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
