May 30, 2024 - Monthly Treasurer’s Investment Report for April 2024CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending April 30, 2024
City of Cupertino
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of April 30, 2024
1
SECTION |Section 1 |Economic Update
2
Economic Update
Recent economic da ta suggests positive but slower growth this year fueled by consumer spending.While the consumer has been resilient,
declining savings,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 May meeting,the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%,while acknowledging the recent lack of progress in curbing inflation to its 2%target. Fed Chair Jerome Powell
also indicated that the next move in interest rates is unlikely to be an increase,providing relief to financial markets.The Fed announced a
slower reduction in bond holdings on its balance sheet,with the monthly cap on Treasuries reduced to $25 billion from $60 billion but
maintaining the mortgage roll-off at $35 billion.The policy updates reflect the Fed's ongoing efforts to balance economic growth while
returning the economy to its 2% inflation target.
The US T reasury yield curve shifted higher in April as inflationary pressures persisted and investors priced in fewer rate cuts. The 2-year
Treasury yield rose 41 basis points to 5.04%,the 5-year Treasury surged 50 basis points to 4.72%,and the 10-year Treasury yield increased
48 basis points to 4.68%.The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -36 basis points at April
month-end versus -42 basis points at March month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago
was -58 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -72 basis points in April from -117 basis points in
March.
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
(
%
)
In April,the US labor market showed signs of moderation.The U.S.economy added 175,000 jobs in April,and the prior two months were
revised down by 22,000.Sectors such as leisure and hospitality,construction, and government experienced slowdowns in job growth,
while healthcare,transportation, and retail trade saw more substantial gains. While April’s data may indicate potential cooling,the three-
month moving average and six-month moving average payrolls both remain at a healthy 242,000.The unemployment rate edged up to
3.9%in April.The labor participation rate was unchanged at 62.7%but remained below the pre-pandemic level of 63.3%.The U-6
underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic
reasons ticked up to 7.4%.Average hourly earnings rose 3.9%year-over-year in April,down from 4.1%last month.Employment remains
strong by historical standards, but April data may indicate potential moderation in labor market growth.
Source: US Department of Labor Source: US Department of Labor
4
Inflation
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
The Consumer Price Index (CPI)came in line with expectations in April,with headline CPI increasing 0.3%month-over-month and 3.4%
year-over-year, driven by shelter and gasoline costs.The Core CPI,which excludes volatile food and energy components,was up 0.3%
month-over-month and 3.6%year-over-year in April down from 3.8%in March.The services component excluding shelter,which has
remained stubbornly high,also decelerated from the prior months’levels.The Personal Consumption Expenditures (PCE)Index headline
inflation increased 0.3%month-over-month and rose 2.7%year-over-year in March.Core PCE,the Federal Reserve’s preferred inflation
gauge,remained at 2.8%year-over-year,still above the Fed’s 2%inflation target.Much of the lingering inflation has been driven by rents
and demand for services,especially in transportation,as spring break travel surged in March.Personal spending jumped 0.8%over the
month, an increase of 0.5% after adjusting for inflation.
Source: US Department of Labor Source: US Department of Commerce
5
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 May meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%, while acknowledging the recent lack of progress in curbing inflation to its 2% target. The FOMC indicated that
the risks for achieving the dual mandate – maximum employment and price stability – are in better balance. Fed Chair Jerome Powell also
indicated that the next move in interest rates is unlikely to be an increase, providing relief to financial markets. The Fed announced a
slower reduction in bond holdings on its balance sheet, with the monthly cap on Treasuries reduced to $25 billion from $60 billion but
maintaining the mortgage roll-off at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities
holdings have declined by over $1.6T to approximately $7.4T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
6
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
Apr-24
Jan-24
Apr-23
Yi
e
l
d
(
%
)
At the end of April,the 2-year Treasury yield was 103 basis points higher, and the 10-Year Treasury yield was 126 basis points higher,
year-over-year.The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -36 basis points at April month-
end versus -42 basis points at March month-end. The average historical spread (since 2003)is about +130 basis points. The inversion
between 3-month and 10-year Treasuries narrowed to -72 basis points in April from -117 basis points in March.
7
Periodic Table of Asset Class Returns As of April 30, 2024
Index returns as of 4/30/2024. Past performance is not indicative of future results. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an
index. This information is not intended to constitute an offer, solicitation, recommendation, or advice regarding securities or investment strategy. Please see attached Asset Class Disclosure.
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD 2024
US Real Estate
30.4%
US Real Estate
2.5%
US Small Cap
Stocks
20.4%
Emerging Market
Stocks
37.3%
International
Bonds
3.2%
US Large Cap
Stocks
31.5%
US Mid Cap
Stocks
19.8%
US Real Estate
43.1%
Diversified
Commodities
26.0%
US Large Cap
Stocks
26.3%
Diversified
Commodities
11.6%
US Large Cap
Stocks
13.7%
US Large Cap
Stocks
1.4%
US High Yield
Bonds
17.5%
International
Stocks
25.0%
US Core Bonds
0.0%
US Mid Cap
Stocks
30.6%
US Small Cap
Stocks
19.2%
Diversified
Commodities
40.4%
US High Yield
Bonds
-11.2%
US Small Cap
Stocks
19.1%
US Large Cap
Stocks
6.0%
US Mid Cap
Stocks
13.4%
International
Bonds
1.3%
US Mid Cap
Stocks
12.6%
US Large Cap
Stocks
21.8%
US High Yield
Bonds
-2.3%
US Small Cap
Stocks
25.9%
US Large Cap
Stocks
18.4%
US Large Cap
Stocks
28.7%
International
Bonds
-12.7%
International
Stocks
18.2%
International
Stocks
3.1%
International
Bonds
9.1%
US Core Bonds
0.6%
US Large Cap
Stocks
12.0%
US Mid Cap
Stocks
20.3%
US Large Cap
Stocks
-4.4%
US Real Estate
25.8%
Emerging Market
Stocks
18.3%
US Mid Cap
Stocks
24.0%
US Core Bonds
-13.3%
US Mid Cap
Stocks
14.5%
US Mid Cap
Stocks
3.0%
US Core Bonds
6.4%
US Mid Cap
Stocks
-0.6%
Diversified
Commodities
11.4%
International
Real Estate
20.0%
US Real Estate
-4.6%
International
Stocks
22.0%
International
Stocks
7.8%
US Small Cap
Stocks
21.1%
International
Stocks
-14.5%
US Real Estate
13.7%
Emerging Market
Stocks
2.8%
US Small Cap
Stocks
6.1%
International
Stocks
-0.8%
Emerging Market
Stocks
11.2%
US Small Cap
Stocks
15.2%
International
Real Estate
-6.4%
International
Real Estate
21.0%
US Core Bonds
7.6%
International
Stocks
11.3%
US Mid Cap
Stocks
-16.9%
US High Yield
Bonds
13.5%
US High Yield
Bonds
0.5%
International
Real Estate
2.8%
International
Real Estate
-3.8%
US Real Estate
8.6%
US High Yield
Bonds
7.5%
US Mid Cap
Stocks
-8.1%
Emerging Market
Stocks
18.4%
US High Yield
Bonds
6.2%
International
Real Estate
8.1%
US Small Cap
Stocks
-17.8%
Emerging Market
Stocks
9.8%
International
Bonds
-1.2%
US High Yield
Bonds
2.5%
US Small Cap
Stocks
-4.1%
International
Bonds
4.9%
Diversified
Commodities
5.8%
US Small Cap
Stocks
-11.0%
Diversified
Commodities
17.6%
International
Bonds
4.7%
US High Yield
Bonds
5.4%
US Large Cap
Stocks
-18.1%
International
Bonds
8.7%
US Small Cap
Stocks
-2.0%
Emerging Market
Stocks
-2.2%
High Yield Bonds
-4.6%
US Core Bonds
2.6%
US Real Estate
5.1%
International
Stocks
-13.8%
US High Yield
Bonds
14.4%
International
Real Estate
-7.1%
US Core Bonds
-1.6%
Emerging Market
Stocks
-20.1%
International
Real Estate
6.3%
US Core Bonds
-3.2%
International
Stocks
-4.9%
Emerging Market
Stocks
-14.9%
International
Real Estate
1.3%
US Core Bonds
3.6%
Diversified
Commodities
-13.8%
US Core Bonds
9.0%
US Real Estate
-7.6%
International
Bonds
-2.1%
International
Real Estate
-24.3%
US Core Bonds
5.4%
International
Real Estate
-5.9%
Diversified
Commodities
-33.1%
Diversified
Commodities
-32.9%
International
Stocks
1.0%
International
Bonds
2.6%
Emerging Market
Stocks
-14.6%
International
Bonds
8.1%
Diversified
Commodities
-23.7%
Emerging Market
Stocks
-2.5%
US Real Estate
-24.5%
Diversified
Commodities
-4.3%
US Real Estate
-7.4%
8
Section 2|SECTION |Section 2 |Account Profile
9
Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is
equal to or above the return on the benchmark index.
Investment Objectives
The City of Cupertino’s investment objectives, in order of priority, are to provide safety to ensure the
preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate
of return consistent with the investment program.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities
consistent with the investment policy and California Government Code.
As of April 30, 2024
10
Compliance As of April 30, 2024
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored
Enterprise obligations.Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB.Complies
Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California, and any
local agency within the State of California; Obligations of any of the other 49 states in addition to California, including bonds
payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a
department, board, agency, or authority of any of the other 49 states in addition to California.
Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating
within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.Complies
Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage
security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE .Complies
Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" short-term
rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally or state
chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state-
licensed branch of a foreign bank.
Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance with
California Government Code.Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5% max
per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5% max
per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500 million; 10%
max outstanding paper of the issuing corporation.
Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted by a
City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations, Government
agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized.
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies
Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the
broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
11
Compliance As of April 30, 2024
Category Standard Comment
Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise
that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City
Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Zero interest
accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.
Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected
disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies
Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
12
PORTFOLIO SUMMARY
City of Cupertino |Account #10659 |As of April 30,2024
Portfolio Characteristics
Average Modified Duration 1.75
Average Coupon 2.43%
Average Purchase YTM 2.49%
Average Market YTM 5.25%
Average Quality AA+
Average Final Maturity 2.08
Average Life 1.95
Sector Allocation
Performance Review
Total Rate of Return 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
(02/01/19)
City of Cupertino (0.25%)(0.13%)0.29%2.79%1.91%(0.32%)1.20%--1.29%
Benchmark Return*(0.32%)(0.40%)(0.02%)2.05%1.46%(0.63%)0.93%--1.09%
Account Summary
Beg.Values as of
04/01/2024
End Values as of
04/30/2024
Market Value 154,139,738.35 153,690,434.21
Accrued Interest 634,868.01 673,953.51
Total Market Value 154,774,606.36 154,364,387.73
Income Earned 231,522.12 403,478.22
Cont/WD 0.00 0.00
Par 159,493,886.88 159,758,616.84
Book Value 159,262,127.89 159,512,870.99
Cost Value 159,177,151.83 159,467,475.19
Maturity Distribution
Top Issuers
United States 36.29%
FNMA 7.83%
FHLMC 7.49%
JPMorgan Chase & Co.2.72%
Federal Home Loan Banks 2.50%
American Express Company 1.85%
Farm Credit System 1.81%
Toyota Motor Corporation 1.59%
Credit Quality
*Periods over 1 year are annualized.
Benchmark:ICE BofA 1-3 Year US Treasury &Agency Index Secondary Benchmark:
The credit quality is a weighted average calculation of the highest of S&P,Moody’s’ and Fitch
*See Footnote
13
Purchase Yield as of 04/30/24 = 2.49%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Pe
r
c
e
n
t
(
%
)
Historical Average Purchase Yield
City of Cupertino
As of April 30, 2024
14
SECTION |Section 3 |Portfolio Holdings
15
Issue Name Investment Type % Portfolio
US Treasury US Treasury 36.29%
Federal National Mortgage Association Agency 7.81%
Federal Home Loan Mortgage Corp Agency 3.77%
Federal Home Loan Mortgage Corp Agency CMBS 3.70%
Federal Home Loan Bank Agency 2.50%
American Express ABS Asset Backed Security 1.85%
Federal Farm Credit Bank Agency 1.84%
John Deere ABS Asset Backed Security 1.75%
JP Morgan Chase & Co Corporate 1.64%
Toyota Motor Corp Corporate 1.59%
International Finance Corp Supranational 1.53%
Bank of America Corp Corporate 1.53%
Bank of New York Corporate 1.51%
Inter-American Dev Bank Supranational 1.47%
Intl Bank Recon and Development Supranational 1.45%
Toronto Dominion Holdings Corporate 1.30%
Cisco Systems Corporate 1.30%
Deere & Company Corporate 1.29%
GM Financial Securitized Term Auto Trust Asset Backed Security 1.29%
Northwestern Mutual Glbl Corporate 1.27%
Paccar Financial Corporate 1.23%
Bank of Montreal Chicago Corporate 1.17%
State Street Bank Corporate 1.14%
Salesforce.com Inc Corporate 1.13%
Amazon.com Inc Corporate 1.12%
Metlife Inc Corporate 1.11%
Prudential Financial Inc Corporate 1.11%
JP Morgan ABS Asset Backed Security 1.08%
New York Life Global Funding Corporate 1.06%
Morgan Stanley Corporate 1.06%
United Health Group Inc Corporate 1.05%
Honda ABS Asset Backed Security 1.02%
Toyota ABS Asset Backed Security 1.01%
Berkshire Hathaway Corporate 0.98%
Hyundai Auto Receivables Asset Backed Security 0.92%
Guardian Life Global Funding Corporate 0.85%
Mercedes-Benz Asset Backed Security 0.72%
Issuers
City of Cupertino – Account #10659
As of April 30, 2024
16
Issue Name Investment Type % Portfolio
Caterpillar Inc Corporate 0.71%
Royal Bank of Canada Corporate 0.67%
MasterCard Inc Corporate 0.61%
Mass Mutual Insurance Corporate 0.59%
Charles Schwab Corp/The Corporate 0.58%
Bank of America Credit Card Trust Asset Backed Security 0.55%
State of California Municipal Bonds 0.48%
Northern Trust Corp Corporate 0.43%
Wells Fargo Money Market Fund 0.34%
BMW ABS Asset Backed Security 0.25%
Wal-Mart Stores Corporate 0.21%
Toyota Lease Owner Trust Asset Backed Security 0.10%
WC MMF Sweep Money Market Fund 0.03%
GM Financial Automobile Leasing Trust Asset Backed Security 0.00%
Account Receivable Payable Cash 0.00%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of April 30, 2024
17
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
89238LAC4 TLOT 2022-A A3 1.96 02/20/2025 157,457.96 02/23/2022 157,433.18 99.81 157,153.58 0.10%NA/AAA 0.81
1.96%157,452.01 5.04%94.30 (298.43)AAA 0.06
02589BAA8 AMXCA 2022-1 A 2.21 03/17/2025 1,545,000.00 03/21/2022 1,524,359.77 97.16 1,501,147.80 0.98%Aaa/NA 0.88
2.69%1,538,944.41 5.61%1,517.53 (37,796.61)AAA 0.84
36265MAC9 GMALT 2022-1 A3 1.9 03/20/2025 3,733.06 02/15/2022 3,733.03 99.81 3,725.92 0.00%Aaa/NA 0.89
1.91%3,733.05 5.41%2.17 (7.13)AAA 0.05
43813GAC5 HAROT 2021-1 A3 0.27 04/21/2025 9,713.78 02/17/2021 9,713.61 99.69 9,683.98 0.01%Aaa/NA 0.97
0.27%9,713.75 5.61%0.73 (29.77)AAA 0.06
89240BAC2 TAOT 2021-A A3 0.26 05/15/2025 42,178.06 02/02/2021 42,170.23 99.71 42,053.78 0.03%Aaa/NA 1.04
0.27%42,176.73 6.47%4.87 (122.95)AAA 0.05
02582JJT8 AMXCA 2022-2A 05/17/2027 1,375,000.00 05/17/2022 1,374,695.85 97.82 1,344,996.81 0.88%NA/AAA 1.04
3.42%1,374,847.00 5.62%2,071.67 (29,850.19)AAA 1.00
44933LAC7 HART 2021-A A3 0.38 09/15/2025 58,807.51 04/20/2021 58,801.32 99.41 58,458.91 0.04%NA/AAA 1.38
0.39%58,806.09 5.87%9.93 (347.18)AAA 0.11
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 227,419.06 11/16/2021 227,371.12 97.63 222,023.15 0.14%Aaa/NA 1.73
0.89%227,401.20 6.14%55.59 (5,378.04)AAA 0.45
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 232,540.28 07/13/2021 232,519.53 97.81 227,437.32 0.15%Aaa/NA 1.88
0.52%232,532.96 5.50%53.74 (5,095.64)AAA 0.44
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 219,273.10 11/09/2021 219,268.43 97.69 214,216.11 0.14%NA/AAA 1.96
0.71%219,271.28 6.20%69.19 (5,055.17)AAA 0.42
43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 542,947.88 02/15/2022 542,866.22 97.77 530,844.10 0.35%Aaa/AAA 2.04
1.89%542,911.57 6.15%453.66 (12,067.47)NA 0.52
44935FAD6 HART 2021-C A3 0.74 05/15/2026 635,779.44 --619,704.09 97.97 622,869.50 0.41%NA/AAA 2.04
2.17%628,748.00 6.16%209.10 (5,878.51)AAA 0.37
05602RAD3 BMWOT 2022-A A3 3.21 390,076.35 05/10/2022 390,056.06 98.54 384,380.10 0.25%Aaa/AAA 2.32
08/25/2026 3.23%390,066.05 5.84%208.69 (5,685.95)NA 0.56
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 292,020.33 03/10/2022 291,955.74 98.02 286,232.34 0.19%Aaa/NA 2.38
2.34%291,988.36 5.67%301.11 (5,756.02)AAA 0.59
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 188,364.36 10/13/2021 188,359.56 97.24 183,162.06 0.12%Aaa/AAA 2.38
0.68%188,362.37 6.70%53.37 (5,200.31)NA 0.46
448977AD0 HART 2022-A A3 2.22 10/15/2026 749,657.86 03/09/2022 749,629.01 97.95 734,259.07 0.48%NA/AAA 2.46
2.23%749,643.73 6.06%739.66 (15,384.67)AAA 0.53
380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 187,287.37 01/11/2022 187,271.09 97.69 182,968.53 0.12%NA/AAA 2.55
1.27%187,279.74 5.94%98.33 (4,311.21)AAA 0.49
18
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
05522RDH8 BACCT 2023-2A 4.98 11/16/2026 850,000.00 01/24/2024 858,798.83 99.16 842,821.24 0.55%Aaa/NA 2.55
4.58%857,974.24 5.40%1,881.33 (15,153.00)AAA 2.32
362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 333,617.44 04/05/2022 333,547.71 98.19 327,571.46 0.21%Aaa/AAA 2.80
3.13%333,580.12 6.01%430.92 (6,008.66)NA 0.63
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 655,000.00 07/12/2022 654,937.45 98.48 645,037.19 0.42%Aaa/NA 2.80
3.77%654,962.97 5.71%1,088.76 (9,925.79)AAA 0.78
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 1,050,000.00 10/12/2022 1,049,918.52 99.41 1,043,854.14 0.68%Aaa/NA 3.13
5.15%1,049,946.04 5.72%2,375.33 (6,091.90)AAA 1.01
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023 1,294,718.75 99.44 1,292,698.68 0.84%NA/AAA 3.97
5.40%1,295,241.61 5.55%2,981.33 (2,542.93)AAA 1.66
438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 805,000.00 --806,992.67 100.40 808,234.57 0.53%Aaa/NA 4.14
5.64%806,748.47 5.53%1,267.88 1,486.10 AAA 1.89
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024 499,765.63 98.85 494,267.90 0.32%Aaa/NA 4.54
5.13%499,770.47 5.53%1,102.22 (5,502.57)AAA 2.21
58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 1,100,000.00 11/29/2023 1,123,289.06 100.86 1,109,450.54 0.72%NA/AAA 4.54
5.18%1,120,931.68 5.58%2,908.89 (11,481.14)AAA 1.91
36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 1,310,000.00 --1,307,922.66 98.79 1,294,180.31 0.84%Aaa/NA 4.64
4.97%1,307,942.80 5.48%2,647.29 (13,762.49)AAA 2.09
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 1,689,742.61 98.32 1,661,658.53 1.08%NR/AAA 4.71
4.61%1,689,755.54 5.32%3,455.11 (28,097.01)AAA 2.48
16,439,541.73 98.64 16,225,387.63 10.56%Aaa/AAA 2.99
Total ABS 16,450,873.85 3.84%16,460,732.28 5.66%26,082.71 (235,344.65)AAA 1.34
AGENCY
3130A2UW4 FEDERAL HOME LOANBANKS 2.875 2,000,000.00 09/13/2019 2,103,380.00 99.07 1,981,471.46 1.29%Aaa/AA+0.37
09/13/2024 1.82%2,007,651.48 5.41%7,666.67 (26,180.02)AA+0.36
3135G0W66 FEDERAL NATIONAL MORTGAGE 1,975,000.00 --1,965,802.75 98.33 1,942,078.19 1.26%Aaa/AA+0.46
ASSOCIATION 1.625 10/15/2024 1.72%1,974,135.10 5.35%1,426.39 (32,056.90)AA+0.45
3135G0X24 FEDERAL NATIONAL MORTGAGE 1,295,000.00 --1,309,953.95 97.53 1,263,072.23 0.82%Aaa/AA+0.69
ASSOCIATION 1.625 01/07/2025 1.38%1,297,134.04 5.33%6,663.85 (34,061.81)AA+0.66
3137EAEP0 FEDERAL HOME LOAN MORTGAGE 2,365,000.00 02/13/2020 2,363,178.95 97.10 2,296,416.75 1.49%Aaa/AA+0.79
CORP 1.5 02/12/2025 1.52%2,364,713.62 5.33%7,784.79 (68,296.87)AA+0.76
3135G03U5 FEDERAL NATIONAL MORTGAGE 1,860,000.00 04/22/2020 1,856,168.40 95.65 1,779,129.95 1.16%Aaa/AA+0.98
ASSOCIATION 0.625 04/22/2025 0.67%1,859,252.17 5.24%290.63 (80,122.21)AA+0.95
3135G04Z3 FEDERAL NATIONAL MORTGAGE 2,500,000.00 --2,499,227.30 94.87 2,371,687.73 1.54%Aaa/AA+1.13
ASSOCIATION 0.5 06/17/2025 0.50%2,499,873.15 5.23%4,652.78 (128,185.43)AA+1.10
19
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
3137EAEU9 FEDERAL HOME LOAN MORTGAGE 1,250,000.00 07/21/2020 1,243,775.00 94.38 1,179,753.35 0.77%Aaa/AA+1.22
CORP 0.375 07/21/2025 0.48%1,248,477.88 5.17%1,302.08 (68,724.53)AA+1.19
3135G05X7 FEDERAL NATIONAL MORTGAGE 2,500,000.00 --2,487,983.75 93.93 2,348,356.08 1.53%Aaa/AA+1.32
ASSOCIATION 0.375 08/25/2025 0.47%2,496,739.91 5.19%1,718.75 (148,383.84)AA+1.28
3137EAEX3 FEDERAL HOME LOAN MORTGAGE 2,500,000.00 --2,489,362.80 93.60 2,339,880.88 1.52%Aaa/AA+1.40
CORP 0.375 09/23/2025 0.46%2,496,963.55 5.19%989.58 (157,082.67)AA+1.36
3135G06G3 FEDERAL NATIONAL MORTGAGE 2,500,000.00 --2,492,700.00 93.27 2,331,668.70 1.52%Aaa/AA+1.52
ASSOCIATION 0.5 11/07/2025 0.56%2,497,774.48 5.16%6,041.67 (166,105.78)AA+1.47
3130B0TY5 FEDERAL HOME LOANBANKS 4.75 1,875,000.00 04/10/2024 1,870,050.00 99.55 1,866,650.49 1.21%Aaa/AA+2.94
04/09/2027 4.85%1,870,140.58 4.91%4,947.92 (3,490.08)AA+2.71
3133EPC60 FEDERAL FARM CREDIT BANKS 2,800,000.00 11/09/2023 2,789,612.00 99.11 2,775,107.24 1.81%Aaa/AA+3.54
FUNDING CORP 4.625 11/15/2027 4.73%2,790,806.51 4.90%59,713.89 (15,699.27)AA+3.16
25,471,194.90 96.34 24,475,273.05 15.93%Aaa/AA+1.45
Total Agency 25,420,000.00 1.67%25,403,662.46 5.19%103,198.99 (928,389.42)AA+1.36
AGENCY CMBS
3137BFE98 FHMS K-041 A2 3.171 10/25/2024 1,274,343.29 07/01/2021 1,370,815.06 98.83 1,259,490.82 0.82%Aaa/AA+0.49
0.66%1,286,830.75 5.60%3,367.45 (27,339.93)AAA 0.40
3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 999,694.98 07/01/2021 1,079,358.17 97.21 971,850.38 0.63%Aaa/AA+1.24
0.87%1,023,019.05 5.46%2,507.57 (51,168.67)AAA 1.07
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 950,000.00 11/16/2021 1,018,132.81 97.43 925,582.15 0.60%Aaa/AA+1.32
1.22%973,047.14 5.45%2,639.42 (47,464.99)AAA 1.13
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 440,000.00 03/15/2022 453,079.69 97.30 428,127.52 0.28%Aaa/AA+1.41
2.32%445,053.75 5.40%1,212.93 (16,926.23)AAA 1.21
3137BN6G4 FHMS K-053 A2 2.995 12/25/2025 570,000.00 03/15/2022 582,001.17 96.46 549,849.02 0.36%Aaa/AA+1.65
2.32%575,156.22 5.38%1,422.63 (25,307.20)AAA 1.42
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021 687,451.17 94.30 612,917.50 0.40%Aaa/AA+2.32
1.36%667,919.01 5.29%1,437.04 (55,001.51)AAA 2.15
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022 950,664.06 94.16 941,598.90 0.61%Aaa/AA+3.32
4.36%966,782.89 5.18%2,703.33 (25,183.99)AA+3.00
Total Agency 6,141,502.13 96.72 5,689,416.29 3.70%Aaa/AA+1.60
CMBS 5,884,038.27 1.76%5,937,808.81 5.41%15,290.37 (248,392.53)AAA 1.41
CASH
CCYUSD Receivable 2,160.94 --2,160.94 1.00 2,160.94 0.00%Aaa/AAA 0.00
0.00%2,160.94 0.00%0.00 0.00 AAA 0.00
20
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
2,160.94 1.00 2,160.94 0.00%Aaa/AAA 0.00
Total Cash 2,160.94 0.00%2,160.94 0.00%0.00 0.00 AAA 0.00
CORPORATE
06367TQW3 BANK OF MONTREAL 0.625 600,000.00 02/09/2022 582,216.00 99.05 594,295.28 0.39%A2/A-0.19
07/09/2024 1.88%598,603.99 5.63%1,166.67 (4,308.71)AA-0.19
79466LAG9 SALESFORCE INC 0.625 07/15/2024 1,760,000.00 --1,748,937.40 99.02 1,742,704.67 1.13%A1/A+0.21
0.87%1,759,133.47 5.39%3,238.89 (16,428.80)NA 0.21
69371RR40 PACCAR FINANCIAL CORP 0.5 680,000.00 08/03/2021 679,632.80 98.65 670,800.58 0.44%A1/A+0.28
08/09/2024 0.52%679,966.50 5.49%774.44 (9,165.92)NA 0.27
69371RQ25 PACCAR FINANCIAL CORP 2.15 370,000.00 08/08/2019 369,182.30 99.01 366,349.35 0.24%A1/A+0.29
08/15/2024 2.19%369,952.56 5.56%1,679.39 (3,603.20)NA 0.29
14913Q3B3 CATERPILLAR FINANCIAL SERVICES 1,100,000.00 01/28/2020 1,111,517.00 98.26 1,080,816.70 0.70%A2/A 0.53
CORP 2.15 11/08/2024 1.93%1,101,261.32 5.58%11,365.14 (20,444.62)A+0.50
74153WCQ0 PRICOA GLOBAL FUNDING I 1.15 885,000.00 12/01/2021 884,088.45 97.33 861,379.04 0.56%Aa3/AA-0.60
12/06/2024 1.18%884,817.52 5.74%4,099.27 (23,438.48)AA-0.58
89114TZL9 TORONTO-DOMINION BANK 1.45 700,000.00 03/15/2022 674,737.00 97.14 679,971.41 0.44%A1/A 0.70
01/10/2025 2.78%693,770.09 5.71%3,129.58 (13,798.68)NA 0.67
89236TJT3 TOYOTA MOTOR CREDIT CORP 1.45 1,215,000.00 01/10/2022 1,213,371.90 97.19 1,180,851.67 0.77%A1/A+0.71
01/13/2025 1.50%1,214,618.23 5.58%5,285.25 (33,766.56)A+0.68
64952WEK5 NEW YORK LIFE GLOBAL FUNDING 1,680,000.00 01/11/2022 1,678,185.60 97.15 1,632,061.89 1.06%Aaa/AA+0.71
1.45 01/14/2025 1.49%1,679,572.89 5.63%7,240.33 (47,511.00)AAA 0.68
69371RR73 PACCAR FINANCIAL CORP 2.85 885,000.00 03/31/2022 884,769.90 97.63 864,065.39 0.56%A1/A+0.94
04/07/2025 2.86%884,928.41 5.47%1,681.50 (20,863.02)NA 0.90
78016EZ59 ROYAL BANK OF CANADA 3.375 1,050,000.00 04/07/2022 1,049,611.50 97.96 1,028,593.15 0.67%A1/A 0.96
04/14/2025 3.39%1,049,876.64 5.59%1,673.44 (21,283.50)AA-0.92
06406RBC0 BANK OF NEW YORK MELLON CORP 1,370,000.00 04/19/2022 1,369,808.20 97.93 1,341,696.25 0.87%A1/A 0.99
3.35 04/25/2025 3.35%1,369,937.12 5.53%764.92 (28,240.87)AA-0.95
06367WB85 BANK OF MONTREAL 1.85 1,240,000.00 07/23/2021 1,285,656.80 96.40 1,195,311.22 0.78%A2/A-1.00
05/01/2025 0.86%1,252,128.62 5.60%11,470.00 (56,817.41)AA-0.96
46647PCK0 JPMORGAN CHASE &CO 0.969 655,000.00 --655,406.85 99.25 650,065.80 0.42%A1/A-1.15
06/23/2025 0.95%655,019.69 6.11%2,256.69 (4,953.89)AA-0.15
66815L2J7 NORTHWESTERN MUTUAL GLOBAL 1,170,000.00 06/27/2022 1,169,602.20 98.29 1,150,051.04 0.75%Aaa/AA+1.17
FUNDING 4.0 07/01/2025 4.01%1,169,845.38 5.52%15,600.00 (19,794.34)AAA 1.11
74153WCM9 PRICOA GLOBAL FUNDING I 0.8 904,000.00 04/06/2022 832,972.72 93.89 848,758.94 0.55%Aa3/AA-1.34
09/01/2025 3.23%876,092.34 5.61%1,205.33 (27,333.40)AA-1.29
21
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
06406HCQ0 BANK OF NEW YORK MELLON CORP
3.95 11/18/2025 1,000,000.00 04/05/2022
3.21%
1,024,910.00
1,010,330.89
97.75
5.48%
977,527.66
17,884.72
0.64%
(32,803.23)
A1/A
AA-
1.55
1.45
40139LBC6 GUARDIAN LIFE GLOBAL FUNDING
0.875 12/10/2025 1,400,000.00 --
1.12%
1,385,860.00
1,394,556.09
92.83
5.59%
1,299,686.35
4,797.92
0.85%
(94,869.74)
Aa1/AA+
NA
1.61
1.55
66815L2A6 NORTHWESTERN MUTUAL GLOBAL
FUNDING 0.8 01/14/2026 850,000.00 12/06/2021
1.46%
827,449.50
840,621.52
92.46
5.49%
785,879.78
2,021.11
0.51%
(54,741.74)
Aaa/AA+
AAA
1.71
1.65
06051GHY8 BANK OF AMERICA CORP 2.015
02/13/2026 600,000.00 05/24/2021
1.06%
620,988.00
604,447.79
97.00
5.97%
582,022.93
2,619.50
0.38%
(22,424.86)
A1/A-
AA-
1.79
0.76
46647PBK1 JPMORGAN CHASE &CO 2.083
04/22/2026 401,000.00 05/20/2021
1.11%
415,969.33
404,729.24
96.41
5.91%
386,611.56
208.82
0.25%
(18,117.68)
A1/A-
AA-
1.98
0.94
6174468Q5 MORGAN STANLEY 2.188
04/28/2026 650,000.00 05/23/2022
4.22%
615,699.50
637,614.18
96.45
5.92%
626,914.48
118.52
0.41%
(10,699.70)
A1/A-
A+
1.99
0.96
023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,871,712.98
91.99
5.20%
1,724,839.48
8,802.08
1.12%
(146,873.50)
A1/AA
AA-
2.03
1.96
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,030,390.73
92.05
5.31%
952,752.13
5,488.37
0.62%
(77,638.60)
A2/A+
A
2.04
1.96
89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125
06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,740.35
91.52
5.38%
1,267,599.34
5,756.41
0.82%
(117,141.02)
A1/A+
A+
2.13
2.05
06051GJD2 BANK OF AMERICA CORP 1.319
06/19/2026 700,000.00 07/16/2021
1.27%
701,274.00
700,368.84
95.03
5.90%
665,207.24
3,385.43
0.43%
(35,161.60)
A1/A-
AA-
2.14
1.09
57629WDE7 MASSMUTUAL GLOBAL FUNDING II
1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,001,005.25
91.18
5.49%
911,752.95
3,500.00
0.59%
(89,252.30)
Aa3/AA+
AA+
2.21
2.12
58989V2D5 MET TOWER GLOBAL FUNDING 1.25
09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,664.03
90.55
5.56%
697,198.39
1,256.60
0.45%
(72,465.64)
Aa3/AA-
AA-
2.38
2.28
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,685.19
91.15
5.04%
319,037.18
449.17
0.21%
(30,648.01)
Aa2/AA
AA
2.38
2.30
61690U7W4 MORGAN STANLEY BANK NA 5.882
10/30/2026 1,000,000.00 --
5.88%
1,000,082.50
1,000,068.45
100.87
5.50%
1,008,655.78
163.39
0.66%
8,587.33
Aa3/A+
AA-
2.50
2.23
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,314.33
91.05
5.49%
1,015,194.10
6,388.02
0.66%
(99,120.23)
Aa3/AA-
AA-
2.70
2.55
17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 2,000,000.00 --
4.71%
2,004,911.40
2,004,695.57
99.16
5.12%
1,983,145.56
17,333.33
1.29%
(21,550.01)
A1/AA-
NA
2.83
2.58
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,844.58
92.11
5.48%
884,276.61
3,789.33
0.58%
(75,567.96)
A2/A-
A
2.84
2.67
24422EXM6 JOHN DEERE CAPITAL CORP 4.85
03/05/2027 2,000,000.00 03/11/2024
4.77%
2,004,220.00
2,004,029.77
99.15
5.17%
1,982,949.94
14,550.00
1.29%
(21,079.83)
A1/A
A+
2.85
2.61
22
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,823.89
93.05
4.92%
1,502,740.62
4,746.31
0.98%
(112,083.27)
Aa2/AA
A+
2.87
2.72
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
99.10
5.33%
1,744,100.12
10,496.40
1.13%
(15,899.88)
A1/A
AA-
2.88
2.64
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
98.74
5.45%
1,323,070.06
4,819.53
0.86%
(16,929.94)
A1/A
AA-
2.93
2.68
06051GHT9 BANK OF AMERICA CORP 3.559
04/23/2027 1,150,000.00 --
4.29%
1,114,222.54
1,127,391.88
95.95
5.75%
1,103,420.15
909.52
0.72%
(23,971.73)
A1/A-
AA-
2.98
1.87
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 670,000.00 05/05/2022
4.03%
668,914.60
669,343.77
96.55
5.25%
646,895.12
12,730.00
0.42%
(22,448.65)
A2/A+
A+
3.03
2.75
91324PEG3 UNITEDHEALTH GROUP INC 3.7
05/15/2027 675,000.00 05/17/2022
3.69%
675,316.70
675,190.82
95.74
5.23%
646,259.61
11,516.25
0.42%
(28,931.21)
A2/A+
A
3.04
2.78
46647PEA0 JPMORGAN CHASE &CO 5.04
01/23/2028 1,500,000.00 03/11/2024
5.02%
1,500,780.00
1,500,743.46
98.58
5.60%
1,478,720.48
20,580.00
0.96%
(22,022.99)
A1/A-
AA-
3.73
2.48
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,293.57
99.48
5.02%
940,119.24
6,654.38
0.61%
(4,174.34)
Aa3/A+
NA
3.86
3.45
Total Corporate 45,010,000.00 2.74%
44,879,732.04
44,954,131.95
96.39
5.46%
43,344,349.24
243,595.95
28.20%
(1,609,782.70)
A1/A+
AA-
1.90
1.66
MONEY MARKET
FUND
992995944 WC MMF SWEEP 50,852.32 --
2.85%
50,852.32
50,852.32
1.00
2.85%
50,852.32
0.00
0.03%
0.00
NA/NA
NA
0.00
0.00
VP4520004 WF ADV 100%TREAS MM FD-SVC
CL #008 525,691.46 --
0.01%
525,691.46
525,691.46
1.00
0.01%
525,691.46
0.00
0.34%
0.00
Aaa/
AAAm
NA
0.00
0.00
Total Money
Market Fund 576,543.78 0.26%
576,543.78
576,543.78
1.00
0.26%
576,543.78
0.00
0.38%
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
756,470.83
98.70
5.56%
745,200.10
1,510.00
0.48%
(11,270.73)
Aa2/AA-
AA
0.42
0.41
Total Municipal
Bonds 755,000.00
10/16/2019
1.92%
772,342.35
756,470.83
98.70
5.56%
745,200.10
1,510.00
0.48%
(11,270.73)
Aa2/AA-
AA
0.42
0.41
23
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
SUPRANATIONAL
45950KCT5 INTERNATIONAL FINANCE CORP
0.375 07/16/2025 2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,491,551.89
94.22
5.37%
2,355,548.20
2,734.38
1.53%
(136,003.69)
Aaa/AAA
NA
1.21
1.18
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPM
0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,396,463.42
93.23
5.27%
2,237,634.84
100.00
1.46%
(158,828.58)
Aaa/AAA
NA
1.50
1.45
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,455,563.62
92.13
5.12%
2,266,364.52
657.71
1.47%
(189,199.10)
Aaa/AAA
NA
1.97
1.91
Total
Supranational 7,360,000.00 0.74%
7,308,742.45
7,343,578.93
93.21
5.25%
6,859,547.56
3,492.08
4.46%
(484,031.37)
Aaa/AAA
NA
1.56
1.51
US TREASURY
912828XX3 UNITED STATES TREASURY 2.0
06/30/2024 2,000,000.00 --
1.80%
2,018,574.22
2,000,631.26
99.43
5.41%
1,988,554.68
13,406.59
1.29%
(12,076.58)
Aaa/AA+
AA+
0.17
0.17
912828D56 UNITED STATES TREASURY 2.375
08/15/2024 1,700,000.00 09/18/2019
1.73%
1,753,191.41
1,703,146.37
99.13
5.37%
1,685,141.61
8,429.95
1.10%
(18,004.76)
Aaa/AA+
AA+
0.29
0.29
912828YY0 UNITED STATES TREASURY 1.75
12/31/2024 2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,096,941.79
97.69
5.32%
2,051,437.50
12,317.31
1.33%
(45,504.29)
Aaa/AA+
AA+
0.67
0.65
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,503,880.90
96.63
5.30%
1,449,477.54
2,843.07
0.94%
(54,403.36)
Aaa/AA+
AA+
0.83
0.81
91282CED9 UNITED STATES TREASURY 1.75
03/15/2025 3,100,000.00 --
2.23%
3,057,617.20
3,087,498.97
97.01
5.29%
3,007,302.68
6,928.67
1.96%
(80,196.28)
Aaa/AA+
AA+
0.87
0.85
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,500,000.00 03/21/2022
2.22%
2,360,839.85
2,455,370.67
95.31
5.26%
2,382,641.60
25.48
1.55%
(72,729.07)
Aaa/AA+
AA+
1.00
0.97
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,491,377.81
94.06
5.21%
1,410,937.50
937.50
0.92%
(80,440.31)
Aaa/AA+
AA+
1.25
1.22
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 2,400,000.00 --
0.56%
2,366,140.63
2,389,523.20
93.34
5.18%
2,240,062.51
508.20
1.46%
(149,460.69)
Aaa/AA+
AA+
1.42
1.38
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 2,450,000.00 --
0.49%
2,422,492.19
2,441,359.38
92.99
5.17%
2,278,308.61
16.64
1.48%
(163,050.77)
Aaa/AA+
AA+
1.50
1.46
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/2021
0.76%
2,209,658.20
2,236,340.03
92.83
5.15%
2,088,632.81
3,527.15
1.36%
(147,707.22)
Aaa/AA+
AA+
1.59
1.54
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,483,689.29
92.14
5.12%
2,303,613.28
2,343.75
1.50%
(180,076.02)
Aaa/AA+
AA+
1.76
1.70
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,497,426.34
91.93
5.04%
2,298,144.53
50.95
1.50%
(199,281.81)
Aaa/AA+
AA+
2.00
1.94
24
HOLDINGS REPORT
City of Cupertino |Account #10659 |As of April 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
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,389,776.55
90.82
4.95%
1,271,429.68
1,037.57
0.83%
(118,346.87)
Aaa/AA+
AA+
2.42
2.34
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,395,694.29
91.11
4.95%
1,275,476.57
42.80
0.83%
(120,217.72)
Aaa/AA+
AA+
2.50
2.41
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,522,221.40
98.65
4.93%
2,466,308.60
41,239.75
1.60%
(55,912.80)
Aaa/AA+
AA+
2.63
2.41
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,283,310.46
98.98
4.87%
2,276,640.63
4,524.59
1.48%
(6,669.83)
Aaa/AA+
AA+
2.96
2.73
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,256,356.66
95.35
4.85%
3,098,798.82
35,401.79
2.02%
(157,557.84)
Aaa/AA+
AA+
3.17
2.93
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
395,539.34
93.73
4.85%
374,937.50
2,750.00
0.24%
(20,601.84)
Aaa/AA+
AA+
3.25
3.03
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,479,163.60
94.75
4.85%
4,263,925.77
23,692.26
2.77%
(215,237.83)
Aaa/AA+
AA+
3.34
3.10
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,429,978.64
97.78
4.84%
3,373,318.37
12,053.79
2.19%
(56,660.27)
Aaa/AA+
AA+
3.42
3.13
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,908.99
96.88
4.83%
823,437.50
13,768.95
0.54%
(28,471.49)
Aaa/AA+
AA+
3.59
3.24
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,768,697.97
96.84
4.83%
2,662,988.30
35,716.00
1.73%
(105,709.67)
Aaa/AA+
AA+
3.67
3.33
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,968,296.85
95.50
4.82%
2,865,117.18
26,250.00
1.86%
(103,179.67)
Aaa/AA+
AA+
3.76
3.43
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,422.59
97.19
4.81%
3,595,937.50
24,934.78
2.34%
(103,485.09)
Aaa/AA+
AA+
3.84
3.48
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,250,227.66
97.39
4.73%
2,239,984.38
8,035.86
1.46%
(10,243.28)
Aaa/AA+
AA+
4.92
4.38
Total US Treasury 58,300,000.00 2.59%
57,875,714.87
58,077,781.01
95.72
5.02%
55,772,555.63
280,783.40
36.29%
(2,305,225.39)
Aaa/AA+
AA+
2.39
2.22
Total Portfolio 159,758,616.84 2.49%
159,467,475.19
159,512,870.99
95.90
5.25%
153,690,434.21
673,953.51
100.00%
(5,822,436.78)
Aa2/AA-
AA
2.08
1.75
Total Market
Value + Accrued 154,364,387.73
25
SECTION |Section 4 |Transactions
26
TRANSACTION LEDGER
City of Cupertino |Account #10659 |As of April 30,2024
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/01/2024 VP4520004 1,333,110.19 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(1,333,110.19)0.00 (1,333,110.19)0.00
Purchase 04/02/2024 992995944 126.74 WC MMF SWEEP 1.000 2.85%(126.74)0.00 (126.74)0.00
Purchase 04/08/2024 VP4520004 12,611.25 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(12,611.25)0.00 (12,611.25)0.00
Purchase 04/11/2024 3130B0TY5 1,875,000.00 FEDERAL HOME LOAN BANKS
4.75 04/09/2027 99.736 4.85%(1,870,050.00)0.00 (1,870,050.00)0.00
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 04/12/2024 VP4520004 112,821.43 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(112,821.43)0.00 (112,821.43)0.00
Purchase 04/15/2024 VP4520004 3,527.50 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(3,527.50)0.00 (3,527.50)0.00
Purchase 04/15/2024 VP4520004 426,432.55 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(426,432.55)0.00 (426,432.55)0.00
Purchase 04/16/2024 VP4520004 59,287.42 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(59,287.42)0.00 (59,287.42)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 04/22/2024 VP4520004 304,729.85 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(304,729.85)0.00 (304,729.85)0.00
Purchase 04/23/2024 VP4520004 31,226.75 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(31,226.75)0.00 (31,226.75)0.00
Purchase 04/25/2024 VP4520004 73,437.31 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(73,437.31)0.00 (73,437.31)0.00
Purchase 04/29/2024 VP4520004 13,111.00 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(13,111.00)0.00 (13,111.00)0.00
Purchase 04/30/2024 VP4520004 54,246.61 WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%(54,246.61)0.00 (54,246.61)0.00
Total Purchase 9,259,668.60 (9,185,543.61)(6,726.84)(9,192,270.45)0.00
TOTAL ACQUISITIONS 9,259,668.60 (9,185,543.61)(6,726.84)(9,192,270.45)0.00
27
TRANSACTION LEDGER
City of Cupertino |Account #10659 |As of April 30,2024
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
DISPOSITIONS
Sale 04/02/2024 VP4520004 (126.74)WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%126.74 0.00 126.74 0.00
Sale 04/05/2024 VP4520004 (1,340,000.00)WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%1,340,000.00 0.00 1,340,000.00 0.00
Sale 04/10/2024 VP4520004 (9,390.72)WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%9,390.72 0.00 9,390.72 0.00
Sale 04/11/2024 VP4520004 (372,435.22)WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%372,435.22 0.00 372,435.22 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 VP4520004 (553,128.96)WF ADV 100%TREAS MM FD-
SVC CL #008 1.000 0.01%553,128.96 0.00 553,128.96 0.00
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 LOAN BANKS
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)
Total Sale (8,275,081.64)8,207,357.40 (22,583.34)8,229,940.74 (19,194.77)
TOTAL DISPOSITIONS (8,275,081.64)8,207,357.40 (22,583.34)8,229,940.74 (19,194.77)
OTHER
TRANSACTIONS
Coupon 04/01/2024 3137BFE98 0.00 FHMS K-041 A2 3.171
10/25/2024 0.35%3,375.07 0.00 3,375.07 0.00
Coupon 04/01/2024 3137BLMZ8 0.00 FHMS K-049 A2 3.01
07/25/2025 0.75%2,508.33 0.00 2,508.33 0.00
Coupon 04/01/2024 3137BLW95 0.00 FHMS K-050 A2 3.334
08/25/2025 1.09%2,639.42 0.00 2,639.42 0.00
28
TRANSACTION LEDGER
City of Cupertino |Account #10659 |As of April 30,2024
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 04/01/2024 3137BM7C4 0.00 FHMS K-051 A2 3.308
09/25/2025 2.23%1,212.93 0.00 1,212.93 0.00
Coupon 04/01/2024 3137BN6G4 0.00 FHMS K-053 A2 2.995
12/25/2025 2.26%1,422.62 0.00 1,422.62 0.00
Coupon 04/01/2024 3137BSP72 0.00 FHMS K-058 A2 2.653
08/25/2026 1.35%1,437.04 0.00 1,437.04 0.00
Coupon 04/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244
08/25/2027 4.31%2,703.33 0.00 2,703.33 0.00
Coupon 04/01/2024 13063DRK6 0.00 CALIFORNIA STATE 2.4
10/01/2024 1.92%9,060.00 0.00 9,060.00 0.00
Coupon 04/07/2024 69371RR73 0.00 PACCAR FINANCIAL CORP 2.85
04/07/2025 2.86%12,611.25 0.00 12,611.25 0.00
Coupon 04/14/2024 78016EZ59 0.00 ROYAL BANK OF CANADA 3.375
04/14/2025 3.39%17,718.75 0.00 17,718.75 0.00
Coupon 04/15/2024 89240BAC2 0.00 TAOT 2021-A A3 0.26
05/15/2025 0.30%16.65 0.00 16.65 0.00
Coupon 04/15/2024 44933LAC7 0.00 HART 2021-A A3 0.38
09/15/2025 0.40%25.72 0.00 25.72 0.00
Coupon 04/15/2024 47789QAC4 0.00 JDOT 2021-B A3 0.52
03/16/2026 0.53%112.59 0.00 112.59 0.00
Coupon 04/15/2024 89238JAC9 0.00 TAOT 2021-D A3 0.71
04/15/2026 0.71%142.19 0.00 142.19 0.00
Coupon 04/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026 3.13%436.49 0.00 436.49 0.00
Coupon 04/15/2024 44891WAC3 0.00 HALST 2022-A A3 1.16
01/15/2025 0.00%53.07 0.00 53.07 0.00
Coupon 04/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026 1.90%920.01 0.00 920.01 0.00
Coupon 04/15/2024 448977AD0 0.00 HART 2022-A A3 2.22
10/15/2026 2.23%1,496.52 0.00 1,496.52 0.00
Coupon 04/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 2.35%604.08 0.00 604.08 0.00
Coupon 04/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.78%2,041.42 0.00 2,041.42 0.00
29
TRANSACTION LEDGER
City of Cupertino |Account #10659 |As of April 30,2024
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 04/15/2024 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15%4,453.75 0.00 4,453.75 0.00
Coupon 04/15/2024 89231FAD2 0.00 TAOT 2023-C A3 5.16
04/17/2028 5.42%5,590.00 0.00 5,590.00 0.00
Coupon 04/15/2024 58769FAC9 0.00 MBART 2023-2 A3 5.95
11/15/2028 5.14%5,454.17 0.00 5,454.17 0.00
Coupon 04/15/2024 161571HV9 0.00 CHAIT 241 A 4.6 01/16/2029 4.65%6,478.33 0.00 6,478.33 0.00
Coupon 04/15/2024 47800RAD5 0.00 JDOT 2024 A3 4.96 11/15/2028 5.13%1,791.11 0.00 1,791.11 0.00
Coupon 04/15/2024 3135G0W66 0.00
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
1.625 10/15/2024
1.72%16,046.88 0.00 16,046.88 0.00
Coupon 04/15/2024 05522RDH8 0.00 BACCT 2023-2 A 4.98
11/16/2026 4.63%3,527.50 0.00 3,527.50 0.00
Coupon 04/15/2024 02589BAA8 0.00 AMXCA 2022-1A 2.21
03/17/2025 2.68%2,845.38 0.00 2,845.38 0.00
Coupon 04/15/2024 02582JJT8 0.00 AMXCA 2022-2A 05/17/2027 3.42%3,884.38 0.00 3,884.38 0.00
Coupon 04/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68%115.87 0.00 115.87 0.00
Coupon 04/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.26
11/16/2026 1.27%212.68 0.00 212.68 0.00
Coupon 04/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.13%917.05 0.00 917.05 0.00
Coupon 04/16/2024 36268GAD7 0.00 GMCAR 2024-1 A3 4.85
12/18/2028 4.97%5,294.58 0.00 5,294.58 0.00
Coupon 04/20/2024 36265MAC9 0.00 GMALT 2022-1 A3 1.9
03/20/2025 0.00%207.50 0.00 207.50 0.00
Coupon 04/20/2024 89238LAC4 0.00 TLOT 2022-A A3 1.96
02/20/2025 2.02%478.43 0.00 478.43 0.00
Coupon 04/20/2024 4581X0DV7 0.00
INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
0.97%10,762.50 0.00 10,762.50 0.00
Coupon 04/21/2024 43813GAC5 0.00 HAROT 2021-1 A3 0.27
04/21/2025 0.27%4.33 0.00 4.33 0.00
30
TRANSACTION LEDGER
City of Cupertino |Account #10659 |As of April 30,2024
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 04/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026 0.90%183.29 0.00 183.29 0.00
Coupon 04/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028 5.63%3,803.63 0.00 3,803.63 0.00
Coupon 04/22/2024 46647PBK1 0.00 JPMORGAN CHASE &CO 2.083
04/22/2026 1.11%4,176.42 0.00 4,176.42 0.00
Coupon 04/22/2024 3135G03U5 0.00
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.625 04/22/2025
0.67%5,812.50 0.00 5,812.50 0.00
Coupon 04/23/2024 06051GHT9 0.00 BANK OF AMERICA CORP 3.559
04/23/2027 4.29%20,464.25 0.00 20,464.25 0.00
Coupon 04/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.24%1,126.06 0.00 1,126.06 0.00
Coupon 04/25/2024 06406RBC0 0.00 BANK OF NEW YORK MELLON
CORP 3.35 04/25/2025 3.35%22,947.50 0.00 22,947.50 0.00
Coupon 04/28/2024 6174468Q5 0.00 MORGAN STANLEY 2.188
04/28/2026 3.63%7,111.00 0.00 7,111.00 0.00
Coupon 04/28/2024 459058JL8 0.00
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
0.60%6,000.00 0.00 6,000.00 0.00
Coupon 04/30/2024 912828ZL7 0.00 UNITED STATES TREASURY
0.375 04/30/2025 2.22%4,687.50 0.00 4,687.50 0.00
Coupon 04/30/2024 91282CAT8 0.00 UNITED STATES TREASURY 0.25
10/31/2025 0.49%3,062.50 0.00 3,062.50 0.00
Coupon 04/30/2024 91282CBW0 0.00 UNITED STATES TREASURY 0.75
04/30/2026 0.80%9,375.00 0.00 9,375.00 0.00
Coupon 04/30/2024 91282CDG3 0.00 UNITED STATES TREASURY
1.125 10/31/2026 1.25%7,875.00 0.00 7,875.00 0.00
Coupon 04/30/2024 61690U7W4 0.00 MORGAN STANLEY BANK NA
5.882 10/30/2026 5.88%29,246.61 0.00 29,246.61 0.00
Total Coupon 0.00 254,473.18 0.00 254,473.18 0.00
Custody Fee 04/22/2024 CCYUSD (4,770.69)Cash 0.00%(4,770.69)0.00 (4,770.69)0.00
Total Custody Fee (4,770.69)(4,770.69)0.00 (4,770.69)0.00
31
TRANSACTION LEDGER
City of Cupertino |Account #10659 |As of April 30,2024
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Dividend 04/30/2024 VP4520004 0.00 WF ADV 100%TREAS MM FD-
SVC CL #008 0.01%2,037.99 0.00 2,037.99 0.00
Dividend 04/30/2024 992995944 0.00 WC MMF SWEEP 2.85%122.95 0.00 122.95 0.00
Total Dividend 0.00 2,160.94 0.00 2,160.94 0.00
Management Fee 04/10/2024 CCYUSD (9,390.72)Cash 0.00%(9,390.72)0.00 (9,390.72)0.00
Total Management Fee (9,390.72)(9,390.72)0.00 (9,390.72)0.00
Principal Paydown 04/01/2024 3137BFE98 2,881.06 FHMS K-041 A2 3.171
10/25/2024 0.35%2,881.06 --2,881.06 0.00
Principal Paydown 04/01/2024 3137BLMZ8 305.02 FHMS K-049 A2 3.01
07/25/2025 0.75%305.02 --305.02 0.00
Principal Paydown 04/15/2024 44891WAC3 54,901.51 HALST 2022-A A3 1.16
01/15/2025 0.00%54,901.51 --54,901.51 0.00
Principal Paydown 04/15/2024 89240BAC2 34,656.98 TAOT 2021-A A3 0.26
05/15/2025 0.30%34,656.98 --34,656.98 0.00
Principal Paydown 04/15/2024 44933LAC7 22,400.62 HART 2021-A A3 0.38
09/15/2025 0.40%22,400.62 --22,400.62 (0.00)
Principal Paydown 04/15/2024 47789QAC4 27,273.00 JDOT 2021-B A3 0.52
03/16/2026 0.53%27,273.00 --27,273.00 (0.00)
Principal Paydown 04/15/2024 89238JAC9 21,040.15 TAOT 2021-D A3 0.71
04/15/2026 0.71%21,040.15 --21,040.15 0.00
Principal Paydown 04/15/2024 44935FAD6 72,044.53 HART 2021-C A3 0.74
05/15/2026 3.91%72,044.53 --72,044.53 (0.00)
Principal Paydown 04/15/2024 43815BAC4 44,293.50 HAROT 2022-1 A3 1.88
05/15/2026 1.90%44,293.50 --44,293.50 0.00
Principal Paydown 04/15/2024 448977AD0 59,273.74 HART 2022-A A3 2.22
10/15/2026 2.23%59,273.74 --59,273.74 (0.00)
Principal Paydown 04/15/2024 47787JAC2 20,437.03 JDOT 2022 A3 0.36 09/15/2026 2.35%20,437.03 --20,437.03 (0.00)
Principal Paydown 04/16/2024 362554AC1 16,110.28 GMCAR 2021-4 A3 0.68
09/16/2026 0.68%16,110.28 --16,110.28 0.00
Principal Paydown 04/16/2024 380146AC4 15,266.22 GMCAR 2022-1 A3 1.26
11/16/2026 1.27%15,266.22 --15,266.22 (0.00)
Principal Paydown 04/16/2024 362585AC5 21,370.74 GMCAR 2022-2 A3 3.1
02/16/2027 3.13%21,370.74 --21,370.74 (0.00)
32
TRANSACTION LEDGER
City of Cupertino |Account #10659 |As of April 30,2024
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Principal Paydown 04/20/2024 36265MAC9 127,318.31 GMALT 2022-1 A3 1.9
03/20/2025 0.00%127,318.31 --127,318.31 (0.00)
Principal Paydown 04/20/2024 89238LAC4 135,460.00 TLOT 2022-A A3 1.96
02/20/2025 2.02%135,460.00 --135,460.00 0.00
Principal Paydown 04/21/2024 43813GAC5 9,534.91 HAROT 2021-1 A3 0.27
04/21/2025 0.27%9,534.91 --9,534.91 0.00
Principal Paydown 04/21/2024 43815GAC3 22,521.22 HAROT 2021-4 A3 0.88
01/21/2026 0.90%22,521.22 --22,521.22 0.00
Principal Paydown 04/25/2024 05602RAD3 30,878.93 BMWOT 2022-A A3 3.21
08/25/2026 3.24%30,878.93 --30,878.93 0.00
Total Principal
Paydown 737,967.75 737,967.75 --737,967.75 (0.01)
TOTAL OTHER
TRANSACTIONS 723,806.34 980,440.46 0.00 980,440.46 (0.01)
33
Important Disclosures
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not
reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation
procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of
dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy
will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies,
contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the
deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and
all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included
in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the
index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their
respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be
reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to
change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of
future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the
borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in
general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does
not have any authority to withdraw or deposit funds from/to the custodian account.
As of April 30, 2024
34
Asset Class 10-Year Snapshot Disclosure As of April 30, 2024
US Small Cap Stocks – Morgan Stanley Capital International (MSCI) Small Cap 1750 –
The MSCI Small Cap 1750 is a market capitalization weighted index that measures the
performance of small capitalization U.S. stocks.
US Mid Cap Stocks – Morgan Stanley Capital International (MSCI) Mid Cap 450 –
The MSCI Mid Cap 450 is a market capitalization weighted index that measures the performance
of mid-capitalization U.S. stocks.
US Large Cap Stocks – Standard & Poor’s 500 – The S&P 500 is a market value weighted index of
500 large capitalization stocks. The 500 companies included in the index capture approximately
80% of available U.S. market capitalization.
International Stocks – Morgan Stanley Capital International (MSCI) EAFE – The MSCI EAFE
International Equity Index is a market capitalization weighted index that captures international
equity performance of large and mid-cap stocks in the developed stock markets of Europe,
Australasia, and the Far East.
Emerging Market Stocks – Morgan Stanley Capital International (MSCI) Emerging Markets – The
MSCI Emerging Markets Index is a market capitalization weighted index that captures equity
performance of large and mid-cap stocks across emerging market countries.
U.S. Real Estate – Morgan Stanley Capital International (MSCI) REIT – The MSCI US REIT Index is a
free float-adjusted market capitalization index that is comprised of equity REITs. It represents
about 99% of the US REIT universe and securities are classified in the REIT sector according to the
Global Industry Classification Standard (GICS®). It excludes Mortgage REITs and selected
Specialized REITs.
International Real Estate – S&P Developed Ex-US Property – The S&P Developed Ex-US Property
Index is a market capitalization weighted index that captures the performance of a universe of
publicly traded property companies based in developing countries outside of the US. The
companies included are engaged in real estate related activities, such as property ownership,
management, development, rental and investment.
US Core Bonds – ICE BofA US Corporate, Government, Mortgage – The ICE BofA US Corporate,
Government, Mortgage index is a broad measure of US investment grade bond performance,
including US Treasuries, agencies, investment-grade corporates and mortgage securities.
US High Yield Bonds – ICE BofA US High Yield – The ICE BofA High Yield Bond Index measures the
market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds.
International Bonds – Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value
Unhedged USD – Index from 2/1/2013 – current. This index measures the performance of global
investment grade debt from 24 local currency markets. This multi- currency benchmark includes
treasury, government-related, corporate and securitized fixed-rate bonds from both developed
and emerging markets issuers. S&P Citigroup International Govt Bond – Index from 1/1/2009 –
1/31/2013. This index measures the performance of sovereign bonds of non-U.S. developed
countries.
Diversified Commodities – S&P GSCI Commodity Index – The S&P GSCI Commodity Index is a
world production-weighted measure of general commodity price movements and inflation in
the world economy. It consists of a basket of physical commodity futures contracts.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits the use of 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 representation, 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
is at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or
recommend Chandler, or any of its products or services.
Bloomberg® and Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD are
service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited
("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain
purposes by Chandler Asset Management Inc. Bloomberg is not affiliated with Chandler Asset Management
Inc., and Bloomberg does not approve, endorse, review, or recommend this product. Bloomberg does not
guarantee the timeliness, accurateness, or completeness of any data or information relating to this product.
Morgan Stanley Capital International® (MSCI), the MSCI indices are service marks of Morgan Stanley Capital
International and its affiliates, and have been licensed for use for certain purposes by Chandler Asset
Management Inc. MSCI is not affiliated with Chandler Asset Management Inc., and MSCI does not approve,
endorse, review, or recommend these products. MSCI does not guarantee the timeliness, accurateness, or
completeness of any data or information relating to these products.
Disclosure: This report is provided for informational purposes only and should not be construed as specific
investment or legal advice. The information contained herein was obtained from sources believed to be
reliable as of the date of publication, but may become outdated or superseded at any time without notice.
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 judgement.
All investments contain risk and may lose value. Fixed income investments are subject to interest rate, credit,
and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise.
Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds
generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk:
the bond market in general could decline due to economic conditions, especially during periods of rising
interest rates. International: Non-US markets may be more volatile due to a variety of factors including less
liquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuate
due to changes in currency exchange rates. Non-US companies are also subject to risks that come with
political and economic stability that may affect their respective countries. These risks may be greater in
emerging market countries. Equities: Investments on equities are subject to risks from stock market
fluctuations that occur in response to economic and business developments.
35
Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying
securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three
years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
As of April 30, 2024
36