October 24, 2024 - Monthly Treasurer’s Investment Report for September 2024INVESTMENT REPORT
City of Cupertino | As of September 30, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
City of Cupertino | Account #10659 | As of September 30, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1
ECONOMIC UPDATE
2
Recent economic data suggests positive but slower growth this year fueled by consumer spending.While the consumer has been resilient,
declining savings rates,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.The labor market is showing signs of
cooling,reflecting an improved balance between supply and demand for workers.Given the cumulative effects of restrictive monetary
policy and tighter financial conditions,we believe the economy will gradually soften and the Fed will continue to lower rates at a measured
pace through this year with the ability to move more aggressively should the employment data warrant.
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a reduction
in the Fed Funds Rate was widely anticipated,the magnitude was somewhat of a surprise,as market participants were split between
whether the FOMC would cut by 25 basis points or 50 basis points.Chair Jerome Powell reiterated previous statements acknowledging that
monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem. The Fed released the
quarterly Summary of Economic Projections (SEP)which now forecasts a substantially lower median Fed Funds Rate expectation among Fed
Governors in 2025 due to lower inflation expectations and a higher projected unemployment rate.We believe the Fed will continue to lower
rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.
The US Treasury yield curve shifted lower in September following the 50 basis points rate cut by the FOMC mid-month. The 2-year Treasury
yield fell 28 basis points to 3.64%,the 5-year Treasury dropped 15 basis points to 3.56%,and the 10-year Treasury yield declined 12 basis
points to 3.78%.The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month-end
versus -2 basis points at August month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -47 basis
points. The inversion between 3-month and 10-year Treasuries ended the month of September at -85 basis points.
ECONOMIC UPDATE
3
-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 254,000 jobs in September,well above expectations of 150,000.The three-month moving average and six-month
moving average payrolls continued to trend weaker to 186,000 and 167,000 respectively.The unemployment rate declined to 4.1%in
September,and the labor participation rate remained at 62.7%,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 declined to 7.7%from 7.9%.Average hourly earnings rose 4.0%year-over-year in September.U.S.labor market data from
September surprised to the upside,with strong job growth and a sharper-than-expected drop in unemployment, suggesting the economy
may be more resilient than anticipated.The Federal Reserve’s view is 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
EMPLOYMENT
4
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 D epartment’s Job Openings and Labor Turnover Survey (JOLTS)increased to 8.04 million job openings in August from an
upwardly revised 7.71 million in July.Job openings have increased to a ratio of 1.13 jobs for each unemployed individual.The quits rate,
an indicator of job availability,declined to 1.9%from downwardly revised 2.0%in July. That is the lowest level since 2020.While the
current level of job openings remains elevated from a historical perspective, the trend is decelerating.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5
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 August, the Consumer Price Index (CPI)rose 0.2%month-over-month and 2.5%year-over-year,down from 2.9%in July,largely due to a
drop in gasoline prices.The Core CPI,which excludes volatile food and energy components,rose more than expected in August by 0.3%
month-over-month and 3.2%year-over-year.The Personal Consumption Expenditures (PCE)Index rose 0.1%from the previous month and
2.2%year-over-year in August. The Core PCE deflator (the Fed’s preferred gauge)increased 0.1%month-over-month and 2.7%over the
past year,still above the Fed’s 2%inflation target.Much of the lingering inflation has been driven by shelter costs and demand for
services, but recent data provide confirmation that inflation is moderating.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6
-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
Retail Sales g rew more than expected month-over-month in August at 0.1%after growth of 1.1%in July.On a year-over-year basis, Retail
Sales grew 2.1%in August versus 2.9%in July.Control-group sales,which are used to calculate gross domestic product,rose 0.3%month-
over-month in August after last month’s data was revised higher to an increase of 0.4%.E-commerce contributed the most to the
increase.The Conference Board’s Consumer Confidence Index for September came in below expectations, contracting to 98.7 after an
upward revision to 105.6 in August. The decline reflects recent softening in labor market conditions, and less optimism about the job
market and income growth.While the consumer has been resilient,consumption has begun to moderate in the face of declining savings
rates, growing credit card debt, higher delinquencies, and a moderating labor market.
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)
CONSUMER
7
-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 B oard’s Leading Economic Index (LEI)remained in negative territory at -0.2%in August, improving from -0.6%in July. The
index dropped 5.0%year-over-year.The improvement can be attributed to a decrease in the yield curve inversion,an increase in building
permits,and stock market performance.The Chicago Fed National Activity Index (CFNAI)increased to 0.12 in August from a downwardly
revised -0.42 in July,which was above consensus expectations. The three-month moving average fell to -0.17 in August from -0.13 in July,
indicating below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surprised to the upside on a month-over-month basis in August,increasing 9.6%to 1.356 million units versus the previous
decline of 6.9%the prior month.Starts were led by the single-family home sector.Total starts were up 3.9%year-over-year.The Freddie
Mac average rate for a 30-year fixed mortgage edged down to 6.35%in August from 6.85%in July. According to the Case-Shiller 20-City
Home Price Index, housing prices rose 5.9%year-over-year in July,decelerating from 6.5%reported in the previous month. Although the
trend is gradually improving, 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
HOUSING
9
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 contracted at a slower rate of 47.2 in September compared to 47.5 in
August.Demand remains subdued and companies are continuing to reduce head counts through layoffs,attrition and hiring freezes.The
ISM Services Index increased to 54.9 in September,increasing from 51.7 in August, due stronger production and new orders.A reading
over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 9/23 12/23 3/24 6/24
1.7% 2.3% 1.3% 1.9%
1.8% 0.2% 0.6% 1.5%
-0.1% 0.1% -0.6% -0.9%
0.3% 0.0% 0.0% 0.3%
0.6% 0.6% 0.3% 0.3%
4.4% 3.2% 1.6% 3.0%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
According to the third estimate,second quarter GDP increased at an annualized rate of 3.0%,unchanged from the prior estimate.Growth
continues to be powered by personal consumption expenditures.Gross fixed investment, government consumption expenditures, and
inventories also had positive contributions,with a negative offset by net exports.The consensus projection calls for 2.0%growth in the
third quarter and 2.6% growth for the full year 2024.
GROSS DOMESTIC PRODUCT (GDP)
11
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
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a
reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split
between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements
acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate
expectation among Fed Governors in 2025 to 3.1 – 3.6%. 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 $1.8T to approximately $7.1T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
FEDERAL RESERVE
12
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
Sep-24
Jun-24
Sep-23
Yi
e
l
d
(
%
)
At the end of September,the 2-year Treasury yield was 140 basis points lower,and the 10-Year Treasury yield was 79 basis points lower,
year-over-year.The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month-end
versus -2 basis points at August month-end. The yield curve inversion which began in July 2022 was historically long.The average
historical spread (since 2003)is about +110 basis points. The inversion between 3-month and 10-year Treasuries tightened to -85 basis
points in September from -121 basis points in August.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
City of Cupertino | As of September 30, 2024
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of
capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the
investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or
above the return on the benchmark index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the
investment policy and California Government Code.
15
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of September 30, 2024
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)100.0 9.9 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 5.4 Compliant
Max Maturity (Years)5.0 4.9 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 10.1 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
16
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of September 30, 2024
Rules Name Limit Actual Compliance
Status Notes
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)30.0 26.5 Compliant
Max % Issuer (MV)5.0 1.8 Compliant
Max Maturity (Years)5 4 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 13.2 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 5.4 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 0.2 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)
17
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of September 30, 2024
Rules Name Limit Actual Compliance
Status Notes
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- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
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- 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 35.9 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO SUMMARY
Sector Allocation
Performance Review
Total Rate of Return 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
(02/01/19)
City of Cupertino 0.81%3.04%4.67%7.38%5.18%1.09%1.63%--1.96%
Benchmark Return*0.80%2.86%4.14%6.74%4.73%0.75%1.27%--1.73%
City of Cupertino | Account #10659 | As of September 30, 2024
Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Average Modified Duration 2.28
Average Coupon 2.95%
Average Purchase YTM 3.17%
Average Market YTM 3.97%
Average Quality AA
Average Final Maturity 2.67
Average Life 2.35
United States
FHLMC
FNMA 5.37%
Farm Credit System 3.16%
Morgan Stanley 1.79%
JPMorgan Chase & Co.1.79%
American Express Credit Master Trust 1.71%
UnitedHealth Group Incorporated 1.71%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index Secondary Benchmark:
*See Footnote
Beg. Values as of
06/30/2024
End Values as of
09/30/2024
Market Value 164,177,564.58 169,065,101.73
Accrued Interest 789,612.72 883,637.19
Total Market Value 164,967,177.31 169,948,738.92
Income Earned 226,746.67 586,104.90
Cont/WD 8,639,529.99 0.00
Par 168,885,052.00 170,704,952.15
Book Value 168,646,769.08 169,511,721.72
Cost Value 168,445,525.33 169,150,841.25
19
PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of September 30, 2024
Benchmark*9/30/2024
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs)1.84 2.67 2.01
Average Modified Duration 1.76 2.28 1.72
Average Purchase Yield 3.17%2.59%
Average Market Yield 3.71%3.97%4.75%
Average Quality**AA+AA AA+
Total Market Value 169,948,739 164,967,177
*Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.20
SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2024
Sector as a Percentage of Market Value
Sector 09/30/2024 06/30/2024
US Treasury 35.92%34.03%
Corporate 26.54%26.18%
Agency 13.20%15.28%
ABS 10.10%10.92%
Agency CMBS 9.86%3.46%
Supras 4.19%4.22%
Money Mkt Fd 0.18%0.12%
Cash 0.00%5.34%
Muni Bonds --0.46%
21
DURATION ALLOCATION
City of Cupertino | Account #10659 | As of September 30, 2024
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2024 0.4%6.0%14.1%20.6%29.8%14.3%14.8%0.0%0.0%
22
ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2024
Issuer Investment Type % Portfolio
United States US Treasury 35.92%
FHLMC Agency CMBS 9.86%
FNMA Agency 5.37%
FHLMC Agency 3.53%
Farm Credit System Agency 3.16%
Morgan Stanley Corporate 1.79%
JPMorgan Chase & Co.Corporate 1.79%
American Express Credit Master Trust ABS 1.71%
UnitedHealth Group Incorporated Corporate 1.71%
The Home Depot, Inc.Corporate 1.55%
Guardian Life Global Funding Corporate 1.51%
International Finance Corporation Supras 1.43%
Inter-American Development Bank Supras 1.39%
International Bank for Recon and Dev Supras 1.37%
John Deere Owner Trust ABS 1.33%
Cisco Systems, Inc.Corporate 1.21%
Deere & Company Corporate 1.21%
Massachusetts Mutual Life Insurance Corporate 1.17%
Federal Home Loan Banks Agency 1.14%
Honda Auto Receivables Owner Trust ABS 1.08%
State Street Corporation Corporate 1.07%
Amazon.com, Inc.Corporate 1.06%
GM Financial Securitized Term ABS 1.06%
Chase Issuance Trust ABS 1.01%
Bank of America Credit Card Trust ABS 0.99%
Berkshire Hathaway Inc.Corporate 0.92%
PepsiCo, Inc.Corporate 0.91%
Prologis, Inc.Corporate 0.89%
The Progressive Corporation Corporate 0.88%
Bank of America Corporation Corporate 0.88%
23
ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2024
Issuer Investment Type % Portfolio
Realty Income Corporation Corporate 0.85%
Toyota Auto Receivables Owner Trust ABS 0.85%
The Toronto-Dominion Bank Corporate 0.81%
Toyota Motor Corporation Corporate 0.78%
MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.67%
Metropolitan Life Global Funding I Corporate 0.63%
New York Life Insurance Company Corporate 0.61%
Caterpillar Inc.Corporate 0.61%
Mastercard Incorporated Corporate 0.58%
BMW Vehicle Owner Trust ABS 0.57%
Meta Platforms, Inc.Corporate 0.55%
The Charles Schwab Corporation Corporate 0.55%
Chubb Limited Corporate 0.52%
Northwestern Mutual Global Funding Corporate 0.48%
Hyundai Auto Receivables Trust ABS 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 0.15%
WC MMF Sweep Money Mkt Fd 0.03%
Cash Cash 0.00%
TOTAL 100.00%
24
QUALITY DISTRIBUTION
Rating 09/30/2024 06/30/2024
AAA 11.5%16.1%
AA 66.6%62.9%
A 17.8%16.6%
NR 4.1%4.4%
Rating 09/30/2024 06/30/2024
AAA 69.9%70.6%
AA 7.8%6.9%
A 17.7%17.7%
NR 4.6%4.9%
Rating 09/30/2024 06/30/2024
AAA 15.6%19.6%
AA 63.0%62.8%
A 9.1%8.1%
NR 12.3%9.5%
City of Cupertino | Account #10659 | As of September 30, 2024
S&P Rating Moody’s Rating Fitch Rating
25
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 0.4%6.0%14.1%20.6%29.8%14.3%14.8%0.0%0.0%
ICE BofA 1-3 Year US Treasury & Agency
Index 0.1%0.1%3.6%58.6%37.6%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2024
Portfolio Compared to the Benchmark
26
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since
Inception
TOTAL RATE OF RETURN
City of Cupertino 3.04%7.38%5.18%1.09%1.63%1.96%
Benchmark 2.86%6.74%4.73%0.75%1.27%1.73%
*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 September 30, 2024
Total Rate of Return : Inception | 02/01/2019
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Cupertino ICE BofA 1-3 Yr US Treasury & Agency Index
27
HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of September 30, 2024
Purchase Yield as of 09/30/24 = 3.17%
28
PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 124,921.35 11/16/2021
0.89%
124,895.02
124,913.93
98.70
5.24%
123,294.88
30.54
0.07%
(1,619.05)
Aaa/NA
AAA
1.31
0.30
47789QAC4 JDOT 2021-B A3 0.52 123,022.51 07/13/2021 123,011.54 98.83 121,581.32 0.07%Aaa/NA 1.46
03/16/2026 0.52%123,019.51 4.69%28.43 (1,438.19)AAA 0.28
89238JAC9 TAOT 2021-D A3 0.71 123,747.06 11/09/2021 123,744.42 98.81 122,276.71 0.07%NA/AAA 1.54
04/15/2026 0.71%123,746.25 4.64%39.05 (1,469.55)AAA 0.30
44935FAD6 HART 2021-C A3 0.74 312,769.81 --304,861.59 99.08 309,889.45 0.18%NA/AAA 1.62
05/15/2026 2.17%310,022.06 5.23%102.87 (132.61)AAA 0.20
43815BAC4 HAROT 2022-1 A3 1.88 340,002.36 02/15/2022 339,951.22 98.81 335,949.09 0.20%Aaa/AAA 1.62
05/15/2026 1.89%339,984.30 4.89%284.09 (4,035.21)NA 0.39
05602RAD3 BMWOT 2022-A A3 3.21 247,751.54 05/10/2022 247,738.66 99.33 246,087.22 0.15%Aaa/AAA 1.90
08/25/2026 3.23%247,746.18 4.75%132.55 (1,658.97)NA 0.44
47787JAC2 JDOT 2022 A3 0.36 191,836.37 03/10/2022 191,793.94 98.85 189,630.01 0.11%Aaa/NA 1.96
09/15/2026 2.34%191,819.08 4.69%197.80 (2,189.07)AAA 0.49
362554AC1 GMCAR 2021-4 A3 0.68 114,117.31 10/13/2021 114,114.40 98.52 112,431.34 0.07%Aaa/AAA 1.96
09/16/2026 0.68%114,116.31 4.96%32.33 (1,684.97)NA 0.34
448977AD0 HART 2022-A A3 2.22 476,406.35 03/09/2022 476,388.01 98.90 471,164.22 0.28%NA/AAA 2.04
10/15/2026 2.23%476,398.91 4.95%470.05 (5,234.69)AAA 0.40
380146AC4 GMCAR 2022-1 A3 1.26 117,840.82 01/11/2022 117,830.58 98.64 116,240.69 0.07%NA/AAA 2.13
11/16/2026 1.27%117,836.81 4.79%61.87 (1,596.11)AAA 0.38
362585AC5 GMCAR 2022-2 A3 3.1 234,645.75 04/05/2022 234,596.71 99.15 232,661.11 0.14%Aaa/AAA 2.38
02/16/2027 3.13%234,623.43 4.69%303.08 (1,962.32)NA 0.54
47800AAC4 JDOT 2022-B A3 3.74 490,018.70 07/12/2022 489,971.91 99.44 487,285.97 0.29%Aaa/NA 2.38
02/16/2027 3.77%489,995.15 4.62%814.52 (2,709.19)AAA 0.66
02589BAA8 AMXCA 2022-1 A 2.21 1,545,000.00 03/21/2022 1,524,359.77 98.89 1,527,872.13 0.90%Aaa/NA 0.46
03/17/2025 2.69%1,541,839.74 4.72%1,517.53 (13,967.61)AAA 0.44
44934FAD7 HALST 24B A3 5.41 610,000.00 05/14/2024 609,983.04 101.70 620,374.39 0.37%NA/AAA 2.63
05/17/2027 5.41%609,985.09 4.37%1,466.71 10,389.30 AAA 1.54
02582JJT8 AMXCA 2022-2 A 3.39
05/17/2027 1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,908.77
99.28
4.61%
1,365,101.38
2,071.67
0.81%
(9,807.39)
NA/AAA
AAA
0.62
0.60
30
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 943,295.68 10/12/2022
5.15%
943,222.48
943,253.71
100.44
4.58%
947,492.88
2,133.94
0.56%
4,239.16
Aaa/NA
AAA
2.71
0.79
89231FAD2 TAOT 2023-C A3 5.16
04/17/2028 1,300,000.00 11/21/2023
5.40%
1,294,718.75
1,295,744.75
101.22
4.30%
1,315,838.94
2,981.33
0.78%
20,094.19
NA/AAA
AAA
3.55
1.32
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 805,000.00 --
5.64%
806,992.67
806,531.18
102.32
4.18%
823,704.42
1,267.88
0.49%
17,173.23
Aaa/NA
AAA
3.73
1.47
47800RAD5 JDOT 2024 A3 4.96
11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,791.64
101.66
4.20%
508,311.40
1,102.22
0.30%
8,519.76
Aaa/NA
AAA
4.13
2.04
05522RDH8 BACCT 2023-2 A 4.98
11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
856,660.94
102.02
4.02%
867,127.67
1,881.33
0.51%
10,466.73
Aaa/NA
AAA
2.13
1.98
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 1,100,000.00 11/29/2023
5.18%
1,123,289.06
1,118,498.84
102.71
4.11%
1,129,853.23
2,908.89
0.67%
11,354.39
NA/AAA
AAA
4.13
1.41
437930AC4 HONDO-242-A3 5.27
11/20/2028 535,000.00 05/14/2024
5.27%
534,935.00
534,940.26
102.19
4.16%
546,712.76
1,018.13
0.32%
11,772.50
NA/AAA
AAA
4.14
1.86
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,310,000.00 --
4.97%
1,307,922.66
1,308,127.04
101.27
4.18%
1,326,606.61
2,647.29
0.78%
18,479.56
Aaa/NA
AAA
4.22
1.74
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,777.27
101.28
4.05%
1,711,583.33
3,455.11
1.01%
21,806.06
NR/AAA
AAA
4.30
2.13
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 695,000.00 06/04/2024
5.24%
694,894.43
694,901.30
102.19
4.05%
710,236.28
600.02
0.42%
15,334.98
Aaa/AAA
NA
4.41
1.84
05522RDJ4 BACCT 2024-1 A 4.93
03/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,958.75
102.32
4.03%
803,220.09
1,720.02
0.48%
18,261.34
Aaa/AAA
NA
4.45
2.41
Total ABS 16,940,375.62 4.27%
16,937,174.73
16,954,141.20
100.80
4.37%
17,072,527.47
29,269.27
10.10%
118,386.28
Aaa/AAA
AAA
2.90
1.28
AGENCY
3137EAEP0
FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,866.29
98.85
4.70%
2,337,804.20
4,828.54
1.38%
(27,062.09)
Aaa/AA+
AA+
0.37
0.36
31
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
3135G03U5
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.625 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,859,573.57
97.98
4.33%
1,822,397.37
5,134.38
1.08%
(37,176.20)
Aaa/AA+
AA+
0.56
0.54
3135G04Z3
FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
06/17/2025
2,500,000.00 --
0.50%
2,499,227.30
2,499,920.26
97.43
4.20%
2,435,826.95
3,611.11
1.44%
(64,093.31)
Aaa/AA+
AA+
0.71
0.70
3137EAEU9
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,249,000.04
97.12
4.04%
1,214,060.43
911.46
0.72%
(34,939.62)
Aaa/AA+
AA+
0.80
0.79
3135G05X7
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.375 08/25/2025
2,500,000.00 --
0.47%
2,487,983.75
2,497,776.91
96.87
3.95%
2,421,636.23
937.50
1.43%
(76,140.68)
Aaa/AA+
AA+
0.90
0.88
3137EAEX3
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
2,500,000.00 --
0.46%
2,489,362.80
2,497,874.48
96.53
4.03%
2,413,334.58
208.33
1.43%
(84,539.91)
Aaa/AA+
AA+
0.98
0.96
3135G06G3
FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
11/07/2025
2,500,000.00 --
0.56%
2,492,700.00
2,498,388.00
96.23
4.04%
2,405,668.25
5,000.00
1.42%
(92,719.75)
Aaa/AA+
AA+
1.10
1.07
3130B0TY5 FEDERAL HOME LOAN BANKS
4.75 04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,870,833.49
102.76
3.59%
1,926,841.37
42,057.29
1.14%
56,007.88
Aaa/AA+
AA+
2.52
2.32
3133ERDS7
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.75
05/06/2027
2,400,000.00 06/20/2024
4.55%
2,412,552.00
2,411,331.50
102.78
3.62%
2,466,713.52
45,916.67
1.46%
55,382.02
Aaa/AA+
AA+
2.60
2.39
3133EPC60
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.625
11/15/2027
2,800,000.00 11/09/2023
4.73%
2,789,612.00
2,791,894.37
102.87
3.64%
2,880,311.90
48,922.22
1.70%
88,417.52
Aaa/AA+
AA+
3.13
2.85
Total Agency 22,550,000.00 1.99%
22,504,610.20
22,541,458.90
99.07
4.00%
22,324,594.78
157,527.50
13.20%
(216,864.13)
Aaa/AA+
AA+
1.44
1.35
AGENCY CMBS
3137BLMZ8 FHMS K-049 A2 3.01
07/25/2025 989,730.34 07/01/2021
0.87%
1,068,599.48
1,004,528.47
98.79
4.51%
977,716.50
2,482.57
0.58%
(26,811.97)
Aaa/AA+
AAA
0.82
0.69
32
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
3137BLW95 FHMS K-050 A2 3.334 950,000.00 11/16/2021 1,018,132.81 98.96 940,162.28 0.56%Aaa/AA+0.90
08/25/2025 1.22%965,331.14 4.47%2,639.42 (25,168.87)AAA 0.74
3137BSP72 FHMS K-058 A2 2.653 650,000.00 11/12/2021 687,451.17 97.49 633,699.76 0.37%Aaa/AA+1.90
08/25/2026 1.36%664,583.72 3.99%1,437.04 (30,883.96)AAA 1.78
3137FBBX3 FHMS K-068 A2 3.244 1,000,000.00 09/28/2022 950,664.06 98.16 981,581.00 0.58%Aaa/AA+2.90
08/25/2027 4.36%971,064.46 3.88%2,703.33 10,516.54 AA+2.66
3137FKUP9 FHMS K-087 A2 3.771 2,000,000.00 07/01/2024 1,913,359.38 99.26 1,985,154.60 1.17%Aaa/AAA 4.24
12/25/2028 4.86%1,918,095.02 3.93%6,285.00 67,059.58 AA+3.76
3137FL6P4 FHMS K-089 A2 3.563 1,288,000.00 07/03/2024 1,228,178.44 98.44 1,267,848.21 0.75%Aaa/AA+4.32
01/25/2029 4.70%1,231,248.09 3.93%3,824.29 36,600.12 AA+3.90
3137H5YC5 FHMS K-748 A2 2.26 2,000,000.00 07/03/2024 1,801,718.75 93.32 1,866,316.00 1.10%Aaa/AA+4.32
01/25/2029 4.74%1,811,893.23 3.97%3,766.67 54,422.77 AAA 3.95
3137FKZZ2 FHMS K-088 A2 3.69 2,550,000.00 07/17/2024 2,465,830.08 98.93 2,522,817.51 1.49%Aaa/AA+4.32
01/25/2029 4.50%2,469,509.92 3.93%7,841.25 53,307.59 AA+3.86
3137FMCR1 FHMS K-093 A2 2.982 2,000,000.00 09/19/2024 1,929,531.25 96.00 1,919,926.60 1.14%Aaa/AA+4.65
05/25/2029 3.82%1,929,824.87 3.94%4,970.00 (9,898.27)AAA 4.11
3137FNAE0 FHMS K-095 A2 2.785 2,200,000.00 07/17/2024 2,039,382.82 95.01 2,090,317.02 1.24%Aaa/AA+4.73
06/25/2029 4.47%2,046,154.20 3.96%5,105.83 44,162.82 AAA 4.26
3137FPHK4 FHMS K-098 A2 2.425 1,600,000.00 09/03/2024 1,488,375.00 93.30 1,492,721.92 0.88%Aaa/AA+4.90
08/25/2029 4.00%1,489,934.01 3.96%3,233.33 2,787.91 AAA 4.44
Total Agency 16,591,223.24 96.86 16,678,261.39 9.86%Aaa/AA+3.88
CMBS 17,227,730.34 3.93%16,502,167.12 4.01%44,288.74 176,094.27 AAA 3.48
CASH
CCYUSD Receivable 3,753.53 --
0.00%
3,753.53
3,753.53
1.00
0.00%
3,753.53
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
3,753.53 1.00 3,753.53 0.00%Aaa/AAA 0.00
Total Cash 3,753.53 0.00%3,753.53 0.00%0.00 0.00 AAA 0.00
CORPORATE
33
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
40139LBC6 GUARDIAN LIFE GLOBAL
FUNDING 0.875 12/10/2025 1,400,000.00 --
1.12%
1,385,860.00
1,395,972.62
96.03
4.33%
1,344,404.89
3,777.08
0.80%
(51,567.72)
Aa1/AA+
NA
1.19
1.16
66815L2A6
NORTHWESTERN MUTUAL
GLOBAL FUNDING 0.8
01/14/2026
850,000.00 12/06/2021
1.46%
827,449.50
842,924.74
95.86
4.14%
814,813.62
1,454.44
0.48%
(28,111.12)
Aaa/AA+
AAA
1.29
1.25
023135BX3 AMAZON.COM INC 1.0
05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,872,391.68
95.61
3.83%
1,792,715.85
7,239.58
1.06%
(79,675.83)
A1/AA
AA-
1.61
1.57
91324PEC2 UNITEDHEALTH GROUP INC
1.15 05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,031,334.81
95.60
3.97%
989,504.43
4,496.50
0.59%
(41,830.38)
A2/A+
A
1.62
1.57
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,791.42
95.34
3.96%
1,320,452.50
4,457.97
0.78%
(64,338.91)
A1/A+
A+
1.71
1.66
57629WDE7 MASSMUTUAL GLOBAL
FUNDING II 1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,000,814.43
95.03
4.11%
950,292.45
2,500.00
0.56%
(50,521.98)
Aa3/AA+
AA+
1.79
1.74
58989V2D5 MET TOWER GLOBAL
FUNDING 1.25 09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,723.39
94.65
4.13%
728,818.66
454.51
0.43%
(40,904.73)
Aa3/AA-
AA-
1.96
1.89
931142ER0 WALMART INC 1.05
09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,740.62
94.97
3.74%
332,380.17
142.92
0.20%
(17,360.44)
Aa2/AA
AA
1.96
1.91
61690U7W4 MORGAN STANLEY BANK NA
5.882 10/30/2026 1,000,000.00 --
5.88%
1,000,082.50
1,000,056.58
103.60
4.06%
1,036,032.08
24,671.72
0.61%
35,975.50
Aa3/A+
AA-
2.08
1.83
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,420.84
95.34
4.04%
1,063,057.65
4,645.83
0.63%
(51,363.19)
Aa3/AA-
AA-
2.28
2.19
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 2,000,000.00 --
4.71%
2,004,911.40
2,003,972.48
102.19
3.84%
2,043,769.18
9,333.33
1.21%
39,796.70
A1/AA-
NA
2.41
2.17
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,866.78
96.04
4.19%
921,966.13
1,829.33
0.55%
(37,900.65)
A2/A-
A
2.42
2.31
24422EXM6 JOHN DEERE CAPITAL CORP
4.85 03/05/2027 2,000,000.00 03/11/2024
4.77%
2,004,220.00
2,003,435.79
102.04
3.96%
2,040,873.84
7,005.56
1.21%
37,438.05
A1/A
A+
2.43
2.27
084664CZ2 BERKSHIRE HATHAWAY
FINANCE CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,849.60
96.79
3.68%
1,563,169.11
1,650.89
0.92%
(51,680.49)
Aa2/AA
A+
2.45
2.35
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
102.36
3.98%
1,801,610.71
3,173.33
1.07%
41,610.71
A1/A
AA-
2.46
2.23
34
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
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
102.04
4.12%
1,367,271.56
32,624.53
0.81%
27,271.56
A1/A
AA-
2.51
2.29
57629W4S6 MASSMUTUAL GLOBAL
FUNDING II 5.1 04/09/2027 1,000,000.00 06/20/2024
4.99%
1,002,630.00
1,002,374.48
102.62
4.00%
1,026,213.89
24,366.67
0.61%
23,839.41
Aa3/AA+
AA+
2.52
2.30
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 670,000.00 05/05/2022
4.03%
668,914.60
669,434.71
100.16
3.93%
671,090.11
10,496.67
0.40%
1,655.40
A2/A+
A+
2.61
2.34
14913UAL4
CATERPILLAR FINANCIAL
SERVICES CORP 5.0
05/14/2027
1,000,000.00 05/10/2024
5.04%
998,930.00
999,065.95
102.77
3.88%
1,027,717.99
19,027.78
0.61%
28,652.04
A2/A
A+
2.62
2.40
46647PEA0 JPMORGAN CHASE & CO 5.04
01/23/2028 1,500,000.00 03/11/2024
5.02%
1,500,780.00
1,500,629.37
101.67
4.78%
1,525,089.33
14,280.00
0.90%
24,459.96
A1/A-
AA-
3.31
2.15
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,370.34
103.30
3.84%
976,207.74
2,815.31
0.58%
31,837.40
Aa3/A+
NA
3.44
3.07
61690U8E3 MORGAN STANLEY BANK NA
4.968 07/14/2028 1,950,000.00 07/17/2024
4.97%
1,950,000.00
1,950,000.00
102.03
4.58%
1,989,569.54
19,375.20
1.18%
39,569.54
Aa3/A+
AA-
3.79
2.56
74340XBL4 PROLOGIS LP 4.375
02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,482,072.52
100.87
4.15%
1,513,006.32
10,937.50
0.89%
30,933.80
A3/A
WR
4.34
3.68
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,457,498.78
99.75
4.06%
1,496,178.48
5,000.00
0.88%
38,679.70
A2/A
A
4.42
4.00
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
995,138.84
103.75
4.11%
1,037,467.61
15,972.22
0.61%
42,328.77
Aaa/AA+
AAA
4.68
4.09
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,593,728.07
95.48
4.01%
1,587,786.35
14,445.00
0.94%
(5,941.71)
A2/A
A
4.71
4.30
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
992,647.21
103.07
4.03%
1,030,712.42
12,666.67
0.61%
38,065.21
A2/A
A
4.73
4.10
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,420,501.00
98.45
4.36%
1,440,270.76
12,354.22
0.85%
19,769.76
A3/A-
NA
4.79
4.27
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,497,771.77
103.07
3.79%
1,545,987.18
13,875.00
0.91%
48,215.41
A1/A+
NA
4.79
4.19
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,496,641.39
99.63
4.66%
1,494,418.86
11,908.50
0.88%
(2,222.53)
A1/A-
AA-
4.81
3.46
35
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
06051GHM4 BANK OF AMERICA CORP
4.271 07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,498,721.94
99.74
4.70%
1,496,047.59
12,101.17
0.88%
(2,674.35)
A1/A-
AA-
4.81
3.45
171239AL0 CHUBB INA HOLDINGS LLC
4.65 08/15/2029 865,000.00 08/12/2024
4.52%
869,887.39
869,759.42
102.32
4.12%
885,094.81
6,815.48
0.52%
15,335.39
A3/A
A
4.87
4.24
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,620.53
101.54
3.95%
926,059.12
5,664.53
0.55%
15,438.58
Aa3/AA-
NA
4.87
4.27
91324PDS8 UNITEDHEALTH GROUP INC
2.875 08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,906,761.34
94.85
4.05%
1,897,026.86
7,347.22
1.12%
(9,734.48)
A2/A+
A
4.87
4.46
40139LBJ1 GUARDIAN LIFE GLOBAL
FUNDING 4.179 09/26/2029 1,205,000.00 09/23/2024
4.18%
1,205,000.00
1,205,000.00
99.68
4.25%
1,201,099.05
699.40
0.71%
(3,900.95)
Aa1/AA+
NA
4.99
4.45
Total Corporate 45,128,000.00 3.84%
44,794,048.13
44,837,033.43
99.54
4.11%
44,878,176.85
329,606.08
26.54%
41,143.42
A1/A+
A+
3.29
2.86
MONEY MARKET
FUND
992995944 WC MMF SWEEP 51,482.48 --
2.85%
51,482.48
51,482.48
1.00
2.85%
51,482.48
0.00
0.03%
0.00
NA/NA
NA
0.00
0.00
VP4520004 WF ADV 100% TREAS MM FD-
SVC CL #008 248,610.18 --
0.01%
248,610.18
248,610.18
1.00
0.01%
248,610.18
0.00
0.15%
0.00
Aaa/AAAm
NA
0.00
0.00
Total Money
Market Fund 300,092.66 0.50%
300,092.66
300,092.66
1.00
0.50%
300,092.66
0.00
0.18%
0.00
Aaa/AAA
NA
0.00
0.00
SUPRANATIONAL
45950KCT5 INTERNATIONAL FINANCE
CORP 0.375 07/16/2025 2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,494,482.87
97.03
4.23%
2,425,823.65
1,953.13
1.43%
(68,659.22)
Aaa/AAA
NA
0.79
0.77
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,397,456.25
96.30
4.06%
2,311,097.35
5,100.00
1.37%
(86,358.90)
Aaa/AAA
NA
1.08
1.05
4581X0DV7
INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,456,507.66
95.52
3.87%
2,349,906.56
9,626.46
1.39%
(106,601.10)
Aaa/AAA
NA
1.55
1.51
36
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
Total 7,308,742.45 96.29 7,086,827.56 4.19%Aaa/AAA 1.14
Supranational 7,360,000.00 0.74%7,348,446.78 4.05%16,679.58 (261,619.22)NA 1.11
US TREASURY
912828ZC7 UNITED STATES TREASURY
1.125 02/28/2025 1,495,000.00 03/18/2020
0.81%
1,518,067.38
1,496,914.84
98.65
4.45%
1,474,764.94
1,440.28
0.87%
(22,149.90)
Aaa/AA+
AA+
0.41
0.41
91282CED9 UNITED STATES TREASURY 1.75 3,100,000.00 --3,057,617.20 98.85 3,064,428.71 1.81%Aaa/AA+0.45
03/15/2025 2.23%3,093,513.61 4.31%2,397.79 (29,084.91)AA+0.45
912828ZL7 UNITED STATES TREASURY 2,500,000.00 03/21/2022 2,360,839.85 97.76 2,443,925.78 1.45%Aaa/AA+0.58
0.375 04/30/2025 2.22%2,474,129.70 4.32%3,923.23 (30,203.92)AA+0.57
91282CAB7 UNITED STATES TREASURY 0.25 1,500,000.00 03/12/2021 1,469,765.63 96.90 1,453,511.72 0.86%Aaa/AA+0.83
07/31/2025 0.72%1,494,270.78 4.08%631.79 (40,759.07)AA+0.81
91282CAM3 UNITED STATES TREASURY 0.25 2,400,000.00 --2,366,140.63 96.39 2,313,375.00 1.37%Aaa/AA+1.00
09/30/2025 0.56%2,392,623.68 3.98%16.48 (79,248.68)AA+0.98
91282CAT8 UNITED STATES TREASURY 0.25 2,450,000.00 --2,422,492.19 96.13 2,355,158.20 1.39%Aaa/AA+1.08
10/31/2025 0.49%2,443,771.82 3.94%2,563.18 (88,613.62)AA+1.06
91282CAZ4 UNITED STATES TREASURY 2,250,000.00 03/26/2021 2,209,658.20 96.05 2,161,142.57 1.28%Aaa/AA+1.17
0.375 11/30/2025 0.76%2,239,955.91 3.88%2,835.55 (78,813.34)AA+1.14
91282CBH3 UNITED STATES TREASURY 2,500,000.00 05/27/2021 2,456,445.31 95.57 2,389,160.15 1.41%Aaa/AA+1.34
0.375 01/31/2026 0.75%2,487,588.57 3.82%1,579.48 (98,428.42)AA+1.30
91282CBW0 UNITED STATES TREASURY 0.75 2,500,000.00 05/27/2021 2,493,652.34 95.44 2,385,937.50 1.41%Aaa/AA+1.58
04/30/2026 0.80%2,497,966.49 3.75%7,846.47 (112,028.99)AA+1.54
91282CCZ2 UNITED STATES TREASURY 1,400,000.00 10/18/2021 1,379,054.68 94.73 1,326,171.87 0.78%Aaa/AA+2.00
0.875 09/30/2026 1.19%1,391,550.01 3.64%33.65 (65,378.14)AA+1.95
91282CDG3 UNITED STATES TREASURY 1,400,000.00 11/15/2021 1,391,468.75 94.98 1,329,726.57 0.79%Aaa/AA+2.08
1.125 10/31/2026 1.25%1,396,415.84 3.65%6,591.03 (66,689.27)AA+2.02
91282CJP7 UNITED STATES TREASURY 2,500,000.00 12/28/2023 2,525,097.66 101.59 2,539,648.45 1.50%Aaa/AA+2.21
4.375 12/15/2026 4.01%2,518,672.47 3.62%32,274.59 20,975.98 AA+2.06
91282CKJ9 UNITED STATES TREASURY 4.5 2,300,000.00 04/17/2024 2,283,109.38 102.18 2,350,042.96 1.39%Aaa/AA+2.54
04/15/2027 4.77%2,285,677.00 3.59%47,790.98 64,365.96 AA+2.34
37
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 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
3,188,213.70
102.26
3.59%
3,272,375.01
54,391.30
1.94%
84,161.31
Aaa/AA+
AA+
2.62
2.42
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,255,514.61
99.16
3.57%
3,222,578.13
26,693.27
1.91%
(32,936.48)
Aaa/AA+
AA+
2.75
2.58
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
396,114.79
97.77
3.58%
391,078.12
1,853.26
0.23%
(5,036.67)
Aaa/AA+
AA+
2.83
2.68
91282CFH9 UNITED STATES TREASURY
3.125 08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,481,783.13
98.76
3.58%
4,444,277.36
12,042.47
2.63%
(37,505.78)
Aaa/AA+
AA+
2.92
2.75
91282CFM8 UNITED STATES TREASURY
4.125 09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,432,435.15
101.61
3.56%
3,505,388.68
390.97
2.07%
72,953.53
Aaa/AA+
AA+
3.00
2.80
91282CFZ9 UNITED STATES TREASURY
3.875 11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,685.69
100.88
3.58%
857,437.50
11,069.16
0.51%
5,751.81
Aaa/AA+
AA+
3.17
2.92
91282CGC9 UNITED STATES TREASURY
3.875 12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,766,561.45
100.95
3.56%
2,776,210.94
26,930.20
1.64%
9,649.48
Aaa/AA+
AA+
3.25
3.00
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,971,837.42
99.77
3.57%
2,993,203.14
17,690.22
1.77%
21,365.72
Aaa/AA+
AA+
3.34
3.10
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,485.74
101.36
3.57%
3,750,296.88
12,674.03
2.22%
50,811.13
Aaa/AA+
AA+
3.42
3.16
91282CKG5 UNITED STATES TREASURY
4.125 03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,254,470.09
102.27
3.57%
2,352,199.21
260.65
1.39%
97,729.12
Aaa/AA+
AA+
4.50
4.08
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,986,267.95
102.92
3.57%
2,058,437.50
21,480.98
1.22%
72,169.55
Aaa/AA+
AA+
4.75
4.24
91282CLK5 UNITED STATES TREASURY
3.625 08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,527,207.64
100.30
3.56%
3,510,390.63
10,864.99
2.08%
(16,817.01)
Aaa/AA+
AA+
4.92
4.45
Total US Treasury 61,195,000.00 2.89%
60,711,196.31
61,024,628.09
99.29
3.74%
60,720,867.48
306,266.02
35.92%
(303,760.61)
Aaa/AA+
AA+
2.47
2.30
Total Portfolio 170,704,952.15 3.17%
169,150,841.25
169,511,721.72
98.94
3.97%
169,065,101.73
883,637.19
100.00%
(446,619.99)
Aa2/AA
AA
2.67
2.28
Total Market
Value + Accrued 169,948,738.92
38
TRANSACTIONS
39
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/02/2024 437076DC3 1,000,000.00 HOME DEPOT INC
4.75 06/25/2029 99.226 4.93%(923.61)(993,183.61)0.00
Purchase 07/02/2024 64952WFG3 1,000,000.00
NEW YORK LIFE
GLOBAL FUNDING
5.0 06/06/2029
99.488 5.12%(3,611.11)(998,491.11)0.00
Purchase 07/02/2024 91282CKX8 2,000,000.00
UNITED STATES
TREASURY 4.25
06/30/2029
99.277 4.41%(461.96)(1,986,008.84)0.00
Purchase 07/05/2024 3137FKUP9 2,000,000.00 FHMS K-087 A2
3.771 12/25/2028 95.668 4.86%(838.00)(1,914,197.38)0.00
Purchase 07/09/2024 3137FL6P4 1,288,000.00 FHMS K-089 A2
3.563 01/25/2029 95.355 4.70%(1,019.81)(1,229,198.25)0.00
Purchase 07/09/2024 3137H5YC5 2,000,000.00 FHMS K-748 A2 2.26
01/25/2029 90.086 4.74%(1,004.44)(1,802,723.19)0.00
Purchase 07/17/2024 713448FX1 1,500,000.00 PEPSICO INC 4.5
07/17/2029 99.845 4.53%0.00 (1,497,675.00)0.00
Purchase 07/17/2024 743315AV5 1,500,000.00 PROGRESSIVE CORP
4.0 03/01/2029 97.033 4.72%(22,666.67)(1,478,161.67)0.00
Purchase 07/18/2024 3137FNAE0 2,200,000.00 FHMS K-095 A2
2.785 06/25/2029 92.699 4.47%(2,893.31)(2,042,276.13)0.00
Purchase 07/19/2024 74340XBL4 1,500,000.00 PROLOGIS LP 4.375
02/01/2029 98.749 4.68%(30,625.00)(1,511,860.00)0.00
Purchase 07/19/2024 61690U8E3 1,950,000.00
MORGAN STANLEY
BANK NA 4.968
07/14/2028
4.97%0.00 (1,950,000.00)0.00
Purchase 07/22/2024 3137FKZZ2 2,550,000.00 FHMS K-088 A2 3.69
01/25/2029 96.699 4.50%(5,488.88)(2,471,318.96)0.00
Purchase 08/09/2024 756109CB8 1,463,000.00
REALTY INCOME
CORP 4.0
07/15/2029
97.007 4.69%(3,901.33)(1,423,113.74)0.00
Purchase 08/15/2024 30303M8S4 667,000.00 META PLATFORMS
INC 4.3 08/15/2029 99.852 4.33%(478.02)(666,490.86)0.00
40
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 08/15/2024 30303M8S4 245,000.00 META PLATFORMS
INC 4.3 08/15/2029 99.825 4.34%(175.58)(244,746.83)0.00
Purchase 08/15/2024 171239AL0 604,000.00
CHUBB INA
HOLDINGS LLC 4.65
08/15/2029
4.52%(1,170.25)(608,697.61)0.00
Purchase 08/15/2024 171239AL0 80,000.00
CHUBB INA
HOLDINGS LLC 4.65
08/15/2029
4.52%(80,449.60)(155.00)(80,604.60)0.00
Purchase 08/15/2024 171239AL0 181,000.00
CHUBB INA
HOLDINGS LLC 4.65
08/15/2029
4.53%(350.69)(182,261.12)0.00
Purchase 09/06/2024 3137FPHK4 1,600,000.00 FHMS K-098 A2
2.425 08/25/2029 93.023 4.00%(538.89)(1,488,913.89)0.00
Purchase 09/13/2024 91282CLK5 3,500,000.00
UNITED STATES
TREASURY 3.625
08/31/2029
3.45%(4,556.28)(3,532,036.75)0.00
Purchase 09/18/2024 437076BY7 1,663,000.00 HOME DEPOT INC
2.95 06/15/2029 95.803 3.93%(12,673.45)(1,605,877.34)0.00
Purchase 09/18/2024 91324PDS8 2,000,000.00
UNITEDHEALTH
GROUP INC 2.875
08/15/2029
95.304 3.94%(5,270.83)(1,911,350.83)0.00
Purchase 09/18/2024 46647PAV8 1,500,000.00
JPMORGAN
CHASE & CO 4.203
07/23/2029
99.774 4.26%(9,631.88)(1,506,241.88)0.00
Purchase 09/18/2024 06051GHM4 1,500,000.00
BANK OF AMERICA
CORP 4.271
07/23/2029
99.914 4.29%(9,787.71)(1,508,497.71)0.00
Purchase 09/24/2024 3137FMCR1 2,000,000.00 FHMS K-093 A2
2.982 05/25/2029 96.477 3.82%(3,810.33)(1,933,341.58)0.00
Purchase 09/26/2024 40139LBJ1 1,205,000.00
GUARDIAN LIFE
GLOBAL FUNDING
4.179 09/26/2029
4.18%0.00 (1,205,000.00)0.00
Total Purchase (122,033.03)(37,772,268.88)0.00
41
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS (122,033.03)(37,772,268.88)0.00
DISPOSITIONS
Sale 07/17/2024 74153WCQ0 (885,000.00)
PRICOA GLOBAL
FUNDING I 1.15
12/06/2024
98.266 1.18%869,654.10 1,159.10 870,813.20 (15,227.58)
Sale 07/17/2024 14913Q3B3
CATERPILLAR
FINANCIAL
SERVICES CORP 2.15
11/08/2024
98.960 1.93%4,532.92 1,093,092.92 (12,192.83)
Sale 07/17/2024 89114TZL9 (700,000.00)
TORONTO-
DOMINION BANK
1.45 01/10/2025
98.074 2.78%686,518.00 197.36 686,715.36 (9,140.69)
Sale 07/18/2024 3135G0W66
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 1.625
10/15/2024
99.100 1.76%8,290.89 1,965,515.89 (17,314.06)
Sale 07/18/2024 6174468Q5 (650,000.00)MORGAN STANLEY
2.188 04/28/2026 97.473 3.63%633,574.50 3,160.44 636,734.94 (6,708.45)
Sale 07/18/2024 66815L2J7
NORTHWESTERN
MUTUAL GLOBAL
FUNDING 4.0
07/01/2025
98.884 4.01%2,210.00 1,159,152.80 (12,930.89)
Sale 07/18/2024 13063DRK6 (755,000.00)CALIFORNIA STATE
2.4 10/01/2024 99.427 1.92%750,673.85 5,385.67 756,059.52 (5,047.15)
Sale 07/18/2024 912828YY0
UNITED STATES
TREASURY 1.75
12/31/2024
98.461 1.97%1,797.55 2,069,477.24 (30,239.72)
Sale 07/19/2024 3135G0X24
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 1.625
01/07/2025
98.331 1.69%701.46 1,274,091.80 (23,072.03)
42
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 08/09/2024 06406RBC0
BANK OF NEW YORK
MELLON CORP 3.35
04/25/2025
98.850 3.35%13,258.56 1,367,503.56 (15,709.63)
Sale 08/13/2024 89236TJT3
TOYOTA MOTOR
CREDIT CORP 1.45
01/13/2025
98.386 1.50%1,468.13 1,196,858.03 (19,382.82)
Sale 08/14/2024 78016EZ59
ROYAL BANK OF
CANADA 3.375
04/14/2025
98.871 3.39%11,812.50 1,049,958.00 (11,768.36)
Sale 09/06/2024 3137BFE98 FHMS K-041 A2
3.171 10/25/2024 99.484 0.46%421,076.12 186.41 421,262.53 (2,860.14)
Sale 09/12/2024 64952WEK5
NEW YORK LIFE
GLOBAL FUNDING
1.45 01/14/2025
98.777 1.49%3,924.67 1,663,378.27 (20,341.12)
Sale 09/12/2024 69371RR73 (885,000.00)
PACCAR FINANCIAL
CORP 2.85
04/07/2025
98.901 2.86%875,273.85 10,859.69 886,133.54 (9,682.69)
Sale 09/18/2024 06367WB85 BANK OF MONTREAL
1.85 05/01/2025 98.274 0.86%8,729.94 1,227,327.54 (28,878.95)
Sale 09/18/2024 06051GHY8 (600,000.00)
BANK OF AMERICA
CORP 2.015
02/13/2026
98.736 1.06%592,416.00 1,175.42 593,591.42 (9,869.67)
Sale 09/18/2024 46647PBK1 (401,000.00)
JPMORGAN
CHASE & CO 2.083
04/22/2026
98.295 1.11%394,162.95 3,387.54 397,550.49 (9,099.73)
Sale 09/18/2024 06051GJD2 (700,000.00)
BANK OF AMERICA
CORP 1.319
06/19/2026
97.364 1.27%681,548.00 2,282.60 683,830.60 (18,696.11)
Sale 09/18/2024 74153WCM9 (904,000.00)
PRICOA GLOBAL
FUNDING I 0.8
09/01/2025
96.695 3.23%874,122.80 341.51 874,464.31 (9,975.84)
Sale 09/18/2024 91324PEG3 (675,000.00)
UNITEDHEALTH
GROUP INC 3.7
05/15/2027
99.818 3.71%673,771.50 8,533.12 682,304.62 (1,394.38)
43
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 09/18/2024 437076DB5 HOME DEPOT INC
4.875 06/25/2027 5.00%15,173.44 1,402,595.44 40,269.09
Sale 09/19/2024 912828ZC7 (5,000.00)
UNITED STATES
TREASURY 1.125
02/28/2025
98.531 0.81%4,926.56 2.95 4,929.51 (80.36)
Sale 09/20/2024 06406HCQ0
BANK OF NEW YORK
MELLON CORP 3.95
11/18/2025
99.628 3.21%996,280.00 13,386.11 1,009,666.11 (11,308.86)
Sale 09/24/2024 3137BM7C4 (440,000.00)FHMS K-051 A2
3.308 09/25/2025 98.910 2.16%423,566.21 905.05 424,471.26 (8,114.12)
Sale 09/24/2024 3137BN6G4 (570,000.00)FHMS K-053 A2
2.995 12/25/2025 98.516 2.20%561,539.06 1,090.68 562,629.74 (12,316.97)
Sale 09/24/2024 06051GHT9
BANK OF AMERICA
CORP 3.559
04/23/2027
98.901 4.30%17,167.23 1,154,528.73 6,933.02
Total Sale 141,120.94 26,114,637.37
TOTAL
DISPOSITIONS 141,120.94 26,114,637.37
44
IMPORTANT DISCLOSURES
City of Cupertino | Account #10659 | As of September 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 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party
suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use,
including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the
quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof
are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler
asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from
sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on
current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied
upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice
regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the
possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on
greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee
its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency
guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
45
BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of September 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 on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final
maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed
coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
46