PAGE
REPORT NAME NUMBER_________________
ASSET SUMMARY .................................................................................. 1
STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2
CASH SUMMARY ................................................................................... 20
STATEMENT OF TRANSACTIONS ...................................................................... 21
PENDING TRADES SCHEDULE ........................................................................ 35
PAGE 1
ASSET SUMMARY CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED
INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH 0.00 0.00 0.00
CASH EQUIVALENTS 3,279,093.92 3,371,846.82 2.19 92,752.90 176,017 5.22 2,173.11
BONDS AND NOTES 155,842,270.15 150,682,642.33 97.81 5,159,627.82- 3,583,093 2.38 720,007.17
=====================================================================================================================================
TOTAL INVESTMENTS 159,121,364.07 154,054,489.15 100.00 5,066,874.92- 3,759,111 2.44 722,180.28
TOTAL ACCRUALS 722,180.28 722,180.28
=====================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 159,843,544.35 154,776,669.43 5,066,874.92- 3,759,111 2.44 722,180.28
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
PRINCIPAL CASH 551.11 551.11 0.00
INCOME CASH 551.11-551.11- 0.00
CASH EQUIVALENTS______________________________________________________________________________________________________________________________________
376,231.24 ALLSPRING 100% TREASURY 376,231.24 376,231.24 0.24 0.00 2,046.37
MONEY MARKET FUND - #008 1.0000 1.0000
50,725.58 PRINCIPAL PUBLIC DEPOSIT SWEEP 50,725.58 50,725.58 0.03 0.00 126.74
PROGRAM 1.0000 1.0000
1,000,000 UNITED STATES TREASURY BILLS 950,378.99 985,570.00 0.64 35,191.01 0.00
DTD 07/13/2023 DUE 07/11/2024 95.0379 98.5570
CUSIP 912797GB7
1,000,000 UNITED STATES TREASURY BILLS 951,232.07 981,640.00 0.64 30,407.93 0.00
DTD 08/10/2023 DUE 08/08/2024 95.1232 98.1640
CUSIP 912797GK7
1,000,000 UNITED STATES TREASURY BILLS 950,526.04 977,680.00 0.63 27,153.96 0.00
DTD 09/07/2023 DUE 09/05/2024 95.0526 97.7680
CUSIP 912797GL5
======================================================================================================================================
TOTAL CASH EQUIVALENTS 3,279,093.92 3,371,846.82 2.19 92,752.90 2,173.11
BOND & NOTES______________________________________________________________________________________________________________________________________
1,875,000 AMAZON.COM INC 1,866,900.00 1,731,431.25 1.12 135,468.75- 7,239.58
DTD 05/12/21 1.000 05/12/2026 99.5680 92.3430
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,346,592.50 0.87 28,103.35- 2,071.67
ASSET BCKD SEC SER 2022-2 CL A 99.9779 97.9340
DTD 05/24/2022 3.390% 05/17/2027
NON CALLABLE
CUSIP 02582JJT8
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,500,318.60 0.97 24,041.17- 1,517.53
ASSET BCKD SEC SER 2022-1 CL A 98.6641 97.1080
DTD 03/18/2022 2.210% 03/15/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 02589BAA8
1,150,000 BANK OF AMERICA CORP 1,114,222.54 1,109,658.00 0.72 4,564.54- 17,963.06
MED TERM NOTE 96.8889 96.4920
DTD 04/23/19 04/23/2027
MOODY'S RATING A1
CUSIP 06051GHT9
600,000 BANK OF AMERICA CORP 620,988.00 581,262.00 0.38 39,726.00- 1,612.00
MED TERM NOTE 103.4980 96.8770
DTD 02/13/20 02/13/2026
MOODY'S RATING A1
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 665,392.00 0.43 35,882.00- 2,616.02
MED TERM NOTE 100.1820 95.0560
DTD 06/19/20 06/19/2026
MOODY'S RATING A1
CUSIP 06051GJD2
850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 852,040.00 0.55 6,758.83- 1,881.33
ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 100.2400
DTD 12/14/2023 4.980% 11/15/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDH8
600,000 BANK OF MONTREAL 582,216.00 591,852.00 0.38 9,636.00 854.17
MED TERM NOTE 97.0360 98.6420
DTD 07/09/21 0.625 07/09/2024
MOODY'S RATING A2
CUSIP 06367TQW3
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,240,000 BANK OF MONTREAL 1,285,656.80 1,194,132.40 0.78 91,524.40- 9,558.33
MED TERM NOTE 103.6820 96.3010
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 979,520.00 0.64 45,390.00- 14,593.06
MED TERM NOTE 102.4910 97.9520
DTD 11/18/13 3.950 11/18/2025
MOODY'S RATING A1
CUSIP 06406HCQ0
1,370,000 BANK OF NY MELLON CORP 1,369,808.20 1,342,394.50 0.87 27,413.70- 19,887.83
DTD 04/26/2022 3.350% 04/25/2025 99.9860 97.9850
CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,520,764.75 0.99 93,928.40- 1,650.89
DTD 03/15/2022 2.300% 03/15/2027 99.9810 94.1650
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
420,955.28 BMW VEHICLE OWNER TRUST 420,933.38 414,573.60 0.27 6,359.78-225.21
ASSET BCKD SEC SER 2022-A CL A3 99.9948 98.4840
DTD 05/18/2022 3.210% 08/25/2026
CALLABLE
MOODY'S RATING AAA
CUSIP 05602RAD3
755,000 CALIFORNIA ST 772,342.35 743,901.50 0.48 28,440.85- 9,060.00
TXBL-REF 102.2970 98.5300
DTD 10/24/19 2.400 10/01/2024
MOODY'S RATING AA2
CUSIP 13063DRK6
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,100,000 CATERPILLAR FINL SERVICE 1,111,517.00 1,078,935.00 0.70 32,582.00- 9,394.31
MED TERM NOTE 101.0470 98.0850
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 894,614.40 0.58 65,115.50- 1,829.33
DTD 03/03/2022 2.450% 03/03/2027 99.9719 93.1890
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,680,485.30 1.09 9,257.31- 3,455.11
ASSET BCKD SEC SER 2024-A1I CL A 99.9848 99.4370
DTD 01/31/2024 4.600% 01/16/2029
CALLABLE
CUSIP 161571HV9
2,000,000 CISCO SYSTEMS INC 2,004,911.40 2,003,220.00 1.30 1,691.40- 9,333.33
DTD 02/26/2024 4.800% 02/26/2027 100.2456 100.1610
CALLABLE
MOODY'S RATING A1
CUSIP 17275RBQ4
1,500,000 FED HOME LN BK 1,564,890.20 1,492,785.00 0.97 72,105.20- 12,817.71
DTD 05/08/14 2.875 06/14/2024 104.3260 99.5190
MOODY'S RATING AAA
CUSIP 3130A1XJ2
2,000,000 FED HOME LN BK 2,103,380.00 1,978,560.00 1.28 124,820.00- 2,875.00
DTD 08/15/14 2.875 09/13/2024 105.1690 98.9280
MOODY'S RATING AAA
CUSIP 3130A2UW4
1,277,224.34 FED HOME LN MTG CORP 1,373,914.22 1,260,313.89 0.82 113,600.33- 3,375.07
SER KO41 CL A2 *24 DAY DELAY*107.5703 98.6760
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,291,945.15 1.49 71,233.80- 4,828.54
DTD 02/14/20 1.500 02/12/2025 99.9230 96.9110
MOODY'S RATING AAA
CUSIP 3137EAEP0
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,179,237.50 0.77 64,537.50-911.46
SER USD 99.5020 94.3390
DTD 07/23/20 0.375 07/21/2025
MOODY'S RATING AAA
CUSIP 3137EAEU9
2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,341,750.00 1.52 147,612.80-208.33
DTD 09/25/20 0.375 09/23/2025 99.5745 93.6700
MOODY'S RATING AAA
CUSIP 3137EAEX3
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,486,320.00 0.96 1,425.00 6,489.58
DTD 07/08/19 1.750 07/02/2024 98.9930 99.0880
MOODY'S RATING AAA
CUSIP 3135G0V75
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,937,613.25 1.26 28,189.50- 14,798.78
DTD 10/18/19 1.625 10/15/2024 99.5343 98.1070
MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,260,812.00 0.82 49,141.95- 4,910.21
DTD 01/10/20 1.625 01/07/2025 101.1548 97.3600
MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,775,946.60 1.15 80,221.80- 5,134.38
DTD 04/24/20 0.625 04/22/2025 99.7940 95.4810
MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,370,875.00 1.54 128,352.30- 3,611.11
DTD 06/19/20 0.500 06/17/2025 99.9691 94.8350
MOODY'S RATING AAA
CUSIP 3135G04Z3
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,348,325.00 1.52 139,658.75-937.50
DTD 08/27/20 0.375 08/25/2025 99.5194 93.9330
MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,336,825.00 1.52 155,875.00- 5,000.00
DTD 11/12/20 0.500 11/07/2025 99.7080 93.4730
MOODY'S RATING AAA
CUSIP 3135G06G3
2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,815,288.00 1.83 25,676.00 48,922.22
DTD 11/15/2023 4.625% 11/15/2027 99.6290 100.5460
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133EPC60
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 973,770.00 0.63 105,917.50- 2,508.33
SER K049 CL A2 *24 DAY DELAY*107.9688 97.3770
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 927,561.00 0.60 90,571.81- 2,639.42
SER K050 CL A2 *24 DAY DELAY*107.1719 97.6380
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 429,030.80 0.28 24,048.89- 1,212.93
SER K051 CL A2 *24 DAY DELAY*102.9727 97.5070
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 551,959.50 0.36 30,041.67- 1,422.63
SER K053 CL A2 *24 DAY DELAY*102.1055 96.8350
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 618,858.50 0.40 68,592.67- 1,437.04
SER K058 CL A2 *24 DAY DELAY*105.7617 95.2090
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 955,960.00 0.62 5,295.94 2,703.33
SER K068 CL A2 *24 DAY DELAY*95.0664 95.5960
DTD 10/01/17 3.244 08/25/2027
MOODY'S RATING AAA
CUSIP 3137FBBX3
131,051.38 GM FINANCIAL AUTOMOBILE LEASIN 131,050.25 130,732.93 0.08 317.32-74.08
SER 2022-1 CL A3 *0 DAY DELAY*99.9992 99.7570
DTD 02/23/22 1.850 03/20/2025
MOODY'S RATING AAA
CUSIP 36265MAC9
204,474.64 GM FINANCIAL SECURITIZED TERM 204,469.42 198,553.05 0.13 5,916.37-57.93
SER 2021-4 CL A3 *0 DAY DELAY*99.9975 97.1040
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
354,988.18 GM FINANCIAL SECURITIZED TERM 354,913.99 348,626.79 0.23 6,287.20-458.53
ASSET BCKD SEC SER 2022-2 CL A3 99.9791 98.2080
DTD 04/13/2022 3.100% 02/16/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 362585AC5
950,000 GM FINANCIAL SECURITIZED TERM 950,074.22 947,387.50 0.61 2,686.72- 1,919.79
ASSET BCKD SEC SER 2024-1 CL A3 100.0078 99.7250
DTD 01/17/2024 4.850% 12/18/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 36268GAD7
202,553.6 GM FINANCIAL SECURITIZED TERM 202,535.99 197,574.83 0.13 4,961.16-106.34
SER 2022-1 CL A3 *0 DAY DELAY*99.9913 97.5420
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,301,468.00 0.84 84,392.00- 3,777.08
144A PRIV PLCMT 0.875 12/10/2025 98.9900 92.9620
MOODY'S RATING AA1
CUSIP 40139LBC6
805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 814,740.50 0.53 7,747.83 1,267.88
ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.2100
DTD 11/08/2023 5.670% 06/21/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 438123AC5
19,248.67 HONDA AUTO RECEIVABLES OWNER T 19,248.32 19,138.57 0.01 109.75-1.44
SER 2021-1 CL A3 *0 DAY DELAY*99.9982 99.4280
DTD 02/24/21 0.270 04/21/2025
MOODY'S RATING AAA
CUSIP 43813GAC5
587,241.38 HONDA AUTO RECEIVABLES OWNER T 587,153.05 573,593.89 0.37 13,559.16-490.67
SER 2022-1 CL A3 *0 DAY DELAY*99.9850 97.6760
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
249,940.26 HONDA AUTO RECEIVABLES OWNER T 249,887.57 243,849.22 0.16 6,038.35-61.10
SER 2021-4 CL A3 *0 DAY DELAY*99.9789 97.5630
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
54,901.5 HYUNDAI AUTO LEASE SECURITIZAT 54,900.29 54,798.83 0.04 101.46-28.30
SER 2022-A CL A3 *0 DAY DELAY*99.9978 99.8130
144A PRIV PLCMT 1.160 01/15/2025
MOODY'S RATING AAA
CUSIP 44891WAC3
808,931.62 HYUNDAI AUTO RECEIVABLES TRUST 808,900.48 791,539.59 0.51 17,360.89-798.15
ASSET BCKD SEC SER 2022-A CL A3 99.9962 97.8500
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
81,208.14 HYUNDAI AUTO RECEIVABLES TRUST 81,199.59 80,543.05 0.05 656.54-13.72
SER 2021-A CL A3 *0 DAY DELAY*99.9895 99.1810
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
707,823.98 HYUNDAI AUTO RECEIVABLES TRUST 689,927.03 692,032.43 0.45 2,105.40 232.80
SER 2021-C CL A3 *0 DAY DELAY*97.4716 97.7690
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,277,566.40 1.48 171,166.80- 9,626.46
DTD 04/20/21 0.875 04/20/2026 99.5420 92.5840
MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,244,792.00 1.46 144,067.25- 5,100.00
DTD 10/28/20 0.500 10/28/2025 99.5358 93.5330
MOODY'S RATING AAA
CUSIP 459058JL8
2,500,000 INTL FINANCE CORP 2,471,150.00 2,358,525.00 1.53 112,625.00- 1,953.13
DTD 07/16/20 0.375 07/16/2025 98.8460 94.3410
MOODY'S RATING AAA
CUSIP 45950KCT5
2,000,000 JOHN DEERE CAPITAL CORP 2,004,220.00 2,000,860.00 1.30 3,360.00- 6,466.67
MEDIUM TERM NOTE 100.2110 100.0430
DTD 03/07/2024 4.850% 03/05/2027
NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EXM6
312,457.37 JOHN DEERE OWNER TRUST 312,388.24 305,895.77 0.20 6,492.47-322.18
ASSET BCKD SEC SER 2022-A CL A3 99.9779 97.9000
DTD 03/16/2022 2.320% 09/16/2026
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47787JAC2
PAGE 11
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
259,813.28 JOHN DEERE OWNER TRUST 259,790.10 253,694.68 0.16 6,095.42-56.29
SER 2021-B CL A3 *0 DAY DELAY*99.9911 97.6450
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
655,000 JOHN DEERE OWNER TRUST 654,937.45 645,410.80 0.42 9,526.65- 1,088.76
ASSET BCKD SEC SER 2022-B CL A3 99.9905 98.5360
DTD 07/20/2022 3.740% 02/16/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47800AAC4
1,050,000 JOHN DEERE OWNER TRUST 1,049,918.52 1,046,293.50 0.68 3,625.02- 2,375.33
ASSET BCKD SEC SER 2022-C CL A3 99.9923 99.6470
DTD 10/19/2022 5.090% 06/15/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 47800BAC2
500,000 JOHN DEERE OWNER TRUST 499,765.63 499,920.00 0.32 154.37 826.67
ASSET BCKD SEC SER 2024-A CL A3 99.9531 99.9840
DTD 03/19/2024 4.960% 11/15/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 47800RAD5
655,000 JPMORGAN CHASE &655,406.85 647,395.45 0.42 8,011.40- 1,727.78
SER F2F 100.0621 98.8390
DTD 06/23/21 06/23/2025
MOODY'S RATING A1
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 386,387.56 0.25 29,581.77- 3,689.17
DTD 04/22/20 04/22/2026 103.7330 96.3560
MOODY'S RATING A1
CUSIP 46647PBK1
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,500,000 JPMORGAN CHASE & CO 1,500,780.00 1,494,825.00 0.97 5,955.00- 14,280.00
DTD 01/23/2024 VAR CPN 01/23/2028 100.0520 99.6550
CALLABLE
MOODY'S RATING A1
CUSIP 46647PEA0
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 915,510.00 0.59 86,720.00- 2,500.00
144A PRIV PLCMT 1.200 07/16/2026 100.2230 91.5510
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 957,379.50 0.62 13,296.15 2,815.31
DTD 03/09/2023 4.875% 03/09/2028 99.9030 101.3100
CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,119,382.00 0.73 3,907.06- 2,908.89
ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.7620
DTD 10/25/2023 5.950% 11/15/2028
CALLABLE
CUSIP 58769FAC9
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,024,160.95 0.66 89,567.95- 4,645.83
144A PRIV PLCMT 1.875 01/11/2027 99.8860 91.8530
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 700,969.50 0.46 68,322.10-454.51
144A PRIV PLCMT 1.250 09/14/2026 99.9080 91.0350
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 627,087.50 0.41 11,388.00 6,044.35
DTD 04/28/20 04/28/2026 94.7230 96.4750
MOODY'S RATING A1
CUSIP 6174468Q5
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,000,000 MORGAN STANLEY BK 1,000,082.50 1,019,280.00 0.66 19,197.50 24,508.33
DTD 11/01/2023 5.882% 10/30/2026 100.0083 101.9280
CALLABLE
MOODY'S RATING AA3
CUSIP 61690U7W4
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,630,675.20 1.06 47,510.40- 5,075.00
MEDIUM TERM NOTE 99.8920 97.0640
144A PRIV PLCMT 1.450 01/14/2025
MOODY'S RATING AAA
CUSIP 64952WEK5
670,000 NORTHERN TRUST CORP 668,914.60 652,740.80 0.42 16,173.80- 10,496.67
DTD 05/10/2022 4.000% 05/10/2027 99.8380 97.4240
CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 788,655.50 0.51 38,794.00- 1,454.44
144A PRIV PLCMT 0.800 01/14/2026 97.3470 92.7830
MOODY'S RATING AAA
CUSIP 66815L2A6
1,170,000 NORTHWESTERN MUTUAL GLBL 1,169,602.20 1,154,251.80 0.75 15,350.40- 11,700.00
DTD 07/01/2022 4.000% 07/01/2025 99.9660 98.6540
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 66815L2J7
370,000 PACCAR FINANCIAL CORP 369,182.30 365,463.80 0.24 3,718.50- 1,016.47
MED TERM NOTE 99.7790 98.7740
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
680,000 PACCAR FINANCIAL CORP 679,632.80 667,868.80 0.43 11,764.00-491.11
MED TERM NOTE 99.9460 98.2160
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
885,000 PACCAR FINANCIAL CORP 884,769.90 864,751.20 0.56 20,018.70- 12,190.88
MEDIUM TERM NOTE 99.9740 97.7120
DTD 04/07/2022 2.850% 04/07/2025
NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 849,036.80 0.55 16,064.08 602.67
144A PRIV PLCMT 0.800 09/01/2025 92.1430 93.9200
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 859,441.20 0.56 24,647.25- 3,251.15
144A PRIV PLCMT 1.150 12/06/2024 99.8970 97.1120
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,029,409.50 0.67 20,202.00- 16,439.06
MEDIUM TERM NOTE 99.9630 98.0390
CONVERTIBLE
DTD 04/14/2022 3.375% 04/14/2025
NON CALLABLE
MOODY'S RATING A1
CUSIP 78016EZ59
1,760,000 SALESFORCE.COM INC 1,748,937.40 1,735,571.20 1.13 13,366.20- 2,322.22
DTD 07/12/21 0.625 07/15/2024 99.3715 98.6120
MOODY'S RATING A1
CUSIP 79466LAG9
1,760,000 STATE STR CORP 1,760,000.00 1,763,414.40 1.14 3,414.40 3,173.33
DTD 03/18/2024 4.993% 03/18/2027 100.0000 100.1940
CALLABLE
CUSIP 857477CL5
700,000 TORONTO-DOMINION BANK 674,737.00 678,867.00 0.44 4,130.00 2,283.75
MED TERM NOTE SER FXD 96.3910 96.9810
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
PAGE 15
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,300,000 TOYOTA AUTO RECEIVABLES OWNER 1,294,718.75 1,301,183.00 0.84 6,464.25 2,981.33
ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.0910
DTD 08/15/2023 5.160% 04/17/2028
CALLABLE
CUSIP 89231FAD2
240,313.24 TOYOTA AUTO RECEIVABLES OWNER 240,308.11 234,161.22 0.15 6,146.89-75.83
SER 2021-D CL A3 *0 DAY DELAY*99.9979 97.4400
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
76,835.04 TOYOTA AUTO RECEIVABLES OWNER 76,820.78 76,443.18 0.05 377.60-8.88
SER 2021-A CL A3 *0 DAY DELAY*99.9815 99.4900
DTD 02/08/21 0.260 05/15/2025
MOODY'S RATING AAA
CUSIP 89240BAC2
292,917.95 TOYOTA LEASE OWNER TRUST 292,871.84 291,898.60 0.19 973.24-175.43
ASSET BCKD SEC SER 2022-A CL A3 99.9843 99.6520
DTD 02/28/2022 1.960% 02/20/2025
CALLABLE
144A PRIVATE PLACEMENT
CUSIP 89238LAC4
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,274,795.55 0.83 109,595.05- 4,457.97
MED TERM NOTE 99.9560 92.0430
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
1,215,000 TOYOTA MOTOR CREDIT CORP 1,213,371.90 1,179,181.80 0.77 34,190.10- 3,670.31
DTD 01/13/22 1.450 01/13/2025 99.8660 97.0520
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 3,005,016.00 1.95 52,601.20- 2,506.11
DTD 03/15/2022 1.750% 03/15/2025 98.6328 96.9360
MOODY'S RATING AAA
CUSIP 91282CED9
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,138,525.00 2.04 121,787.50- 26,696.43
DTD 06/30/2022 3.250% 06/30/2027 100.3173 96.5700
MOODY'S RATING AAA
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 379,876.00 0.25 13,342.75- 1,843.41
DTD 07/31/2022 2.750% 07/31/2027 98.3047 94.9690
MOODY'S RATING AAA
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,322,835.00 2.81 146,067.34- 12,228.26
DTD 08/31/2022 3.125% 08/31/2027 99.3090 96.0630
MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,423,193.50 2.22 2,041.16 71,545.08
DTD 09/30/2022 4.125% 09/30/2027 99.1639 99.2230
MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 836,255.50 0.54 16,400.75- 11,069.16
DTD 11/30/2022 3.875% 11/30/2027 100.3125 98.3830
MOODY'S RATING AAA
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,705,642.50 1.76 69,464.92- 26,933.38
DTD 12/31/2022 3.875% 12/31/2027 100.9130 98.3870
MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,912,220.00 1.89 45,709.69- 17,596.15
DTD 01/31/2023 3.500% 01/31/2028 98.5977 97.0740
MOODY'S RATING AAA
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,656,784.00 2.37 42,329.28- 12,869.57
DTD 02/28/2023 4.000% 02/29/2028 99.9760 98.8320
MOODY'S RATING AAA
CUSIP 91282CGP0
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,493,850.00 1.62 31,247.66- 32,274.59
DTD 12/15/2023 4.375% 12/15/2026 101.0039 99.7540
MOODY'S RATING AAA
CUSIP 91282CJP7
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 957,323.25 0.62 67,728.10- 4,496.50
DTD 05/19/21 1.150 05/15/2026 99.0388 92.4950
MOODY'S RATING A2
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 654,486.75 0.42 20,829.95- 9,435.00
DTD 05/20/2022 3.700% 05/15/2027 100.0469 96.9610
CALLABLE
MOODY'S RATING A2
CUSIP 91324PEG3
1,250,000 US BANCORP 1,268,262.50 1,236,787.50 0.80 31,475.00- 5,083.33
DTD 07/29/19 2.400 07/30/2024 101.4610 98.9430
MOODY'S RATING A3
CUSIP 91159HHX1
1,500,000 US TREASURY NOTE 1,469,765.63 1,411,170.00 0.92 58,595.63-628.43
DTD 07/31/20 0.250 07/31/2025 97.9844 94.0780
MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,242,776.00 1.46 123,364.63- 3,016.39
DTD 09/30/20 0.250 09/30/2025 98.5892 93.4490
MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,282,126.00 1.48 140,366.19- 2,574.52
DTD 10/31/20 0.250 10/31/2025 98.8772 93.1480
MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,093,287.50 1.36 116,370.70- 2,835.55
DTD 11/30/20 0.375 11/30/2025 98.2070 93.0350
MOODY'S RATING AAA
CUSIP 91282CAZ4
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,500,000 US TREASURY NOTE 2,456,445.31 2,311,425.00 1.50 145,020.31- 1,571.09
DTD 02/01/21 0.375 01/31/2026 98.2578 92.4570
MOODY'S RATING AAA
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,309,575.00 1.50 184,077.34- 7,881.18
DTD 04/30/21 0.750 04/30/2026 99.7461 92.3830
MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,281,280.00 0.83 97,774.68- 6,158.47
DTD 09/30/21 0.875 09/30/2026 98.5039 91.5200
MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,285,816.00 0.83 105,652.75- 6,620.19
DTD 11/01/21 1.125 10/31/2026 99.3906 91.8440
CUSIP 91282CDG3
1,700,000 US TREASURY NOTE 1,753,191.41 1,681,317.00 1.09 71,874.41- 5,102.34
DTD 08/15/14 2.375 08/15/2024 103.1289 98.9010
MOODY'S RATING AAA
CUSIP 912828D56
2,000,000 US TREASURY NOTE 2,018,574.22 1,983,100.00 1.29 35,474.22- 10,109.89
DTD 06/30/17 2.000 06/30/2024 100.9287 99.1550
MOODY'S RATING AAA
CUSIP 912828XX3
2,100,000 US TREASURY NOTE 2,087,203.13 2,047,668.00 1.33 39,535.13- 9,288.46
DTD 12/31/19 1.750 12/31/2024 99.3906 97.5080
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,447,395.00 0.94 75,749.53- 1,529.88
DTD 03/02/20 1.125 02/28/2025 101.5430 96.4930
MOODY'S RATING AAA
CUSIP 912828ZC7
PAGE 19
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,500,000 US TREASURY NOTE 2,360,839.85 2,379,500.00 1.54 18,660.15 3,940.59
DTD 04/30/20 0.375 04/30/2025 94.4336 95.1800
MOODY'S RATING AAA
CUSIP 912828ZL7
350,000 WALMART INC 349,338.50 320,862.50 0.21 28,476.00-142.92
DTD 09/17/21 1.050 09/17/2026 99.8110 91.6750
MOODY'S RATING AA2
CUSIP 931142ER0
======================================================================================================================================
TOTAL BOND & NOTES 155,842,270.15 150,682,642.33 97.81 5,159,627.82- 720,007.17
======================================================================================================================================
TOTAL INVESTMENTS 159,121,364.07 154,054,489.15 100.00 5,066,874.92- 722,180.28
TOTAL ACCRUALS 722,180.28 722,180.28
======================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 159,843,544.35 154,776,669.43
PAGE 20
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 202,685.62
TRANSFER RECEIPTS 203,236.73 0.00
SALES 6,730,081.97 0.00
CASH MANAGEMENT SALES 863,711.11 0.00
TOTAL CASH RECEIPTS 7,797,029.81 202,685.62
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 9,386.16-0.00
TRANSFER DISBURSEMENTS 0.00 203,236.73-
PURCHASES 6,940,756.03-0.00
CASH MANAGEMENT PURCHASES 846,336.51-0.00
TOTAL CASH DISBURSEMENTS 7,796,478.70-203,236.73-
========================================================================================================================================
ENDING BALANCE 551.11 551.11-
________________________________________________________________________________________________________________________________________
PAGE 21
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 159,141,799.96
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
03/01/24 INTEREST RECEIVED 1,682.79
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 2/1/24 TO 2/29/24
03/01/24 INTEREST RECEIVED 118.29
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 2/1/24 TO 2/29/24
03/31/24 846,218.22 CASH SWEEP PURCHASES FOR STMT PERIOD 846,218.22-846,218.22
AS 100% TREAS MM FD-SVC CL #008
9 TRANSACTIONS
03/31/24 118.29 CASH SWEEP PURCHASES FOR STMT PERIOD 118.29-118.29
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
03/31/24 863,711.11- CASH SWEEP SALES FOR STMT PERIOD 863,711.11 863,711.11-
AS 100% TREAS MM FD-SVC CL #008
5 TRANSACTIONS
BONDS & NOTES
03/18/24 1,675,000- SOLD 1,660,628.50 1,771,212.00- 110,583.50-
AIR PRODUCTS & CHEMI 3.350% 7/31/24
CUSIP 009158AV8
AT $99.1420 ON TRADE DATE 03/14/2024
TO SETTLE ON 03/18/2024
J.P. MORGAN SECURITIES INC., -
03/18/24 ACCRUED INTEREST ON SALE 7,481.67
AIR PRODUCTS & CHEMI 3.350% 7/31/24
CUSIP 009158AV8
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/15/24 INTEREST RECEIVED 2,845.38
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
$0.00184/PV ON 1,545,000.00 PV
DUE 3/15/24
03/15/24 INTEREST RECEIVED 3,884.38
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
$0.00283/PV ON 1,375,000.00 PV
DUE 3/15/24
03/15/24 INTEREST RECEIVED 18,572.50
BERKSHIRE HATH 2.300% 3/15/27
CUSIP 084664CZ2
INTEREST ON 1,615,000.000 UNITS
03/15/24 INTEREST RECEIVED 3,527.50
BK OF AMERICA ABS 4.980% 11/15/28
CUSIP 05522RDH8
$0.00415/PV ON 850,000.00 PV
DUE 3/15/24
03/22/24 0.01- SHARE ADJUSTMENT
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
03/25/24 INTEREST RECEIVED 26.39
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
$0.00006/PV ON 28,794.24 PV
DUE 3/25/24
03/25/24 28,794.24- PAID DOWN 28,794.24 28,789.94-4.30
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/25/24 INTEREST RECEIVED 1,207.96
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00228/PV ON 451,574.31 PV
DUE 3/25/24
03/25/24 30,619.03- PAID DOWN 30,619.03 30,617.44-1.59
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
AT $911.3975 ON TRADE DATE 03/25/2024
03/04/24 INTEREST RECEIVED 11,760.00
CHARLES SCHWAB CORP 2.450% 3/03/27
CUSIP 808513BY0
INTEREST ON 960,000.000 UNITS
03/15/24 INTEREST RECEIVED 6,478.33
CHASE ISSUANCE ABS 4.600% 1/16/29
CUSIP 161571HV9
$0.00383/PV ON 1,690,000.00 PV
DUE 3/15/24
03/13/24 1,170,000 PURCHASED 1,175,990.40- 1,175,990.40
CISCO SYSTEMS INC 4.800% 2/26/27
CUSIP 17275RBQ4
AT $100.5120 ON TRADE DATE 03/11/2024
TO SETTLE ON 03/13/2024
TORONTO DOMINION SECURITIES (U
03/13/24 ACCRUED INTEREST ON PURCHASE 2,652.00-
CISCO SYSTEMS INC 4.800% 2/26/27
CUSIP 17275RBQ4
03/13/24 INTEREST RECEIVED 28,750.00
FED HOME LN BK 2.875% 9/13/24
CUSIP 3130A2UW4
INTEREST ON 2,000,000.000 UNITS
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/25/24 INTEREST RECEIVED 4,687.50
FED HOME LN MTG CORP 0.375% 9/23/25
CUSIP 3137EAEX3
INTEREST ON 2,500,000.000 UNITS
03/25/24 INTEREST RECEIVED 3,383.47
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
$0.00260/PV ON 1,280,404.35 PV
DUE 3/25/24
03/25/24 3,180.01- PAID DOWN 3,180.01 3,420.75-240.74-
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
03/25/24 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 3/25/24
03/25/24 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 3/25/24
03/25/24 INTEREST RECEIVED 2,508.33
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00251/PV ON 1,000,000.00 PV
DUE 3/25/24
03/25/24 INTEREST RECEIVED 2,703.33
FHLMC MULTIFAMILY ST 3.244% 8/25/27
CUSIP 3137FBBX3
$0.00270/PV ON 1,000,000.00 PV
DUE 3/25/24
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/25/24 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 3/25/24
03/18/24 INTEREST RECEIVED 970.52
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00249/PV ON 375,683.12 PV
DUE 3/16/24
03/18/24 20,694.94- PAID DOWN 20,694.94 20,690.61-4.33
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
TO SETTLE ON 03/18/2024
03/18/24 INTEREST RECEIVED 3,839.58
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 950,000.00 PV
DUE 3/16/24
03/20/24 INTEREST RECEIVED 398.56
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00042/PV ON 251,722.75 PV
DUE 3/20/24
03/20/24 120,671.37- PAID DOWN 120,671.37 120,670.33-1.04
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
03/18/24 INTEREST RECEIVED 124.90
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00036/PV ON 220,411.96 PV
DUE 3/16/24
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/18/24 15,937.32- PAID DOWN 15,937.32 15,936.91-0.41
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
TO SETTLE ON 03/18/2024
03/18/24 INTEREST RECEIVED 227.79
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00077/PV ON 216,939.37 PV
DUE 3/16/24
03/18/24 14,385.77- PAID DOWN 14,385.77 14,384.52-1.25
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
TO SETTLE ON 03/18/2024
03/21/24 INTEREST RECEIVED 3,803.63
HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
$0.00473/PV ON 805,000.00 PV
DUE 3/21/24
03/21/24 INTEREST RECEIVED 6.51
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00002/PV ON 28,921.16 PV
DUE 3/21/24
03/21/24 9,672.49- PAID DOWN 9,672.49 9,672.31-0.18
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
03/21/24 INTEREST RECEIVED 199.99
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00043/PV ON 272,719.03 PV
DUE 3/21/24
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/21/24 22,778.77- PAID DOWN 22,778.77 22,773.97-4.80
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
03/15/24 INTEREST RECEIVED 989.64
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00134/PV ON 631,684.81 PV
DUE 3/15/24
03/15/24 44,443.43- PAID DOWN 44,443.43 44,436.75-6.68
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
AT $372.2697 ON TRADE DATE 03/15/2024
03/15/24 INTEREST RECEIVED 108.50
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00020/PV ON 112,241.89 PV
DUE 3/15/24
03/15/24 57,340.39- PAID DOWN 57,340.39 57,339.12-1.27
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
AT $288.5391 ON TRADE DATE 03/15/2024
03/15/24 INTEREST RECEIVED 1,599.68
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00158/PV ON 864,693.82 PV
DUE 3/15/24
03/15/24 55,762.2- PAID DOWN 55,762.20 55,760.05-2.15
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
AT $296.7053 ON TRADE DATE 03/15/2024
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/15/24 INTEREST RECEIVED 32.65
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00006/PV ON 103,099.20 PV
DUE 3/15/24
03/15/24 21,891.06- PAID DOWN 21,891.06 21,888.76-2.30
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
03/15/24 INTEREST RECEIVED 478.57
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00036/PV ON 776,066.09 PV
DUE 3/15/24
03/15/24 68,242.11- PAID DOWN 68,242.11 66,516.64-1,725.47
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $322.4515 ON TRADE DATE 03/15/2024
03/13/24 2,000,000 PURCHASED 2,004,220.00- 2,004,220.00
JOHN DEERE CAP MTN 4.850% 3/05/27
CUSIP 24422EXM6
AT $100.2110 ON TRADE DATE 03/11/2024
TO SETTLE ON 03/13/2024
MERRILL LYNCH,PIERCE,FENNER
03/13/24 ACCRUED INTEREST ON PURCHASE 1,616.67-
JOHN DEERE CAP MTN 4.850% 3/05/27
CUSIP 24422EXM6
03/15/24 INTEREST RECEIVED 4,453.75
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00424/PV ON 1,050,000.00 PV
DUE 3/15/24
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/15/24 INTEREST RECEIVED 635.84
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00141/PV ON 328,880.36 PV
DUE 3/15/24
03/15/24 16,422.99- PAID DOWN 16,422.99 16,419.36-3.63
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
AT $1,007.4257 ON TRADE DATE 03/15/2024
03/15/24 INTEREST RECEIVED 2,041.42
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00312/PV ON 655,000.00 PV
DUE 3/15/24
03/27/24 500,000 PURCHASED 499,765.63-499,765.63
JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
AT $99.9531 ON TRADE DATE 03/25/2024
TO SETTLE ON 03/27/2024
MITSUBISHI UFJ SECURITIES (USA
03/27/24 ACCRUED INTEREST ON PURCHASE 551.11-
JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
03/15/24 INTEREST RECEIVED 123.83
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00021/PV ON 285,759.52 PV
DUE 3/15/24
03/15/24 25,946.24- PAID DOWN 25,946.24 25,943.93-2.31
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/13/24 1,500,000 PURCHASED 1,500,780.00- 1,500,780.00
JPMORGAN CHASE V-D 5.040% 1/23/28
CUSIP 46647PEA0
AT $100.0520 ON TRADE DATE 03/11/2024
TO SETTLE ON 03/13/2024
GOLDMAN SACHS
03/13/24 ACCRUED INTEREST ON PURCHASE 10,500.00-
JPMORGAN CHASE V-D 5.040% 1/23/28
CUSIP 46647PEA0
03/11/24 INTEREST RECEIVED 23,034.38
MASTERCARD INC 4.875% 3/09/28
CUSIP 57636QAW4
INTEREST ON 945,000.000 UNITS
03/15/24 INTEREST RECEIVED 5,454.17
MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
$0.00496/PV ON 1,100,000.00 PV
DUE 3/15/24
03/14/24 INTEREST RECEIVED 4,812.50
P/P MET TOWER GLOBAL 1.250% 9/14/26
CUSIP 58989V2D5
INTEREST ON 770,000.000 UNITS
03/01/24 INTEREST RECEIVED 3,616.00
P/P PRICOA GLOBAL FU 0.800% 9/01/25
CUSIP 74153WCM9
INTEREST ON 904,000.000 UNITS
03/13/24 1,500,000- SOLD 1,484,115.00 1,533,359.18-49,244.18-
ROYAL BANK OF CANADA 2.550% 7/16/24
CUSIP 78013XZU5
AT $98.9410 ON TRADE DATE 03/11/2024
TO SETTLE ON 03/13/2024
MARKETAXESS CORPORATION
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/13/24 ACCRUED INTEREST ON SALE 6,056.25
ROYAL BANK OF CANADA 2.550% 7/16/24
CUSIP 78013XZU5
03/18/24 1,760,000 PURCHASED 1,760,000.00- 1,760,000.00
STATE STR CORP 4.993% 3/18/27
CUSIP 857477CL5
AT $100.0000 ON TRADE DATE 03/13/2024
TO SETTLE ON 03/18/2024
MORGAN STANLEY & CO.
03/13/24 1,500,000- SOLD 1,488,780.00 1,527,255.00-38,475.00-
TORONTO-DOMINION BAN 2.650% 6/12/24
CUSIP 89114QCA4
AT $99.2520 ON TRADE DATE 03/11/2024
TO SETTLE ON 03/13/2024
BMOCM/BONDS
03/13/24 ACCRUED INTEREST ON SALE 10,047.92
TORONTO-DOMINION BAN 2.650% 6/12/24
CUSIP 89114QCA4
03/15/24 INTEREST RECEIVED 5,590.00
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00430/PV ON 1,300,000.00 PV
DUE 3/15/24
03/15/24 INTEREST RECEIVED 24.24
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00002/PV ON 111,875.37 PV
DUE 3/15/24
03/15/24 35,040.33- PAID DOWN 35,040.33 35,033.83-6.50
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
AT $472.1686 ON TRADE DATE 03/15/2024
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/15/24 INTEREST RECEIVED 154.54
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00036/PV ON 261,200.54 PV
DUE 3/15/24
03/15/24 20,887.3- PAID DOWN 20,887.30 20,886.85-0.45
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
AT $792.1054 ON TRADE DATE 03/15/2024
03/20/24 INTEREST RECEIVED 689.22
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
$0.00060/PV ON 421,973.43 PV
DUE 3/20/24
03/20/24 129,055.48- PAID DOWN 129,055.48 129,035.17-20.31
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
03/15/24 INTEREST RECEIVED 27,125.00
U.S. TREASURY NOTES 1.750% 3/15/25
CUSIP 91282CED9
INTEREST ON 3,100,000.000 UNITS
03/25/24 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 3/25/24
03/13/24 1,370,000- SOLD 1,354,793.00 1,371,773.90-16,980.90-
VR JPMORGAN CHASE & 0.824% 6/01/25
CUSIP 46647PCH7
AT $98.8900 ON TRADE DATE 03/11/2024
TO SETTLE ON 03/13/2024
MORGAN STANLEY & CO.
PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/13/24 ACCRUED INTEREST ON SALE 3,198.49
VR JPMORGAN CHASE & 0.824% 6/01/25
CUSIP 46647PCH7
03/18/24 INTEREST RECEIVED 1,837.50
WALMART INC 1.050% 9/17/26
CUSIP 931142ER0
INTEREST ON 350,000.000 UNITS
TRANSFER RECEIPTS
03/01/24 ADDITION TO ACCOUNT 5,417.08
TRANSFER FROM INCOME
03/04/24 ADDITION TO ACCOUNT 11,760.00
TRANSFER FROM INCOME
03/11/24 ADDITION TO ACCOUNT 23,034.38
TRANSFER FROM INCOME
03/13/24 ADDITION TO ACCOUNT 33,283.99
TRANSFER FROM INCOME
03/14/24 ADDITION TO ACCOUNT 4,812.50
TRANSFER FROM INCOME
03/15/24 ADDITION TO ACCOUNT 80,592.42
TRANSFER FROM INCOME
03/18/24 ADDITION TO ACCOUNT 18,009.46
TRANSFER FROM INCOME
03/20/24 ADDITION TO ACCOUNT 1,087.78
TRANSFER FROM INCOME
PAGE 34
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/21/24 ADDITION TO ACCOUNT 4,010.13
TRANSFER FROM INCOME
03/25/24 ADDITION TO ACCOUNT 21,228.99
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
03/12/24 INVESTMENT MGMT FEE 9,386.16-
PAID TO CHANDLER ASSET MANAGEMENT INC
INV 2402CUPERTIN CHANDLER ASSET
MGMT FEE
FOR PERIOD ENDING 2/1/24-2/29/24
TRANSFER DISBURSEMENTS
03/01/24 TRANSFER TO PRINCIPAL 5,417.08-
03/04/24 TRANSFER TO PRINCIPAL 11,760.00-
03/11/24 TRANSFER TO PRINCIPAL 23,034.38-
03/13/24 TRANSFER TO PRINCIPAL 33,283.99-
03/14/24 TRANSFER TO PRINCIPAL 4,812.50-
03/15/24 TRANSFER TO PRINCIPAL 80,592.42-
03/18/24 TRANSFER TO PRINCIPAL 18,009.46-
03/20/24 TRANSFER TO PRINCIPAL 1,087.78-
03/21/24 TRANSFER TO PRINCIPAL 4,010.13-
03/25/24 TRANSFER TO PRINCIPAL 21,228.99-
=================================================================================================================
ENDING BALANCE 0.00 159,121,364.07
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
INVESTMENT AND INSURANCE PRODUCTS ARE:
·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY
·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE
·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
PAGE 35
PENDING TRADES SCHEDULE CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2024 THROUGH MARCH 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
PENDING TRADES SCHEDULE
TRADE SETTLE ACCRUED DUE TO/FROM MONTH END
PAR VALUE/SHARES DESCRIPTION DATE DATE INTEREST BROKER MARKET VALUE
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
PENDING PURCHASES
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,340,000 TORONTO BK MTN CONV 4.980% 4/05/27 03/26/24 04/05/24 0.00 1,340,000.00- 1,338,003.40
PRICE: 100.0000
CUSIP 89115A2W1
====================================================================================================================================
TOTAL PENDING PURCHASES 0.00 1,340,000.00- 1,338,003.40
PENDING SALES
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,250,000- US BANCORP 2.400% 7/30/24 03/27/24 04/01/24 5,083.33 1,236,512.50 1,236,787.50-
PRICE: 98.9210
CUSIP 91159HHX1
====================================================================================================================================
TOTAL PENDING SALES 5,083.33 1,236,512.50 1,236,787.50-
____________________________________________________________________________________________________________________________________
NET PENDING TRADES 5,083.33 103,487.50- 101,215.90
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 3/1/2024 to 3/31/2024
Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 3/1/2024 Contributions Earnings Expenses Distributions Transfers 3/31/2024
OPEB 1001 $38,233,187.97 $0.00 $989,507.52 $10,606.13 $0.00 $0.00 $39,212,089.36
PENSION 1002 $21,025,437.75 $0.00 $541,705.12 $5,820.04 $0.00 $0.00 $21,561,322.83
Totals $59,258,625.72 $0.00 $1,531,212.64 $16,426.17 $0.00 $0.00 $60,773,412.19
Investment Selection
Source
OPEB
PENSION
Investment Objective
Source
OPEB
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years
OPEB 2.59%5.86%18.05%3.44%7.06%6.12%6/21/2010
PENSION 2.58%5.84%18.03%3.39%7.49%-3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees
Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
Account Report for the Period
Balance as of
City of Cupertino - OPEB
Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
City of Cupertino - PEN
Plan's Inception Date
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
April 16, 2024
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:
March 2024 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
3/11/2024 3/11/2024 RD 1748866 N/A KRISTINA ALFARO 45,000,000.00
Account Summary
Total Deposit:45,000,000.00 Beginning Balance:22,006,824.00
Total Withdrawal:0.00 Ending Balance:67,006,824.00