July 25 2024 - Treasurer's Investment Report for the Quarter Ending June 30, 2024
CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: July 25, 2024
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2024
Background
On May 14, 2024, 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
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.
Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending
June 30, 2024. The report is as of July 12, 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,
2
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 $265.8 million, a $10.2
million increase from the prior quarter.
Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
March 31, 2024
Quarter Ending
June 30, 2024
General Fund 157,349,931 170,708,258
Special Revenue 43,485,554 41,859,079
Debt Service 2,356,550 250
Capital Projects 35,814,019 10,143,854
Enterprise 9,984,721 10,143,854
Internal Service 6,580,388 7,438,879
Total $255,571,164 $265,787,442
The $265.8 million in cash and investments include $22.8 million in cash, $65.0 million in
cash equivalents, $158.9 million in investments, and $19.1 million restricted for funding
pension costs.
3
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
March 31, 2024
Quarter Ending
June 30, 2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 19,229,406 22,832,949 9%
Workers' Compensation Checking (Wells Fargo) 26,060 6,038 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 67,006,824 65,000,052 24%
Investments
Investments (Chandler) 150,216,428 158,855,958 60%
Restricted for Pension2 (PARS) 19,088,859 19,088,859 7%
Total Cash and Investments3 $255,571,164 $265,787,442 100%
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.
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
March 31, 2024
Quarter Ending
June 30, 2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 20,797,662 23,579,447 9%
Workers' Compensation Checking (Wells Fargo) 27,369 6,992 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 67,006,824 65,000,052 24%
Investments
Investments (Chandler) 154,774,606 164,967,177 60%
Restricted for Pension2 (PARS) 21,561,323 21,663,664 8%
Total Cash and Investments3 $264,167,784 $275,217,332 100%
1 Cash held by fiscal agent for bond repayments
5
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.
Wells Fargo Accounts
The City, in collaboration with Chandler and Wells Fargo's relationship manager,
explored various options to maximize investment opportunities for excess funds in the
City operating account. Prioritizing safety and liquidity, it was ultimately decided that
converting the operating checking account to a "Government Advantage Checking"
account was the optimal solution. This account offers full FDIC insurance and an interest
rate of 3% as of June 30, 2024. The interest rate is subject to change based on market
conditions. Staff will continuously monitor the rate and evaluate whether to retain funds
in the account or transfer them to alternative investment opportunities.
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 $65.0 million. The quarterly interest rate was
4.48%. The City withdrew $2.4M in June, which was ultimately deposited to the
investment portfolio.
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:
• 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 $164.2 million, compared to $154.0 million at the end of
the previous quarter. In June, the City deposited $8.6 million, with $2.4 million transferred
from the LAIF account and $6.2 million from the Wells Fargo account. The table below
includes historical comparisons of the City's portfolio:
6
March 31, 2024 June 30, 2024
Market Value 154,139,738 164,177,564
Par Value 159,493,887 168,885,052
Book Value 159,262,128 168,646,769
Average Maturity 2.10 years 2.10 years
Average Modified Duration 1.75 1.72
Average Purchase Yield 2.44% 2.59%
Average Market Yield 5.14% 4.75%
Average Quality1 AA+ 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
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:
7
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 $21.7 million, an increase of $102,341 from
the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of
$38.0 million, a decrease of $1.2 million from the prior quarter mainly due to the City
Council approved withdrawal for FY 2022-23 OPEB expenditures. The quarterly
investment return for OPEB Trust was 0.57% and Pension Trust was 0.55%.
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:
In June, the one-year Treasury yield increased while the two-year Treasury yield
decreased. 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 5.09% and 4.71%, respectively. The one-year Treasury yield increased by 6 basis
points, and the two-year Treasury yield increased by 12 basis points from March 31, 2024.
8
The yield of the City's investment portfolio was 4.75%, lower than the one-year Treasury
yield and higher than the two-year Treasury yield and LAIF.
Cash Flow History
Historical revenues, expenditures, and liquidity ratios are presented below:
9
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 a
decision from a California Department of Tax and Fee Administration (CDTFA) audit of
a City taxpayer. In FY 2023-24, the City established a Sales Tax Repayment Reserve with
a total allocation of $74.5 million to set aside disputed received sales tax revenue. With the
additional June 2024 deposit and subsequent investments, the liquidity ratios will be in
flux until the funds have been fully invested.
As of June 30, 2024, the liquidity ratio was 2.41 and 2.68 for revenues and expenditures,
respectively. The City will monitor inflows and outflows during FY 2024-25 and bring
recommendations for the City's investment portfolio as necessary and applicable.
10
As of June 30, 2024, the City had $88.6 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
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
12
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
No sustainability impact.
Fiscal Impact
No fiscal impact.
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Jonathan Orozco
Finance Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services and City Treasurer
Approved for Submission by: __________________
Pamela Wu
City Manager
Attachments:
A – Chandler Investment Report June 2024
B – Chandler Custodial Statement June 2024
13
C – PARS Pension and OPEB Account Statement June 2024
D – LAIF Account Statement June 2024
INVESTMENT REPORT
City of Cupertino | As of June 30, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
City of Cupertino | As of June 30, 2024
SECTION 1 | ECONOMIC UPDATE
SECTION 2 | ACCOUNT PROFILE
SECTION 3 | PORTFOLIO HOLDINGS
SECTION 4 | TRANSACTIONS
1
SECTION 1 | ECONOMIC UPDATE
2
Economic Update
Recent economic data suggests positive but slower growth this year fueled by consumer spending.While the consumer has been resilient,
growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth.
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 June meeting,the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%,emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The
FOMC's latest projections now suggest only one interest rate cut in 2024,with four more cuts expected in 2025 and a slightly higher long-
term neutral rate.Additionally,the Fed continues to reduce its holdings of U.S.Treasury securities and agency mortgage-backed securities
as per its predefined schedule of $25 billion and $35 billion per month.
The US Treasury yield curve shifted lower in June as economic data moderated. The 2-year Treasury yield fell 12 basis points to 4.76%,the
5-year Treasury dropped 13 basis points to 4.38%,and the 10-year Treasury yield declined 10 basis points to 4.40%.The inversion between
the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at June month-end versus -37 basis
points at May month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -106 basis points. The
inversion between 3-month and 10-year Treasuries widened to -96 basis points in June from -91 basis points in May.
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 206,000 jobs in June,remaining ahead of consensus expectations of 190,000 jobs.The gains were broad based,
with government,health care,and social assistance posting the largest gains.The three-month moving average and six-month moving
average payrolls have weakened from the first quarter to 177,000 and 222,000 respectively.The unemployment rate edged up to 4.1%in
June, and the labor participation rate inched up to 62.6%,remaining below the pre-pandemic level of 63.3%.The U-6 underemployment
rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons held steady at
7.4%.Average hourly earnings rose 3.9%year-over-year in June,down from 4.1%year-over-year in May.The labor markets continue to
show signs of cooling in line with the Federal Reserve’s view that there has been “substantial”progress towards better balance in the
labor market between demand and supply for workers.
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)increased to 8.140 million job openings in May from a
downwardly revised 7.919 million in April.Job openings still represent a healthy ratio of around 1.2 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
In June, the Consumer Price Index (CPI)declined 0.1%month-over-month and rose 3.0%year-over-year,reflecting broad-based cost
reductions. The month-over-month drop was the first deflationary data point since the pandemic. The Core CPI,which excludes volatile
food and energy components,was up just 0.1%month-over-month and 3.3%year-over-year in June,down from 3.4%in May and lower
than expected.The Personal Consumption Expenditures (PCE)Index decelerated in May as expected.The headline PCE deflator was
unchanged in May from April versus up 0.3%in the prior month.Year-over-year,the PCE deflator rose 2.6%.The Core PCE deflator (the
Fed’s preferred gauge)increased 0.1%in May from the prior month versus up 0.3%in April.The Core PCE deflator also rose 2.6%year-
over-year,still above the Fed’s 2%inflation target.Much of the lingering inflation has been driven by shelter costs and demand for
services.
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
May Retail Sales increased below expectations to +0.1%after a downwardly revised -0.2%,pointing to a fatigued consumer.On a year-
over-year basis, Retail Sales growth further slowed to +2.3%in May.Nonstore retailers were a bright spot in May,up 0.8%following a
1.8%decline in April.The Conference Board’s Consumer Confidence Index fell to 100.4 in June from 101.3 in May.While the present
situation component rose marginally,consumers are less optimistic about future expectations for business conditions and potential
income increases.While the consumer has been resilient,consumption has begun to moderate in the face of higher interest rates,rising
credit card balances, and growing delinquencies.
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)declined for the third consecutive month to -0.5%in May following a -0.6%decline
in April.The index declined 5.3%year-over-year.The primary drivers for the negative print were a decline in new orders,weak consumer
sentiment about future business conditions, and lower building permits. The Chicago Fed National Activity Index (CFNAI) increased to 0.18
in May from -0.26 in April,surpassing consensus expectations.However,the three-month moving average fell to -0.09 in May from -0.05
in April, indicating below-trend growth expectations for the economy.
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
May Housing Starts declined 5.5%month-over-month from April to 1.352 million units. This equates to -19.3%less starts compared to
May 2023.Single family starts were 5.2%lower month-over-month due to higher mortgage interest rates,lack of existing unit supply and
home affordability. Multi-family home starts declined 10.3%month-over-month. The Freddie Mac average rate for a 30-year fixed
mortgage edged down to 6.92%in June from 7.06%in May.According to the Case-Shiller 20-City Home Price Index, housing prices rose a
higher-than-expected 7.2% year-over-year in April versus March's upwardly revised 7.5% increase. 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 edged down to 48.5 in June from 48.7 in May.While new orders picked
up,prices paid for materials fell the most in over a year.The ISM Services Index returned to contraction declining to 48.8 in June,from
53.8 in the previous month. Although the level of the decline was a surprise,the trend in the Services PMI,which applies to a larger share
of US economic output, has been steadily decreasing.
Source: Institute for Supply Management
10
Gross Domestic Product (GDP)
Components of GDP 6/23 9/23 12/23 3/24
0.6% 2.1% 2.2% 1.0%
0.9% 1.7% 0.2% 0.8%
0.0% 0.0% 0.3% -0.7%
0.1% 0.5% 0.2% 0.0%
0.5% 0.5% 0.6% 0.3%
2.1% 4.9% 3.4% 1.4%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total -40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
The third and final estimate of first quarter GDP came in as expected with growth up 1.4%,a small upward revision from 1.3%in the
second estimate.Notably,the personal consumption expenditures component was revised down substantially to +1.5%in the final
estimate from +2.0%in the second estimate.Weaker growth in consumer spending was offset by upward revisions in other major
categories,particularly gross fixed investment. The consensus projection calls for 2.0%growth in the second quarter and 2.3%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 June meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%, emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The
FOMC's latest projections now suggest only one interest rate cut in 2024, with four more cuts expected in 2025 and a slightly higher long-
term neutral rate. The Fed’s inflation projections ticked up marginally, while unemployment and GDP growth forecasts remained steady.
Additionally, the Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its
predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $1.7T to approximately $7.3T.
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
Jun-24
Mar-24
Jun-23
Yi
e
l
d
(
%
)
At the end of June, the 2-year Treasury yield was 15 basis points lower,and the 10-Year Treasury yield was 56 basis points higher,year-
over-year.The inversion between the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at
June month-end versus -37 basis points at May month-end. The inversion has occurred since July 2022 and remains historically long.The
average historical spread (since 2003)is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -96
basis points in June from -91 basis points in May.
13
SECTION 2 | ACCOUNT PROFILE
14
OBJECTIVES
City of Cupertino | As of June 30, 2024
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of
capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the
investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or
above the return on the benchmark index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the
investment policy and California Government Code.
15
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)100.0 3.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 7.4 Compliant
Max Maturity (Years)5.0 3.2 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 10.9 Compliant
Max % Issuer (MV)5.0 1.7 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)40.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)25.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)30.0 26.3 Compliant
16
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV)5.0 1.5 Compliant
Max Maturity (Years)5 3 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 15.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 7.4 Compliant
Max Callables (MV)20.0 0.0 Compliant
Max Maturity (Years)5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)20.0 0.1 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)30.0 0.5 Compliant
Max % Issuer (MV)5.0 0.5 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)30.0 0.0 Compliant
17
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV)10.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 4.2 Compliant
Max % Issuer (MV)10.0 1.4 Compliant
Max Maturity (Years)5 1 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 34.0 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO SUMMARY
City of Cupertino | Account #10659 | As of June 30, 2024
Portfolio Characteristics
Average Modified Duration 1.72
Average Coupon 2.52%
Average Purchase YTM 2.59%
Average Market YTM 4.75%
Average Quality AA+
Average Final Maturity 2.01
Average Life 1.87
Sector Allocation
Performance Review
Total Rate of Return 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
(02/01/19)
City of Cupertino 0.56%1.03%1.58%4.89%2.60%0.10%1.22%--1.49%
Benchmark Return*0.57%0.94%1.25%4.54%2.09%(0.19%)0.85%--1.29%
Account Summary
Beg. Values as of
03/31/2024
End Values as of
06/30/2024
Market Value 154,139,738.35 164,177,564.58
Accrued Interest 634,868.01 789,612.72
Total Market Value 154,774,606.36 164,967,177.31
Income Earned 231,522.12 968,852.89
Cont/WD 0.00 8,639,529.99
Par 159,493,886.88 168,885,052.00
Book Value 159,262,127.89 168,646,769.08
Cost Value 159,177,151.83 168,445,525.33
Maturity Distribution
Top Issuers
United States 34.03%
FNMA 7.39%
FHLMC 7.03%
Farm Credit System 3.17%
American Express Credit Master Trust 1.74%
John Deere Owner Trust 1.54%
Toyota Motor Corporation 1.51%
International Finance Corporation 1.45%
Credit Quality
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index Secondary Benchmark:
*See Footnote
19
PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of June 30, 2024
Benchmark*6/30/2024
Portfolio
3/31/2024
Portfolio
Average Maturity (yrs)1.92 2.01 2.03
Average Modified Duration 1.81 1.72 1.87
Average Purchase Yield 2.59%2.44%
Average Market Yield 4.79%4.75%4.99%
Average Quality**AA+AA+AA+
Total Market Value 164,967,177 154,774,606
*Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.20
SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of June 30, 2024
Sector as a Percentage of Market Value
Sector 06/30/2024 03/31/2024
US Treasury 34.0%35.4%
Corporate 26.2%28.2%
Agency 15.3%16.6%
ABS 10.9%10.8%
Cash 5.3%-0.0%
Supras 4.2%4.5%
Agency CMBS 3.5%3.7%
Muni Bonds 0.5%0.5%
Money Mkt Fd 0.1%0.3%
21
DURATION ALLOCATION
City of Cupertino | Account #10659 | As of June 30, 2024
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2024 6.6%4.0%20.7%24.6%34.2%8.5%1.4%0.0%0.0%
22
ISSUERS
City of Cupertino | Account #10659 | As of June 30, 2024
Issuer Investment Type % Portfolio
United States US Treasury 34.03%
FNMA Agency 7.39%
FHLMC Multiple 7.03%
Cash Cash 5.34%
Farm Credit System Agency 3.17%
American Express Credit Master Trust ABS 1.74%
John Deere Owner Trust ABS 1.54%
Toyota Motor Corporation Corporate 1.51%
International Finance Corporation Supras 1.45%
Bank of America Corporation Corporate 1.44%
BNY Mellon Corp Corporate 1.42%
Inter-American Development Bank Supras 1.40%
International Bank for Recon and Dev Supras 1.38%
Caterpillar Inc.Corporate 1.27%
The Toronto-Dominion Bank Corporate 1.23%
Cisco Systems, Inc.Corporate 1.21%
Deere & Company Corporate 1.21%
Honda Auto Receivables Owner Trust ABS 1.20%
Northwestern Mutual Global Funding Corporate 1.19%
Massachusetts Mutual Life Insurance Corporate 1.17%
GM Financial Securitized Term ABS 1.16%
JPMorgan Chase & Co.Corporate 1.15%
Federal Home Loan Banks Agency 1.15%
State Street Corporation Corporate 1.07%
Amazon.com, Inc.Corporate 1.06%
Pricoa Global Funding I Corporate 1.05%
Chase Issuance Trust ABS 1.02%
Morgan Stanley Corporate 1.00%
23
ISSUERS
City of Cupertino | Account #10659 | As of June 30, 2024
Issuer Investment Type % Portfolio
New York Life Insurance Company Corporate 1.00%
Bank of America Credit Card Trust ABS 1.00%
UnitedHealth Group Incorporated Corporate 0.98%
Berkshire Hathaway Inc.Corporate 0.92%
Toyota Auto Receivables Owner Trust ABS 0.90%
The Home Depot, Inc.Corporate 0.82%
Guardian Life Global Funding Corporate 0.80%
Bank of Montreal Corporate 0.73%
Hyundai Auto Receivables Trust ABS 0.69%
MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.68%
Royal Bank of Canada Corporate 0.63%
Metropolitan Life Global Funding I Corporate 0.63%
BMW Vehicle Owner Trust ABS 0.62%
Mastercard Incorporated Corporate 0.58%
The Charles Schwab Corporation Corporate 0.55%
PACCAR Inc Corporate 0.53%
State of California Muni Bonds 0.46%
Met Tower Global Funding Corporate 0.43%
Northern Trust Corporation Corporate 0.40%
Hyundai Auto Lease Securitization Tr ABS 0.37%
Walmart Inc.Corporate 0.20%
Wells Fargo & Company Money Mkt Fd 0.09%
WC MMF Sweep Money Mkt Fd 0.03%
TOTAL 100.00%
24
QUALITY DISTRIBUTION
Rating 03/31/2024 06/30/2024
AAA 12.6%16.1%
AA 63.9%62.9%
A 18.7%16.6%
NR 4.8%4.4%
Rating 03/31/2024 06/30/2024
AAA 68.5%70.6%
AA 6.6%6.9%
A 18.7%17.7%
NR 6.2%4.9%
Rating 03/31/2024 06/30/2024
AAA 17.1%19.6%
AA 64.6%62.8%
A 7.0%8.1%
NR 11.3%9.5%
City of Cupertino | Account #10659 | As of June 30, 2024
S&P Rating Moody’s Rating Fitch Rating
25
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 6.6%4.0%20.7%24.6%34.2%8.5%1.4%0.0%0.0%
ICE BofA 1-3 Year US Treasury & Agency
Index
0.0%0.1%3.9%58.4%37.6%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of June 30, 2024
Portfolio Compared to the Benchmark
26
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Cupertino 1.03%4.89%2.60%0.10%1.22%1.49%
Benchmark 0.94%4.54%2.09%(0.19%)0.85%1.29%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
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 market value; it includes interest earnings, realized
and unrealized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
City of Cupertino | Account #10659 | As of June 30, 2024
Total Rate of Return : Inception | 02/01/2019
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Cupertino ICE BofA 1-3 Yr US Treasury & Agency Index
27
HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of June 30, 2024
Purchase Yield as of 06/30/24 = 2.59%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Pe
r
c
e
n
t
(
%
)
28
SECTION 3 |PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
44933LAC7 HART 2021-A A3 0.38 09/15/2025 16,568.46 04/20/2021 16,566.72 99.76 16,528.83 0.01%NA/AAA 1.21
0.39%16,568.11 4.84%2.80 (39.28)AAA 0.06
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 183,804.67 11/16/2021 183,765.93 97.97 180,064.82 0.11%Aaa/NA 1.56
0.89%183,791.64 4.64%44.93 (3,726.82)AAA 0.55
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 170,551.78 07/13/2021 170,536.57 98.07 167,267.42 0.10%Aaa/NA 1.71
0.52%170,546.90 4.81%39.42 (3,279.48)AAA 0.45
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 179,012.36 11/09/2021 179,008.54 98.00 175,430.23 0.11%NA/AAA 1.79
0.71%179,011.00 4.44%56.49 (3,580.77)AAA 0.57
43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 458,202.77 02/15/2022 458,133.86 98.11 449,529.64 0.27%Aaa/AAA 1.87
1.89%458,174.65 4.63%382.85 (8,645.01)NA 0.70
44935FAD6 HART 2021-C A3 0.74 05/15/2026 502,753.72 --490,041.86 98.36 494,509.21 0.30%NA/AAA 1.87
2.17%497,649.37 4.11%165.35 (3,140.15)AAA 0.49
05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 329,775.24 05/10/2022 329,758.09 98.66 325,365.81 0.20%Aaa/AAA 2.15
3.23%329,767.16 4.97%176.43 (4,401.35)NA 0.78
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 249,871.80 03/10/2022 249,816.53 98.03 244,956.50 0.15%Aaa/NA 2.21
2.34%249,846.37 5.46%257.65 (4,889.87)AAA 0.64
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 156,543.47 10/13/2021 156,539.48 97.67 152,899.85 0.09%Aaa/AAA 2.21
0.68%156,541.93 4.17%44.35 (3,642.07)NA 0.69
448977AD0 HART 2022-A A3 2.22 10/15/2026 634,828.53 03/09/2022 634,804.09 98.19 623,322.07 0.38%NA/AAA 2.29
2.23%634,817.38 4.60%626.36 (11,495.31)AAA 0.78
380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 158,065.45 01/11/2022 158,051.72 97.78 154,563.80 0.09%NA/AAA 2.38
1.27%158,059.44 4.27%82.98 (3,495.64)AAA 0.76
362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 292,449.63 04/05/2022 292,388.51 98.42 287,829.22 0.18%Aaa/AAA 2.63
3.13%292,418.87 4.81%377.75 (4,589.65)NA 0.97
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 576,502.54 07/12/2022 576,447.48 98.59 568,373.85 0.35%Aaa/NA 2.63
3.77%576,471.90 5.33%958.28 (8,098.04)AAA 0.88
02589BAA8 AMXCA 2022-1 A 2.21 03/17/2025 1,545,000.00 03/21/2022 1,524,359.77 97.70 1,509,493.43 0.92%Aaa/NA 0.71
2.69%1,540,098.76 5.54%1,517.53 (30,605.33)AAA 0.76
44934FAD7 HALST 24B A3 5.41 05/17/2027 610,000.00 05/14/2024 609,983.04 100.22 611,328.89 0.37%NA/AAA 2.88
5.41%609,983.66 5.36%1,466.71 1,345.22 AAA 1.69
30
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
02582JJT8 AMXCA 2022-2A 05/17/2027 1,375,000.00 05/17/2022 1,374,695.85 98.21 1,350,387.50 0.82%NA/AAA 0.87
3.42%1,374,871.63 5.54%2,071.67 (24,484.13)AAA 0.92
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 1,050,000.00 10/12/2022 1,049,918.52 99.64 1,046,250.56 0.64%Aaa/NA 2.96
5.15%1,049,948.93 5.50%2,375.33 (3,698.38)AAA 1.05
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023 1,294,718.75 99.72 1,296,403.16 0.79%NA/AAA 3.80
5.40%1,295,442.21 5.35%2,981.33 960.95 AAA 2.18
438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 805,000.00 --806,992.67 100.88 812,097.44 0.49%Aaa/NA 3.98
5.64%806,661.84 5.37%1,267.88 5,435.60 AAA 2.28
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024 499,765.63 99.61 498,032.35 0.30%Aaa/NA 4.38
5.13%499,778.91 5.22%1,102.22 (1,746.56)AAA 2.07
05522RDH8 BACCT 2023-2A 4.98 11/16/2026 850,000.00 01/24/2024 858,798.83 99.93 849,376.78 0.52%Aaa/NA 2.38
4.58%857,450.63 5.08%1,881.33 (8,073.85)AAA 2.18
58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 1,100,000.00 11/29/2023 1,123,289.06 101.29 1,114,240.82 0.68%NA/AAA 4.38
5.18%1,119,966.57 5.52%2,908.89 (5,725.75)AAA 2.50
437930AC4 HONDO-242-A3 5.27 11/20/2028 535,000.00 05/14/2024 534,935.00 100.27 536,444.02 0.33%NA/AAA 4.39
5.27%534,936.62 5.21%1,018.13 1,507.40 AAA 2.06
36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 1,310,000.00 --1,307,922.66 99.39 1,302,046.99 0.79%Aaa/NA 4.47
4.97%1,308,016.27 5.13%2,647.29 (5,969.28)AAA 2.77
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 1,689,742.61 99.08 1,674,459.77 1.02%NR/AAA 4.55
4.61%1,689,764.20 5.17%3,455.11 (15,304.43)AAA 2.41
096919AD7 BMWOT 2024-A A3 5.18 02/26/2029 695,000.00 06/04/2024 694,894.43 100.10 695,686.59 0.42%Aaa/AAA 4.66
5.18%694,895.66 5.21%2,000.06 790.93 NA 2.10
05522RDJ4 BACCT 2024-1A 4.93 03/15/2029 785,000.00 06/06/2024 784,955.96 100.04 785,311.33 0.48%Aaa/AAA 4.71
4.93%784,956.42 4.99%1,935.03 354.91 NA 2.61
18,050,832.14 99.25 17,922,200.87 10.92%Aaa/AAA 3.09
Total ABS 18,058,930.42 4.15%18,070,437.01 5.19%31,844.15 (148,236.14)AAA 1.67
AGENCY
3135G0W66 FEDERAL NATIONAL MORTGAGE 1,975,000.00 --1,965,802.75 98.97 1,954,628.94 1.19%Aaa/AA+0.29
ASSOCIATION 1.625 10/15/2024 1.72%1,974,451.02 5.20%6,775.35 (19,822.08)AA+0.29
3135G0X24 FEDERAL NATIONAL MORTGAGE 1,295,000.00 --1,309,953.95 98.13 1,270,838.52 0.77%Aaa/AA+0.52
ASSOCIATION 1.625 01/07/2025 1.38%1,296,615.41 5.31%10,171.15 (25,776.89)AA+0.50
31
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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 2,365,000.00 02/13/2020 2,363,178.95 97.70 2,310,584.61 1.41%Aaa/AA+0.62
CORP 1.5 02/12/2025 1.52%2,364,774.49 5.34%13,697.29 (54,189.87)AA+0.60
3135G03U5 FEDERAL NATIONAL MORTGAGE 1,860,000.00 04/22/2020 1,856,168.40 96.43 1,793,520.27 1.09%Aaa/AA+0.81
ASSOCIATION 0.625 04/22/2025 0.67%1,859,380.31 5.18%2,228.13 (65,860.04)AA+0.79
3135G04Z3 FEDERAL NATIONAL MORTGAGE 2,500,000.00 --2,499,227.30 95.66 2,391,600.00 1.46%Aaa/AA+0.96
ASSOCIATION 0.5 06/17/2025 0.50%2,499,891.93 5.17%486.11 (108,291.93)AA+0.94
3137EAEU9 FEDERAL HOME LOAN MORTGAGE 1,250,000.00 07/21/2020 1,243,775.00 95.27 1,190,933.46 0.73%Aaa/AA+1.06
CORP 0.375 07/21/2025 0.48%1,248,686.06 5.01%2,083.33 (57,752.60)AA+1.03
3135G05X7 FEDERAL NATIONAL MORTGAGE 2,500,000.00 --2,487,983.75 94.81 2,370,257.95 1.44%Aaa/AA+1.15
ASSOCIATION 0.375 08/25/2025 0.47%2,497,153.36 5.07%3,281.25 (126,895.41)AA+1.12
3137EAEX3 FEDERAL HOME LOAN MORTGAGE 2,500,000.00 --2,489,362.80 94.51 2,362,797.53 1.44%Aaa/AA+1.23
CORP 0.375 09/23/2025 0.46%2,497,326.73 5.03%2,552.08 (134,529.21)AA+1.20
3135G06G3 FEDERAL NATIONAL MORTGAGE 2,500,000.00 --2,492,700.00 94.22 2,355,613.25 1.43%Aaa/AA+1.36
ASSOCIATION 0.5 11/07/2025 0.56%2,498,019.08 4.97%1,875.00 (142,405.83)AA+1.32
3130B0TY5 FEDERAL HOME LOANBANKS 4.75 1,875,000.00 04/10/2024 1,870,050.00 100.28 1,880,320.24 1.15%Aaa/AA+2.77
04/09/2027 4.85%1,870,416.83 4.64%19,791.67 9,903.40 AA+2.55
3133ERDS7 FEDERAL FARM CREDIT BANKS 2,400,000.00 06/20/2024 2,412,552.00 100.37 2,408,899.15 1.47%Aaa/AA+2.85
FUNDING CORP 4.75 05/06/2027 4.55%2,412,432.34 4.61%17,416.67 (3,533.19)AA+2.62
3133EPC60 FEDERAL FARM CREDIT BANKS 2,800,000.00 11/09/2023 2,789,612.00 100.02 2,800,481.18 1.71%Aaa/AA+3.38
FUNDING CORP 4.625 11/15/2027 4.73%2,791,240.24 4.62%16,547.22 9,240.94 AA+3.08
25,780,366.90 97.23 25,090,475.11 15.28%Aaa/AA+1.52
Total Agency 25,820,000.00 1.93%25,810,387.80 4.99%96,905.24 (719,912.69)AA+1.43
AGENCY CMBS
3137BFE98 FHMS K-041 A2 3.171 10/25/2024 1,230,680.02 07/01/2021 1,323,846.34 99.20 1,220,868.06 0.74%Aaa/AA+0.32
0.66%1,237,931.55 5.64%3,252.07 (17,063.49)AAA 0.24
3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 995,707.70 07/01/2021 1,075,053.16 97.63 972,150.95 0.59%Aaa/AA+1.07
0.87%1,015,612.23 5.40%2,497.57 (43,461.28)AAA 0.92
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 950,000.00 11/16/2021 1,018,132.81 97.83 929,401.82 0.57%Aaa/AA+1.15
1.22%969,970.83 5.37%2,639.42 (40,569.02)AAA 0.97
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 440,000.00 03/15/2022 453,079.69 97.68 429,792.92 0.26%Aaa/AA+1.24
2.32%444,422.03 5.34%1,212.93 (14,629.11)AAA 1.05
32
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
3137BN6G4 FHMS K-053 A2 2.995 12/25/2025 570,000.00 03/15/2022 582,001.17 96.97 552,753.28 0.34%Aaa/AA+1.49
2.32%574,612.99 5.26%1,422.63 (21,859.71)AAA 1.27
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021 687,451.17 95.24 619,083.79 0.38%Aaa/AA+2.15
1.36%666,589.25 4.99%1,437.04 (47,505.46)AAA 2.00
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022 950,664.06 95.27 952,651.00 0.58%Aaa/AA+3.15
4.36%968,489.92 4.87%2,703.33 (15,838.92)AA+2.86
6,090,228.40 97.28 5,676,701.82 3.46%Aaa/AA+1.44
Total Agency CMBS 5,836,387.72 1.77%5,877,628.80 5.29%15,164.99 (200,926.98)AAA 1.27
CASH
CCYUSD Receivable 126,812.79 --126,812.79 1.00 126,812.79 0.08%Aaa/AAA 0.00
0.00%126,812.79 0.00%0.00 0.00 AAA 0.00
CCYUSD Cash 8,639,529.99 --8,639,529.99 1.00 8,639,529.99 5.26%Aaa/AAA 0.00
0.00%8,639,529.99 0.00%0.00 0.00 AAA 0.00
8,766,342.78 1.00 8,766,342.78 5.34%Aaa/AAA 0.00
Total Cash 8,766,342.78 0.00%8,766,342.78 0.00%0.00 0.00 AAA 0.00
CORPORATE
14913Q3B3 CATERPILLAR FINANCIAL SERVICES 1,100,000.00 01/28/2020 1,111,517.00 98.81 1,086,884.69 0.66%A2/A 0.36
CORP 2.15 11/08/2024 1.93%1,100,858.49 5.55%3,481.81 (13,973.80)A+0.35
74153WCQ0 PRICOA GLOBAL FUNDING I 1.15 885,000.00 12/01/2021 884,088.45 98.03 867,593.86 0.53%Aa3/AA-0.44
12/06/2024 1.18%884,868.35 5.80%706.77 (17,274.50)AA-0.42
89114TZL9 TORONTO-DOMINION BANK 1.45 700,000.00 03/15/2022 674,737.00 97.84 684,896.11 0.42%A1/A 0.53
01/10/2025 2.78%695,266.25 5.66%4,821.25 (10,370.14)NA 0.51
89236TJT3 TOYOTA MOTOR CREDIT CORP 1.45 1,215,000.00 01/10/2022 1,213,371.90 97.92 1,189,723.21 0.72%A1/A+0.54
01/13/2025 1.50%1,214,708.84 5.44%8,221.50 (24,985.63)A+0.52
64952WEK5 NEW YORK LIFE GLOBAL FUNDING 1,680,000.00 01/11/2022 1,678,185.60 97.74 1,642,061.25 1.00%Aaa/AA+0.54
1.45 01/14/2025 1.49%1,679,673.87 5.76%11,300.33 (37,612.62)AAA 0.52
69371RR73 PACCAR FINANCIAL CORP 2.85 885,000.00 03/31/2022 884,769.90 98.01 867,382.45 0.53%A1/A+0.77
04/07/2025 2.86%884,941.22 5.52%5,885.25 (17,558.77)NA 0.74
33
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
78016EZ59 ROYAL BANK OF CANADA 3.375
04/14/2025
1,050,000.00 04/07/2022
3.39%
1,049,611.50
1,049,898.27
98.31
5.59%
1,032,257.28
7,579.69
0.63%
(17,640.99)
A1/A
AA-
0.79
0.76
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
1,369,947.80
98.31
5.48%
1,346,893.17
8,414.08
0.82%
(23,054.63)
A1/A
AA-
0.82
0.79
06367WB85 BANK OF MONTREAL 1.85
05/01/2025
1,240,000.00 07/23/2021
0.86%
1,285,656.80
1,250,101.65
97.00
5.57%
1,202,803.91
3,823.33
0.73%
(47,297.74)
A2/A-
AA-
0.84
0.81
66815L2J7 NORTHWESTERN MUTUAL GLOBAL
FUNDING 4.0 07/01/2025
1,170,000.00 06/27/2022
4.01%
1,169,602.20
1,169,867.52
98.74
5.31%
1,155,267.08
23,400.00
0.70%
(14,600.44)
Aaa/AA+
AAA
1.00
0.95
74153WCM9 PRICOA GLOBAL FUNDING I 0.8
09/01/2025
904,000.00 04/06/2022
3.23%
832,972.72
879,580.80
94.79
5.46%
856,905.37
2,410.67
0.52%
(22,675.43)
Aa3/AA-
AA-
1.17
1.13
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
1,009,152.98
98.31
5.23%
983,104.72
4,718.06
0.60%
(26,048.26)
A1/A
AA-
1.39
1.32
40139LBC6 GUARDIAN LIFE GLOBAL FUNDING
0.875 12/10/2025
1,400,000.00 --
1.12%
1,385,860.00
1,395,120.85
93.92
5.30%
1,314,877.98
714.58
0.80%
(80,242.86)
Aa1/AA+
NA
1.45
1.40
66815L2A6 NORTHWESTERN MUTUAL GLOBAL
FUNDING 0.8 01/14/2026
850,000.00 12/06/2021
1.46%
827,449.50
841,539.80
93.54
5.22%
795,127.15
3,154.44
0.48%
(46,412.65)
Aaa/AA+
AAA
1.54
1.49
06051GHY8 BANK OF AMERICA CORP 2.015
02/13/2026
600,000.00 05/24/2021
1.06%
620,988.00
603,505.72
97.71
6.10%
586,267.62
4,634.50
0.36%
(17,238.10)
A1/A-
AA-
1.62
0.60
46647PBK1 JPMORGAN CHASE &CO 2.083
04/22/2026
401,000.00 05/20/2021
1.11%
415,969.33
404,090.24
97.11
6.58%
389,395.27
1,600.96
0.24%
(14,694.97)
A1/A-
AA-
1.81
0.78
6174468Q5 MORGAN STANLEY 2.188
04/28/2026
650,000.00 05/23/2022
4.22%
615,699.50
639,701.29
97.11
6.66%
631,243.75
2,488.85
0.38%
(8,457.54)
A1/A-
A+
1.83
0.80
023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,871,983.57
93.03
4.95%
1,744,357.99
2,552.08
1.06%
(127,625.58)
A1/AA
AA-
1.87
1.81
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026
1,035,000.00 --
1.37%
1,025,051.35
1,030,767.13
92.96
5.14%
962,104.51
1,520.88
0.59%
(68,662.62)
A2/A+
A
1.87
1.81
89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125
06/18/2026
1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,760.71
92.61
5.12%
1,282,614.64
562.66
0.78%
(102,146.08)
A1/A+
A+
1.97
1.90
06051GJD2 BANK OF AMERICA CORP 1.319
06/19/2026
700,000.00 07/16/2021
1.27%
701,274.00
700,314.49
95.82
6.18%
670,746.41
307.77
0.41%
(29,568.08)
A1/A-
AA-
1.97
0.94
57629WDE7 MASSMUTUAL GLOBAL FUNDING II
1.2 07/16/2026
1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,000,929.17
92.24
5.25%
922,403.06
5,500.00
0.56%
(78,526.11)
Aa3/AA+
AA+
2.04
1.96
34
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
58989V2D5 MET TOWER GLOBAL FUNDING 1.25
09/14/2026
770,000.00 09/07/2021
1.27%
769,291.60
769,687.70
91.68
5.30%
705,906.12
2,860.76
0.43%
(63,781.58)
Aa3/AA-
AA-
2.21
2.12
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,707.29
92.18
4.81%
322,642.99
1,061.67
0.20%
(27,064.30)
Aa2/AA
AA
2.22
2.14
61690U7W4 MORGAN STANLEY BANK NA 5.882
10/30/2026
1,000,000.00 --
5.88%
1,000,082.50
1,000,063.72
101.23
5.31%
1,012,334.55
9,966.72
0.62%
12,270.83
Aa3/A+
AA-
2.33
2.07
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027
1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,356.79
92.28
5.17%
1,028,867.43
9,872.40
0.63%
(85,489.36)
Aa3/AA-
AA-
2.53
2.40
17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 2,000,000.00 --
4.71%
2,004,911.40
2,004,407.28
99.73
4.91%
1,994,591.60
33,333.33
1.21%
(9,815.68)
A1/AA-
NA
2.66
2.43
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027
960,000.00 03/01/2022
2.46%
959,729.90
959,853.43
93.27
5.18%
895,353.66
7,709.33
0.55%
(64,499.77)
A2/A-
A
2.67
2.52
24422EXM6 JOHN DEERE CAPITAL CORP 4.85
03/05/2027
2,000,000.00 03/11/2024
4.77%
2,004,220.00
2,003,792.95
99.63
5.00%
1,992,587.66
30,716.67
1.21%
(11,205.29)
A1/A
A+
2.68
2.45
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027
1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,834.14
93.74
4.79%
1,513,857.28
10,937.14
0.92%
(100,976.86)
Aa2/AA
A+
2.71
2.56
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
99.88
5.04%
1,757,871.56
25,142.53
1.07%
(2,128.44)
A1/A
AA-
2.71
2.48
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
99.47
5.19%
1,332,831.90
15,941.53
0.81%
(7,168.10)
A1/A
AA-
2.76
2.52
57629W4S6 MASSMUTUAL GLOBAL FUNDING II
5.1 04/09/2027
1,000,000.00 06/20/2024
4.99%
1,002,630.00
1,002,611.93
99.97
5.11%
999,712.89
11,616.67
0.61%
(2,899.04)
Aa3/AA+
AA+
2.77
2.53
06051GHT9 BANK OF AMERICA CORP 3.559
04/23/2027
1,150,000.00 --
4.29%
1,114,222.54
1,128,660.60
96.70
5.91%
1,112,016.71
7,730.94
0.68%
(16,643.89)
A1/A-
AA-
2.81
1.71
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027
670,000.00 05/05/2022
4.03%
668,914.60
669,380.03
97.61
4.90%
654,013.91
3,796.67
0.40%
(15,366.11)
A2/A+
A+
2.86
2.65
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027
1,000,000.00 05/10/2024
5.04%
998,930.00
998,975.97
100.06
4.97%
1,000,617.18
6,527.78
0.61%
1,641.21
A2/A
A+
2.87
2.63
91324PEG3 UNITEDHEALTH GROUP INC 3.7
05/15/2027
675,000.00 05/17/2022
3.69%
675,316.70
675,179.95
96.77
4.92%
653,211.95
3,191.25
0.40%
(21,968.01)
A2/A+
A
2.87
2.67
437076DB5 HOME DEPOT INC 4.875 06/25/2027 1,350,000.00 06/17/2024
4.96%
1,346,913.30
1,346,930.21
99.80
4.95%
1,347,249.21
1,096.88
0.82%
319.00
A2/A
A
2.99
2.75
35
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
46647PEA0 JPMORGAN CHASE &CO 5.04
01/23/2028
1,500,000.00 03/11/2024
5.02%
1,500,780.00
1,500,697.97
99.46
5.61%
1,491,882.02
33,180.00
0.91%
(8,815.96)
A1/A-
AA-
3.57
2.32
57636QAW4 MASTERCARD INC 4.875 03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,324.18
100.53
4.71%
950,049.24
14,332.50
0.58%
5,725.06
Aa3/A+
NA
3.69
3.23
Total Corporate 44,295,000.00 3.07%
44,192,829.99
44,245,043.16
97.11
5.31%
42,980,509.31
336,814.21
26.18%
(1,264,533.85)
A1/A+
AA-
1.97
1.73
MONEY MARKET
FUND
992995944 WC MMF SWEEP 51,102.63 --
2.85%
51,102.63
51,102.63
1.00
2.85%
51,102.63
0.00
0.03%
0.00
NA/NA
NA
0.00
0.00
VP4520004 WF ADV 100%TREAS MM FD-SVC
CL #008
142,288.45 --
0.01%
142,288.45
142,288.45
1.00
0.01%
142,288.45
0.00
0.09%
0.00
Aaa/
AAAm
NA
0.00
0.00
Total Money Market
Fund 193,391.08 0.76%
193,391.08
193,391.08
1.00
0.76%
193,391.08
0.00
0.12%
0.00
Aaa/AAA
NA
0.00
0.00
MUNICIPAL BONDS
13063DRK6 CALIFORNIA STATE 2.4 10/01/2024 755,000.00 10/16/2019
1.92%
772,342.35
755,884.42
99.20
5.60%
748,922.25
4,530.00
0.46%
(6,962.17)
Aa2/AA-
AA
0.25
0.25
Total Municipal
Bonds 755,000.00 1.92%
772,342.35
755,884.42
99.20
5.60%
748,922.25
4,530.00
0.46%
(6,962.17)
Aa2/AA-
AA
0.25
0.25
SUPRANATIONAL
45950KCT5 INTERNATIONAL FINANCE CORP
0.375 07/16/2025
2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,492,720.45
95.18
5.18%
2,379,418.35
4,296.88
1.45%
(113,302.10)
Aaa/AAA
NA
1.04
1.02
459058JL8 INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPM
0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,396,859.25
94.26
5.02%
2,262,175.87
2,100.00
1.38%
(134,683.38)
Aaa/AAA
NA
1.33
1.29
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026
2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,455,940.00
93.15
4.88%
2,291,468.87
4,245.21
1.40%
(164,471.13)
Aaa/AAA
NA
1.80
1.75
36
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
7,308,742.45 94.21 6,933,063.09 4.22%Aaa/AAA 1.39
Total Supranational 7,360,000.00 0.74%7,345,519.71 5.03%10,642.08 (412,456.62)NA 1.35
US TREASURY
912828YY0 UNITED STATES TREASURY 1.75 2,100,000.00 03/15/2022 2,087,203.13 98.24 2,063,085.95 1.26%Aaa/AA+0.50
12/31/2024 1.97%2,097,706.34 5.36%99.86 (34,620.39)AA+0.49
912828ZC7 UNITED STATES TREASURY 1.125 1,500,000.00 03/18/2020 1,523,144.53 97.33 1,459,907.22 0.89%Aaa/AA+0.67
02/28/2025 0.81%1,503,099.60 5.24%5,640.29 (43,192.38)AA+0.65
91282CED9 UNITED STATES TREASURY 1.75 3,100,000.00 --3,057,617.20 97.58 3,025,083.32 1.84%Aaa/AA+0.71
03/15/2025 2.23%3,089,896.96 5.26%15,921.20 (64,813.64)AA+0.69
912828ZL7 UNITED STATES TREASURY 0.375 2,500,000.00 03/21/2022 2,360,839.85 96.12 2,402,954.10 1.46%Aaa/AA+0.83
04/30/2025 2.22%2,462,849.76 5.19%1,579.48 (59,895.66)AA+0.81
91282CAB7 UNITED STATES TREASURY 0.25 1,500,000.00 03/12/2021 1,469,765.63 94.96 1,424,472.66 0.87%Aaa/AA+1.08
07/31/2025 0.72%1,492,531.22 5.08%1,565.93 (68,058.56)AA+1.06
91282CAM3 UNITED STATES TREASURY 0.25 2,400,000.00 --2,366,140.63 94.29 2,262,937.49 1.38%Aaa/AA+1.25
09/30/2025 0.56%2,390,759.34 5.02%1,508.20 (127,821.85)AA+1.22
91282CAT8 UNITED STATES TREASURY 0.25 2,450,000.00 --2,422,492.19 93.98 2,302,521.49 1.40%Aaa/AA+1.34
10/31/2025 0.49%2,442,321.20 4.97%1,031.93 (139,799.71)AA+1.30
91282CAZ4 UNITED STATES TREASURY 0.375 2,250,000.00 03/26/2021 2,209,658.20 93.82 2,110,869.14 1.29%Aaa/AA+1.42
11/30/2025 0.76%2,237,781.66 4.94%714.65 (126,912.52)AA+1.38
91282CBH3 UNITED STATES TREASURY 0.375 2,500,000.00 05/27/2021 2,456,445.31 93.20 2,329,980.48 1.42%Aaa/AA+1.59
01/31/2026 0.75%2,485,243.91 4.89%3,914.84 (155,263.43)AA+1.54
91282CBW0 UNITED STATES TREASURY 0.75 2,500,000.00 05/27/2021 2,493,652.34 93.01 2,325,195.30 1.42%Aaa/AA+1.83
04/30/2026 0.80%2,497,641.69 4.78%3,158.97 (172,446.39)AA+1.78
91282CCZ2 UNITED STATES TREASURY 0.875 1,400,000.00 10/18/2021 1,379,054.68 92.04 1,288,492.18 0.78%Aaa/AA+2.25
09/30/2026 1.19%1,390,483.61 4.64%3,079.24 (101,991.43)AA+2.18
91282CDG3 UNITED STATES TREASURY 1.125 1,400,000.00 11/15/2021 1,391,468.75 92.29 1,291,992.18 0.79%Aaa/AA+2.34
10/31/2026 1.25%1,395,981.96 4.65%2,653.53 (103,989.78)AA+2.25
91282CJP7 UNITED STATES TREASURY 4.375 2,500,000.00 12/28/2023 2,525,097.66 99.43 2,485,644.53 1.51%Aaa/AA+2.46
12/15/2026 4.01%2,520,806.47 4.62%4,781.42 (35,161.95)AA+2.30
91282CKJ9 UNITED STATES TREASURY 4.5 2,300,000.00 04/17/2024 2,283,109.38 99.85 2,296,585.93 1.40%Aaa/AA+2.79
04/15/2027 4.77%2,284,253.98 4.55%21,774.59 12,331.94 AA+2.57
37
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of June 30,2024
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
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027
3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,187,079.45
99.87
4.55%
3,195,750.02
18,391.30
1.95%
8,670.56
Aaa/AA+
AA+
2.87
2.65
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027
3,250,000.00 --
3.18%
3,260,312.50
3,256,020.94
96.49
4.51%
3,135,869.13
287.02
1.91%
(120,151.81)
Aaa/AA+
AA+
3.00
2.82
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027
400,000.00 08/22/2022
3.12%
393,218.75
395,768.77
94.95
4.52%
379,812.50
4,593.41
0.23%
(15,956.27)
Aaa/AA+
AA+
3.08
2.88
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027
4,500,000.00 --
3.28%
4,468,902.34
4,480,207.99
95.94
4.51%
4,317,187.50
47,002.38
2.63%
(163,020.49)
Aaa/AA+
AA+
3.17
2.94
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027
3,450,000.00 --
4.31%
3,421,152.34
3,430,958.03
98.87
4.50%
3,410,917.99
35,772.54
2.08%
(20,040.05)
Aaa/AA+
AA+
3.25
2.98
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027
850,000.00 12/05/2022
3.81%
852,656.25
851,819.97
98.10
4.48%
833,830.08
2,789.79
0.51%
(17,989.89)
Aaa/AA+
AA+
3.42
3.15
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027
2,750,000.00 --
3.67%
2,775,107.42
2,767,846.15
98.08
4.47%
2,697,255.85
289.57
1.64%
(70,590.30)
Aaa/AA+
AA+
3.50
3.23
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028
3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,969,708.45
96.85
4.46%
2,905,429.68
43,846.15
1.77%
(64,278.77)
Aaa/AA+
AA+
3.59
3.27
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028
3,700,000.00 --
4.01%
3,699,113.28
3,699,447.77
98.48
4.45%
3,643,632.79
49,467.39
2.22%
(55,814.98)
Aaa/AA+
AA+
3.67
3.33
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029
2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,251,919.09
98.98
4.36%
2,276,550.79
23,848.36
1.39%
24,631.70
Aaa/AA+
AA+
4.75
4.23
Total US Treasury 57,800,000.00 2.76%
57,290,449.24
57,582,134.32
96.71
4.73%
55,865,958.28
293,712.04
34.03%
(1,716,176.04)
Aaa/AA+
AA+
2.41
2.24
Total Portfolio 168,885,052.00 2.59%
168,445,525.33
168,646,769.08
91.87
4.75%
164,177,564.58
789,612.72
100.00%
(4,469,204.49)
Aa2/AA
AA
2.01
1.72
Total Market Value +
Accrued 164,967,177.31
38
SECTION 4 |TRANSACTIONS
39
TRANSACTION LEDGER
City of Cupertino |Account #10659|04/01/2024 Through 06/30/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/11/2024 36268GAD7 360,000.00 GMCAR 2024-1 A3
4.85 12/18/2028
99.402 5.15%(357,848.44)(1,212.50)(359,060.94)0.00
Purchase 04/11/2024 3130B0TY5 1,875,000.00 FEDERAL HOME
LOANBANKS 4.75
04/09/2027
99.736 4.85%(1,870,050.00)0.00 (1,870,050.00)0.00
Purchase 04/18/2024 91282CKG5 2,300,000.00 UNITED STATES
TREASURY 4.125
03/31/2029
97.820 4.62%(2,249,867.19)(4,665.98)(2,254,533.17)0.00
Purchase 04/18/2024 91282CKJ9 2,300,000.00 UNITED STATES
TREASURY 4.5
04/15/2027
99.266 4.77%(2,283,109.38)(848.36)(2,283,957.74)0.00
Purchase 05/15/2024 14913UAL4 1,000,000.00 CATERPILLAR
FINANCIAL SERVICES
CORP 5.0 05/14/2027
99.893 5.04%(998,930.00)(138.89)(999,068.89)0.00
Purchase 05/15/2024 91282CKR1 3,200,000.00 UNITED STATES
TREASURY 4.5
05/15/2027
99.578 4.65%(3,186,500.00)0.00 (3,186,500.00)0.00
Purchase 05/21/2024 437930AC4 535,000.00 HONDO-242-A3 5.27
11/20/2028
99.988 5.27%(534,935.00)0.00 (534,935.00)0.00
Purchase 05/22/2024 44934FAD7 610,000.00 HALST 24B A3 5.41
05/17/2027
99.997 5.41%(609,983.04)0.00 (609,983.04)0.00
Purchase 06/11/2024 096919AD7 695,000.00 BMWOT 2024-A A3
5.18 02/26/2029
99.985 5.18%(694,894.43)0.00 (694,894.43)0.00
Purchase 06/13/2024 05522RDJ4 785,000.00 BACCT 2024-1 A 4.93
03/15/2029
99.994 4.93%(784,955.96)0.00 (784,955.96)0.00
Purchase 06/21/2024 3133ERDS7 2,400,000.00 FEDERAL FARM CREDIT
BANKSFUNDING CORP
4.75 05/06/2027
100.523 4.55%(2,412,552.00)(14,250.00)(2,426,802.00)0.00
Purchase 06/24/2024 57629W4S6 1,000,000.00 MASSMUTUAL GLOBAL
FUNDING II 5.1
04/09/2027
100.263 4.99%(1,002,630.00)(10,625.00)(1,013,255.00)0.00
40
TRANSACTION LEDGER
City of Cupertino |Account #10659|04/01/2024 Through 06/30/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 06/25/2024 437076DB5 370,000.00 HOME DEPOT INC
4.875 06/25/2027
99.669 5.00%(368,775.30)0.00 (368,775.30)0.00
Purchase 06/25/2024 437076DB5 980,000.00 HOME DEPOT INC
4.875 06/25/2027
99.810 4.94%(978,138.00)0.00 (978,138.00)0.00
Total Purchase 18,410,000.00 (18,333,168.74)(31,740.73)(18,364,909.47)0.00
TOTAL
ACQUISITIONS 18,410,000.00 (18,333,168.74)(31,740.73)(18,364,909.47)0.00
DISPOSITIONS
Call
Redemption
06/23/2024 46647PCK0 (655,000.00)JPMORGAN CHASE &
CO 0.969 06/23/2025
100.000 0.97%655,000.00 0.00 655,000.00 0.00
Total Call
Redemption (655,000.00)655,000.00 0.00 655,000.00 0.00
Sale 04/11/2024 912797GK7 (1,000,000.00)UNITED STATES
TREASURY 08/08/2024
98.275 5.40%982,750.29 0.00 982,750.29 (330.22)
Sale 04/11/2024 912797GB7 (1,000,000.00)UNITED STATES
TREASURY 07/11/2024
98.675 5.41%986,746.86 0.00 986,746.86 (314.71)
Sale 04/18/2024 3135G0V75 (1,500,000.00)FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 1.75
07/02/2024
99.262 1.96%1,488,930.00 7,729.17 1,496,659.17 (10,444.79)
Sale 04/18/2024 3130A1XJ2 (1,500,000.00)FEDERAL HOME
LOANBANKS 2.875
06/14/2024
99.595 1.99%1,493,925.00 14,854.17 1,508,779.17 (8,105.04)
Sale 04/18/2024 912797GL5 (1,000,000.00)UNITED STATES
TREASURY 09/05/2024
97.992 5.45%979,923.61 0.00 979,923.61 (0.00)
Sale 05/09/2024 912828XX3 (2,000,000.00)UNITED STATES
TREASURY 2.0
06/30/2024
99.508 1.87%1,990,156.25 14,285.71 2,004,441.96 (10,390.84)
Sale 05/10/2024 06367TQW3 (600,000.00)BANK OF MONTREAL
0.625 07/09/2024
99.175 1.88%595,050.00 1,260.42 596,310.42 (3,736.07)
41
TRANSACTION LEDGER
City of Cupertino |Account #10659|04/01/2024 Through 06/30/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 05/14/2024 79466LAG9 (1,000,000.00)SALESFORCE INC 0.625
07/15/2024
99.167 0.91%991,670.00 2,065.97 993,735.97 (7,922.99)
Sale 05/21/2024 79466LAG9 (760,000.00)SALESFORCE INC 0.625
07/15/2024
99.247 0.90%754,277.20 1,662.50 755,939.70 (5,448.40)
Sale 06/10/2024 912828D56 (1,100,000.00)UNITED STATES
TREASURY 2.375
08/15/2024
99.469 1.73%1,094,156.25 8,325.55 1,102,481.80 (7,111.38)
Sale 06/21/2024 3130A2UW4 (2,000,000.00)FEDERAL HOME
LOANBANKS 2.875
09/13/2024
99.406 1.82%1,988,120.00 15,652.78 2,003,772.78 (16,640.92)
Sale 06/21/2024 69371RR40 (680,000.00)PACCAR FINANCIAL
CORP 0.5 08/09/2024
99.303 0.52%675,260.40 1,246.67 676,507.07 (4,723.18)
Sale 06/21/2024 912828D56 (600,000.00)UNITED STATES
TREASURY 2.375
08/15/2024
99.555 1.73%597,328.13 4,971.84 602,299.97 (3,248.06)
Sale 06/21/2024 69371RQ25 (370,000.00)PACCAR FINANCIAL
CORP 2.15 08/15/2024
99.461 2.19%368,005.70 2,784.25 370,789.95 (1,969.68)
Total Sale (15,110,000.00)14,986,299.69 74,839.03 15,061,138.72 (80,386.31)
TOTAL
DISPOSITIONS (15,765,000.00)15,641,299.69 74,839.03 15,716,138.72 (80,386.31)
42
IMPORTANT DISCLOSURES
City of Cupertino |Account #10659 |As of June 30,2024
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 ofour 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 ofan 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 anyof 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 asof 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 willdecline 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 asof 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’sand Fitch respectively.
43
BENCHMARK DISCLOSURES
City of Cupertino |Account #10659 |As of June 30,2024
Benchmark Disclosure
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 onan average ofMoody’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.
44
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
JUNE 1, 2024 THROUGH JUNE 30, 2024
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/CONNOR GAFKJEN
TELEPHONE NUMBER:
ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
18124 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 JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
PAGE
REPORT NAME NUMBER_________________
ASSET SUMMARY .................................................................................. 1
STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2
CASH SUMMARY ................................................................................... 20
STATEMENT OF TRANSACTIONS ...................................................................... 21
PAGE 1
ASSET SUMMARY CITY OF CUPERTINO
AS OF JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED
INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH 8,639,529.99 8,639,529.99 5.27
CASH EQUIVALENTS 193,391.08 193,391.08 0.12 0.00 8,454 4.37 2,344.04
BONDS AND NOTES 159,485,791.45 155,217,867.19 94.62 4,267,924.26- 4,215,395 2.72 913,913.85
=====================================================================================================================================
TOTAL INVESTMENTS 168,318,712.52 164,050,788.26 100.00 4,267,924.26- 4,223,849 2.57 916,257.89
TOTAL ACCRUALS 916,257.89 916,257.89
=====================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 169,234,970.41 164,967,046.15 4,267,924.26- 4,223,849 2.57 916,257.89
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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 8,639,529.99 8,639,529.99 5.27
CASH EQUIVALENTS______________________________________________________________________________________________________________________________________
142,288.45 ALLSPRING 100% TREASURY 142,288.45 142,288.45 0.09 0.00 2,220.49
MONEY MARKET FUND - #008 1.0000 1.0000
51,102.63 PRINCIPAL PUBLIC DEPOSIT SWEEP 51,102.63 51,102.63 0.03 0.00 123.55
PROGRAM 1.0000 1.0000
======================================================================================================================================
TOTAL CASH EQUIVALENTS 193,391.08 193,391.08 0.12 0.00 2,344.04
BOND & NOTES______________________________________________________________________________________________________________________________________
1,875,000 AMAZON.COM INC 1,866,900.00 1,744,350.00 1.06 122,550.00- 2,552.08
DTD 05/12/21 1.000 05/12/2026 99.5680 93.0320
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,350,387.50 0.82 24,308.35- 2,071.67
ASSET BCKD SEC SER 2022-2 CL A 99.9779 98.2100
DTD 05/24/2022 3.390% 05/17/2027
NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,509,495.90 0.92 14,863.87- 1,517.53
ASSET BCKD SEC SER 2022-1 CL A 98.6641 97.7020
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 1,112,015.50 0.68 2,207.04- 7,730.94
MED TERM NOTE 96.8889 96.6970
DTD 04/23/19 04/23/2027
MOODY'S RATING A1
CUSIP 06051GHT9
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
600,000 BANK OF AMERICA CORP 620,988.00 586,266.00 0.36 34,722.00- 4,634.50
MED TERM NOTE 103.4980 97.7110
DTD 02/13/20 02/13/2026
MOODY'S RATING A1
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 670,747.00 0.41 30,527.00-307.77
MED TERM NOTE 100.1820 95.8210
DTD 06/19/20 06/19/2026
MOODY'S RATING A1
CUSIP 06051GJD2
850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 849,379.50 0.52 9,419.33- 1,881.33
ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 99.9270
DTD 12/14/2023 4.980% 11/15/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDH8
785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 785,314.00 0.48 358.04 1,935.03
ASSET BCKD SEC SER 2024-A1 CL A 99.9944 100.0400
DTD 06/13/2024 4.930% 05/15/2029
NON CALLABLE
CUSIP 05522RDJ4
1,240,000 BANK OF MONTREAL 1,285,656.80 1,202,800.00 0.73 82,856.80- 3,823.33
MED TERM NOTE 103.6820 97.0000
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 983,110.00 0.60 41,800.00- 4,718.06
MED TERM NOTE 102.4910 98.3110
DTD 11/18/13 3.950 11/18/2025
MOODY'S RATING A1
CUSIP 06406HCQ0
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,370,000 BANK OF NY MELLON CORP 1,369,808.20 1,346,888.10 0.82 22,920.10- 8,414.08
DTD 04/26/2022 3.350% 04/25/2025 99.9860 98.3130
CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,513,852.55 0.92 100,840.60- 10,937.14
DTD 03/15/2022 2.300% 03/15/2027 99.9810 93.7370
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
329,775.24 BMW VEHICLE OWNER TRUST 329,758.09 325,366.15 0.20 4,391.94-176.43
ASSET BCKD SEC SER 2022-A CL A3 99.9948 98.6630
DTD 05/18/2022 3.210% 08/25/2026
CALLABLE
MOODY'S RATING AAA
CUSIP 05602RAD3
695,000 BMW VEHICLE OWNER TRUST 694,894.43 695,688.05 0.42 793.62 2,000.06
ASSET BCKD SEC SER 2024-A CL A3 99.9848 100.0990
DTD 06/11/2024 5.180% 02/26/2029
CALLABLE
MOODY'S RATING AAA
CUSIP 096919AD7
755,000 CALIFORNIA ST 772,342.35 748,922.25 0.46 23,420.10- 4,530.00
TXBL-REF 102.2970 99.1950
DTD 10/24/19 2.400 10/01/2024
MOODY'S RATING AA2
CUSIP 13063DRK6
1,100,000 CATERPILLAR FINL SERVICE 1,111,517.00 1,086,888.00 0.66 24,629.00- 3,481.81
MED TERM NOTE 101.0470 98.8080
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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 CATERPILLAR FINL SERVICE 998,930.00 1,000,620.00 0.61 1,690.00 6,527.78
MEDIUM TERM NOTE 99.8930 100.0620
DTD 05/14/2024 5.000% 05/14/2027
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAL4
960,000 CHARLES SCHWAB CORP 959,729.90 895,353.60 0.55 64,376.30- 7,709.33
DTD 03/03/2022 2.450% 03/03/2027 99.9719 93.2660
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,674,452.00 1.02 15,290.61- 3,455.11
ASSET BCKD SEC SER 2024-A1I CL A 99.9848 99.0800
DTD 01/31/2024 4.600% 01/16/2029
CALLABLE
CUSIP 161571HV9
2,000,000 CISCO SYSTEMS INC 2,004,911.40 1,994,600.00 1.22 10,311.40- 33,333.33
DTD 02/26/2024 4.800% 02/26/2027 100.2456 99.7300
CALLABLE
MOODY'S RATING A1
CUSIP 17275RBQ4
1,230,680.01 FED HOME LN MTG CORP 1,323,846.34 1,220,871.49 0.74 102,974.85- 3,252.07
SER KO41 CL A2 *24 DAY DELAY*107.5703 99.2030
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,310,581.35 1.41 52,597.60- 13,697.29
DTD 02/14/20 1.500 02/12/2025 99.9230 97.6990
MOODY'S RATING AAA
CUSIP 3137EAEP0
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,190,937.50 0.73 52,837.50- 2,083.33
SER USD 99.5020 95.2750
DTD 07/23/20 0.375 07/21/2025
MOODY'S RATING AAA
CUSIP 3137EAEU9
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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 HOME LN MTG CORP 2,489,362.80 2,362,800.00 1.44 126,562.80- 2,552.08
DTD 09/25/20 0.375 09/23/2025 99.5745 94.5120
MOODY'S RATING AAA
CUSIP 3137EAEX3
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,954,637.75 1.19 11,165.00- 6,775.35
DTD 10/18/19 1.625 10/15/2024 99.5343 98.9690
MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,270,835.30 0.77 39,118.65- 10,171.15
DTD 01/10/20 1.625 01/07/2025 101.1548 98.1340
MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,793,523.60 1.09 62,644.80- 2,228.13
DTD 04/24/20 0.625 04/22/2025 99.7940 96.4260
MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,391,600.00 1.46 107,627.30-486.11
DTD 06/19/20 0.500 06/17/2025 99.9691 95.6640
MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,370,250.00 1.44 117,733.75- 3,281.25
DTD 08/27/20 0.375 08/25/2025 99.5194 94.8100
MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,355,625.00 1.44 137,075.00- 1,875.00
DTD 11/12/20 0.500 11/07/2025 99.7080 94.2250
MOODY'S RATING AAA
CUSIP 3135G06G3
2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,800,476.00 1.71 10,864.00 16,547.22
DTD 11/15/2023 4.625% 11/15/2027 99.6290 100.0170
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133EPC60
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,408,904.00 1.47 3,648.00- 17,416.67
DTD 05/06/2024 4.750% 05/06/2027 100.5230 100.3710
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133ERDS7
1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,880,325.00 1.15 10,275.00 19,791.67
DTD 04/11/2024 4.750% 04/09/2027 99.7360 100.2840
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3130B0TY5
995,707.7 FHLMC MULTIFAMILY STRUCTURED P 1,075,053.16 972,149.26 0.59 102,903.90- 2,497.57
SER K049 CL A2 *24 DAY DELAY*107.9688 97.6340
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 929,404.00 0.57 88,728.81- 2,639.42
SER K050 CL A2 *24 DAY DELAY*107.1719 97.8320
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 429,792.00 0.26 23,287.69- 1,212.93
SER K051 CL A2 *24 DAY DELAY*102.9727 97.6800
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 552,751.80 0.34 29,249.37- 1,422.63
SER K053 CL A2 *24 DAY DELAY*102.1055 96.9740
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 619,086.00 0.38 68,365.17- 1,437.04
SER K058 CL A2 *24 DAY DELAY*105.7617 95.2440
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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 950,664.06 952,650.00 0.58 1,985.94 2,703.33
SER K068 CL A2 *24 DAY DELAY*95.0664 95.2650
DTD 10/01/17 3.244 08/25/2027
MOODY'S RATING AAA
CUSIP 3137FBBX3
156,543.47 GM FINANCIAL SECURITIZED TERM 156,539.47 152,899.14 0.09 3,640.33-44.35
SER 2021-4 CL A3 *0 DAY DELAY*99.9975 97.6720
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
292,449.63 GM FINANCIAL SECURITIZED TERM 292,388.51 287,828.93 0.18 4,559.58-377.75
ASSET BCKD SEC SER 2022-2 CL A3 99.9791 98.4200
DTD 04/13/2022 3.100% 02/16/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 362585AC5
1,310,000 GM FINANCIAL SECURITIZED TERM 1,307,922.66 1,302,048.30 0.79 5,874.36- 2,647.29
ASSET BCKD SEC SER 2024-1 CL A3 99.8414 99.3930
DTD 01/17/2024 4.850% 12/18/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 36268GAD7
158,065.46 GM FINANCIAL SECURITIZED TERM 158,051.72 154,564.31 0.09 3,487.41-82.98
SER 2022-1 CL A3 *0 DAY DELAY*99.9913 97.7850
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,314,880.00 0.80 70,980.00-714.58
144A PRIV PLCMT 0.875 12/10/2025 98.9900 93.9200
MOODY'S RATING AA1
CUSIP 40139LBC6
1,350,000 HOME DEPOT INC 1,346,913.30 1,347,246.00 0.82 332.70 1,096.88
DTD 06/25/2024 4.875% 06/25/2027 99.7714 99.7960
CALLABLE
MOODY'S RATING A2
CUSIP 437076DB5
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 536,444.50 0.33 1,509.50 1,018.13
ASSET BCKD SEC SER 2024-2 CL A3 99.9879 100.2700
DTD 05/21/2024 5.270% 11/20/2028
CALLABLE
CUSIP 437930AC4
805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 812,100.10 0.50 5,107.43 1,267.88
ASSET BCKD SEC SER 2023-4 CL A3 100.2476 100.8820
DTD 11/08/2023 5.670% 06/21/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 438123AC5
458,202.78 HONDA AUTO RECEIVABLES OWNER T 458,133.85 449,529.00 0.27 8,604.85-382.85
SER 2022-1 CL A3 *0 DAY DELAY*99.9850 98.1070
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
183,804.66 HONDA AUTO RECEIVABLES OWNER T 183,765.91 180,064.24 0.11 3,701.67-44.93
SER 2021-4 CL A3 *0 DAY DELAY*99.9789 97.9650
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 611,329.80 0.37 1,346.76 1,466.71
ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.2180
DTD 05/22/2024 5.410% 05/17/2027
NON CALLABLE
144A PRIVATE PLACEMENT
CUSIP 44934FAD7
634,828.54 HYUNDAI AUTO RECEIVABLES TRUST 634,804.10 623,319.10 0.38 11,485.00-626.36
ASSET BCKD SEC SER 2022-A CL A3 99.9962 98.1870
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
16,568.47 HYUNDAI AUTO RECEIVABLES TRUST 16,566.73 16,528.87 0.01 37.86-2.80
SER 2021-A CL A3 *0 DAY DELAY*99.9895 99.7610
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
502,753.72 HYUNDAI AUTO RECEIVABLES TRUST 490,041.87 494,508.56 0.30 4,466.69 165.35
SER 2021-C CL A3 *0 DAY DELAY*97.4716 98.3600
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,291,465.40 1.40 157,267.80- 4,245.21
DTD 04/20/21 0.875 04/20/2026 99.5420 93.1490
MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,262,168.00 1.38 126,691.25- 2,100.00
DTD 10/28/20 0.500 10/28/2025 99.5358 94.2570
MOODY'S RATING AAA
CUSIP 459058JL8
2,500,000 INTL FINANCE CORP 2,471,150.00 2,379,425.00 1.45 91,725.00- 4,296.88
DTD 07/16/20 0.375 07/16/2025 98.8460 95.1770
MOODY'S RATING AAA
CUSIP 45950KCT5
2,000,000 JOHN DEERE CAPITAL CORP 2,004,220.00 1,992,580.00 1.21 11,640.00- 30,716.67
MEDIUM TERM NOTE 100.2110 99.6290
DTD 03/07/2024 4.850% 03/05/2027
NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EXM6
249,871.81 JOHN DEERE OWNER TRUST 249,816.52 244,956.83 0.15 4,859.69-257.65
ASSET BCKD SEC SER 2022-A CL A3 99.9779 98.0330
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 JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
170,551.78 JOHN DEERE OWNER TRUST 170,536.56 167,266.95 0.10 3,269.61-36.95
SER 2021-B CL A3 *0 DAY DELAY*99.9911 98.0740
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
576,502.54 JOHN DEERE OWNER TRUST 576,447.49 568,373.85 0.35 8,073.64-958.28
ASSET BCKD SEC SER 2022-B CL A3 99.9905 98.5900
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 1,046,251.50 0.64 3,667.02- 2,375.33
ASSET BCKD SEC SER 2022-C CL A3 99.9923 99.6430
DTD 10/19/2022 5.090% 06/15/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 47800BAC2
500,000 JOHN DEERE OWNER TRUST 499,765.63 498,030.00 0.30 1,735.63- 1,102.22
ASSET BCKD SEC SER 2024-A CL A3 99.9531 99.6060
DTD 03/19/2024 4.960% 11/15/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 47800RAD5
401,000 JPMORGAN CHASE & CO 415,969.33 389,395.06 0.24 26,574.27- 1,600.96
DTD 04/22/20 04/22/2026 103.7330 97.1060
MOODY'S RATING A1
CUSIP 46647PBK1
1,500,000 JPMORGAN CHASE & CO 1,500,780.00 1,491,885.00 0.91 8,895.00- 33,180.00
DTD 01/23/2024 VAR CPN 01/23/2028 100.0520 99.4590
CALLABLE
MOODY'S RATING A1
CUSIP 46647PEA0
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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 MASSMUTUAL GLBL FDG 1,002,630.00 999,710.00 0.61 2,920.00- 11,616.67
MEDIUM TERM NOTE 100.2630 99.9710
DTD 04/09/2024 5.100% 04/09/2027
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 57629W4S6
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 922,400.00 0.56 79,830.00- 5,500.00
144A PRIV PLCMT 1.200 07/16/2026 100.2230 92.2400
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 950,046.30 0.58 5,962.95 14,332.50
DTD 03/09/2023 4.875% 03/09/2028 99.9030 100.5340
CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,114,245.00 0.68 9,044.06- 2,908.89
ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.2950
DTD 10/25/2023 5.950% 11/15/2028
CALLABLE
CUSIP 58769FAC9
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,028,866.25 0.63 84,862.65- 9,872.40
144A PRIV PLCMT 1.875 01/11/2027 99.8860 92.2750
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 705,905.20 0.43 63,386.40- 2,860.76
144A PRIV PLCMT 1.250 09/14/2026 99.9080 91.6760
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 631,241.00 0.38 15,541.50 2,488.85
DTD 04/28/20 04/28/2026 94.7230 97.1140
MOODY'S RATING A1
CUSIP 6174468Q5
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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 1,012,340.00 0.62 12,257.50 9,966.72
DTD 11/01/2023 5.882% 10/30/2026 100.0083 101.2340
CALLABLE
MOODY'S RATING AA3
CUSIP 61690U7W4
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,642,065.60 1.00 36,120.00- 11,165.00
MEDIUM TERM NOTE 99.8920 97.7420
144A PRIV PLCMT 1.450 01/14/2025
MOODY'S RATING AAA
CUSIP 64952WEK5
670,000 NORTHERN TRUST CORP 668,914.60 654,013.80 0.40 14,900.80- 3,796.67
DTD 05/10/2022 4.000% 05/10/2027 99.8380 97.6140
CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
1,170,000 NORTHWESTERN MUTUAL GLBL 1,169,602.20 1,155,269.70 0.70 14,332.50- 23,400.00
DTD 07/01/2022 4.000% 07/01/2025 99.9660 98.7410
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 66815L2J7
850,000 NORTHWESTERN MUTUAL GLOBAL 827,449.50 795,124.00 0.48 32,325.50- 3,154.44
MEDIUM TERM NOTE 97.3470 93.5440
DTD 01/14/2021 0.800% 01/14/2026
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 66815L2A6
885,000 PACCAR FINANCIAL CORP 884,769.90 867,379.65 0.53 17,390.25- 5,885.25
MEDIUM TERM NOTE 99.9740 98.0090
DTD 04/07/2022 2.850% 04/07/2025
NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 856,901.60 0.52 23,928.88 2,410.67
144A PRIV PLCMT 0.800 09/01/2025 92.1430 94.7900
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 867,592.05 0.53 16,496.40-706.77
144A PRIV PLCMT 1.150 12/06/2024 99.8970 98.0330
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,032,255.00 0.63 17,356.50- 7,579.69
MEDIUM TERM NOTE 99.9630 98.3100
CONVERTIBLE
DTD 04/14/2022 3.375% 04/14/2025
NON CALLABLE
MOODY'S RATING A1
CUSIP 78016EZ59
1,760,000 STATE STR CORP 1,760,000.00 1,757,870.40 1.07 2,129.60- 25,142.53
DTD 03/18/2024 4.993% 03/18/2027 100.0000 99.8790
CALLABLE
MOODY'S RATING A1
CUSIP 857477CL5
1,340,000 TORONTO DOMINION BANK 1,340,000.00 1,332,831.00 0.81 7,169.00- 15,941.53
MEDIUM TERM NOTE 100.0000 99.4650
CONVERTIBLE
DTD 04/05/2024 4.980% 04/05/2027
NON CALLABLE
MOODY'S RATING A1
CUSIP 89115A2W1
700,000 TORONTO-DOMINION BANK 674,737.00 684,894.00 0.42 10,157.00 4,821.25
MED TERM NOTE SER FXD 96.3910 97.8420
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 JUNE 30, 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 1,296,399.00 0.79 1,680.25 2,981.33
ASSET BCKD SEC SER 2023-C CL A3 99.5938 99.7230
DTD 08/15/2023 5.160% 04/17/2028
CALLABLE
CUSIP 89231FAD2
179,012.34 TOYOTA AUTO RECEIVABLES OWNER 179,008.52 175,430.30 0.11 3,578.22-56.49
SER 2021-D CL A3 *0 DAY DELAY*99.9979 97.9990
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,282,620.80 0.78 101,769.80-562.66
MED TERM NOTE 99.9560 92.6080
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 1,189,728.00 0.73 23,643.90- 8,074.69
DTD 01/13/22 1.450 01/13/2025 99.8660 97.9200
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 3,025,073.00 1.84 32,544.20- 15,921.20
DTD 03/15/2022 1.750% 03/15/2025 98.6328 97.5830
MOODY'S RATING AAA
CUSIP 91282CED9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,135,860.00 1.91 124,452.50- 53,099.52
DTD 06/30/2022 3.250% 06/30/2027 100.3173 96.4880
MOODY'S RATING AAA
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 379,812.00 0.23 13,406.75- 4,593.41
DTD 07/31/2022 2.750% 07/31/2027 98.3047 94.9530
MOODY'S RATING AAA
CUSIP 91282CFB2
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,317,210.00 2.63 151,692.34- 47,002.38
DTD 08/31/2022 3.125% 08/31/2027 99.3090 95.9380
MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,410,911.50 2.08 10,240.84- 35,772.54
DTD 09/30/2022 4.125% 09/30/2027 99.1639 98.8670
MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 833,833.00 0.51 18,823.25- 2,789.79
DTD 11/30/2022 3.875% 11/30/2027 100.3125 98.0980
MOODY'S RATING AAA
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,697,255.00 1.64 77,852.42- 53,570.82
DTD 12/31/2022 3.875% 12/31/2027 100.9130 98.0820
MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,905,440.00 1.77 52,489.69- 43,846.15
DTD 01/31/2023 3.500% 01/31/2028 98.5977 96.8480
MOODY'S RATING AAA
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,643,649.00 2.22 55,464.28- 49,467.39
DTD 02/28/2023 4.000% 02/29/2028 99.9760 98.4770
MOODY'S RATING AAA
CUSIP 91282CGP0
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,485,650.00 1.52 39,447.66- 4,781.42
DTD 12/15/2023 4.375% 12/15/2026 101.0039 99.4260
MOODY'S RATING AAA
CUSIP 91282CJP7
2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,276,563.00 1.39 26,695.81 23,848.36
DTD 03/31/2024 4.125% 03/31/2029 97.8203 98.9810
MOODY'S RATING AAA
CUSIP 91282CKG5
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,296,596.00 1.40 13,486.62 21,774.59
DTD 04/15/2024 4.500% 04/15/2027 99.2656 99.8520
MOODY'S RATING AAA
CUSIP 91282CKJ9
3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,195,744.00 1.95 9,244.00 18,391.30
DTD 05/15/2024 4.500% 05/15/2027 99.5781 99.8670
MOODY'S RATING AAA
CUSIP 91282CKR1
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 962,104.95 0.59 62,946.40- 1,520.88
DTD 05/19/21 1.150 05/15/2026 99.0388 92.9570
MOODY'S RATING A2
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 653,211.00 0.40 22,105.70- 3,191.25
DTD 05/20/2022 3.700% 05/15/2027 100.0469 96.7720
CALLABLE
MOODY'S RATING A2
CUSIP 91324PEG3
1,500,000 US TREASURY NOTE 1,469,765.63 1,424,475.00 0.87 45,290.63- 1,565.93
DTD 07/31/20 0.250 07/31/2025 97.9844 94.9650
MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,262,936.00 1.38 103,204.63- 1,508.20
DTD 09/30/20 0.250 09/30/2025 98.5892 94.2890
MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,302,534.50 1.40 119,957.69- 1,031.93
DTD 10/31/20 0.250 10/31/2025 98.8772 93.9810
MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,110,860.00 1.29 98,798.20-714.65
DTD 11/30/20 0.375 11/30/2025 98.2070 93.8160
MOODY'S RATING AAA
CUSIP 91282CAZ4
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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 2,329,975.00 1.42 126,470.31- 3,914.84
DTD 02/01/21 0.375 01/31/2026 98.2578 93.1990
MOODY'S RATING AAA
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,325,200.00 1.42 168,452.34- 3,158.97
DTD 04/30/21 0.750 04/30/2026 99.7461 93.0080
MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,288,490.00 0.79 90,564.68- 3,079.23
DTD 09/30/21 0.875 09/30/2026 98.5039 92.0350
MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,291,990.00 0.79 99,478.75- 2,653.53
DTD 11/01/21 1.125 10/31/2026 99.3906 92.2850
CUSIP 91282CDG3
2,100,000 US TREASURY NOTE 2,087,203.13 2,063,082.00 1.26 24,121.13- 18,474.86
DTD 12/31/19 1.750 12/31/2024 99.3906 98.2420
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,459,905.00 0.89 63,239.53- 5,748.63
DTD 03/02/20 1.125 02/28/2025 101.5430 97.3270
MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,402,950.00 1.46 42,110.15 1,588.11
DTD 04/30/20 0.375 04/30/2025 94.4336 96.1180
MOODY'S RATING AAA
CUSIP 912828ZL7
350,000 WALMART INC 349,338.50 322,644.00 0.20 26,694.50- 1,061.67
DTD 09/17/21 1.050 09/17/2026 99.8110 92.1840
MOODY'S RATING AA2
CUSIP 931142ER0
======================================================================================================================================
TOTAL BOND & NOTES 159,485,791.45 155,217,867.19 94.62 4,267,924.26- 913,913.85
PAGE 19
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JUNE 30, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
======================================================================================================================================
TOTAL INVESTMENTS 168,318,712.52 164,050,788.26 100.00 4,267,924.26- 916,257.89
TOTAL ACCRUALS 916,257.89 916,257.89
======================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 169,234,970.41 164,967,046.15
PAGE 20
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 170,264.60
OTHER CASH RECEIPTS 8,639,529.99 0.00
TRANSFER RECEIPTS 170,264.60 0.00
SALES 5,812,570.92 0.00
CASH MANAGEMENT SALES 3,119,439.31 0.00
TOTAL CASH RECEIPTS 17,741,804.82 170,264.60
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 9,412.56-0.00
TRANSFER DISBURSEMENTS 0.00 170,264.60-
PURCHASES 6,241,945.69-0.00
CASH MANAGEMENT PURCHASES 2,850,916.58-0.00
TOTAL CASH DISBURSEMENTS 9,102,274.83-170,264.60-
========================================================================================================================================
ENDING BALANCE 8,639,529.99 0.00
________________________________________________________________________________________________________________________________________
PAGE 21
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 159,701,483.96
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
06/03/24 INTEREST RECEIVED 4,170.70
AS 100% TREAS MM FD-SVC CL #008
NO
06/03/24 INTEREST RECEIVED 127.36
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 5/1/24 TO 5/31/24
06/30/24 2,850,789.22 CASH SWEEP PURCHASES FOR STMT PERIOD 2,850,789.22- 2,850,789.22
AS 100% TREAS MM FD-SVC CL #008
9 TRANSACTIONS
06/30/24 127.36 CASH SWEEP PURCHASES FOR STMT PERIOD 127.36-127.36
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
06/30/24 3,119,439.31- CASH SWEEP SALES FOR STMT PERIOD 3,119,439.31 3,119,439.31-
AS 100% TREAS MM FD-SVC CL #008
6 TRANSACTIONS
BONDS & NOTES
06/17/24 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 6/15/24
06/17/24 INTEREST RECEIVED 3,884.38
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/13/24 785,000 PURCHASED 784,955.96-784,955.96
BANK OF AMERICA ABS 4.930% 5/15/29
CUSIP 05522RDJ4
AT $99.9944 ON TRADE DATE 06/06/2024
TO SETTLE ON 06/13/2024
BANC OF AMERICA SECURITIES LLC
06/17/24 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 6/15/24
06/25/24 INTEREST RECEIVED 962.96
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00182/PV ON 359,984.98 PV
DUE 6/25/24
06/25/24 30,209.74- PAID DOWN 30,209.74 30,208.17-1.57
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
AT $372.6057 ON TRADE DATE 06/25/2024
06/11/24 695,000 PURCHASED 694,894.43-694,894.43
BMW VEHICLE OWN ABS 5.180% 2/26/29
CUSIP 096919AD7
AT $99.9848 ON TRADE DATE 06/04/2024
TO SETTLE ON 06/11/2024
J.P. MORGAN SECURITIES INC., -
06/17/24 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 6/15/24
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/21/24 2,000,000- SOLD 1,988,120.00 2,103,380.00- 115,260.00-
FED HOME LN BK 2.875% 9/13/24
CUSIP 3130A2UW4
AT $99.4060 ON TRADE DATE 06/20/2024
TO SETTLE ON 06/21/2024
MARKETAXESS CORPORATION
06/21/24 ACCRUED INTEREST ON SALE 15,652.78
FED HOME LN BK 2.875% 9/13/24
CUSIP 3130A2UW4
06/25/24 INTEREST RECEIVED 3,314.43
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
$0.00255/PV ON 1,254,278.40 PV
DUE 6/25/24
06/25/24 23,598.39- PAID DOWN 23,598.39 25,384.86-1,786.47-
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
06/17/24 INTEREST RECEIVED 6,250.00
FED NATL MTG ASSN 0.500% 6/17/25
CUSIP 3135G04Z3
INTEREST ON 2,500,000.000 UNITS
06/21/24 2,400,000 PURCHASED 2,412,552.00- 2,412,552.00
FFCB 4.750% 5/06/27
CUSIP 3133ERDS7
AT $100.5230 ON TRADE DATE 06/20/2024
TO SETTLE ON 06/21/2024
TORONTO DOMINION SECURITIES (U
06/21/24 ACCRUED INTEREST ON PURCHASE 14,250.00-
FFCB 4.750% 5/06/27
CUSIP 3133ERDS7
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/25/24 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 6/25/24
06/25/24 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 6/25/24
06/25/24 INTEREST RECEIVED 2,502.44
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00250/PV ON 997,650.22 PV
DUE 6/25/24
06/25/24 1,942.52- PAID DOWN 1,942.52 2,097.31-154.79-
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
06/25/24 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 6/25/24
06/25/24 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 6/25/24
06/17/24 INTEREST RECEIVED 808.76
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00207/PV ON 313,067.52 PV
DUE 6/16/24
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/17/24 20,617.89- PAID DOWN 20,617.89 20,613.58-4.31
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
AT $655.4990 ON TRADE DATE 06/16/2024
TO SETTLE ON 06/17/2024
06/17/24 INTEREST RECEIVED 5,294.58
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 1,310,000.00 PV
DUE 6/16/24
06/17/24 INTEREST RECEIVED 97.64
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00028/PV ON 172,297.84 PV
DUE 6/16/24
06/17/24 15,754.37- PAID DOWN 15,754.37 15,753.97-0.40
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
TO SETTLE ON 06/17/2024
06/17/24 INTEREST RECEIVED 181.68
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00062/PV ON 173,032.61 PV
DUE 6/16/24
06/17/24 14,967.15- PAID DOWN 14,967.15 14,965.85-1.30
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
AT $902.9780 ON TRADE DATE 06/16/2024
TO SETTLE ON 06/17/2024
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/25/24 370,000 PURCHASED 368,775.30-368,775.30
HOME DEPOT INC 4.875% 6/25/27
CUSIP 437076DB5
AT $99.6690 ON TRADE DATE 06/17/2024
TO SETTLE ON 06/25/2024
MORGAN STANLEY & CO.
06/25/24 980,000 PURCHASED 978,138.00-978,138.00
HOME DEPOT INC 4.875% 6/25/27
CUSIP 437076DB5
AT $99.8100 ON TRADE DATE 06/17/2024
TO SETTLE ON 06/25/2024
INTL FCSTONE
06/18/24 INTEREST RECEIVED 2,114.59
HONDA AUTO RECE ABS 5.270% 11/20/28
CUSIP 437930AC4
$0.00395/PV ON 535,000.00 PV
DUE 6/18/24
06/21/24 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 6/21/24
06/20/24 0.02 SHARE ADJUSTMENT
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
06/21/24 INTEREST RECEIVED 0.13
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00000/PV ON 593.76 PV
DUE 6/21/24
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/21/24 593.76- PAID DOWN 593.76 593.73-0.03
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
06/21/24 INTEREST RECEIVED 150.59
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00033/PV ON 205,348.23 PV
DUE 6/21/24
06/21/24 21,543.57- PAID DOWN 21,543.57 21,539.03-4.54
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
06/17/24 INTEREST RECEIVED 783.82
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00106/PV ON 500,311.64 PV
DUE 6/15/24
06/17/24 42,108.86- PAID DOWN 42,108.86 42,102.53-6.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
AT $320.9540 ON TRADE DATE 06/15/2024
TO SETTLE ON 06/17/2024
06/17/24 INTEREST RECEIVED 2,108.40
HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
$0.00346/PV ON 610,000.00 PV
DUE 6/15/24
06/17/24 INTEREST RECEIVED 1,280.31
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00127/PV ON 692,060.53 PV
DUE 6/15/24
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/17/24 57,231.99- PAID DOWN 57,231.99 57,229.79-2.20
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
AT $236.1443 ON TRADE DATE 06/15/2024
TO SETTLE ON 06/17/2024
06/17/24 INTEREST RECEIVED 11.92
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00002/PV ON 37,641.04 PV
DUE 6/15/24
06/17/24 21,072.57- PAID DOWN 21,072.57 21,070.35-2.22
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
TO SETTLE ON 06/17/2024
06/17/24 INTEREST RECEIVED 350.86
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00026/PV ON 568,961.42 PV
DUE 6/15/24
06/17/24 66,207.7- PAID DOWN 66,207.70 64,533.67-1,674.03
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $271.4935 ON TRADE DATE 06/15/2024
TO SETTLE ON 06/17/2024
06/17/24 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 6/15/24
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/17/24 INTEREST RECEIVED 515.80
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00115/PV ON 266,793.80 PV
DUE 6/15/24
06/17/24 16,921.99- PAID DOWN 16,921.99 16,918.25-3.74
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
AT $798.6653 ON TRADE DATE 06/15/2024
TO SETTLE ON 06/17/2024
06/17/24 INTEREST RECEIVED 1,898.59
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00290/PV ON 609,174.19 PV
DUE 6/15/24
06/17/24 32,671.65- PAID DOWN 32,671.65 32,668.53-3.12
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
AT $413.6616 ON TRADE DATE 06/15/2024
TO SETTLE ON 06/17/2024
06/17/24 INTEREST RECEIVED 2,066.67
JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
$0.00413/PV ON 500,000.00 PV
DUE 6/15/24
06/17/24 INTEREST RECEIVED 84.03
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00014/PV ON 193,915.09 PV
DUE 6/15/24
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/17/24 23,363.31- PAID DOWN 23,363.31 23,361.23-2.08
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
TO SETTLE ON 06/17/2024
06/24/24 1,000,000 PURCHASED 1,002,630.00- 1,002,630.00
MASSMUTUAL GLBL MTN 5.100% 4/09/27
CUSIP 57629W4S6
AT $100.2630 ON TRADE DATE 06/20/2024
TO SETTLE ON 06/24/2024
TORONTO DOMINION SECURITIES (U
06/24/24 ACCRUED INTEREST ON PURCHASE 10,625.00-
MASSMUTUAL GLBL MTN 5.100% 4/09/27
CUSIP 57629W4S6
06/17/24 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 6/15/24
06/10/24 INTEREST RECEIVED 6,125.00
P/P GUARDIAN LIFE GL 0.875% 12/10/25
CUSIP 40139LBC6
INTEREST ON 1,400,000.000 UNITS
06/06/24 INTEREST RECEIVED 5,088.75
P/P PRICOA GLOBAL FU 1.150% 12/06/24
CUSIP 74153WCQ0
INTEREST ON 885,000.000 UNITS
06/21/24 680,000- SOLD 675,260.40 679,632.80-4,372.40-
PACCAR FINANCIAL COR 0.500% 8/09/24
CUSIP 69371RR40
AT $99.3030 ON TRADE DATE 06/20/2024
TO SETTLE ON 06/21/2024
MARKETAXESS CORPORATION
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/21/24 ACCRUED INTEREST ON SALE 1,246.67
PACCAR FINANCIAL COR 0.500% 8/09/24
CUSIP 69371RR40
06/21/24 370,000- SOLD 368,005.70 369,182.30-1,176.60-
PACCAR FINANCIAL COR 2.150% 8/15/24
CUSIP 69371RQ25
AT $99.4610 ON TRADE DATE 06/20/2024
TO SETTLE ON 06/21/2024
MARKETAXESS CORPORATION
06/21/24 ACCRUED INTEREST ON SALE 2,784.25
PACCAR FINANCIAL COR 2.150% 8/15/24
CUSIP 69371RQ25
06/17/24 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 6/15/24
06/18/24 INTEREST RECEIVED 1.90
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00000/PV ON 8,757.41 PV
DUE 6/17/24
06/18/24 8,757.41- PAID DOWN 8,757.41 8,755.78-1.63
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
TO SETTLE ON 06/18/2024
06/17/24 INTEREST RECEIVED 117.59
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00027/PV ON 198,748.97 PV
DUE 6/15/24
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/17/24 19,736.63- PAID DOWN 19,736.63 19,736.21-0.42
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
AT $684.7677 ON TRADE DATE 06/15/2024
TO SETTLE ON 06/17/2024
06/18/24 0.01 SHARE ADJUSTMENT
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
06/20/24 INTEREST RECEIVED 28.42
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
$0.00002/PV ON 17,400.94 PV
DUE 6/20/24
06/20/24 17,400.94- PAID DOWN 17,400.94 17,398.19-2.75
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
06/18/24 INTEREST RECEIVED 7,790.63
TOYOTA MOTOR CREDIT 1.125% 6/18/26
CUSIP 89236TJK2
INTEREST ON 1,385,000.000 UNITS
06/17/24 INTEREST RECEIVED 54,687.50
U.S. TREASURY NOTES 4.375% 12/15/26
CUSIP 91282CJP7
INTEREST ON 2,500,000.000 UNITS
06/10/24 1,100,000- SOLD 1,094,156.25 1,134,417.97-40,261.72-
US TREASURY NOTE 2.375% 8/15/24
CUSIP 912828D56
AT $99.4688 ON TRADE DATE 06/07/2024
TO SETTLE ON 06/10/2024
NOMURA SECURITIES INTERNATIONA
PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
06/10/24 ACCRUED INTEREST ON SALE 8,325.55
US TREASURY NOTE 2.375% 8/15/24
CUSIP 912828D56
06/21/24 600,000- SOLD 597,328.13 618,773.44-21,445.31-
US TREASURY NOTE 2.375% 8/15/24
CUSIP 912828D56
AT $99.5547 ON TRADE DATE 06/20/2024
TO SETTLE ON 06/21/2024
J.P. MORGAN SECURITIES INC., -
06/21/24 ACCRUED INTEREST ON SALE 4,971.84
US TREASURY NOTE 2.375% 8/15/24
CUSIP 912828D56
06/20/24 INTEREST RECEIVED 4,616.50
VR BANK OF AMERICA 1.319% 6/19/26
CUSIP 06051GJD2
INTEREST ON 700,000.000 UNITS
06/25/24 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 6/25/24
06/24/24 INTEREST RECEIVED 3,173.48
VR JPMORGAN CHASE & 0.969% 6/23/25
CUSIP 46647PCK0
INTEREST ON 655,000.000 UNITS
06/24/24 655,000- FULL CALL 655,000.00 655,406.85-406.85-
655,000 $1 PV
VR JPMORGAN CHASE & 0.969% 6/23/25
ON 06/23/24 AT 1.00 USD
LT CAPITAL LOSS OF 406.85- USD ON FE
LT CAPITAL LOSS OF 406.85- USD ON ST
FEDERAL TAX COST 655,406.85 USD
STATE TAX COST 655,406.85 USD
PAGE 34
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
OTHER CASH RECEIPTS
06/28/24 ADDITION TO ACCOUNT 8,639,529.99
WIRE RECEIPT
CITY OF CUPERTINO
TRANSFER RECEIPTS
06/03/24 ADDITION TO ACCOUNT 4,298.06
TRANSFER FROM INCOME
06/06/24 ADDITION TO ACCOUNT 5,088.75
TRANSFER FROM INCOME
06/10/24 ADDITION TO ACCOUNT 14,450.55
TRANSFER FROM INCOME
06/17/24 ADDITION TO ACCOUNT 102,778.88
TRANSFER FROM INCOME
06/18/24 ADDITION TO ACCOUNT 15,899.90
TRANSFER FROM INCOME
06/20/24 ADDITION TO ACCOUNT 4,644.92
TRANSFER FROM INCOME
06/21/24 ADDITION TO ACCOUNT 14,359.89
TRANSFER FROM INCOME
06/25/24 ADDITION TO ACCOUNT 8,743.65
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
06/11/24 INVESTMENT MGMT FEE 9,412.56-
PAID TO CHANDLER ASSET MANAGEMENT INC
INVOICE# 2405CUPERTIN INVESTMENT
MANAGEMENT
SERVICES- 5/1/24 - 5/31/24
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
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JUNE 1, 2024 THROUGH JUNE 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
TRANSFER DISBURSEMENTS
06/03/24 TRANSFER TO PRINCIPAL 4,298.06-
06/06/24 TRANSFER TO PRINCIPAL 5,088.75-
06/10/24 TRANSFER TO PRINCIPAL 14,450.55-
06/17/24 TRANSFER TO PRINCIPAL 102,778.88-
06/18/24 TRANSFER TO PRINCIPAL 15,899.90-
06/20/24 TRANSFER TO PRINCIPAL 4,644.92-
06/21/24 TRANSFER TO PRINCIPAL 14,359.89-
06/25/24 TRANSFER TO PRINCIPAL 8,743.65-
=================================================================================================================
ENDING BALANCE 8,639,529.99 159,679,182.53
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 6/1/2024 to 6/30/2024
Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 6/1/2024 Contributions Earnings Expenses Distributions Transfers 6/30/2024
OPEB 1001 $38,966,155.90 $0.00 $443,183.23 $10,751.19 $1,385,758.91 $0.00 $38,012,829.03
PENSION 1002 $21,426,893.54 $0.00 $242,676.50 $5,905.72 $0.00 $0.00 $21,663,664.32
Totals $60,393,049.44 $0.00 $685,859.73 $16,656.91 $1,385,758.91 $0.00 $59,676,493.35
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 1.15%0.57%13.91%1.54%6.54%5.83%6/21/2010
PENSION 1.13%0.55%13.86%1.53%7.29%-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
July 01, 2024
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:
June 2024 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
6/28/2024 6/28/2024 RW 1754589 N/A KRISTINA ALFARO -2,353,000.00
Account Summary
Total Deposit:0.00 Beginning Balance:67,353,052.05
Total Withdrawal:-2,353,000.00 Ending Balance:65,000,052.05
7/1/24, 9 03 AM LAIF Regular Monthly Statement
https //laifms treasurer ca gov/RegularStatement aspx 1/1