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12 - December 12, 2024 - Monthly Treasurer’s Investment Report for October 2024INVESTMENT REPORT City of Cupertino | As of October 31, 2024 CHANDLER ASSET MANAGEMENT | chandlerasset.com Chandler Team: For questions about your account, please call (800) 317-4747, or contact clientservice@chandlerasset.com Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. TABLE OF CONTENTS City of Cupertino | As of October 31, 2024 ECONOMIC UPDATE ACCOUNT PROFILE PORTFOLIO HOLDINGS TRANSACTIONS 1 ECONOMIC UPDATE 2    Recent economic data suggests positive but slower growth 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, while remaining data dependent. As broadly anticipated,the Federal Open Market Committee (FOMC)reduced the Fed Funds Rate by 25 basis points to the range of 4.50 – 4.75%at the November meeting.Chair Jerome Powell indicated that the Federal Reserve is taking a more neutral stance toward the dual mandate of maximum employment and price stability.Economic activity is expanding at a solid pace,while the Fed has gained confidence that the economy is on the path to the 2%inflation target.The Fed believes that monetary policy is still restrictive following the second rate cut, and the committee will exercise optionality as needed based on economic data. Chair Powell stated that in the near-term,the election results will have no effect on monetary policy as he avoided commenting on fiscal policy.Moving into year-end, the Chandler team still expects the Federal Reserve to adjust their policy stance to become less restrictive. The US Treasury yield curve shifted higher in October on stronger economic data,and the shape of the curve continued to gradually normalize.The 2-year Treasury yield surged 53 basis points to 4.17%,the 5-year Treasury jumped 60 basis points to 4.16%,and the 10-year Treasury yield rose 50 basis points to 4.29%.The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +11 basis points at October month-end versus +14 basis points at September month-end. The spread between the 2-year Treasury and 10- year Treasury yield one year ago was -16 basis points. The inversion between 3-month and 10-year Treasuries tightened to -26 basis points in October from -85 basis points in September. 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 12,000 jobs in October,far below the consensus estimate of 100,000.The devastating impacts from Hurricanes Helene and Milton likely drove temporary jobs lower.The Boeing strike deducted jobs primarily from the manufacturing sector,while health care and government employment both posted gains. Additionally,downward revisions totaled 112,000 for the prior two months. The three-month moving average and six-month moving average payrolls continued to trend weaker to 104,000 and 132,000 respectively. The unemployment rate held steady at 4.1%in October,and the laborparticipation rate fell 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 remained at 7.7%. Average hourly earnings was unchanged at 4.0% year-over-year in October. Source: US Department of Labor Source: US Department of Labor EMPLOYMENT 4 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 September,the Consumer Price Index (CPI)rose 0.2%month-over-month and 2.4%year-over-year,down from 2.5%in August, but slightly higher than expected.The Core CPI,which excludes volatile food and energy components,rose by 0.3%month-over-month and 3.3%year-over-year,also exceeding consensus forecasts.The Personal Consumption Expenditures (PCE)Index rose 0.2%from the previous month and 2.1%year-over-year in September.The Core PCE deflator (the Fed’s preferred gauge)increased 0.3%month-over- month and 2.7%over the past year.Much of the lingering inflation has been driven by shelter costs and demand for services.Although inflation has moderated, price increases are still above the Fed’s 2% target. Source: US Department of Labor Source: US Department of Commerce INFLATION 5 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 broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.50 – 4.75% at the November meeting. Chair Jerome Powell indicated that the Federal Reserve is taking a more neutral stance toward the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, while the Fed has gained confidence that the economy is on the path to the 2% inflation target. The Fed believes that monetary policy is still restrictive following the second rate cut, and the committee will exercise optionality as needed based on economic data. Chair Powell stated that in the near-term, the election results will have no effect on monetary policy as he avoided commenting on fiscal policy. 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 $1.9T to approximately $7.0T. 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 6 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 Oct-24 Jul-24 Oct-23 Yi e l d ( % ) At the end of October,the 2-year Treasury yield was 92 basis points lower,and the 10-Year Treasury yield was 65 basis points lower,year- over-year.The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +11 basis points at October month- end versus +14 basis points at September 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 -26 basis points in October from -85 basis points in September. BOND YIELDS 7 ACCOUNT PROFILE 8 OBJECTIVES City of Cupertino | As of October 31, 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. 9 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of October 31, 2024 Rules Name Limit Actual Compliance Status Notes AGENCY MORTGAGE SECURITIES (CMOS) Max % (MV)100.0 9.8 Compliant Max % Issuer (MV; Agencies & Agency CMOs)25.0 5.4 Compliant Max Maturity (Years)5.0 4.8 Compliant ASSET-BACKED SECURITIES (ABS) Max % (MV; Non Agency ABS & MBS)20.0 9.9 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 10 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of October 31, 2024 Rules Name Limit Actual Compliance Status Notes Max % (MV)30.0 25.3 Compliant Max % Issuer (MV)5.0 1.7 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 11.9 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 0.4 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 1.0 Compliant Max % Issuer (MV)5.0 1.0 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, OTHER STATES) 11 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of October 31, 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 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 1.5 Compliant Max Maturity (Years)5 1 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant U.S. TREASURIES Max % (MV)100.0 37.8 Compliant Max Maturity (Years)5 5 Compliant 12 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 (0.87%)0.88%3.75%6.19%4.87%0.96%1.38%--1.78% Benchmark Return*(1.07%)0.62%3.03%5.24%4.35%0.60%1.02%--1.55% City of Cupertino | Account #10659 | As of October 31, 2024 Portfolio Characteristics Account Summary Maturity Distribution Top Issuers Credit Quality Average Modified Duration 2.46 Average Coupon 3.02% Average Purchase YTM 3.24% Average Market YTM 4.40% Average Quality AA Average Final Maturity 2.87 Average Life 2.54 Beg. Values as of 10/01/2024 End Values as of 10/31/2024 Market Value 169,065,101.73 167,493,255.73 Accrued Interest 883,637.19 956,605.01 Total Market Value 169,948,738.92 168,449,860.74 Income Earned 586,104.90 458,214.79 Cont/WD 0.00 0.00 Par 170,704,952.15 171,072,057.66 Book Value 169,511,721.72 169,872,100.18 Cost Value 169,150,841.25 169,497,300.46 United States 37.82% FHLMC 11.94% FNMA 5.43% Farm Credit System 3.14% American Express Credit Master Trust 1.73% UnitedHealth Group Incorporated 1.69% The Home Depot, Inc.1.53% Guardian Life Global Funding 1.50% *Periods over 1 year are annualized. Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark: *See Footnote 13 HISTORICAL AVERAGE PURCHASE YIELD City of Cupertino | Account #10659 | As of October 31, 2024 Purchase Yield as of 10/31/24 = 3.24% 14 PORTFOLIO HOLDINGS 15 ISSUERS City of Cupertino | Account #10659 | As of October 31, 2024 Issuer Investment Type % Portfolio United States US Treasury 37.82% FHLMC Agency CMBS 9.77% FNMA Agency 5.43% Farm Credit System Agency 3.14% FHLMC Agency 2.17% American Express Credit Master Trust ABS 1.73% UnitedHealth Group Incorporated Corporate 1.69% The Home Depot, Inc.Corporate 1.53% Guardian Life Global Funding Corporate 1.50% International Finance Corporation Supras 1.45% Inter-American Development Bank Supras 1.40% International Bank for Recon and Dev Supras 1.38% John Deere Owner Trust ABS 1.28% Royal Bank of Canada Corporate 1.21% Morgan Stanley Corporate 1.17% Massachusetts Mutual Life Insurance Corporate 1.17% Federal Home Loan Banks Agency 1.14% Amazon.com, Inc.Corporate 1.07% State Street Corporation Corporate 1.06% Honda Auto Receivables Owner Trust ABS 1.06% State of California Muni Bonds 1.05% Chubb Limited Corporate 1.05% GM Financial Securitized Term ABS 1.03% Honda Motor Co., Ltd.Corporate 1.03% Chase Issuance Trust ABS 1.01% Bank of America Credit Card Trust ABS 0.99% Berkshire Hathaway Inc.Corporate 0.92% PepsiCo, Inc.Corporate 0.90% Prologis, Inc.Corporate 0.89% The Progressive Corporation Corporate 0.88% 16 ISSUERS City of Cupertino | Account #10659 | As of October 31, 2024 Issuer Investment Type % Portfolio Bank of America Corporation Corporate 0.88% JPMorgan Chase & Co.Corporate 0.88% Realty Income Corporation Corporate 0.85% Toyota Auto Receivables Owner Trust ABS 0.84% 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% Caterpillar Inc.Corporate 0.61% New York Life Insurance Company Corporate 0.61% Mastercard Incorporated Corporate 0.57% BMW Vehicle Owner Trust ABS 0.55% The Charles Schwab Corporation Corporate 0.55% Meta Platforms, Inc.Corporate 0.54% Northwestern Mutual Global Funding Corporate 0.49% Met Tower Global Funding Corporate 0.43% Hyundai Auto Receivables Trust ABS 0.40% Northern Trust Corporation Corporate 0.40% Hyundai Auto Lease Securitization Tr ABS 0.37% Wells Fargo & Company Money Mkt Fd 0.33% Walmart Inc.Corporate 0.20% WC MMF Sweep Money Mkt Fd 0.03% Cisco Systems, Inc.Corporate 0.00% Cash Cash -0.30% TOTAL 100.00% 17 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 107,009.73 11/16/2021 0.89% 106,987.17 107,003.78 98.88 4.93% 105,809.28 26.16 0.06% (1,194.50) Aaa/NA AAA 1.22 0.28 47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 110,093.25 07/13/2021 0.52% 110,083.43 110,090.72 99.06 4.21% 109,061.00 25.44 0.07% (1,029.72) Aaa/NA AAA 1.37 0.25 89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 106,563.57 11/09/2021 0.71% 106,561.30 106,562.91 98.90 4.87% 105,389.55 33.63 0.06% (1,173.37) NA/AAA AAA 1.45 0.26 44935FAD6 HART 2021-C A3 0.74 05/15/2026 254,709.73 -- 2.17% 248,269.53 252,589.43 99.24 4.69% 252,769.25 83.77 0.15% 179.82 NA/AAA AAA 1.54 0.19 43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 303,858.06 02/15/2022 1.89% 303,812.36 303,842.77 98.85 4.91% 300,362.72 253.89 0.18% (3,480.05) Aaa/AAA NA 1.54 0.38 05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 222,912.61 05/10/2022 3.23% 222,901.02 222,908.01 99.41 4.67% 221,598.63 119.26 0.13% (1,309.38) Aaa/AAA NA 1.82 0.41 47787JAC2 JDOT 2022 A3 0.36 09/15/2026 173,666.47 03/10/2022 2.34% 173,628.06 173,651.49 98.89 4.61% 171,735.72 179.07 0.10% (1,915.78) Aaa/NA AAA 1.87 0.49 362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 99,875.81 10/13/2021 0.68% 99,873.27 99,874.98 98.67 4.99% 98,551.78 28.30 0.06% (1,323.20) Aaa/AAA NA 1.88 0.31 448977AD0 HART 2022-A A3 2.22 10/15/2026 427,843.42 03/09/2022 2.23% 427,826.95 427,837.01 98.98 4.83% 423,482.07 422.14 0.25% (4,354.94) NA/AAA AAA 1.96 0.39 380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 104,646.56 01/11/2022 1.27% 104,637.46 104,643.14 98.79 4.72% 103,385.42 54.94 0.06% (1,257.72) NA/AAA AAA 2.04 0.35 362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 216,113.40 04/05/2022 3.13% 216,068.23 216,093.58 99.15 4.81% 214,276.33 279.15 0.13% (1,817.25) Aaa/AAA NA 2.30 0.50 47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 463,325.51 07/12/2022 3.77% 463,281.27 463,304.04 99.37 4.68% 460,395.44 770.15 0.27% (2,908.60) Aaa/NA AAA 2.30 0.69 02589BAA8 AMXCA 2022-1 A 2.21 03/17/2025 1,545,000.00 03/21/2022 2.69% 1,524,359.77 1,542,426.37 99.06 4.82% 1,530,427.56 1,517.53 0.91% (11,998.81) Aaa/NA AAA 0.38 0.36 44934FAD7 HALST 24B A3 5.41 05/17/2027 610,000.00 05/14/2024 5.41% 609,983.04 609,985.58 101.12 4.71% 616,809.67 1,466.71 0.37% 6,824.10 NA/AAA AAA 2.54 1.46 02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 1,375,000.00 05/17/2022 3.42% 1,374,695.85 1,374,921.28 99.29 4.78% 1,365,227.74 2,071.67 0.82% (9,693.54) NA/AAA AAA 0.54 0.52 47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 898,315.66 10/12/2022 5.15% 898,245.95 898,276.94 100.23 4.83% 900,384.66 2,032.19 0.54% 2,107.71 Aaa/NA AAA 2.62 0.74 18 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023 5.40% 1,294,718.75 1,295,846.69 100.72 4.67% 1,309,332.18 2,981.33 0.78% 13,485.49 NA/AAA AAA 3.46 1.30 438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 805,000.00 -- 5.64% 806,992.67 806,487.16 101.69 4.61% 818,570.77 1,267.88 0.49% 12,083.61 Aaa/NA AAA 3.64 1.47 47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024 5.13% 499,765.63 499,795.93 100.75 4.62% 503,732.45 1,102.22 0.30% 3,936.52 Aaa/NA AAA 4.04 1.90 05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024 4.58% 858,798.83 856,394.84 100.95 4.53% 858,113.34 1,881.33 0.51% 1,718.49 Aaa/NA AAA 2.04 1.90 58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 1,100,000.00 11/29/2023 5.18% 1,123,289.06 1,117,995.80 101.86 4.71% 1,120,432.17 2,908.89 0.67% 2,436.37 NA/AAA AAA 4.04 1.40 437930AC4 HONDO-242-A3 5.27 11/20/2028 535,000.00 05/14/2024 5.27% 534,935.00 534,941.48 101.37 4.59% 542,311.47 1,018.13 0.32% 7,369.99 NA/AAA AAA 4.05 1.84 36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 1,310,000.00 -- 4.97% 1,307,922.66 1,308,164.34 100.51 4.58% 1,316,700.65 2,647.29 0.79% 8,536.31 Aaa/NA AAA 4.13 1.59 161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 4.61% 1,689,742.61 1,689,781.67 100.18 4.55% 1,693,123.29 3,455.11 1.01% 3,341.62 NR/AAA AAA 4.21 2.05 096919AD7 BMWOT 2024-A A3 5.18 02/26/2029 695,000.00 06/04/2024 5.24% 694,894.43 694,903.20 101.25 4.56% 703,662.62 600.02 0.42% 8,759.42 Aaa/AAA NA 4.32 1.83 05522RDJ4 BACCT 2024-1 A 4.93 03/15/2029 785,000.00 06/06/2024 4.93% 784,955.96 784,959.54 101.10 4.51% 793,630.68 1,720.02 0.47% 8,671.15 Aaa/AAA NA 4.37 2.33 Total ABS 16,588,933.78 4.30% 16,587,230.25 16,603,282.68 100.31 4.67% 16,639,276.42 28,946.22 9.93% 35,993.74 Aaa/AAA AAA 2.83 1.24 AGENCY 3135G03U5 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.625 04/22/2025 1,860,000.00 04/22/2020 0.67% 1,856,168.40 1,859,638.69 98.21 4.47% 1,826,724.64 290.63 1.09% (32,914.05) Aaa/AA+ AA+ 0.47 0.47 3135G04Z3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 06/17/2025 2,500,000.00 -- 0.50% 2,499,227.30 2,499,929.80 97.60 4.41% 2,440,044.80 4,652.78 1.46% (59,885.00) Aaa/AA+ AA+ 0.63 0.61 3137EAEU9 FEDERAL HOME LOAN MORTGAGE CORP 0.375 07/21/2025 1,250,000.00 07/21/2020 0.48% 1,243,775.00 1,249,105.84 97.20 4.36% 1,214,976.60 1,302.08 0.73% (34,129.24) Aaa/AA+ AA+ 0.72 0.71 3135G05X7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.375 08/25/2025 2,500,000.00 -- 0.47% 2,487,983.75 2,497,987.02 96.82 4.38% 2,420,527.40 1,718.75 1.45% (77,459.62) Aaa/AA+ AA+ 0.82 0.80 19 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 3137EAEX3 FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 2,500,000.00 -- 0.46% 2,489,362.80 2,498,059.05 96.56 4.34% 2,413,885.65 989.58 1.44% (84,173.40) Aaa/AA+ AA+ 0.90 0.87 3135G06G3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 11/07/2025 2,500,000.00 -- 0.56% 2,492,700.00 2,498,512.31 96.26 4.30% 2,406,585.20 6,041.67 1.44% (91,927.11) Aaa/AA+ AA+ 1.02 0.99 3130B0TY5 FEDERAL HOME LOAN BANKS 4.75 04/09/2027 1,875,000.00 04/10/2024 4.85% 1,870,050.00 1,870,973.88 101.60 4.05% 1,905,036.99 5,442.71 1.14% 34,063.11 Aaa/AA+ AA+ 2.44 2.28 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 2,410,960.56 101.37 4.17% 2,432,841.10 55,416.67 1.45% 21,880.53 Aaa/AA+ AA+ 2.51 2.30 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 2,792,114.79 101.24 4.19% 2,834,637.15 59,713.89 1.69% 42,522.36 Aaa/AA+ AA+ 3.04 2.75 Total Agency 20,185,000.00 2.03% 20,141,431.25 20,177,281.94 98.61 4.29% 19,895,259.53 135,568.75 11.88% (282,022.41) Aaa/AA+ AA+ 1.47 1.38 AGENCY CMBS 3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 987,652.37 07/01/2021 0.87% 1,066,355.92 1,000,742.58 98.79 4.70% 975,667.70 2,477.36 0.58% (25,074.88) Aaa/AA+ AAA 0.73 0.61 3137BLW95 FHMS K-050 A2 3.334 08/25/2025 950,000.00 11/16/2021 1.22% 1,018,132.81 963,767.77 98.91 4.68% 939,681.29 2,639.42 0.56% (24,086.48) Aaa/AA+ AAA 0.82 0.66 3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021 1.36% 687,451.17 663,907.94 96.77 4.49% 629,012.41 1,437.04 0.38% (34,895.53) Aaa/AA+ AAA 1.82 1.70 3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022 4.36% 950,664.06 971,931.97 96.68 4.49% 966,801.00 2,703.33 0.58% (5,130.97) Aaa/AA+ AA+ 2.82 2.58 3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024 4.86% 1,913,359.38 1,919,763.25 97.17 4.51% 1,943,452.00 6,285.00 1.16% 23,688.75 Aaa/AAA AA+ 4.15 3.68 3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024 4.70% 1,228,178.44 1,232,380.93 96.49 4.46% 1,242,733.11 3,824.29 0.74% 10,352.18 Aaa/AA+ AA+ 4.24 3.82 3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024 4.74% 1,801,718.75 1,815,648.10 91.36 4.55% 1,827,277.60 3,766.67 1.09% 11,629.50 Aaa/AA+ AAA 4.24 3.87 3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024 4.50% 2,465,830.08 2,471,116.61 96.80 4.51% 2,468,526.23 7,841.25 1.47% (2,590.39) Aaa/AA+ AA+ 4.24 3.77 3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 2,000,000.00 09/19/2024 3.82% 1,929,531.25 1,931,125.19 93.84 4.53% 1,876,776.40 4,970.00 1.12% (54,348.79) Aaa/AA+ AAA 4.56 4.02 20 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024 4.47% 2,039,382.82 2,048,953.04 92.81 4.54% 2,041,798.22 5,105.83 1.22% (7,154.82) Aaa/AA+ AAA 4.65 4.17 3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024 4.00% 1,488,375.00 1,491,867.18 91.05 4.54% 1,456,831.36 3,233.33 0.87% (35,035.82) Aaa/AA+ AAA 4.82 4.35 16,588,979.68 95.10 16,368,557.32 9.77%Aaa/AA+3.78 Total Agency CMBS 17,225,652.37 3.92%16,511,204.56 4.54%44,283.52 (142,647.24)AAA 3.39 CASH CCYUSD Payable (6,787,970.71)-- 0.00% (6,787,970.71) (6,787,970.71) 1.00 0.00% (6,787,970.71) 0.00 (4.05%) 0.00 Aaa/AAA AAA 0.00 0.00 CCYUSD Receivable 6,290,302.82 -- 0.00% 6,290,302.82 6,290,302.82 1.00 0.00% 6,290,302.82 0.00 3.76% 0.00 Aaa/AAA AAA 0.00 0.00 (497,667.89)1.00 (497,667.89)(0.30%)Aaa/AAA 0.00 Total Cash (497,667.89)0.00%(497,667.89)0.00%0.00 0.00 AAA 0.00 CORPORATE 40139LBC6 GUARDIAN LIFE GLOBAL FUNDING 0.875 12/10/2025 1,400,000.00 -- 1.12% 1,385,860.00 1,396,259.63 95.94 4.68% 1,343,134.93 4,797.92 0.80% (53,124.70) Aa1/AA+ NA 1.11 1.08 66815L2A6 NORTHWESTERN MUTUAL GLOBAL FUNDING 0.8 01/14/2026 850,000.00 12/06/2021 1.46% 827,449.50 843,391.41 95.62 4.58% 812,798.45 2,021.11 0.49% (30,592.96) Aaa/AA+ AAA 1.21 1.17 023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021 1.09% 1,866,900.00 1,872,529.19 95.16 4.30% 1,784,279.83 8,802.08 1.07% (88,249.36) A1/AA AA- 1.53 1.48 91324PEC2 UNITEDHEALTH GROUP INC 1.15 05/15/2026 1,035,000.00 -- 1.37% 1,025,051.35 1,031,526.10 95.09 4.49% 984,213.93 5,488.37 0.59% (47,312.17) A2/A+ A 1.54 1.49 89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 1,385,000.00 06/15/2021 1.13% 1,384,390.60 1,384,801.76 94.88 4.42% 1,314,019.84 5,756.41 0.78% (70,781.92) A1/A+ A+ 1.63 1.58 57629WDE7 MASSMUTUAL GLOBAL FUNDING II 1.2 07/16/2026 1,000,000.00 08/19/2021 1.15% 1,002,230.00 1,000,775.76 94.54 4.56% 945,417.60 3,500.00 0.56% (55,358.16) Aa3/AA+ AA+ 1.71 1.65 58989V2D5 MET TOWER GLOBAL FUNDING 1.25 09/14/2026 770,000.00 09/07/2021 1.27% 769,291.60 769,735.42 94.17 4.54% 725,082.80 1,256.60 0.43% (44,652.61) Aa3/AA- AA- 1.87 1.81 931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021 1.09% 349,338.50 349,751.85 94.27 4.26% 329,942.69 449.17 0.20% (19,809.16) Aa2/AA AA 1.88 1.82 21 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 59217GER6 METROPOLITAN LIFE GLOBAL FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022 1.90% 1,113,728.90 1,114,442.41 94.58 4.49% 1,054,607.59 6,388.02 0.63% (59,834.83) Aa3/AA- AA- 2.20 2.10 808513BY0 CHARLES SCHWAB CORP 2.45 03/03/2027 960,000.00 03/01/2022 2.46% 959,729.90 959,871.28 95.22 4.63% 914,070.06 3,789.33 0.55% (45,801.23) A2/A- A 2.34 2.23 084664CZ2 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 1,615,000.00 03/07/2022 2.30% 1,614,693.15 1,614,854.81 95.73 4.21% 1,546,034.75 4,746.31 0.92% (68,820.06) Aa2/AA A+ 2.37 2.27 857477CL5 STATE STREET CORP 4.993 03/18/2027 1,760,000.00 03/13/2024 4.99% 1,760,000.00 1,760,000.00 100.96 4.56% 1,776,842.50 10,496.40 1.06% 16,842.50 A1/A AA- 2.38 2.14 89115A2W1 TORONTO-DOMINION BANK 4.98 04/05/2027 1,340,000.00 03/26/2024 4.98% 1,340,000.00 1,340,000.00 100.74 4.65% 1,349,950.75 4,819.53 0.81% 9,950.75 A2/A- AA- 2.43 2.26 57629W4S6 MASSMUTUAL GLOBAL FUNDING II 5.1 04/09/2027 1,000,000.00 06/20/2024 4.99% 1,002,630.00 1,002,294.48 101.37 4.50% 1,013,721.46 3,116.67 0.61% 11,426.99 Aa3/AA+ AA+ 2.44 2.27 665859AW4 NORTHERN TRUST CORP 4.0 05/10/2027 670,000.00 05/05/2022 4.03% 668,914.60 669,453.14 99.08 4.39% 663,850.77 12,730.00 0.40% (5,602.37) A2/A+ A+ 2.52 2.33 14913UAL4 CATERPILLAR FINANCIAL SERVICES CORP 5.0 05/14/2027 1,000,000.00 05/10/2024 5.04% 998,930.00 999,096.27 101.47 4.38% 1,014,690.86 23,194.44 0.61% 15,594.59 A2/A A+ 2.53 2.31 57636QAW4 MASTERCARD INC 4.875 03/09/2028 945,000.00 03/06/2023 4.90% 944,083.35 944,385.89 101.45 4.40% 958,737.76 6,654.38 0.57% 14,351.87 Aa3/A+ NA 3.36 2.98 61690U8E3 MORGAN STANLEY BANK NA 4.968 07/14/2028 1,950,000.00 07/17/2024 4.97% 1,950,000.00 1,950,000.00 100.56 5.00% 1,960,850.74 27,448.20 1.17% 10,850.74 Aa3/A+ AA- 3.70 2.47 74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024 4.68% 1,481,235.00 1,482,423.37 99.06 4.62% 1,485,866.51 16,406.25 0.89% 3,443.13 A3/A WR 4.25 3.79 78016HZV5 ROYAL BANK OF CANADA 4.95 02/01/2029 2,000,000.00 10/31/2024 4.69% 2,019,920.00 2,019,920.00 101.02 4.68% 2,020,353.58 24,750.00 1.21% 433.58 A1/A AA- 4.25 3.75 743315AV5 PROGRESSIVE CORP 4.0 03/01/2029 1,500,000.00 07/16/2024 4.72% 1,455,495.00 1,458,316.11 97.90 4.54% 1,468,534.82 10,000.00 0.88% 10,218.70 A2/A A 4.33 3.90 64952WFG3 NEW YORK LIFE GLOBAL FUNDING 5.0 06/06/2029 1,000,000.00 07/01/2024 5.12% 994,880.00 995,227.02 101.40 4.66% 1,014,042.21 20,138.89 0.61% 18,815.19 Aaa/AA+ AAA 4.60 3.99 437076BY7 HOME DEPOT INC 2.95 06/15/2029 1,663,000.00 09/17/2024 3.93% 1,593,203.89 1,594,978.03 93.32 4.57% 1,551,852.46 18,533.21 0.93% (43,125.56) A2/A A 4.62 4.20 437076DC3 HOME DEPOT INC 4.75 06/25/2029 1,000,000.00 07/01/2024 4.93% 992,260.00 992,779.12 100.72 4.57% 1,007,229.83 16,625.00 0.60% 14,450.71 A2/A A 4.65 4.00 756109CB8 REALTY INCOME CORP 4.0 07/15/2029 1,463,000.00 08/08/2024 4.69% 1,419,212.41 1,421,254.70 96.88 4.75% 1,417,321.48 17,230.89 0.85% (3,933.21) A3/A- NA 4.70 4.18 22 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024 4.53% 1,497,675.00 1,497,811.24 100.35 4.41% 1,505,288.42 19,500.00 0.90% 7,477.17 A1/A+ NA 4.71 4.09 46647PAV8 JPMORGAN CHASE & CO 4.203 07/23/2029 1,500,000.00 09/17/2024 4.27% 1,496,610.00 1,496,716.24 97.77 5.11% 1,466,571.35 17,162.25 0.88% (30,144.89) A1/A- AA- 4.73 3.37 06051GHM4 BANK OF AMERICA CORP 4.271 07/23/2029 1,500,000.00 09/17/2024 4.29% 1,498,710.00 1,498,750.43 97.85 5.15% 1,467,756.39 17,439.92 0.88% (30,994.04) A1/A- AA- 4.73 3.36 30303M8S4 META PLATFORMS INC 4.3 08/15/2029 912,000.00 08/12/2024 4.33% 910,584.09 910,644.57 99.25 4.47% 905,137.13 8,932.53 0.54% (5,507.45) Aa3/AA- NA 4.79 4.24 171239AL0 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 1,750,000.00 -- 4.44% 1,765,746.34 1,765,427.50 100.09 4.63% 1,751,622.15 20,569.79 1.05% (13,805.36) A2/A A 4.79 4.20 91324PDS8 UNITEDHEALTH GROUP INC 2.875 08/15/2029 2,000,000.00 09/17/2024 3.94% 1,906,080.00 1,908,386.07 92.59 4.62% 1,851,777.22 12,138.89 1.11% (56,608.85) A2/A+ A 4.79 4.37 02665WFQ9 AMERICAN HONDA FINANCE CORP 4.4 09/05/2029 1,750,000.00 10/02/2024 4.29% 1,758,102.50 1,757,971.81 98.34 4.79% 1,720,976.23 11,977.78 1.03% (36,995.58) A3/A- NA 4.85 4.28 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 97.53 4.75% 1,175,206.53 4,895.81 0.70% (29,793.47) Aa1/AA+ NA 4.90 4.36 Total Corporate 43,263,000.00 3.72% 42,957,935.68 43,008,775.61 97.86 4.61% 42,301,783.58 371,756.14 25.26% (706,992.03) A1/A+ A+ 3.46 3.02 MONEY MARKET FUND 992995944 WC MMF SWEEP 51,603.85 -- 2.85% 51,603.85 51,603.85 1.00 2.85% 51,603.85 0.00 0.03% 0.00 NA/NA NA 0.00 0.00 VP4520004 WF ADV 100% TREAS MM FD-SVC CL #008 555,535.55 -- 0.01% 555,535.55 555,535.55 1.00 0.01% 555,535.55 0.00 0.33% 0.00 Aaa/AAAm NA 0.00 0.00 Total Money Market Fund 607,139.40 0.25% 607,139.40 607,139.40 1.00 0.25% 607,139.40 0.00 0.36% 0.00 Aaa/AAA NA 0.00 0.00 MUNICIPAL BONDS 13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024 4.38% 1,749,169.80 1,749,169.80 100.73 4.33% 1,752,736.80 0.00 1.05% 3,567.00 Aa2/AA- AA 4.75 4.18 Total Municipal Bonds 1,740,000.00 4.38% 1,749,169.80 1,749,169.80 100.73 4.33% 1,752,736.80 0.00 1.05% 3,567.00 Aa2/AA- AA 4.75 4.18 23 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration SUPRANATIONAL 45950KCT5 INTERNATIONAL FINANCE CORP 0.375 07/16/2025 2,500,000.00 05/27/2021 0.66% 2,471,150.00 2,495,076.73 97.16 4.50% 2,428,904.95 2,734.38 1.45% (66,171.78) Aaa/AAA NA 0.71 0.69 459058JL8 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 2,400,000.00 -- 0.60% 2,388,859.25 2,397,657.42 96.21 4.45% 2,308,963.49 100.00 1.38% (88,693.93) Aaa/AAA NA 0.99 0.97 4581X0DV7 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 2,460,000.00 04/13/2021 0.97% 2,448,733.20 2,456,698.94 95.13 4.33% 2,340,246.27 657.71 1.40% (116,452.67) Aaa/AAA NA 1.47 1.43 Total Supranational 7,360,000.00 0.74% 7,308,742.45 7,349,433.08 96.18 4.43% 7,078,114.70 3,492.08 4.23% (271,318.38) Aaa/AAA NA 1.05 1.03 US TREASURY 912828ZL7 UNITED STATES TREASURY 0.375 04/30/2025 2,500,000.00 03/21/2022 2.22% 2,360,839.85 2,477,930.55 98.02 4.45% 2,450,429.68 25.90 1.46% (27,500.87) Aaa/AA+ AA+ 0.50 0.49 91282CAB7 UNITED STATES TREASURY 0.25 07/31/2025 1,500,000.00 03/12/2021 0.72% 1,469,765.63 1,494,856.94 96.99 4.39% 1,454,835.93 947.69 0.87% (40,021.01) Aaa/AA+ AA+ 0.75 0.73 91282CAM3 UNITED STATES TREASURY 0.25 09/30/2025 2,400,000.00 -- 0.56% 2,366,140.63 2,393,251.89 96.35 4.37% 2,312,512.49 527.47 1.38% (80,739.40) Aaa/AA+ AA+ 0.91 0.89 91282CAT8 UNITED STATES TREASURY 0.25 10/31/2025 2,450,000.00 -- 0.49% 2,422,492.19 2,444,260.61 96.05 4.34% 2,353,320.70 16.92 1.41% (90,939.91) Aaa/AA+ AA+ 1.00 0.98 91282CAZ4 UNITED STATES TREASURY 0.375 11/30/2025 2,250,000.00 03/26/2021 0.76% 2,209,658.20 2,240,688.54 95.86 4.34% 2,156,906.25 3,550.20 1.29% (83,782.29) Aaa/AA+ AA+ 1.08 1.05 91282CBH3 UNITED STATES TREASURY 0.375 01/31/2026 2,500,000.00 05/27/2021 0.75% 2,456,445.31 2,488,378.62 95.32 4.27% 2,383,007.80 2,369.23 1.42% (105,370.82) Aaa/AA+ AA+ 1.25 1.22 91282CBW0 UNITED STATES TREASURY 0.75 04/30/2026 2,500,000.00 05/27/2021 0.80% 2,493,652.34 2,498,075.93 95.00 4.23% 2,375,000.00 51.80 1.42% (123,075.93) Aaa/AA+ AA+ 1.50 1.46 91282CCZ2 UNITED STATES TREASURY 0.875 09/30/2026 1,400,000.00 10/18/2021 1.19% 1,379,054.68 1,391,909.33 94.00 4.17% 1,316,054.68 1,076.92 0.79% (75,854.65) Aaa/AA+ AA+ 1.91 1.86 91282CDG3 UNITED STATES TREASURY 1.125 10/31/2026 1,400,000.00 11/15/2021 1.25% 1,391,468.75 1,396,562.03 94.23 4.17% 1,319,171.87 43.51 0.79% (77,390.16) Aaa/AA+ AA+ 2.00 1.94 91282CJP7 UNITED STATES TREASURY 4.375 12/15/2026 2,500,000.00 12/28/2023 4.01% 2,525,097.66 2,517,953.41 100.44 4.15% 2,511,035.15 41,538.59 1.50% (6,918.26) Aaa/AA+ AA+ 2.12 1.97 24 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 91282CKJ9 UNITED STATES TREASURY 4.5 04/15/2027 2,300,000.00 04/17/2024 4.77% 2,283,109.38 2,286,156.50 100.84 4.14% 2,319,226.57 4,833.79 1.38% 33,070.08 Aaa/AA+ AA+ 2.45 2.30 91282CKR1 UNITED STATES TREASURY 4.5 05/15/2027 3,200,000.00 05/08/2024 4.65% 3,186,500.00 3,188,595.89 100.86 4.14% 3,227,375.01 66,521.74 1.93% 38,779.12 Aaa/AA+ AA+ 2.54 2.33 91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027 3,250,000.00 -- 3.18% 3,260,312.50 3,255,344.00 97.81 4.13% 3,178,779.31 35,591.03 1.90% (76,564.69) Aaa/AA+ AA+ 2.66 2.49 91282CFB2 UNITED STATES TREASURY 2.75 07/31/2027 400,000.00 08/22/2022 3.12% 393,218.75 396,231.38 96.43 4.14% 385,703.12 2,779.89 0.23% (10,528.26) Aaa/AA+ AA+ 2.75 2.59 91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 4,500,000.00 -- 3.28% 4,468,902.34 4,482,313.89 97.34 4.13% 4,380,117.21 24,084.94 2.62% (102,196.68) Aaa/AA+ AA+ 2.83 2.66 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 3,450,000.00 -- 4.31% 3,421,152.34 3,432,932.88 100.02 4.12% 3,450,539.06 12,510.99 2.06% 17,606.19 Aaa/AA+ AA+ 2.91 2.71 91282CFZ9 UNITED STATES TREASURY 3.875 11/30/2027 850,000.00 12/05/2022 3.81% 852,656.25 851,640.45 99.25 4.14% 843,591.80 13,858.95 0.50% (8,048.65) Aaa/AA+ AA+ 3.08 2.83 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 2,750,000.00 -- 3.67% 2,775,107.42 2,766,128.57 99.23 4.13% 2,728,945.31 35,906.93 1.63% (37,183.25) Aaa/AA+ AA+ 3.17 2.91 91282CGH8 UNITED STATES TREASURY 3.5 01/31/2028 3,000,000.00 02/07/2023 3.81% 2,957,929.69 2,972,554.79 98.07 4.14% 2,942,226.57 26,535.33 1.76% (30,328.22) Aaa/AA+ AA+ 3.25 3.01 91282CGP0 UNITED STATES TREASURY 4.0 02/29/2028 3,700,000.00 -- 4.01% 3,699,113.28 3,699,498.54 99.54 4.15% 3,683,089.85 25,348.07 2.20% (16,408.68) Aaa/AA+ AA+ 3.33 3.07 91282CKG5 UNITED STATES TREASURY 4.125 03/31/2029 2,300,000.00 04/17/2024 4.62% 2,249,867.19 2,255,329.67 99.84 4.17% 2,296,226.57 8,340.66 1.37% 40,896.90 Aaa/AA+ AA+ 4.41 3.98 91282CKX8 UNITED STATES TREASURY 4.25 06/30/2029 2,000,000.00 07/01/2024 4.41% 1,985,546.88 1,986,513.59 100.35 4.17% 2,006,953.12 28,641.30 1.20% 20,439.53 Aaa/AA+ AA+ 4.66 4.13 91282CLK5 UNITED STATES TREASURY 3.625 08/31/2029 3,500,000.00 09/11/2024 3.45% 3,527,480.47 3,526,737.75 97.73 4.15% 3,420,429.67 21,729.97 2.04% (106,308.08) Aaa/AA+ AA+ 4.83 4.35 91282CLN9 UNITED STATES TREASURY 3.5 09/30/2029 5,000,000.00 -- 3.83% 4,925,039.06 4,925,846.20 97.12 4.15% 4,855,859.40 15,384.62 2.90% (69,986.80) Aaa/AA+ AA+ 4.91 4.44 91282CLR0 UNITED STATES TREASURY 4.125 10/31/2029 3,000,000.00 10/31/2024 4.17% 2,993,789.06 2,993,789.06 99.89 4.15% 2,996,718.75 341.85 1.79% 2,929.69 Aaa/AA+ AA+ 5.00 4.47 Total US Treasury 64,600,000.00 3.09% 64,054,339.85 64,363,481.00 98.10 4.19% 63,348,055.87 372,558.29 37.82% (1,015,425.13) Aaa/AA+ AA+ 2.84 2.62 25 HOLDINGS REPORT City of Cupertino | Account #10659 | As of October 31, 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 Portfolio 171,072,057.66 3.24% 169,497,300.46 169,872,100.18 97.91 4.40% 167,493,255.73 956,605.01 100.00% (2,378,844.45) Aa2/AA- AA 2.87 2.46 Total Market Value + Accrued 168,449,860.74 26 TRANSACTIONS 27 TRANSACTION LEDGER City of Cupertino | Account #10659|10/01/2024 Through 10/31/2024| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/03/2024 02665WFQ9 1,750,000.00 AMERICAN HONDA FINANCE CORP 4.4 09/05/2029 100.463 4.29%(1,758,102.50)(5,988.89)(1,764,091.39)0.00 Purchase 10/07/2024 91282CLN9 2,000,000.00 UNITED STATES TREASURY 3.5 09/30/2029 98.813 3.76%(1,976,250.00)(1,346.15)(1,977,596.15)0.00 Purchase 10/15/2024 171239AL0 885,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 101.227 4.36%(895,858.95)(8,573.44)(904,432.39)0.00 Purchase 10/15/2024 91282CLN9 3,000,000.00 UNITED STATES TREASURY 3.5 09/30/2029 98.293 3.88%(2,948,789.06)(4,326.92)(2,953,115.98)0.00 Purchase 11/01/2024 78016HZV5 2,000,000.00 ROYAL BANK OF CANADA 4.95 02/01/2029 100.996 4.69%(2,019,920.00)(24,750.00)(2,044,670.00)0.00 Purchase 11/01/2024 91282CLR0 3,000,000.00 UNITED STATES TREASURY 4.125 10/31/2029 99.793 4.17%(2,993,789.06)(341.85)(2,994,130.91)0.00 Purchase 11/05/2024 13063EGT7 1,740,000.00 4.5 08/01/2029 100.527 4.38%(1,749,169.80)0.00 (1,749,169.80)0.00 Total Purchase 14,375,000.00 (14,341,879.37)(45,327.25)(14,387,206.62)0.00 TOTAL ACQUISITIONS 14,375,000.00 (14,341,879.37)(45,327.25)(14,387,206.62)0.00 DISPOSITIONS Sale 10/03/2024 91282CED9 (1,500,000.00)UNITED STATES TREASURY 1.75 03/15/2025 98.875 2.70%1,483,125.00 1,305.25 1,484,430.25 (13,774.47) Sale 10/07/2024 3137EAEP0 (500,000.00) FEDERAL HOME LOAN MORTGAGE CORP 1.5 02/12/2025 98.933 1.52%494,665.00 1,145.83 495,810.83 (5,308.00) Sale 10/07/2024 91282CED9 (1,600,000.00)UNITED STATES TREASURY 1.75 03/15/2025 98.867 2.70%1,581,875.00 1,701.66 1,583,576.66 (14,898.93) Sale 10/15/2024 3137EAEP0 (1,865,000.00) FEDERAL HOME LOAN MORTGAGE CORP 1.5 02/12/2025 98.991 1.52%1,846,178.42 4,895.63 1,851,074.05 (18,727.15) Sale 10/15/2024 61690U7W4 (1,000,000.00)MORGAN STANLEY BANK NA 5.882 10/30/2026 103.060 5.88%1,030,600.00 26,959.17 1,057,559.17 30,544.51 Sale 10/15/2024 912828ZC7 (795,000.00)UNITED STATES TREASURY 1.125 02/28/2025 98.754 0.81%785,093.55 1,111.79 786,205.34 (10,829.67) 28 TRANSACTION LEDGER City of Cupertino | Account #10659|10/01/2024 Through 10/31/2024| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 11/01/2024 17275RBQ4 (2,000,000.00)CISCO SYSTEMS INC 4.8 02/26/2027 100.811 4.85%2,016,220.00 17,333.33 2,033,553.33 12,394.03 Sale 11/01/2024 24422EXM6 (2,000,000.00)JOHN DEERE CAPITAL CORP 4.85 03/05/2027 100.946 4.77%2,018,920.00 15,088.89 2,034,008.89 15,604.56 Sale 11/01/2024 46647PEA0 (1,500,000.00)JPMORGAN CHASE & CO 5.04 01/23/2028 100.479 5.02%1,507,185.00 20,580.00 1,527,765.00 6,578.75 Sale 11/01/2024 912828ZC7 (700,000.00)UNITED STATES TREASURY 1.125 02/28/2025 98.906 0.81%692,343.75 1,348.76 693,692.51 (8,367.54) Total Sale (13,460,000.00)13,456,205.72 91,470.31 13,547,676.03 (6,783.91) TOTAL DISPOSITIONS (13,460,000.00)13,456,205.72 91,470.31 13,547,676.03 (6,783.91) 29 IMPORTANT DISCLOSURES City of Cupertino | Account #10659 | As of October 31, 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. 30 BENCHMARK DISCLOSURES City of Cupertino | Account #10659 | As of October 31, 2024 Benchmark Disclosure ICE BofA 1-5 Yr US Treasury & Agency Index The ICE BofA 1-5 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 five 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. 31