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AC 07-22-2024 Agenda PacketCITY OF CUPERTINO AUDIT COMMITTEE AGENDA 10185 North Stelling Road, Quinlan Conference Room Monday, July 22, 2024 4:00 PM Regular Meeting Members of the public wishing to observe the meeting may do so in one of the following ways: 1) Attend in person at Quinlan Community Center, 10185 North Stelling Road 2) The meeting will also be streamed live on and online at https://youtube.com/@cupertinocitycommission Members of the public wishing to comment on an item on the agenda may do so in the following ways: 1) Appear in person at Quinlan Community Center. 2) E-mail comments by 3:00 p.m. on Monday, July 22 to the legislative body at auditcommittee@cupertino.gov. These e-mail comments will also be posted to the City’s website after the meeting. Oral public comments may be made during the public comment period for each agenda item. ROLL CALL ORDERS OF THE DAY APPROVAL OF MINUTES 1.Subject: Approve Minutes of Special Meeting on June 24, 2024 Recommended Action: Approve Minutes of Special Meeting on June 24, 2024 A - Draft Minutes POSTPONEMENTS ORAL COMMUNICATIONS This portion of the meeting is reserved for persons wishing to address the Committee on any matter within the jurisdiction of the Committee and not on the agenda. Speakers are limited to three (3) minutes. In most cases, State law will prohibit the Commission from making any decisions with respect Page 1 1 Audit Committee Agenda July 22, 2024 to a matter not on the agenda. OLD BUSINESS NEW BUSINESS 2.Subject: INFORMATIONAL ITEM Receive the Internal Audit and Fraud, Waste, and Abuse programs update Recommended Action: Receive the Internal Audit and Fraud, Waste, and Abuse programs update Presenter: Moss Adams 4:15(10) A - Internal Audit Status Report 07.15.24 3.Subject: INFORMATIONAL ITEM Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2024 Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2024 Presenter: PARS and US Bank 4:25(15) A - OPEB Pension Section 115 Trust Performance Report for Quarter Ending June 30 2024 4.Subject: INFORMATIONAL ITEM Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2024 Recommended Action: Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2024 Presenter: Jonathan Orozco, Finance Manager and Chandler 4:40(15) Staff Report A – Chandler Investment Report June 2024 B – Chandler Custodial Statement June 2024 C – PARS Pension and OPEB Account Statement June 2024 D – LAIF Account Statement June 2024 5.Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2024 Schedule and Workplan Recommended Action: Receive the proposed Audit Committee 2024 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager 4:55(10) A - Proposed Audit Committee 2024 Schedule and Work Plan STAFF AND COMMITTEE REPORTS Page 2 2 Audit Committee Agenda July 22, 2024 FUTURE AGENDA SETTING COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this meeting who is visually or hearing impaired or has any disability that needs special assistance should call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for assistance. In addition, upon request, in advance, by a person with a disability, meeting agendas and writings distributed for the meeting that are public records will be made available in the appropriate alternative format. Any writings or documents provided to a majority of the members after publication of the agenda will be made available for public inspection. Please contact the City Clerk’s Office in City Hall located at 10300 Torre Avenue, Cupertino, California 95014, during normal business hours. IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section 2.08.100 written communications sent to the Cupertino City Council, Commissioners or City staff concerning a matter on the agenda are included as supplemental material to the agendized item. These written communications are accessible to the public through the City’s website and kept in packet archives. Do not include any personal or private information in written communications to the City that you do not wish to make public, as written communications are considered public records and will be made publicly available on the City website. Members of the public are entitled to address the members concerning any item that is described in the notice or agenda for this meeting, before or during consideration of that item. If you wish to address the members on any other item not on the agenda, you may do so during the public comment . Page 3 3 CITY OF CUPERTINO Agenda Item 24-13293 Agenda Date: 7/22/2024 Agenda #: 1. Subject:Approve Minutes of Special Meeting on June 24, 2024 Approve Minutes of Special Meeting on June 24, 2024 CITY OF CUPERTINO Printed on 7/19/2024Page 1 of 1 powered by Legistar™4 Page 1 City of Cupertino Audit Committee Special Meeting Minutes June 24, 2024 CALL TO ORDER At 3:05 p.m., Chair Schmidt called the special meeting to order in the City of Cupertino Quinlan Conference Room, 10185 North Stelling Road. ROLL CALL Committee Members Present: Chair Eno Schmidt, Mayor Sheila Mohan, Committee member Angela Chen, Committee member Hanyan Wu, Councilmember Hung Wei City Staff Present: Kristina Alfaro, Thomas Leung, Janet Liang, Jonathan Orozco, Pamela Wu Absent: Guests: Ken Pun (The Pun Group), Sophia Kuo (The Pun Group), Chelsea Ritchie (Moss Adams), Maria Stroth (Moss Adams) ORDERS OF THE DAY 1. APPROVE MINUTES OF REGULAR MEETING ON APRIL 22, 2024 Mayor Mohan motioned, Councilmember Wei seconded. The motion to approve the amended minutes passes with Committee member Chen abstaining. POSTPONEMENTS ORAL COMMUNICATIONS Rhoda Fry provided comments. OLD BUSINESS NEW BUSINESS 2. Receive the Enterprise Risk Assessment Final Report and FY 2024-25 Internal Audit Work Plan Stroth provided an overview. Councilmember Wei asked about accounting/finance being listed in the low/moderate risk category, is that an area that the City has worked on and that the City is doing well. Stroth noted that the City has updated procedures and policies in 2023 which is why it was given a low/moderate rating. Mayor Mohan asked about the compliance and financial reporting category going from moderate to moderate to high which means we have declined, why is that. Stroth noted that the risk is driven by the need to continue to update policy and procedures and limited compliance related training. She added that given the city’s financial situation, some of the improving processes include getting new improved systems. 5 Page 2 Committee member Wu asked if this report is issued every 4 years. Stroth noted that it would be done every three to four years. Committee member Wu asked what happens in the in between period. Stroth noted that enterprise risk management is a point in time assessment of how have things gone and where are we now. Chair Schmidt asked how they determine if something is moderate vs high. Stroth noted that they do a comprehensive document review such as looking at org charts, policies, procedures, planning documents and interviews. No public comment. Committee member Chen motioned to receive the Enterprise Risk Assessment Final Report and forward to City Council, Mayor Mohan seconded. The motion passes unanimously. Ritchie provided an overview. Chair Schmidt asked how do they plan to integrate with the external auditors or is there duplication of effort on the financial statements. Ritchie noted that they are able to reach out to The Pun Group to look at prior extern al auditor reports. Chair Schmidt asked how does it work. Ritchie noted that they would ask for prior year audit work papers to make sure the two align. Chair Schmidt asked if the first two recommended internal audit projects address the items on the risk assessment. Stroth noted that it does as it came out of the moderate/high-risk areas and is an opportunity for the city on how to improve. Chair Schmidt asked in regards to the recommended validation process establishment, how do they see the audit committee fulling its roles. Ritchie noted that the heavy lift is on looking through the external internal audit recommendations and coming to staff when they have noted a finding has been validated. Mayor Mohan asked relative to last year, what has been cut back due to the reduction in the contract. Ritchie noted that they have cut down and gone into a narrow scope such as grants management and special revenue, and the ongoing internal audit meetings will change from bi- weekly to monthly. No public comment. Committee member Chen motioned, Committee member Wu seconded. The motion passes unanimously. 3. Status update for prior Internal Audit Work Plans in Fiscal (FY) 2021-22 and FY 2022-23 Alfaro provided an overview. Chair Schmidt asked about the enterprise resource planning deficiencies, if staff is planning to replace NewWorld. Alfaro noted that the ERP was one of the service level reductions and staff is working with NewWorld to understand if we are using their software to the best of its abilities to build efficiencies. No Public Comment. Mayor Mohan motioned, Councilmember Wei seconded. The motion passes unanimously. 4. Receive the FY 2022-23 Annual Comprehensive Financial Report (ACFR) 6 Page 3 Orozco provided an overview. Pun noted that staff has been diligent in providing information and they would rather have an accurate financial statement and not have a rushed financial statement. Orozco noted that the financials sections is being presented to the committee, the transmittal, MD&A, and statistical section are not included. He added that staff is looking to move forward the financials section and will have the remaining documents ready in time for the next City Council meeting with a draft sent to the Audit committee for review. Chair Schmidt asked for clarification on the prior period adjustment that is almost like an unrecorded loan. Orozco noted that in the loans receiveable section, the City does have a disclosure of two loans and the auditors notated that and asked where is the receiveable from this interest. The City has not historically recorded it, as it may have been thought back then as uncollectable and if it was it should have been written off. However, it still remains on the books as collectible and the City is reporting this interest with the thoughts that once the loans mature, staff would assess whether the City would want to collect on that debt, f orgive it, or though the collection process foreclose on the property and collect. Chair Schmidt asked what is the likelihood of other loans of this nature. Kuo noted that they look at the general details and due diligence to look into the accounting records. Committee member Wu asked about property tax and what is the dynamics of the offset. Orozco noted that Prop 13 sets a percentage of how much the City can collect and is a static percentage. Chair Schmidt noted that the GFOA tax abatement disclosure discloses a lot more information than the draft footnote and asked how will the City follow it. Alfaro noted that there are confidentiality statutes in California that the City needs to follow. Committee member Chen asked about the unassigned fund balance of $71 million and if it is being used to address the deficit. Alfaro noted that a large portion of it went to the committed reserve, which is now $74.5 million. Rhoda Fry provided public comment. Mayor Mohan motioned, Committee member Chen seconded. The motion passes unanimously. 5. Receive the proposed Audit Committee 2024 Schedule and Workplan Orozco provided an overview. Staff will add a budget format review to the October meeting. Rhoda Fry provided public comment. STAFF AND COMMITTEE REPORTS COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS FUTURE AGENDA SETTING ADJOURNMENT 7 Page 4 The meeting adjourned at 4:52 p.m. Recording Secretary: Janet Liang, Management Analyst 8 CITY OF CUPERTINO Agenda Item 24-13294 Agenda Date: 7/22/2024 Agenda #: 2. Subject:INFORMATIONAL ITEM Receive the Internal Audit and Fraud,Waste,and Abuse programs update Receive the Internal Audit and Fraud, Waste, and Abuse programs update Presenter: Moss Adams 4:15(10) CITY OF CUPERTINO Printed on 7/19/2024Page 1 of 1 powered by Legistar™9 July 15, 2024 To: City of Cupertino Audit Committee From: Moss Adams LLP Subject: Internal Audit Status Report April 15 through July 15, 2024 _____ FY23 -24 INTERNAL AUDIT PROGRAM ENTERPRISE RISK ASSESSMENT CITYWIDE POLICY REVIEW ONGOING INTERNAL AUDIT SERVICES Objective To identify, analyze, and measure the City’s overarching areas of risk by the level of inherent vulnerability, the level of preparedness to mitigate them, and the impact such negative events could have on the City should they occur. This assessment serves as management’s and the internal auditor’s basis for determining possible actions for managing and mitigating uncertainty, both on an inherent and a residual basis, and informs the three-year internal audit work program. Inventory City policies in each department, identify gaps, and review policies for opportunities for update and alignment with best practice. Provide a prioritized implementation plan for policy update. Attend Audit Committee and Council meetings, prepare status reports, manage internal audit program, and monitor FWA hotline. Schedule December 2023 through May 2024 September 2023 through July 2024 July 2023 through June 2024 Activities for This Period • Completed analysis • Developed draft and final reports • Presented final report to Audit Committee Completed analysis. Developed draft report. Met biweekly with City staff, monitored FWA hotline, and provided assistance at the City’s request. Activities for Next Period None Finalize report and present to the Audit Commitee Continue to monitor FWA hotline and provide ongoing support to City. Issues None None None FY24 -25 INTERNAL AUDIT PROGRAM GRANTS MANAGEMENT INTERNAL CONTROLS REVIEW SPECIAL REVENUE FUND PROCESS REVIEW RECOMMENDATION VALIDATION PROCESS ESTABLISHMENT ONGOING INTERNAL AUDIT SERVICES Objective Assess the internal controls in place over the City’s grants management activities (including applications, review, administration, and reporting). Document the process used for special revenue fund accounting, identify gaps compared to best practices, and conduct testing of prior years’ accounting. Inventory prior internal and external audit recommendations, collaborate with City staff to develop a tracking mechanism and process to report and validate recommendation implementation. Attend Audit Committee and Council meetings, prepare status reports, manage internal audit program, and monitor FWA hotline. Schedule January through April 2025 July through October 2024 July 2024 through June 2025 July 2024 through June 2025 Activities for This Period N/A Scheduled kickoff meeting and developed document request. Developed project plan. Met biweekly with City staff, monitored FWA hotline, and provided assistance at the City’s request. Activities for Next Period None Conduct analysis, develop preliminary observations and draft report. Continue to monitor FWA hotline and provide ongoing support to City. Issues None None None None 10 FRAUD, WASTE, AND ABUSE HOTLINE STATISTICS : QUARTERLY Complaint Type Complaints Received This Quarter Under Review Referred to Appropriate City Official(s) Closed Compliance & Ethics 1 0 1 1 Fraud 0 0 0 0 Employment Matters 3 2 3 1 HOTLINE STATISTICS : LIFETIME (OCTOBER 2022 -PRESENT) Total Reports 22 Reports Closed 18 Reports Open 4 \ 11 CITY OF CUPERTINO Agenda Item 24-13295 Agenda Date: 7/22/2024 Agenda #: 3. Subject:INFORMATIONAL ITEM Receive OPEB &Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2024 Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2024 Presenter: PARS and US Bank 4:25(15) CITY OF CUPERTINO Printed on 7/19/2024Page 1 of 1 powered by Legistar™12 City of Cupertino PARS 115 Trust – OPEB Prefunding Program & Pension Rate Stabilization Program Plan Client Review July 22, 2024 13 City of Cupertino ▎ 2 Pars Trust Team Trust Administrator & Consultant* 40 Years of Experience (1984-2024) 2,000+ Plans under Administration 1,000+ Public Agency Clients $8.1 B Assets under Administration Investment Manager •Investment sub-advisor to trustee U.S. Bank •Institutional asset management solutions •Fixed income and multi asset portfolios •Active and passive platform options •Customized portfolios (with minimum asset level) 40+ Years of Experience (As of 3/31/24) $244.8 B * Assets under Management & Advisement Trustee •5th largest commercial bank •Safeguard plan assets •Oversight protection as plan fiduciary •Custodian of assets 161 Years of Experience (1863-2024) $10.3 T Assets under Administration 500+ 115 Trust Clients •Serves as record-keeper, consultant, and central point of contact •Sub-trust accounting •Coordinates all agency services •Monitors plan compliance (IRS/GASB/State Government Code) •Processes contributions/disbursements •Hands-on, dedicated support teams 500 K+ Plan Participants *Assets under management and advisement as of March 31, 2024, includes fixed income and multi asset class portfolios Investment Management Services by PFM Asset Management as sub-advisor * See important information regarding PARS in the Disclaimer page at the end of the presentation. 14 City of Cupertino ▎ 3 Subaccounts OPEB and pension assets are individually sub-accounted, and can be divided by dept., bargaining group, or cost center. Assets in the PARS Section 115 Combination Trust can be used to address unfunded liabilities. Financial Stability Allows separate investment strategies for OPEB and pension subaccounts. Flexible Investing OPEB and pension assets aggregate and reach lower fees on tiered schedule sooner – saving money! Economies-of-ScaleAnytime Access Trust funds are available anytime; OPEB for OPEB and pension for pension. No set-up costs, no minimum annual contribution amounts, and no fees until assets are added. No Set Up Cost or Minimums Retiree Medical Benefits Prefund OPEB GASB 75 OPEB Reimburse agency; or Pay benefits provider Pension Rate Stabilization Program Prefund Pension (PRSP)GASB 68 Pension Reimburse agency; or Pay retirement system Assets can be used to:Assets can be used to: prefund either or both General Fund PARS IRS -Approved Section 115 Trust 15 U.S. Bank ConfidentialU.S. Bank Confidential Investment and insurance products and services including annuities are: NOT A DEPOSIT ●NOT FDIC INSURED ●MAY LOSE VALUE ●NOT BANK GUARANTEED ●NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY PARS/CITY OF CUPERTINO 115P OPEB & PENSION ACCOUNTS July 22, 2024 116 U.S. Bank Confidential Your U.S. Bank Team Ryan Maxey Vice President & Relationship Manager Institutional Trust & Custody 971.865.1407 ryan.maxey@usbank.com Dennis S. Mullins, CFA Senior Institutional Client Portfolio Manager PFM Asset Management LLC 513.304.0398 Dennis.Mullins@usbank.com Mitch Barker Executive Vice President PARS (Public Agency Retirement Services) 949.310.4876 (cell) www.pars.org Jennifer Meza, CEBS Manager, Consulting PARS (Public Agency Retirement Services) 800.540.6369 Ext. 141 (office) 949.375.8239 (cell) www.pars.org 217 U.S. Bank Confidential Table of Contents Page 4 – PORTFOLIO REVIEW PARS/CITY OF CUPERTINO 115P -OPEB (X9600) •Portfolio Overview •Equity Analysis •Fixed Income Analysis •Performance (AGG460596) •Holdings PARS/CITY OF CUPERTINO 115P –PENSION (X9601) •Portfolio Overview •Equity Analysis •Fixed Income Analysis •Performance •Holdings Page 21 –MARKET SUMMARY Page 24 – DISCLOSURES, DEFINITIONS, DESCRIPTIONS 318 U.S. Bank Confidential PORTFOLIO REVIEW 419 PARS/CITY OF CUPERTINO 115P -OPEB Portfolio Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $37,967,443 Net Realized Cap Gains YTD $830,232 Annual Income Projected $864,680 Current Yield 2.28% Number of Securities 10 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Portfolio Asset Allocation Equity $24,657,253 64.94% Fixed Income $10,970,152 28.89% Real Assets $1,542,582 4.06% Cash $797,457 2.10% Invested Total $37,967,443 100.00% 65% 29% 4% 2% Equity Fixed Income Real Assets Cash Portfolio Model Allocation Cash Equivalents Investment Grade High Yield Reinsurance Large Cap U.S. Equity Mid Cap U.S. Equity Small Cap U.S. Equity Developed Markets Equity Emerging Markets Equity U.S. Listed Real Estate Commodities 0% 10% 20% 30% 40% 50% 60% Portfolio Affluent Non-Taxable Strategic Balanced Affluent Non-Taxable Tactical Balanced 520 PARS/CITY OF CUPERTINO 115P -OPEB Fixed Income Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $10,970,152 Current Yield 3.96% Annual Income Projected $434,828 Number of Securities 2 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Fixed Income Asset Allocation Investment Grade $9,071,092 82.69% High Yield $1,899,060 17.31% 83% 17% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $10,970,152 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 1 / 2 0 2 0 12/3 1 / 2 0 2 1 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 Prev i o u s C l o s e 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 621 PARS/CITY OF CUPERTINO 115P -OPEB Equity Overview Account: XXXXXX9600 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $24,657,253 Current Yield 1.37% Annual Income Projected $338,360 Number of Securities 6 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Equity Asset Allocation Large Cap U.S.$11,367,327 46.10% Developed Markets $4,565,110 18.51% Mid Cap U.S.$4,562,111 18.50% Emerging Markets $2,240,993 9.09% Small Cap U.S.$1,921,711 7.79% 46% 19% 19% 9% 8% Large Cap U.S.Developed Markets Mid Cap U.S.Emerging Markets Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) HNACXJVLIXFSMDXFSPSXFPADXFSSNX 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Equity Global Distribution North America Europe Asia Middle East South America Africa 72.36% 13.49% 12.72% 0.76% 0.42% 0.24% Equity Country Distribution United States Japan United Kingdom France Hong Kong 71.35% 4.01% 3.02% 2.45% 2.12% 722 PARS/CITY OF CUPERTINO 115P -OPEB Common Stock Detail Account: XXXXXX9600 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return (%)* 52 Wk Return (%)* NVIDIA Corporation 2.55 2.45 0.03 149.5 200.5 Amazon.com, Inc.1.88 1.80 0.00 27.2 49.8 Microsoft Corporation 1.85 1.78 0.64 19.3 34.1 Alphabet Inc. Class A 1.23 1.18 0.42 30.5 51.7 Meta Platforms Inc Class A 1.11 1.06 0.38 42.7 77.1 Broadcom Inc.1.05 1.00 1.20 44.9 92.7 JPMorgan Chase & Co.1.01 0.97 2.24 20.3 49.8 Advanced Micro Devices, Inc.1.00 0.96 0.00 10.0 47.2 Eli Lilly and Company 0.99 0.95 0.57 55.8 98.8 Apple Inc.0.94 0.90 0.44 9.7 11.9 Common Stock Characteristics Portfolio S&P 500 Market Cap -Wtd Avg $364.5B $1010.5B Market Cap -Median $5.0B $35.1B Dividend Yield (%)1.77 1.35 P/E NTM 17.4 21.1 P/E LTM 20.4 26.8 ROE (%)21.3 30.1 1 Yr Beta vs. S&P Composite .93 1.03 Est 3-5 Yr EPS Growth (%)14.5 16.2 Hist 3 Yr EPS Growth (%)26.1 25.0 Number of Securities 4955 503 Common Stock Sector Exposures 5%10%15%20%25%30%35% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio S&P 500 Portfolio S&P 500 6.56 9.34 11.32 9.95 5.07 5.77 4.76 3.65 15.24 12.42 10.75 11.72 11.76 8.13 20.21 32.45 3.48 2.15 8.66 2.15 2.18 2.26 Common Stock Market Cap Distribution > 50B 10B to 50B 2B to 10B 250MM to 2B < 250MM 0% 10% 20% 30% 40% 50% 60% 70% 80% Portfolio S&P 500 *Specific to the security -does not represent performance in the portfolio. 823 U.S. Bank Confidential Custom Benchmark ActualTargetRangeBenchmarkAsset Class 64.9%63%50%-70%MSCI AC World Free IndexEquities 28.9%29%20%-40%BBARC Global Aggregate IndexFixed Income 4.1%5%0%-15%S&P Global REIT TR USDReal Estate 0%2%0%-10%S&P GSCI Commodity IndexCommodities 2.1%1%0%-10%FTSE 3-Mo US T-Bill IndexCash CITY OF CUPERTINO 924 Selected Period Performance Period Ending: 06/30/2024PARS/CITY OF CUPERTINO OPEB AGG (****60596) Selected Period Performance Year Inception to Date to Date Market Value 1 Month 3 Months (6 Months) 1 Year 3 Years 5 Years 07/01/2010 Total Portfolio Gross of Fees 38,008,520 1.12 .48 6.44 13.85 1.53 6.54 6.71 Total Portfolio Net of Fees 38,008,520 1.11 .44 6.35 13.65 1.35 6.34 City of Cupertino 1.57 1.55 6.37 13.32 2.39 6.92 7.34 Total Equity 24,657,253 1.14 .67 9.85 19.19 3.12 10.94 11.52 Domestic Equity 17,851,149 1.70 .41 11.33 22.24 5.81 12.06 S&P 500 Index (Total Return)3.59 4.28 15.29 24.56 10.01 15.05 14.84 S&P MidCap 400 Index -1.58 -3.45 6.17 13.57 4.47 10.27 12.37 S&P SmallCap 600 Index -2.28 -3.11 -.72 8.66 -.26 8.06 11.89 Foreign Equity 6,806,103 -.35 1.40 6.04 11.40 -3.89 7.79 MSCI EAFE Index (Net)-1.61 -.42 5.34 11.54 2.89 6.46 6.81 MSCI Emerging Markets Index (Net)3.94 5.00 7.49 12.55 -5.07 3.10 3.70 Total Fixed Income 11,007,984 1.00 .13 -.02 4.06 -1.75 -.94 1.58 BBARC US Aggregate Bond Index .95 .07 -.71 2.63 -3.02 -.23 2.02 BBARC Global Aggregate Index .14 -1.10 -3.16 .93 -5.49 -2.02 .96 Total Real Assets 1,542,582 2.80 .13 -.27 8.05 -.43 3.56 Real Estate 1,542,582 2.80 .13 -.27 8.05 -.43 3.56 S&P Global REIT Index (Gross)1.33 -1.18 -2.08 6.34 -2.02 1.71 7.63 S&P GSCI Index 1.43 .65 11.08 15.01 12.69 8.28 -.57 Total Cash Equivalents 800,702 .43 1.30 2.62 5.34 3.03 2.06 1.01 ICE BofAML US 3-Month Treasury Bill Index .41 1.32 2.63 5.40 3.03 2.16 1.11 Pending Cash 0 .00 .00 .00 .00 .00 .00 .00 1025 PARS/CITY OF CUPERTINO 115P -OPEB Portfolio Holdings Account: XXXXXX9600 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 37,967,443 32,311,429 5,656,014 2.28 864,680 Cash 2.10 797,457 797,457 0 5.24 41,753 Cash Equivalents 2.10 797,457 797,457 0 5.24 41,753 FIRST AM GOVT OB FD CL X 31846V336 2.10 1.00 797,457 797,457 797,457 0 5.24 41,753 Fixed Income 28.89 10,970,152 10,319,424 650,727 3.96 434,828 Investment Grade 23.89 9,071,092 8,270,511 800,581 3.18 288,141 Mutual Funds & ETFs 23.89 9,071,092 8,270,511 800,581 3.18 288,141 Fidelity U.S. Bond Index Fund FXNAX 23.89 10.20 889,323 9,071,092 8,270,511 800,581 3.18 288,141 High Yield 5.00 1,899,060 2,048,913 -149,853 7.72 146,687 Mutual Funds & ETFs 5.00 1,899,060 2,048,913 -149,853 7.72 146,687 Artisan High Income Fund -Institutional Sh…APHFX 5.00 8.92 212,899 1,899,060 2,048,913 -149,853 7.72 146,687 Equity 64.94 24,657,253 19,506,841 5,150,412 1.37 338,360 Large Cap U.S. Equity 29.94 11,367,327 9,882,065 1,485,262 0.50 57,113 Mutual Funds & ETFs 29.94 11,367,327 9,882,065 1,485,262 0.50 57,113 Harbor Capital Appreciation Fund -Retire…HNACX 14.89 117.24 48,224 5,653,731 4,329,354 1,324,376 0.00 0 John Hancock Fds III Disciplined Value Fu…JVLIX 15.05 24.41 234,068 5,713,597 5,552,711 160,886 1.00 57,113 Mid Cap U.S. Equity 12.02 4,562,111 1,613,156 2,948,955 1.33 60,528 Mutual Funds & ETFs 12.02 4,562,111 1,613,156 2,948,955 1.33 60,528 Fidelity Mid Cap Index Fund FSMDX 12.02 31.43 145,151 4,562,111 1,613,156 2,948,955 1.33 60,528 Small Cap U.S. Equity 5.06 1,921,711 1,743,926 177,785 1.41 27,108 Mutual Funds & ETFs 5.06 1,921,711 1,743,926 177,785 1.41 27,108 Fidelity Small Cap Index Fund FSSNX 5.06 25.45 75,509 1,921,711 1,743,926 177,785 1.41 27,108 Developed Markets Equity 12.02 4,565,110 4,244,701 320,409 3.01 137,586 Mutual Funds & ETFs 12.02 4,565,110 4,244,701 320,409 3.01 137,586 Fidelity International Index Fund FSPSX 12.02 49.77 91,724 4,565,110 4,244,701 320,409 3.01 137,586 Emerging Markets Equity 5.90 2,240,993 2,022,992 218,001 2.50 56,025 Mutual Funds & ETFs 5.90 2,240,993 2,022,992 218,001 2.50 56,025 Fidelity Emerging Markets Index Fund FPADX 5.90 10.76 208,271 2,240,993 2,022,992 218,001 2.50 56,025 Real Assets 4.06 1,542,582 1,687,707 -145,126 3.22 49,739 U.S. Listed Real Estate 4.06 1,542,582 1,687,707 -145,126 3.22 49,739 1126 PARS/CITY OF CUPERTINO 115P -OPEB Portfolio Holdings Account: XXXXXX9600 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income iShares Core U.S. REIT ETF USRT 4.06 53.56 28,801 1,542,582 1,687,707 -145,126 3.22 49,739 1227 PARS/CITY OF CUPERTINO 115P-PENSION Portfolio Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $21,638,445 Net Realized Cap Gains YTD $-34,093 Annual Income Projected $487,162 Current Yield 2.25% Number of Securities 10 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Portfolio Asset Allocation Equity $14,102,415 65.17% Fixed Income $6,227,033 28.78% Real Assets $880,526 4.07% Cash $428,471 1.98% Invested Total $21,638,445 100.00% 65% 29% 4% 2% Equity Fixed Income Real Assets Cash Portfolio Model Allocation Cash Equivalents Investment Grade High Yield Reinsurance Large Cap U.S. Equity Mid Cap U.S. Equity Small Cap U.S. Equity Developed Markets Equity Emerging Markets Equity U.S. Listed Real Estate Commodities 0% 10% 20% 30% 40% 50% 60% Portfolio Affluent Non-Taxable Strategic Balanced Affluent Non-Taxable Tactical Balanced 1328 PARS/CITY OF CUPERTINO 115P-PENSION Fixed Income Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $6,227,033 Current Yield 3.96% Annual Income Projected $246,465 Number of Securities 2 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Fixed Income Asset Allocation Investment Grade $5,156,949 82.82% High Yield $1,070,083 17.18% 83% 17% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $6,227,033 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 1 / 2 0 2 0 12/3 1 / 2 0 2 1 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 Prev i o u s C l o s e 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 1429 PARS/CITY OF CUPERTINO 115P-PENSION Equity Overview Account: XXXXXX9601 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $14,102,415 Current Yield 1.35% Annual Income Projected $189,872 Number of Securities 6 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Equity Asset Allocation Large Cap U.S.$6,642,714 47.10% Mid Cap U.S.$2,568,454 18.21% Developed Markets $2,511,909 17.81% Emerging Markets $1,308,880 9.28% Small Cap U.S.$1,070,457 7.59% 47% 18% 18% 9% 8% Large Cap U.S.Mid Cap U.S.Developed Markets Emerging Markets Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) HNACXJVLIXFSMDXFSPSXFPADXFSSNX 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Equity Global Distribution North America Europe Asia Middle East South America Africa 72.77% 13.14% 12.64% 0.77% 0.43% 0.25% Equity Country Distribution United States Japan United Kingdom France Hong Kong 71.77% 3.86% 2.94% 2.39% 2.15% 1530 PARS/CITY OF CUPERTINO 115P- PENSION Common Stock Detail Account: XXXXXX9601 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return (%)* 52 Wk Return (%)* NVIDIA Corporation 2.70 2.58 0.03 149.5 200.5 Amazon.com, Inc.1.98 1.90 0.00 27.2 49.8 Microsoft Corporation 1.96 1.88 0.64 19.3 34.1 Alphabet Inc. Class A 1.24 1.19 0.42 30.5 51.7 Meta Platforms Inc Class A 1.17 1.12 0.38 42.7 77.1 Broadcom Inc.1.11 1.06 1.20 44.9 92.7 Eli Lilly and Company 1.04 1.00 0.57 55.8 98.8 Advanced Micro Devices, Inc.1.04 0.99 0.00 10.0 47.2 JPMorgan Chase & Co.1.00 0.96 2.24 20.3 49.8 Apple Inc.0.99 0.95 0.44 9.7 11.9 Common Stock Characteristics Portfolio S&P 500 Market Cap - Wtd Avg $378.8B $1010.5B Market Cap - Median $5.0B $35.1B Dividend Yield (%)1.75 1.35 P/E NTM 17.5 21.1 P/E LTM 20.6 26.8 ROE (%)21.6 30.1 1 Yr Beta vs. S&P Composite .94 1.03 Est 3-5 Yr EPS Growth (%)14.6 16.2 Hist 3 Yr EPS Growth (%)26.1 25.0 Number of Securities 4955 503 Common Stock Sector Exposures 5% 10% 15% 20% 25% 30% 35% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio S&P 500 Portfolio S&P 500 6.68 9.34 11.45 9.95 5.02 5.77 4.69 3.65 15.07 12.42 10.71 11.72 11.57 8.13 20.64 32.45 3.41 2.15 8.62 2.15 2.14 2.26 Common Stock Market Cap Distribution > 50B 10B to 50B 2B to 10B 250MM to 2B < 250MM 0% 10% 20% 30% 40% 50% 60% 70% 80% Portfolio S&P 500 *Specific to the security - does not represent performance in the portfolio. 1631 U.S. Bank Confidential Custom Benchmark ActualTargetRangeBenchmarkAsset Class 65.2%63%50%-70%MSCI AC World Free IndexEquities 28.8%29%20%-40%BBARC Global Aggregate IndexFixed Income 4.1%5%0%-15%S&P Global REIT TR USDReal Estate 0%2%0%-10%S&P GSCI Commodity IndexCommodities 2.0%1%0%-10%FTSE 3-Mo US T-Bill IndexCash CITY OF CUPERTINO 1732 Selected Period Performance Period Ending: 06/30/2024PARS/CITY OF CUPERTINO 115P- PENSION (****059601) Selected Period Performance Year Inception to Date to Date Market Value 1 Month 3 Months (6 Months) 1 Year 3 Years 5 Years 05/01/2019 Total Portfolio Gross of Fees 21,661,254 1.12 .48 6.42 13.83 1.56 7.28 7.16 Total Portfolio Net of Fees 21,661,254 1.11 .44 6.33 13.63 1.38 7.08 6.97 City of Cupertino 1.57 1.55 6.37 13.32 2.39 6.92 6.98 Total Equity 14,102,415 1.13 .67 9.85 19.19 3.13 10.97 10.55 Domestic Equity 10,281,626 1.70 .41 11.33 22.25 5.81 12.06 11.66 S&P 500 Index (Total Return)3.59 4.28 15.29 24.56 10.01 15.05 14.58 S&P MidCap 400 Index -1.58 -3.45 6.17 13.57 4.47 10.27 9.72 S&P SmallCap 600 Index -2.28 -3.11 -.72 8.66 -.26 8.06 7.38 Foreign Equity 3,820,789 -.35 1.40 6.04 11.39 -3.89 7.83 7.36 MSCI EAFE Index (Net)-1.61 -.42 5.34 11.54 2.89 6.46 6.42 MSCI Emerging Markets Index (Net)3.94 5.00 7.49 12.55 -5.07 3.10 2.70 Total Fixed Income 6,248,047 .99 .12 -.03 4.05 -1.75 -.92 -.46 BBARC US Aggregate Bond Index .95 .07 -.71 2.63 -3.02 -.23 .36 BBARC Global Aggregate Index .14 -1.10 -3.16 .93 -5.49 -2.02 -1.28 Total Real Assets 880,526 2.80 .13 -.27 8.05 -.39 3.60 3.84 Real Estate 880,526 2.80 .13 -.27 8.05 -.39 3.60 3.84 S&P Global REIT Index (Gross)1.33 -1.18 -2.08 6.34 -2.02 1.71 2.03 S&P GSCI Index 1.43 .65 11.08 15.01 12.69 8.28 7.12 Total Cash Equivalents 430,265 .43 1.30 2.62 5.34 2.98 2.03 2.04 ICE BofAML US 3-Month Treasury Bill Index .41 1.32 2.63 5.40 3.03 2.16 2.18 Pending Cash 0 .00 .00 .00 .00 .00 .00 .00 1833 PARS/CITY OF CUPERTINO 115P-PENSION Portfolio Holdings Account: XXXXXX9601 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 21,638,445 19,250,561 2,387,884 2.25 487,162 Cash 1.98 428,471 428,471 0 5.24 22,434 Cash Equivalents 1.98 428,471 428,471 0 5.24 22,434 FIRST AM GOVT OB FD CL X 31846V336 1.98 1.00 428,471 428,471 428,471 0 5.24 22,434 Fixed Income 28.78 6,227,033 6,442,206 -215,174 3.96 246,465 Investment Grade 23.83 5,156,949 5,298,190 -141,241 3.18 163,809 Mutual Funds & ETFs 23.83 5,156,949 5,298,190 -141,241 3.18 163,809 Fidelity U.S. Bond Index Fund FXNAX 23.83 10.20 505,583 5,156,949 5,298,190 -141,241 3.18 163,809 High Yield 4.95 1,070,083 1,144,016 -73,933 7.72 82,656 Mutual Funds & ETFs 4.95 1,070,083 1,144,016 -73,933 7.72 82,656 Artisan High Income Fund -Institutional Sh…APHFX 4.95 8.92 119,964 1,070,083 1,144,016 -73,933 7.72 82,656 Equity 65.17 14,102,415 11,434,134 2,668,281 1.35 189,872 Large Cap U.S. Equity 30.70 6,642,714 5,608,201 1,034,513 0.49 32,267 Mutual Funds & ETFs 30.70 6,642,714 5,608,201 1,034,513 0.49 32,267 Harbor Capital Appreciation Fund -Retire…HNACX 15.78 117.24 29,126 3,414,682 2,504,520 910,163 0.00 0 John Hancock Fds III Disciplined Value Fu…JVLIX 14.92 24.41 132,242 3,228,032 3,103,681 124,351 1.00 32,267 Mid Cap U.S. Equity 11.87 2,568,454 1,386,296 1,182,158 1.33 34,077 Mutual Funds & ETFs 11.87 2,568,454 1,386,296 1,182,158 1.33 34,077 Fidelity Mid Cap Index Fund FSMDX 11.87 31.43 81,720 2,568,454 1,386,296 1,182,158 1.33 34,077 Small Cap U.S. Equity 4.95 1,070,457 972,122 98,336 1.41 15,100 Mutual Funds & ETFs 4.95 1,070,457 972,122 98,336 1.41 15,100 Fidelity Small Cap Index Fund FSSNX 4.95 25.45 42,061 1,070,457 972,122 98,336 1.41 15,100 Developed Markets Equity 11.61 2,511,909 2,286,209 225,700 3.01 75,706 Mutual Funds & ETFs 11.61 2,511,909 2,286,209 225,700 3.01 75,706 Fidelity International Index Fund FSPSX 11.61 49.77 50,470 2,511,909 2,286,209 225,700 3.01 75,706 Emerging Markets Equity 6.05 1,308,880 1,181,306 127,575 2.50 32,722 Mutual Funds & ETFs 6.05 1,308,880 1,181,306 127,575 2.50 32,722 Fidelity Emerging Markets Index Fund FPADX 6.05 10.76 121,643 1,308,880 1,181,306 127,575 2.50 32,722 Real Assets 4.07 880,526 945,750 -65,224 3.22 28,392 U.S. Listed Real Estate 4.07 880,526 945,750 -65,224 3.22 28,392 1934 PARS/CITY OF CUPERTINO 115P-PENSION Portfolio Holdings Account: XXXXXX9601 Holdings Method: Direct Report Date: 06/28/2024 © 2024 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 6/28/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income iShares Core U.S. REIT ETF USRT 4.07 53.56 16,440 880,526 945,750 -65,224 3.22 28,392 2035 U.S. Bank Confidential MARKET SUMMARY Provided by Sub-Advisor - PFM Asset Management LLC 2136 PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public. U.S. Equity ►Domestic equity markets, as represented by the S&P 500 Index (S&P) and the Russell 3000, returned -4.96% and -4.72% respectively in May. ►Within the S&P, 10 of the 11 sectors posted positive returns. The Information Technology sector was the best performer for the month, returning 10.08%, while the second- best performing sector, Utilities, posted a return of 8.97%. Energy was the worst performing sector, posting a return of -0.39%. ►Positive returns were seen across all capitalizations, with small-caps (Russell 2000) returning 5.01%, mid-caps (Russell Mid Cap Index) returning 2.85%, and large-caps (Russell 1000 Index) returning 4.71%. Growth stocks outperformed value stocks across small and large capitalizations while value outperformed in mid-caps. ►According to FactSet Earnings Insight (as of May 31, 2024), the Q1 blended (year-over-year) earnings growth rate for the S&P 500 was 5.9% and the projected earnings growth for the S&P 500 for Q2 is 9.2%. Non-U.S. Equity ►Non-U.S. equity markets, represented by the MSCI ACWI ex-U.S., returned 2.90%. Developed markets, represented by the MSCI EAFE Index returned 3.87%, as Europe (MSCI Europe Index) returned 4.84%. ►Emerging markets (EM), as represented by the MSCI Emerging Markets Index, returned 0.57% in May, as China (MSCI China Index) returned 2.4% and India (MSCI India Index) returned 0.71% for the month. ►Within the ACWI ex-U.S. Index, all of the 11 sectors posted positive returns. Financials were the best performing sector, with a return of 4.58%. Utilities, the second-best performer in May posted a strong return of 4.66%. Consumer Discretionary was the worst performing sector, posting a return of 0.50%. Fixed Income ►U.S. Treasury yields fell along the entire yield curve as weaker-than-expected gross domestic product (GDP) and jobs data modestly pressured market expectations for Federal Reserve (Fed) cuts through the balance of the year. On the long end, the yield on the 10-year fell 18 basis point (bps) and the yield on the 30-year fell by 14 bps. Meanwhile, on the shorter end, the yield on the 2-year fell 17 bps and the 5-year fell 21 bps, causing the Broad Treasury Index to return 1.49% for the month. ►The Bloomberg U.S. Aggregate Index (Aggregate) returned 1.70% in May. Investment-grade (IG) credit as a whole returned 1.82%, AAA-rated bonds returned 1.25%, AA-rated bonds returned 1.69%, A-rated bonds returned 1.81%, and BBB-rated bonds returned 1.96%. High-yield corporates, as represented by ICE BofA U.S. High Yield, saw a positive return of 1.13% during the month. Diversifying Assets ►During May, real estate investment trusts (REITs), as represented by the MSCI U.S. REIT Index and the FTSE NAREIT Index returned 4.63% and 4.59%, respectively. Eight of the nine real estate sectors had positive returns for the month. The Healthcare sector did the best, returning 9.76%. The worst performing sector for the month was Lodging and Resorts, returning -2.79%. Listed infrastructure, represented by the MSCI World Infrastructure Index, returned 4.82% for the month. ►The active contract for West Texas Intermediate (WTI) crude fell to $76.99/barrel in May, down $4.94 from $81.93/ barrel at the end of April. Items to Watch ►The bumpy path of cooling inflation saw the U.S. annual inflation rate fall slightly in April, after an uptick in March. U.S. inflation, as represented by the Consumer Price Index (CPI), fell to 3.4%, while core inflation (measured by core CPI) slowed to 3.6%, the lowest reading since April 2021. Outside the U.S., the initial inflation estimate for the Eurozone ticked up to 2.6% in May as service prices remained sticky. Meanwhile, inflation in Japan also accelerated during May, rising to 2.2% on higher electricity prices. ►Manufacturing in the U.S. continues to struggle with the ISM manufacturing index registering at 48.7 in May, down slightly from April’s reading of 49.2 (a reading below 50 is contractionary). Despite a brief uptick to expansionary mode in March, this points to an extended contraction in the sector, with 18 of the last 19 readings coming in below the (neutral) 50 mark. Services, as represented by ISM’s non- manufacturing index, saw expansion, with a gain of 4.4 points to 53.8 in May. ►Job openings dropped to 8.06 million in April, down from 8.35M in March. Meanwhile, overall unemployment rose in May, ticking up to 4% - the highest level since January 2022. Despite this, the overall labor market remains resilient, as total non-farm payroll employment growth beat expectations, rising 272,000 last month and wage gains remained firm in May, with the average hourly earnings growth ticking up to 4.1% YoY. ►U.S. consumer confidence improved in May, as the Conference Board Consumer Confidence Survey index rose, following three consecutive months of declines. Consumers showed increased optimism as the resilient labor market supported confidence in the economy. Multi-Asset Class | June 2024 Monthly Market Review 2237 PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public. Total Return of Major Indices Domestic Equity MTD QTD YTD 1 YR S&P 500 4.96%0.67%11.30%28.17% Russell 3000 4.72%0.12%10.15%27.57% Russell 2000 5.01%-2.38%2.68%20.08% Russell 1000 4.71%0.25%10.57%27.99% International Equity MTD QTD YTD 1 YR MSCI ACWI ex-U.S.2.90%1.06%5.79%16.74% MSCI EAFE 3.87%1.21%7.07%18.53% MSCI Emerging Markets 0.57%1.02%3.41%12.39% Fixed Income MTD QTD YTD 1 YR Bloomberg Barclays U.S. Agg 1.70%-0.87%-1.64%1.31% Bloomberg Barclays Global Agg 1.31%-1.25%-3.30%0.77% Bloomberg Barclays U.S. HY 1.13%0.12%1.63%11.17% Alternatives and Diversifying MTD QTD YTD 1 YR MSCI U.S. REIT 4.63%-2.81%-3.41%8.47% FTSE NAREIT Index 4.59%-2.74%-2.93%10.17% MSCI World Core Infrastructure 4.82%0.88%0.73%8.38% Bloomberg Commodity 1.30%3.52%4.41%5.13% Economic Indicators Domestic Current Previous Month Unemployment Rate (%)4.0%3.9% Initial Jobless Claims (4 week average)222.5 K 220 K CB Leading Economic Indicators -0.6 -0.3 Capacity Utilization 78.4%78.5% GDP (annual growth rate)1.3%3.4% University of Michigan Consumer Confidence 69.1 77.2 New Home Starts 634 K 665 K Existing Home Sales 4.1 MM 4.2 MM Retail Sales (YoY)3.6%4.0% U.S. Durable Goods (MoM)0.6%0.8% Consumer Price Index (YoY)3.4%3.5% Producer Price Index (MoM)0.4%0.0% Developed International*3/31/2024 12/31/2023 Market GDP (annual rate)1.4%1.5% Market Unemployment 4.6%4.5% 4.87% 4.51%4.50%4.65% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%U.S. Treasury Yield Curve 5/31/2023 4/30/2024 5/31/2024 3-mo 2-yr 5-yr 10-yr 30-yr 8 13 18 23 28 33 May '19 May '20 May '21 May '22 May '23 May '24 P/E Ratios of Major Stock Indices** S&P 500 S&P 500 5-Year Average Russell 2000 Russell 2000 5-Year Average MSCI ACWI ex-U.S.MSCI ACWI ex-U.S. 5-Year Average Cons. Disc. Cons. Staples Energy Financial H'lthcare Industrial Info. Tech Materials Real Estate Telecom Utilities MTD 0.30% 2.45% -0.39% 3.16% 2.38% 1.65% 10.08% 3.22% 5.08% 6.58% 8.97% QTD -4.04% 1.54% -1.15% -1.16% -2.82% -1.98% 4.10% -1.51% -3.85% 4.36% 10.76% YTD 0.73% 9.18% 12.38% 11.15% 5.78% 8.77% 17.31% 7.30% -4.37% 20.88% 15.82% -10% -5% 0% 5% 10% 15% 20% 25% Stock Market Sector Performance (S&P 500) Source: Bloomberg. Data as of May 31, 2024, unless otherwise noted. *Developed market data is calculated with respect to the weightings in the MSCI World ex-U.S. Index. Most current data is as of March 31, 2024 due to release dates of numerous countries. **P/E ratios are calculated based on one-year-forward estimates and adjusted to include only positive earning results for consistency. The views expressed constitute the perspective of PFM Asset Management (PFMAM) at the time of distribution and are subject to change. The content is based on sources generally believed to be reliable and available to the public; however, PFMAM cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. PFM Asset Management LLC (“PFMAM”) is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE 2338 U.S. Bank | Public Important disclosures, definitions of terms and index descriptions If you have questions regarding this information or wish to receive definitions of any additional terms or indexes used in this report, please contact your Portfolio Manager. 2439 Disclaimer Sub-advised investment services are provided by PFM Asset Management LLC (“PFMAM”), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request. For more information regarding PFMAM’s services please visit www.pfmam.com. Disclaimer 2540 U.S. Bank | Public Important disclosures (page 1 of 4) The information provided here is not intended to replace your account statement. Your account statement is the official record of your account. Equal Housing Lender. Credit products are offered by U.S. Bank National Association and subject to normal credit approval. Deposit products offered by U.S. Bank National Association. Member FDIC. For use in one-on-one meetings/presentations. This information represents the opinion of U.S. Bank. The views are subject to change at any time based on market or other conditions and are current as of the date indicated on the materials. This is not intended to be a forecast of future events or guarantee of future results. The factual information provided has been obtained from sources believed to be reliable but is not guaranteed as to accuracy or completeness. U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation. Past performance is no guarantee of future results. All performance data, while obtained from sources deemed to be reliable, are not guaranteed for accuracy. Indexes shown are unmanaged and are not available for direct investment, nor are they subject to fees and expenses. Performance reports included may show performance results gross of fees and expenses. If fees and expenses were included, the performance would be lower. If you have any questions, please speak with your relationship manager for additional information. Based on our strategic approach to creating diversified portfolios, guidelines are in place concerning the construction of portfolios and how investments should be allocated to specific asset classes based on client goals, objectives and tolerance for risk. Not all recommended asset classes will be suitable for every portfolio. Diversification and asset allocation do not guarantee returns or protect against losses. 2641 U.S. Bank | Public Important disclosures (page 2 of 4) Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies and may be expected to do so in the future. Stocks of mid-capitalization companies can be expected to be slightly less volatile than those of small-capitalization companies, but still involve substantial risk and may be subject tomore abrupt or erratic movements than large-capitalization companies. The value of large-capitalization stocks will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Growth investments focus on stocks of companies whose earnings/profitability are accelerating in the short term or have grown consistently over the long term. Such investments may provide minimal dividends, which could otherwise cushion stock prices in a market decline. Stock value may rise and fall significantly based, in part, on investors' perceptions of the company, rather than on fundamental analysis of the stocks. Investors should carefully consider the additional risks involved in growth investments. Value investments focus on stocks of income-producing companies whose price is low relative to one or more valuation factors, such as earnings or book value. Such investments are subject to risks that their intrinsic values may never be realized by the market, or such stocks may turn out not to have been undervalued. Investors should carefully consider the additional risks involved in value investments. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates and risks related to renting properties (such as rental defaults). There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors. Investments in fixed income securities are subject to various risks, including changes in interest rates, credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors. Investment in fixed income securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in high yield bonds offer the potential for high current income and attractive total return, but involve certain risks. Changes in economic conditions or other circumstances may adversely affect a bond issuer's ability to make principal and interest payments. 2742 U.S. Bank | Public Important disclosures (page 3 of 4) The municipal bond market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issues of municipal securities. Interest rate increases can cause the price of a bond to decrease. Income on municipal bonds is free from federal taxes, but may be subject to the federal alternative minimum tax (AMT), state and local taxes. Treasury Inflation-Protected Securities (TIPS)offer a lower return compared to other similar investments and the principal value may increase or decrease with the rate of inflation. Gains in principal are taxable in that year, even though not paid out untilmaturity. Non-financial specialty assets, such as real estate, farm, ranch and timber properties, oil, gas and mineral interests or closely-held business interests are complex and involve unique risks specific to each asset type, including the total loss of value. Special risk considerations may include natural events or disasters, complex tax considerations and lack of liquidity. Specialty assets may not be suitable for all investors. Alternative investments very often use speculative investment and trading strategies. There is no guarantee that the investment program will be successful. Alternative investments are designed only for investors who are able to tolerate the full loss of an investment. These products are not suitable for every investor even if the investor does meet the financial requirements. It is important to consult with your investment professional to determine how these investments might fit your asset allocation, risk profile and tax situation. Hedge funds are speculative and involve a high degree of risk. An investment in a hedge fund involves a substantially more complicated set of risk factors than traditional investments in stocks or bonds, including the risks of using derivatives, leverage and short sales, which can magnify potential losses or gains. Restrictions exist on the ability to redeem or transfer interests in a fund. Exchange-traded funds (ETFs)are baskets of securities that are traded on an exchange like individual stocks at negotiated prices and are not individually redeemable. ETFs are designed to generally track a market index and shares may trade at a premium or a discount to the net asset value of the underlying securities. Private equity investments provide investors and funds the potential to invest directly into private companies or participate in buyouts of public companies that result in a delisting of the public equity. Investors considering an investment in private equity must be fully aware that these investments are illiquidby nature, typically represent a long-term binding commitment and are not readily marketable. The valuation procedures for these holdings are often subjective in nature. Private debt investments may be either direct or indirect and are subject to significant risks, including the possibility of default, limited liquidity and the infrequent availability of independent credit ratings for private companies. Structured products are subject to market risk and/or principal loss if sold prior to maturity or if the issuer defaults on the security. Investors should request and review copies of Structured Products Pricing Supplements and Prospectuses prior to approving or directing an investment in these securities. 2843 U.S. Bank | Public Important disclosures (page 4 of 4) Mutual fund investing involves risk and principal loss is possible. Investing in certain funds involves special risks, such as those related to investments in small- and mid-capitalization stocks, foreign, debt and high-yield securities and funds that focus their investments in a particular industry. Please refer to the fund prospectus for additional details pertaining to these risks. An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although these funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in these funds. Holdings of First American Funds: U.S. Bancorp Asset Management, Inc. is a registered investment advisor and subsidiary of U.S. Bank National Association. U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, performance or services of U.S. Bancorp Asset Management. U.S. Bancorp Asset Management, Inc. serves as an investment advisor to First American Funds. Holdings of Nuveen mutual funds: Firstar Capital Corporation (Firstar Capital), an affiliate of U.S. Bancorp, holds a less-than-10 percent ownership interest in Windy City Investments Holdings, LLC which was formerly the parent of Windy City Investment Inc. and the indirect parent of Nuveen Fund Advisors, LLC which is the investment advisor to the Nuveen Mutual Funds. On October 1, 2014, Windy City Investments, Inc. was sold to Teachers Insurance and Annuity Association of America. As a result of the sale, U.S. Bancorp no longer has an indirect ownership interest in Nuveen Fund Advisors, LLC. Depending on the outcome of certain factors, Firstar Capital might in the future receive an earn-out payment in respect of its interest in Windy City Investment Holdings, LLC, under the terms of the sale. Non- proprietary mutual funds: U.S. Bank may enter into agreements with other non-proprietary mutual funds or their service providers whereby U.S. Bank provides shareholder services and/or sub-transfer agency, custodial and other administrative support services and receives compensation for these services. Compensation received by U.S. Bank directly or indirectly from mutual funds does not increase fund fees and expenses beyond what is disclosed in the fund prospectuses. For more information, review the fund prospectus. 2944 U.S. Bank | Public Definitions of report and statement terms (page 1 of 5) Accredited Investor: Private placement securities generally require that investors be accredited due to the additional risks and speculative nature of the securities. For natural persons, the criteria is met by a net worth of more than $1 million (excluding primary residence) or an income of more than $200,000 individually ($300,000 jointly) for the two most recent years and a reasonable expectation for the same in the current year. For other entities, such as corporations, partnerships, trusts and employee benefit plans, the criteria is met with at least $5 million in assets. See full definition in Rule 501 of Regulation D under the Securities Act of 1933. Alpha: A measure of risk-adjusted performance. A statistic measuring that portion of a stock, fund or composite's total return attributable to specific or non-market risk. Alpha measures non-market return and indicates how much value has been added or lost. A positive Alpha indicates the fund or composite has performed better than its Beta would predict (i.e., the manager has added value above the benchmark). A negative Alpha indicates a fund or composite has underperformed given the composite's Beta. Alternative Investments: As used by U.S. Bank, an investment considered to be outside of the traditional asset classes of long-only stocks, bonds and cash. Examples of alternative investments include hedge funds, private equity, options and financial derivatives. Annualized Excess Return: Shows the difference between the annualized linked returns of a portfolio and the model benchmark. Performance reports provided annualize only periods greater than one year. Annualized or Annual Rate of Return: Represents the average annual change in the value of an investment over the periods indicated. Batting Average: Shows how consistently the portfolio return met or beat the market. Beta: A measure of your portfolio's risk relative to a benchmark. A portfolio with a beta of 1.5, for example, would be expected to return roughly 1.5 times the benchmark's return. A high Beta indicates a riskier portfolio. Bond Credit Rating: A grade given to bonds by a private independent rating service that indicates their credit quality. Ratings are the opinion of Standard & Poor's or other agencies as noted and not the opinion of U.S. Bank. Consumer Price Index (CPI): A measure of the average change in prices over time in a market basket of goods and services and is one of the most frequently used statistics for identifying periods of inflation and deflation. Convexity to Stated Maturity: A measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed. This version of convexity measures the rate change in duration of a bond as the yield to (stated) maturity changes. 3045 U.S. Bank | Public Definitions of report and statement terms (page 2 of 5) Cost basis/book value: The original value of an asset at the time it was acquired. This is normally the purchase price or appraised value at the time of acquisition. This data is for information purposes only. Cumulative Excess Return: Shows the difference between the annualized linked returns of a portfolio and the model benchmark. Performance reports provided use unannualized returns in periods up to one year, but annualized returns for periods exceeding one year. Downside Capture: The downside capture ratio reflects how a portfolio compares to a benchmark during periods when the benchmark is down. A downside capture ratio of 0.80 (or 80 percent) means the portfolio has historically declined only 80 percent as much as the benchmark during down markets. Downside Deviation: The deviation of returns that fall below a minimum acceptable return (MAR). Although the numerator includes only returns below the MAR, the denominator includes all returns in the performance period. This risk statistic is similar to the downside standard deviation except the sum is restricted to returns less than the MAR instead of the mean. Downside Standard Deviation: The deviation of returns that fall below the mean return. Although the numerator includes only returns below the mean, the denominator includes all returns in the performance period. This risk statistic is similar to the downside deviation except the sum is restricted to returns less than the mean instead of the minimum acceptable return (MAR). Effective Maturity: The date of a bond’s most likely redemption, given current market conditions, taking into consideration the optional and mandatory calls, the optional, mandatory and recurring puts, and the stated maturity. Estimated annual income: The amount of income a particular asset is anticipated to earn over the period indicted. The shares multiplied by the annual income rate. Gain/loss calculation: If an asset was sold, the difference between the proceeds received from the sale compared to the cost of acquiring the asset. If the value of the proceeds is the higher of the two numbers, then a gain was realized. If the value of the proceeds is the lower of the two numbers, a loss was incurred. This data is for information purposes only. Information Ratio: The information ratio compares the average excess return of the portfolio over its associated benchmark divided by the tracking error. M-Squared: The hypothetical return of the portfolio after its risk has been adjusted to match a benchmark. 3146 U.S. Bank | Public Definitions of report and statement terms (page 3 of 5) Market Value: Publicly traded assets are valued using market quotations or valuation methods from financial industry services believed by us to be reliable. Assets, that are not publicly traded, may be reflected at values from other external sources or special valuations prepared by us. Assets for which a current value is not available may be reflected as not valued, at par value, or at a nominal value. Values shown do not necessarily reflect prices at which assets could have been bought or sold. Values are updated based on internal policy and may be updated less frequently than statement generation. Market Value Over Time: Many factors can impact the portfolio value over time, such as contributions to the account, distributions from the account, the investment of dividends and interest, the deduction of fees and expenses, and market performance. Modified Duration to Effective Maturity: A formula that expresses the measurable change in the value of a security in response to a change in interest rates. This version of Modified Duration takes into consideration a “horizon date/price” that is, given current conditions, the most likely redemption date/price using the set of calls/puts, as well as stated maturity. Modified Duration to Stated Maturity: A formula that expresses the measurable change in the value of a security in response to a change in interest rates. This version of Modified Duration uses stated maturity as the “horizon date/price” and ignores any potential call/put/pre- refunding, even if they are mandatory. Price/Earnings Ratio (P/E): The P/E ratio of a company is calculated by dividing the price of the company’s stock by its trailing 12-month earnings per share. A high P/E usually indicates that the market is paying a premium for current earnings because it believes in the firm’s ability to grow its earnings. A low P/E indicates the market has less confidence that the company’s earnings will increase. Within a portfolio, P/E is the weighted average of the price/earnings ratios of the stocks in the portfolio. Qualified Purchaser: Some private placement securities require that investors be Qualified Purchasers in addition to being Accredited Investors. For natural persons, the criteria is generally met when the client (individually or jointly) owns at least $5 million in investments. For other entities, such as corporations, partnerships, trusts and employee benefit plans, the criteria is met with at least $25 million in investments though there are other eligibility tests that may apply. See full definition in Section 2(a)(51) of the Investment Company Act of 1940. R-Squared: Measures the portion of the risk in your portfolio that can be attributed to the risk in the benchmark. Realized and Unrealized Gains/Losses: Are calculated for individual tax lots based on the records we have available. Some data may be incomplete or differ from what you are required to report on your tax return. Some data used in these calculations may have beenobtained from outside sources and cannot be verified by U.S. Bank. The data is intended for informational purposes only and should not be used for tax reporting purposes. Please consult with your tax or legal advisor for questions concerning your personal tax or financial situation. 3247 U.S. Bank | Public Definitions of report and statement terms (page 4 of 5) Residual Risk: The amount of risk specific to the assets in a portfolio distinct from the market, represented by a benchmark. Return: An indication of the past performance of your portfolio. Sharpe Ratio: Measures of risk-adjusted return that calculates the return per unit of risk, where risk is the Standard Deviation of your portfolio. A high Sharpe ratio indicates that the portfolio is benefiting from taking risk. Sortino Ratio: Intended to differentiate between good and bad volatility. Similar to the Sharpe ratio, except it uses downside deviation for the denominator instead of standard deviation, the use of which doesn't discriminate between up and down volatility. Spread: The difference between the yields of two bonds with differing credit ratings (most often, a corporate bond with a certain amount of risk is compared to a standard traditionally lower risk Treasury bond). The bond spread will show the additional yield that could be earned from a bond which has a higher risk. Standard Deviation: A measure of the volatility and risk of your portfolio. A low standard deviation indicates a portfolio with less volatile returns and therefore less inherent risk. Time-weighted Return: The method used to calculate performance. Time-weighted return calculates period by period returns that negates the effect of external cash flows. Returns for periods of greater than one year are reported as an annualized (annual) rate of return. Returns of less than one year are reported on a cumulative return basis. Cumulative return is the aggregate amount an investment has gained or lost over time, independent of the period involved. Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. This is often in the context of a hedge or mutual fund that did not work as effectively as intended, creating an unexpected profit or loss instead. Traditional Investments: As used by U.S. Bank, an investment made in equity, fixed income or cash securities, mutual funds or exchange- traded funds (ETFs) where the investor buys at a price with the goal that the investment will go up in value. Top 10 Holdings: The 10 assets with the highest market values in the account. Total Portfolio Gross of Fees: Represents all assets included in the calculation of the portfolio, before the deduction of trust and asset management fees, and is inclusive of all applicable third-party security fees and expenses. Details of those fees and expenses are provided in the security’s prospectus or offering documents. 3348 U.S. Bank | Public Definitions of report and statement terms (page 5 of 5) Total Return: The rate of return that includes the realized and unrealized gains and losses plus income for the measurement period. Treynor Ratio: Measures the performance of a sector relative to risk by dividing the return of the sector in excess of the risk-free return by the sector's Beta. The higher the Treynor ratio, the better the return relative to risk. Turnover Percent: Indicates how frequently asset are bought and sold within a portfolio. Turnover Ratio: The percentage of a mutual fund’s or other investment vehicle's holdings that have been "turned over" or replaced with other holdings in a given year. Unrealized gain (loss)— The difference between the current market value (at the end of the statement period) and the cost to acquire the asset. If the current market value is higher than the cost, a gain is reflected. If the current market value is lower than the cost paid, a loss is reflected. This data is for information purposes only. Upside Capture: The upside capture ratio reflects how a portfolio compares to the selected model benchmark during periods when the benchmark is up. An upside capture ratio of 1.15 (or 115 percent) means the portfolio has historically beat the benchmark by 15 percent during up markets. Yield: The annual rate of return on an investment, expressed as a percentage. For bonds, it is the coupon rate divided by the market price. For stocks, it is the annual dividend divided by the market price. 3449 U.S. Bank | Public Frequently used indexes (page 1 of 5) Bloomberg Barclays 1-3 year U.S. Treasury Index: Measures the performance of the U.S. government bond market and includes public obligations of the U.S. Treasury with a maturity between one year and up to (but not including) three years. Bloomberg Barclays 1-5 year U.S. Treasury Index: Includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to one year and less than five years, are rated investment grade and have $250 million or more of outstanding face value. The Bloomberg Barclays 1-5 year Municipal Index: Measures the performance of municipal bonds with time to maturity of more than one year and less than five years. Bloomberg Barclays 7-year Municipal Index: Includes municipal bonds with a minimum credit rating of Baa that have been issued as part of a transaction of at least $50 million, have a maturity value of at least $5 million and a maturity range of four to six years. Bloomberg Barclays Global Aggregate Index ex-U.S. Index: Measure 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. Bloomberg Barclays Global Treasury ex-U.S. Index: Includes government bonds issued by investment-grade counties outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated investment grade. Bloomberg Barclays High Yield Municipal Bond Index: An unmanaged index made up of bonds that are non-investment grade, unrated or below Ba1 bonds. Bloomberg Barclays Intermediate Aggregate Index: Consists of one- to 10-year governments, one- to 10-year corporate bonds, all mortgages and all asset-backed securities within the Aggregate Index. Bloomberg Barclays Mortgage-Backed Securities Index: Covers agency mortgage-backed pass-through securities (both fixed-rate and hybrid adjustable-rate mortgages) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg Barclays U.S. Aggregate Bond Index: Measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index: Measures the investment grade, fixed-rate, taxable corporate bond market and includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. 3550 U.S. Bank | Public Frequently used indexes (page 2 of 5) Bloomberg Barclays U.S. Corporate High Yield Bond Index: Measures the U.S. dollar denominated, high yield, fixed-rate corporate bond market. Bloomberg Barclays U.S. Municipal Bond Index: Measures the investment grade, U.S. dollar-denominated, fixed tax-exempt bond market. The index includes state and local general obligation, revenue, insured and pre-refunded bonds. Bloomberg Barclays U.S. Treasury Index: Measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index: An unmanaged index includes all publicly issued, U.S. TIPS that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstandingface value. Cambridge U.S. Private Equity Index: This index is based on returns data compiled for U.S. private equity funds (including buyout, growth equity and mezzanine funds) that represent the majority of institutional capital raised by private equity partnerships formed since 1986. Returns may be delayed by up to six months. Quarterly performance is prorated based on the cube root for the months of the quarter. Citigroup 3-Month Treasury Bills: An unmanaged index and represents monthly return equivalents of yield averages of the last three- month Treasury Bill issues. Citigroup 6-Month Treasury Bills: An unmanaged index and represents monthly return equivalents of yield averages of the last six- month Treasury Bill issues. Credit Suisse Leverage Loan Index: Represents tradable, senior-secured, U.S. dollar-denominated non-investment grade loans. Dow Jones Industrial Average (DJIA): The price-weighted average of 30 significant U.S. stocks traded on the New York Stock Exchange and NASDAQ. The DJIA is the oldest and single most watched index in the world. Dow Jones Select REIT Index: Measures the performance of publicly traded REITs and REIT-like securities in the U.S. and is a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. HFRI Indices: The Hedge Fund Research, Inc. (HFRI) indexes are a series of benchmarks designed to reflect hedge fund industry performance by constructing composites of constituent funds, as reported by the hedge fund managers listed within the HFR Database. 3651 U.S. Bank | Public Frequently used indexes (page 3 of 5) HFRI Equity Hedge Total Index: Uses the HFR (Hedge Fund Research) database and consists only of equity hedge funds with a minimum of $50 million assets under management or a 12-month track record and that reported assets in U.S. dollars. HFRI Relative Value Fixed Income Corporate Index: Uses the HFR (Hedge Fund Research) database and consists of only relative value fixed income corporate funds with a minimum of $50 million assets under management or a 12-month track record and that reported assets in U.S. dollars. ICE BofAML 1-3 Year Corporate Index: Tracks U.S. dollar-denominated investment grade public debt issued in the U.S. bond market with maturities of one to three years. ICE BofAML 1-5 Year Corporate and Government Index: Tracks the performance of short-term U.S. investment grade government and corporate securities with maturities between one and five years. ICE BofAML U.S. 7-10 Year Index: Tracks the performance of U.S. dollar denominated investment grade rated corporate debt publicly issued in the U.S. domestic market and includes all securities with a remaining term to maturity of greater than or equal to seven years and less than 10 years. ICE BofAML Global Broad Market Index: Tracks the performance of investment grade public debt issued in the major domestic and Eurobond markets, including global bonds. ICE BofAML U.S. High Yield Master II Index: Commonly used benchmark index for high yield corporate bonds and measures the broad high yield market. J.P. Morgan Emerging Markets Bond Index Global (EMBI Global): Tracks total returns for traded external debt instruments in the emerging markets. London Interbank Offered Rate (LIBOR)3-months: The interest rate offered by a specific group of London banks for U.S. dollar deposits with a three-month maturity. London Interbank Offered Rate (LIBOR) 9-months:The interest rate offered by a specific group of London banks for U.S. dollar deposits with a nine-month maturity. MSCI All Country World Index (ACWI): Designed to measure the equity market performance of developed and emerging markets. 3752 U.S. Bank | Public Frequently used indexes (page 4 of 5) Russell 2000 Value Index: Measures companies in the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2,000 firms from the Russell 3000 Index with the smallest market capitalizations. Russell 3000 Index: Measures the performance of the 3,000 largest U.S. securities based on total market capitalization. Russell Midcap Index: Measures the 800 smallest companies in the Russell 3000 Index. Russell Midcap Growth Index: Measures companies in the Russell Midcap Index having higher price-to-book ratios and higher forecasted growth values. Russell Midcap Value Index: Measures companies in the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. MSCI All County World ex-U.S. Index (ACWI, excluding United States): Tracks the performance of stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets. U.S. stocks are excluded from the index. MSCI EAFE Index: Includes approximately 1,000 companies representing the stock markets of 21 countries in Europe, Australasia and the Far East. MSCI Emerging Markets (EM) Index: Designed to measure equity market performance in global emerging markets. MSCI World Index: Tracks equity market performance of developed markets through individual country indices. NAREIT Index: Includes REITs (Real Estate Investment Trusts) listed on the New York Stock Exchange, NASDAQ and American Stock Exchange. NASDAQ Composite Index: A market capitalization-weighted average of roughly 5,000 stocks that are electronically traded in the NASDAQ market. NCREIF Property Index (NPI): Measures the investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. Russell 1000 Index: Measures the performance of the 1,000 largest companies in the Russell 3000 Index and is representative of the U.S. large capitalization securities market. 3853 U.S. Bank | Public Frequently used indexes (page 5 of 5) Russell 1000 Growth Index: Measures companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. It includes the largest 1,000 firms in the Russell 3000 Index. Russell 1000 Value Index: Measures companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. It includes the largest 1,000 firms in the Russell 3000 Index. Russell 2000 Index: Measures the performance of the 2,000 smallest companies in the Russell 3000 Index and is representative of the U.S. small capitalization securities market. Russell 2000 Growth Index: Measures companies in the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. and is representative of U.S. securities exhibiting growth characteristics. The Russell 2000 Index includes the 2,000 firms from the Russell 3000 Index with the smallest market capitalizations. S&P 500 Index: Consists of 500 widely traded stocks that are considered to represent the performance of the U.S. stock market. S&P Global ex-U.S. Property Index: Measures the investable universe of publicly traded property companies domiciled in developed and emerging markets excluding the United States. The companies included are engaged in real estate related activities such as property ownership, management, development, rental and investment. S&P GSCI: A composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. S&P/Case-Shiller Home Price Indexes: A group of indexes that track changes in home prices throughout the United States. Case- Shiller produces indexes representing certain metropolitan statistical areas (MSA) as well as a national index. Swiss Re Global Cat Bond Total Return Index: Tracks the aggregate performance of all U.S. dollar-denominated euros and Japanese yen-denominated catastrophe bonds, capturing all ratings, perils and triggers. U.S. Dollar Index: Indicates the general international value of the U.S. dollar by averaging the exchange rates between the U.S. dollar and six major world currencies. Wilshire 5000 Index: Composed of more than 6,700 publicly-traded U.S. companies and is designed to track the overall performance of the American stock markets. 3954 CITY OF CUPERTINO Agenda Item 24-13296 Agenda Date: 7/22/2024 Agenda #: 4. Subject:INFORMATIONAL ITEM Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2024 Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2024 Presenter: Jonathan Orozco, Finance Manager and Chandler 4:40(15) CITY OF CUPERTINO Printed on 7/19/2024Page 1 of 1 powered by Legistar™55 AUDIT COMMITTEE STAFF REPORT Meeting: July 22, 2024 Subject Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2024 Recommended Action Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2024 Reasons for Recommendation 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. 56 2 The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The Chandler investment report provides information on the investment type, issuer, purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments. While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report sub-committee. The City's General Ledger cash and investments balance was $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 57 3 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. 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. 58 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 59 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: 60 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: 61 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. 62 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: 63 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. 64 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: 65 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 66 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 67 13 C – PARS Pension and OPEB Account Statement June 2024 D – LAIF Account Statement June 2024 68 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.69 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 70 SECTION 1 | ECONOMIC UPDATE 2 71 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 72 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 73 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 74 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 75 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 76 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 77 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 78 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 79 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 80 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 81 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 82 SECTION 2 | ACCOUNT PROFILE 14 83 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 84 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 85 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 86 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 87 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 88 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 89 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 90 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 91 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 92 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 93 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 94 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 95 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 96 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 97 SECTION 3 |PORTFOLIO HOLDINGS 29 98 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 99 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 31 100 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 32 101 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 33 102 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 34 103 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 35 104 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 36 105 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 37 106 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 38 107 SECTION 4 |TRANSACTIONS 39 108 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 40 109 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) 41 110 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) 42 111 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. 43 112 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. 44 113 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 114 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. 115 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 ...................................................................... 21 116 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 2.57 916,257.89 117 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 118 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 119 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 120 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 121 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 122 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 123 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 124 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 125 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 126 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 127 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 128 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 129 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 130 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 131 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 132 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 133 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- 913,913.85 134 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 169,234,970.41 164,967,046.15 135 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 ________________________________________________________________________________________________________________________________________ 136 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 137 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 6/15/24 138 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 139 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 6/16/24 140 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 141 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 6/21/24 142 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 6/15/24 143 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 6/15/24 144 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 6/15/24 145 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 146 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 6/15/24 147 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 148 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 149 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 - 5/31/24 150 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 151 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 152 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 1/1153 CITY OF CUPERTINO Agenda Item 24-13297 Agenda Date: 7/22/2024 Agenda #: 5. Subject:INFORMATIONAL ITEM Receive the proposed Audit Committee 2024 Schedule and Workplan Receive the proposed Audit Committee 2024 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager 4:55(10) CITY OF CUPERTINO Printed on 7/19/2024Page 1 of 1 powered by Legistar™154 January 29, 2024 Regular Meeting March 21,2024 Special Meeting April 22, 2024 Regular Meeting June 24, 2024 Special Meeting July 22, 2024 Regular Meeting October 28, 2024 Regular Meeting December 16, 2024 (Tentative) Special Meeting Appoint Audit Committee Chair and Vice Chair Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Receive the committee’s roles and responsibilities (CMC 2.88.100) OPEB & Pension Trust Performance Report for Quarter Ending December 31, 2023 and March 31, 2024 FY 2022‐23 ACFR and Supplemental Reports Review OPEB & Pension Trust Performance Report for Quarter Ending June 30, 2024 OPEB & Pension Trust Performance Report for Quarter Ending September 30, 2024 Review of FY 2023‐24 ACFR and Supplemental Reports (tentative) Receive PARS Presentation Quarterly Treasurerʹs Investment Report for Quarter Ending December 31, 2023 and March 31, 2024 Moss Adams ‐ Enterprise Risk Assessment Report Quarterly Treasurerʹs Investment Report for Quarter Ending June 30, 2024 Quarterly Treasurerʹs Investment Report for Quarter Ending September 30, 2024 Budget Format Review Receive Chandler Investments Presentation Internal Audit and Fraud, Waste, and Abuse Programs Update Internal Audit Program Internal Audit and Fraud, Waste, and Abuse Program Update Internal Audit and Fraud, Waste, and Abuse Program Update Receive The Pun Group Presentation Annual Review of City Investment Policy Moss Adams ‐ Citywide Policy Review report Internal Audit ‐ Citywide Policy Review Receive Moss Adams Presentation Review of FY 2022‐23 ACFR and Supplemental Reports (tentative) GANN Limit Agreed Upon Procedures (AUP) Review Annual Review of OPEB and Pension Trust Investment Policies Receive Budget Feedback on the City’s current recommended Service Level Reductions (SLRs) Investment Policy Agreed Upon Procedures (AUP) Review Budget Format Review Budget Format Review Storm Drain Agreed Upon Procedures (AUP) Review Agreed Upon Procedures (AUP) Review ‐ GANN Limit, Investment Policy, Storm Drain Receive the proposed Audit Committee 2024 Schedule and Workplan Discuss Agreed Upon Procedures (AUP) ‐ Credit Card Fiscal Year 2023‐24 ACFR Update Summary of Duties – Powers – Responsibilities of Cupertino Audit Committee Source: Cupertino, CA Municipal Code, Chapter 2.88.100: Audit Committee The powers and functions of the Audit Committee shall be as follows: A: To review the annual audit report and management letter; B: To recommend appointment of auditors; C. To review the quarterly Treasurer’s Investment report; D. To recommend a budget format; E. To review City investment policies and internal controls of such policies. F. To recommend appointment of internal auditors; G. To review internal audit reports. H. To review quarterly Fraud, Waste, and Abuse Program reports. (Ord. 22-2243 § 1, 2023; Ord. 20-2208, § 1, 2020; Ord. 1679, § 1 (part), 1995) CITY OF CUPERTINO ‐ AUDIT COMMITTEE 2024 SCHEDULE AND WORK PLAN CA N C E L L E D 15 5