12 - December 12, 2024 - Treasurerʹs Investment Report for the Quarter Ending September 30, 2024
CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: December 12, 2024
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Treasurerʹs Investment Report for the Quarter Ending September 30, 2024
Reasons for Recommendation
Background
On May 14, 2024, the City Council approved the City Investment Policy. Per the Cityʹs
Investment Policy, the Treasurer shall submit a quarterly investment report to the City
Council approximately 45 days following the end of the quarter. In addition to the
quarterly investment reports, monthly transaction reports are submitted to the City
Council within 30 days of the end of the reporting period per California Government Code
Section 53607. The quarterly investment report offers a more extensive discussion of the
Cityʹs economy, cash flow, and investments.
The Cityʹs Municipal Code Section 2.24.050 Investment Authority states that the Treasurer
shall make a monthly report of all investment transactions to the City Council. The Cityʹs
Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services
shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess and
collect all City taxes save and except for those collected by State and County officers for
the City. Lastly, the Cityʹs Municipal Code Section 2.88.100 Duties–Powers–
Responsibilities lists one of the powers and functions of the Audit Committee is ʺto review
the quarterly Treasurerʹs Investment report.ʺ
Per the referenced code provisions, a Treasurerʹs Investment Report is made available to
the City Council quarterly.
Treasurerʹs Investment Report
The report provides an update on the Cityʹs investment portfolio for the month ending
Septemer 30, 2024. The report is as of October 25, 2024.
The attached statements include balances and transactions of the Cityʹs investments with
the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The
2
Chandler investment report provides information on the investment type, issuer,
purchase date, maturity date, cost value, par value, and market value for each security, as
well as the weighted average maturity and weighted average yield of all investments.
While not governed by the Cityʹs Investment Policy, statements for the Public Agency
Retirement Services (PARS) Section 115 Trusts are also attached per a request from the
Treasurerʹs Report sub‐committee.
The Cityʹs General Ledger cash and investments balance was $272.1 million, a $2.8 million
decrease from the prior quarter.
Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
June 30, 2024
Quarter Ending
September 30, 2024
General Fund 173,568,057 167,314,722
Special Revenue 42,654,567 44,851,934
Debt Service 250 2,676,450
Capital Projects 36,410,445 34,009,666
Enterprise 10,400,929 11,118,808
Internal Service 11,857,266 12,129,322
Total $274,891,514 $272,100,903
3
The $272.1 million in cash and investments include $18.2 million in cash, $65.8 million in
cash equivalents, $169.0 million in investments, and $19.1 million restricted for funding
pension costs.
Note: Beginning balances have been updated to account for any final adjustments made
as part of the month‐end close that could not be completed before the prior report’s
preparation. These adjustments were necessary due to time constraints associated with
both completing the month‐end close process and generating the report.
The City pools cash for all funds except restricted funds. However, the City accounts for
interest earnings, revenues, and expenditures separately for each fund to adequately meet
the purpose and restrictions of each funding source. Pooling funds is a common and
appropriate practice used in public agencies. By pooling funds, the City can benefit from
economies of scale, diversification, liquidity, and ease of administration.
4
Cash and Investments – General Ledger Balance
Quarter Ending
June 30, 2024
Quarter Ending
September 30,
2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 22,457,990 18,172,695 7%
Workersʹ Compensation Checking (Wells Fargo) 6,038 36,003 0%
Payroll Checking (Wells Fargo) ‐ ‐ 0%
Restricted for Bond Repayments1 (BNY Mellon) ‐ ‐ 0%
Petty Cash and Change 2,950 2,650 0%
Cash Equivalents
Local Agency Investment Fund 65,000,052 65,759,754 24%
Investments
Investments (Chandler) 168,335,625 169,040,941 62%
Restricted for Pension2 (PARS) 19,088,859 19,088,859 7%
Total Cash and Investments3 $274,891,514 $272,100,903 100%
1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash
and investments in the General Fund. The assets can only be used to fund CalPERS costs.
3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own
operations. The assets are held in trust for retireesʹ post‐employment health benefits.
The table below shows the bank balances for the Cityʹs cash and investments. Bank and
General Ledger balances differ due to timing. Bank balances do not include outstanding
checks and deposits in transit. The General Ledger is updated quarterly with interest
earnings and annually with the year‐end investment market values.
Cash and Investments – Bank Balance
Quarter Ending
June 30, 2024
Quarter Ending
September 30,
2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 23,579,447 21,319,079 8%
Workersʹ Compensation Checking (Wells Fargo) 6,992 37,977 0%
Payroll Checking (Wells Fargo) ‐ ‐ 0%
Restricted for Bond Repayments1 (BNY Mellon) ‐ ‐ 0%
Cash Equivalents
Local Agency Investment Fund 65,000,052 65,759,754 23%
Investments
Investments (Chandler) 164,967,177 169,948,739 61%
Restricted for Pension2 (PARS) 21,663,664 22,967,000 8%
Total Cash and Investments3 $275,217,332 $280,032,549 100%
5
1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash
and investments in the General Fund. The assets can only be used to fund CalPERS costs.
3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own
operations. The assets are held in trust for retireesʹ post‐employment health benefits.
Wells Fargo Accounts
The City, in collaboration with Chandler and Wells Fargoʹs relationship manager,
explored various options to maximize investment opportunities for excess funds in the
City operating account. Prioritizing safety and liquidity, it was ultimately decided that
converting the operating checking account to a ʺGovernment Advantage Checkingʺ
account was the optimal solution. This account offers full FDIC insurance and an interest
rate of 3% as of June 30, 2024. The interest rate is subject to change based on market
conditions. Staff will continuously monitor the rate and evaluate whether to retain funds
in the account or transfer them to alternative investment opportunities.
Local Agency Investment Fund (LAIF)
LAIF is an investment pool administered by the State of California Treasurer and
governed by California Government Code. The City can withdraw funds from LAIF at
any time. As a result, the City uses LAIF for short‐term investment, liquidity, and yield.
The Cityʹs LAIF account had a balance of $65.8 million. The quarterly interest rate was
4.71%.
Investment Portfolio
In FY 2018‐19, the City conducted a Request for Proposal (RFP) for investment
management services and selected Chandler Asset Management. Under the Cityʹs
Treasurerʹs direction, Chandler Asset Management manages the Cityʹs investment
portfolio in accordance with the Cityʹs investment objectives. The Cityʹs investment
objectives, in order of priority, are to provide:
Safety to ensure the preservation of capital in the overall portfolio
Sufficient liquidity for cash needs
A market rate of return consistent with the investment program
The performance objective is to earn a total rate of return through a market cycle equal to
or above the return on the benchmark index. Chandler Asset Management invests in high‐
quality fixed‐income securities consistent with the Cityʹs Investment Policy and California
Government Code to achieve the objective.
The portfolioʹs market value was $169.1 million, compared to $164.2 million at the end of
the previous quarter. The table below includes historical comparisons of the Cityʹs
portfolio:
6
June 30, 2024 September 30,
2024
Market Value 164,177,564 169,065,101
Par Value 168,885,052 170,704,952
Book Value 168,646,769 169,511,721
Average Maturity 2.10 years 2.67 years
Average Modified Duration 1.72 2.28
Average Purchase Yield 2.59% 3.17%
Average Market Yield 4.75% 3.97%
Average Quality1 AA+ AA
1 S&P and Moodyʹs respectively
The portfolioʹs market value fluctuates depending on interest rates. When interest rates
decrease after an investment is purchased, the market value of the investment increases.
In contrast, when interest rates increase after an investment is purchased, the market value
of the investment decreases. At the time of purchase, the City intends to hold all
investments until maturity, meaning that changes in market value will not impact the
Cityʹs investment principal. If the market value decreases, the City will incur an
unrealized loss. However, the loss will only be realized if the City sells its investments
before their maturity. The market values for the portfolio were provided by Chandler
Asset Management.
Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre‐fund
Other Post‐Employment Benefits (OPEB) costs. These trusts are a tax‐exempt investment
tool that local governments can use to set aside funds for pension and retiree health costs.
Contributions made to the trust can only be used to fund retirement plans.
Investments in the Section 115 Trusts are governed by separate investment policies, which
are distinct from the Cityʹs Investment Policy. On December 5, 2023, City Council
approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public
Agency Retirement Services (PARS) administers the trust, while US Bank manages the
investments in accordance with the approved investment policies.
Both Section 115 Trusts are invested in ʺbalancedʺ portfolios. The investment objective is
designed to provide a moderate amount of current income with moderate growth of
capital. This type of investment strategy is generally recommended for investors with a
long‐term horizon. The strategic asset allocation ranges for this investment objective are:
7
Asset Class Range Target
Equities 50‐70% 63%
Fixed Income 20‐40% 29%
Real Estate 0‐15% 5%
Commodities 0‐10% 2%
Cash 0‐10% 1%
The Section 115 Pension Trust had a balance of $23.0 million, an increase of $1.3 million
from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance
of $40.4 million, an increase of $2.4 million from the prior quarter mainly due to
investment gains. The quarterly investment return for OPEB Trust was 6.29% and Pension
Trust was 6.11%.
Analysis
The City compares its portfolio to LAIF and one‐year and two‐year Treasury yields. Yield
comparisons for the one‐year Treasury, two‐year Treasury, LAIF, and City average are
presented below:
In September, the one‐year Treasury yield and two‐year Treasury yield decreased with
yields of 3.98% and 3.66%, respectively. The one‐year Treasury yield decreased by 111
basis points, and the two‐year Treasury yield decreased by 105 basis points from June 30,
2024. The yield of the Cityʹs investment portfolio was 3.97%, higher than the the two‐year
Treasury yield, but lower than the one‐year Treasury yield and LAIF.
8
Cash Flow History
Historical revenues, expenditures, and liquidity ratios are presented below:
9
As the Cityʹs portfolio becomes more or less liquid over time, the ratio of cash and cash
equivalents to revenues and expenditures will increase or decrease, respectively. The
portfolioʹs investment structure is complete, so the City anticipates the ratio of cash and
cash equivalents to revenues and expenditures to continue to flatten out moving forward.
While a formal liquidity level has not been established, significant and consistent
fluctuations in the ratio may indicate that additional funds should be invested or,
conversely, that investments should be liquidated. In recent years, sufficient liquidity
levels for operating revenues and expenditures have approximated a ratio of 1.0. In March
2022, the City transferred $15.0 million from the operating account to the investment
portfolio, which reduced the March 2022 liquidity ratios. Liquidity ratios have been higher
in FY 2023‐24 due to increased cash and investment balances as the City anticipated a
decision from a California Department of Tax and Fee Administration (CDTFA) audit of
a City taxpayer. In FY 2023‐24, the City established a Sales Tax Repayment Reserve with
a total allocation of $74.5 million to set aside disputed received sales tax revenue. With the
additional June 2024 deposit and subsequent investments, the liquidity ratios will be in
flux until the funds have been fully invested.
As of September 30, 2024, the liquidity ratio was 3.37 and 3.03 for revenues and
expenditures, respectively. The City will monitor inflows and outflows during FY 2024‐
25 and bring recommendations for the Cityʹs investment portfolio as necessary and
applicable.
10
As of September 30, 2024, the City had $87.1 million in cash and cash equivalents in the
bank and on hand. Based on the cash flow forecast, the City maintains the ability to meet
its expenditure requirements for the next six months.
Cash Flow Forecast
Applying three‐year historical trend data for each of the Cityʹs revenue and expenditure
line items to the FY 2023‐24 Adopted Budget, the City estimated the following cash flow
forecast for FY 2023‐24:
11
The purpose of this cash flow and liquidity forecast is to illustrate the timing of the Cityʹs
revenues and expenditures throughout a fiscal year using historical trend data. The first
quarter of the fiscal year experiences expenditures exceeding revenues since the City
begins receiving its property tax distributions in November and April of the respective
fiscal year. In January and April, the City receives additional property tax revenues due
to the Vehicle License Fee (VLF) swap. In June, the City tends to experience higher
12
activities, particularly expenditures, due to the year‐end close and accrual process. From
one fiscal year to the next, the City typically incurs one‐time special project or capital
expenditure costs. The timing of these costs is more difficult to pinpoint in a particular
month.
From a cash flow analysis perspective, the Adopted and Amended Budgets are efficient
planning tools for determining cash flow needs for a single fiscal year. If a budget is
adopted at a position in which revenues and expenditures are balanced, then it is
reasonable to conclude cash flow is unlikely to be of concern. Beyond one fiscal year, a
City prepares a long‐term forward‐looking forecast using historical and prospective
assumptions. This forecast model is incorporated and presented to the City Council as
part of the Cityʹs Adopted Budget.
Compliance
All of the Cityʹs investments comply with state law and the Cityʹs Investment Policy. In
compliance with California Government Code 53646 (b)(3), the City maintains the ability
to meet its expenditure requirements for the next six months.
Although this report was presented to the Audit Committee on October 31, 2024, within
the required 45‐day reporting period, staff inadvertently missed the deadline to notify the
City Council of its availability.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Jonathan Orozco
Finance Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services and City Treasurer
Approved for Submission by: __________________
Pamela Wu
City Manager
13
Attachments:
A – Chandler Investment Report September 2024
B – Chandler Custodial Statement September 2024
C – PARS Pension and OPEB Account Statement September 2024
D – LAIF Account Statement September 2024
INVESTMENT REPORT
City of Cupertino | As of September 30, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
City of Cupertino | Account #10659 | As of September 30, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1
ECONOMIC UPDATE
2
Recent economic data suggests positive but slower growth this year fueled by consumer spending.While the consumer has been resilient,
declining savings rates,growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future
economic growth.Inflationary trends are subsiding, but core levels remain above the Fed’s target.The labor market is showing signs of
cooling,reflecting an improved balance between supply and demand for workers.Given the cumulative effects of restrictive monetary
policy and tighter financial conditions,we believe the economy will gradually soften and the Fed will continue to lower rates at a measured
pace through this year with the ability to move more aggressively should the employment data warrant.
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a reduction
in the Fed Funds Rate was widely anticipated,the magnitude was somewhat of a surprise,as market participants were split between
whether the FOMC would cut by 25 basis points or 50 basis points.Chair Jerome Powell reiterated previous statements acknowledging that
monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem. The Fed released the
quarterly Summary of Economic Projections (SEP)which now forecasts a substantially lower median Fed Funds Rate expectation among Fed
Governors in 2025 due to lower inflation expectations and a higher projected unemployment rate.We believe the Fed will continue to lower
rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.
The US Treasury yield curve shifted lower in September following the 50 basis points rate cut by the FOMC mid-month. The 2-year Treasury
yield fell 28 basis points to 3.64%,the 5-year Treasury dropped 15 basis points to 3.56%,and the 10-year Treasury yield declined 12 basis
points to 3.78%.The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month-end
versus -2 basis points at August month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -47 basis
points. The inversion between 3-month and 10-year Treasuries ended the month of September at -85 basis points.
ECONOMIC UPDATE
3
-400
-200
0
200
400
600
800
1,000
MO
M
C
h
a
n
g
e
I
n
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
The U.S.economy added 254,000 jobs in September,well above expectations of 150,000.The three-month moving average and six-month
moving average payrolls continued to trend weaker to 186,000 and 167,000 respectively.The unemployment rate declined to 4.1%in
September,and the labor participation rate remained at 62.7%,remaining below the pre-pandemic level of 63.3%.The U-6
underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic
reasons declined to 7.7%from 7.9%.Average hourly earnings rose 4.0%year-over-year in September.U.S.labor market data from
September surprised to the upside,with strong job growth and a sharper-than-expected drop in unemployment, suggesting the economy
may be more resilient than anticipated.The Federal Reserve’s view is that there has been “substantial”progress towards better balance
in the labor market between demand and supply for workers.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The Labor D epartment’s Job Openings and Labor Turnover Survey (JOLTS)increased to 8.04 million job openings in August from an
upwardly revised 7.71 million in July.Job openings have increased to a ratio of 1.13 jobs for each unemployed individual.The quits rate,
an indicator of job availability,declined to 1.9%from downwardly revised 2.0%in July. That is the lowest level since 2020.While the
current level of job openings remains elevated from a historical perspective, the trend is decelerating.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
In August, the Consumer Price Index (CPI)rose 0.2%month-over-month and 2.5%year-over-year,down from 2.9%in July,largely due to a
drop in gasoline prices.The Core CPI,which excludes volatile food and energy components,rose more than expected in August by 0.3%
month-over-month and 3.2%year-over-year.The Personal Consumption Expenditures (PCE)Index rose 0.1%from the previous month and
2.2%year-over-year in August. The Core PCE deflator (the Fed’s preferred gauge)increased 0.1%month-over-month and 2.7%over the
past year,still above the Fed’s 2%inflation target.Much of the lingering inflation has been driven by shelter costs and demand for
services, but recent data provide confirmation that inflation is moderating.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
Retail Sales g rew more than expected month-over-month in August at 0.1%after growth of 1.1%in July.On a year-over-year basis, Retail
Sales grew 2.1%in August versus 2.9%in July.Control-group sales,which are used to calculate gross domestic product,rose 0.3%month-
over-month in August after last month’s data was revised higher to an increase of 0.4%.E-commerce contributed the most to the
increase.The Conference Board’s Consumer Confidence Index for September came in below expectations, contracting to 98.7 after an
upward revision to 105.6 in August. The decline reflects recent softening in labor market conditions, and less optimism about the job
market and income growth.While the consumer has been resilient,consumption has begun to moderate in the face of declining savings
rates, growing credit card debt, higher delinquencies, and a moderating labor market.
0
20
40
60
80
100
120
140
160
In
d
e
x
L
e
v
e
l
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board
All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YO
Y
(%
)
C
h
a
n
g
e
-1.00
-0.75
-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
Chicago Fed National Activity Index (CFNAI)
Recession
3
M
o
n
t
h
A
v
e
r
a
g
e
The Conference B oard’s Leading Economic Index (LEI)remained in negative territory at -0.2%in August, improving from -0.6%in July. The
index dropped 5.0%year-over-year.The improvement can be attributed to a decrease in the yield curve inversion,an increase in building
permits,and stock market performance.The Chicago Fed National Activity Index (CFNAI)increased to 0.12 in August from a downwardly
revised -0.42 in July,which was above consensus expectations. The three-month moving average fell to -0.17 in August from -0.13 in July,
indicating below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surprised to the upside on a month-over-month basis in August,increasing 9.6%to 1.356 million units versus the previous
decline of 6.9%the prior month.Starts were led by the single-family home sector.Total starts were up 3.9%year-over-year.The Freddie
Mac average rate for a 30-year fixed mortgage edged down to 6.35%in August from 6.85%in July. According to the Case-Shiller 20-City
Home Price Index, housing prices rose 5.9%year-over-year in July,decelerating from 6.5%reported in the previous month. Although the
trend is gradually improving, tight inventories and higher mortgage rates continue to impact affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case -Shiller 20 City Composite Home Price Index
Recession
YO
Y
(
%
)
C
h
a
n
g
e
HOUSING
9
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM)Manufacturing index contracted at a slower rate of 47.2 in September compared to 47.5 in
August.Demand remains subdued and companies are continuing to reduce head counts through layoffs,attrition and hiring freezes.The
ISM Services Index increased to 54.9 in September,increasing from 51.7 in August, due stronger production and new orders.A reading
over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 9/23 12/23 3/24 6/24
1.7% 2.3% 1.3% 1.9%
1.8% 0.2% 0.6% 1.5%
-0.1% 0.1% -0.6% -0.9%
0.3% 0.0% 0.0% 0.3%
0.6% 0.6% 0.3% 0.3%
4.4% 3.2% 1.6% 3.0%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
According to the third estimate,second quarter GDP increased at an annualized rate of 3.0%,unchanged from the prior estimate.Growth
continues to be powered by personal consumption expenditures.Gross fixed investment, government consumption expenditures, and
inventories also had positive contributions,with a negative offset by net exports.The consensus projection calls for 2.0%growth in the
third quarter and 2.6% growth for the full year 2024.
GROSS DOMESTIC PRODUCT (GDP)
11
Source: Federal Reserve Source: Bloomberg
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In
$
m
i
l
l
i
o
n
s
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a
reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split
between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements
acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate
expectation among Fed Governors in 2025 to 3.1 – 3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency
mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative
Tightening campaign in June 2022, securities holdings have declined by approximately $1.8T to approximately $7.1T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
FEDERAL RESERVE
12
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Y
i
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Sep-24
Jun-24
Sep-23
Yi
e
l
d
(
%
)
At the end of September,the 2-year Treasury yield was 140 basis points lower,and the 10-Year Treasury yield was 79 basis points lower,
year-over-year.The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month-end
versus -2 basis points at August month-end. The yield curve inversion which began in July 2022 was historically long.The average
historical spread (since 2003)is about +110 basis points. The inversion between 3-month and 10-year Treasuries tightened to -85 basis
points in September from -121 basis points in August.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
City of Cupertino | As of September 30, 2024
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of
capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the
investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or
above the return on the benchmark index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the
investment policy and California Government Code.
15
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of September 30, 2024
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)100.0 9.9 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 5.4 Compliant
Max Maturity (Years)5.0 4.9 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 10.1 Compliant
Max % Issuer (MV)5.0 1.7 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)40.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT
SERVICE (CDARS)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)25.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)270 0.0 Compliant
16
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of September 30, 2024
Rules Name Limit Actual Compliance
Status Notes
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)30.0 26.5 Compliant
Max % Issuer (MV)5.0 1.8 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 13.2 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 5.4 Compliant
Max Callables (MV)20.0 0.0 Compliant
Max Maturity (Years)5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)20.0 0.2 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-
AGENCY)
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
17
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of September 30, 2024
Rules Name Limit Actual Compliance
Status Notes
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT
(NCD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV)10.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 4.2 Compliant
Max % Issuer (MV)10.0 1.4 Compliant
Max Maturity (Years)5 1 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 35.9 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO SUMMARY
Sector Allocation
Performance Review
Total Rate of Return 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
(02/01/19)
City of Cupertino 0.81%3.04%4.67%7.38%5.18%1.09%1.63%--1.96%
Benchmark Return*0.80%2.86%4.14%6.74%4.73%0.75%1.27%--1.73%
City of Cupertino | Account #10659 | As of September 30, 2024
Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Average Modified Duration 2.28
Average Coupon 2.95%
Average Purchase YTM 3.17%
Average Market YTM 3.97%
Average Quality AA
Average Final Maturity 2.67
Average Life 2.35
United States
FHLMC
FNMA 5.37%
Farm Credit System 3.16%
Morgan Stanley 1.79%
JPMorgan Chase & Co.1.79%
American Express Credit Master Trust 1.71%
UnitedHealth Group Incorporated 1.71%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index Secondary Benchmark:
*See Footnote
Beg. Values as of
06/30/2024
End Values as of
09/30/2024
Market Value 164,177,564.58 169,065,101.73
Accrued Interest 789,612.72 883,637.19
Total Market Value 164,967,177.31 169,948,738.92
Income Earned 226,746.67 586,104.90
Cont/WD 8,639,529.99 0.00
Par 168,885,052.00 170,704,952.15
Book Value 168,646,769.08 169,511,721.72
Cost Value 168,445,525.33 169,150,841.25
19
PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of September 30, 2024
Benchmark*9/30/2024
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs)1.84 2.67 2.01
Average Modified Duration 1.76 2.28 1.72
Average Purchase Yield 3.17%2.59%
Average Market Yield 3.71%3.97%4.75%
Average Quality**AA+AA AA+
Total Market Value 169,948,739 164,967,177
*Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.20
SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2024
Sector as a Percentage of Market Value
Sector 09/30/2024 06/30/2024
US Treasury 35.92%34.03%
Corporate 26.54%26.18%
Agency 13.20%15.28%
ABS 10.10%10.92%
Agency CMBS 9.86%3.46%
Supras 4.19%4.22%
Money Mkt Fd 0.18%0.12%
Cash 0.00%5.34%
Muni Bonds --0.46%
21
DURATION ALLOCATION
City of Cupertino | Account #10659 | As of September 30, 2024
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2024 0.4%6.0%14.1%20.6%29.8%14.3%14.8%0.0%0.0%
22
ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2024
Issuer Investment Type % Portfolio
United States US Treasury 35.92%
FHLMC Agency CMBS 9.86%
FNMA Agency 5.37%
FHLMC Agency 3.53%
Farm Credit System Agency 3.16%
Morgan Stanley Corporate 1.79%
JPMorgan Chase & Co.Corporate 1.79%
American Express Credit Master Trust ABS 1.71%
UnitedHealth Group Incorporated Corporate 1.71%
The Home Depot, Inc.Corporate 1.55%
Guardian Life Global Funding Corporate 1.51%
International Finance Corporation Supras 1.43%
Inter-American Development Bank Supras 1.39%
International Bank for Recon and Dev Supras 1.37%
John Deere Owner Trust ABS 1.33%
Cisco Systems, Inc.Corporate 1.21%
Deere & Company Corporate 1.21%
Massachusetts Mutual Life Insurance Corporate 1.17%
Federal Home Loan Banks Agency 1.14%
Honda Auto Receivables Owner Trust ABS 1.08%
State Street Corporation Corporate 1.07%
Amazon.com, Inc.Corporate 1.06%
GM Financial Securitized Term ABS 1.06%
Chase Issuance Trust ABS 1.01%
Bank of America Credit Card Trust ABS 0.99%
Berkshire Hathaway Inc.Corporate 0.92%
PepsiCo, Inc.Corporate 0.91%
Prologis, Inc.Corporate 0.89%
The Progressive Corporation Corporate 0.88%
Bank of America Corporation Corporate 0.88%
23
ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2024
Issuer Investment Type % Portfolio
Realty Income Corporation Corporate 0.85%
Toyota Auto Receivables Owner Trust ABS 0.85%
The Toronto-Dominion Bank Corporate 0.81%
Toyota Motor Corporation Corporate 0.78%
MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.67%
Metropolitan Life Global Funding I Corporate 0.63%
New York Life Insurance Company Corporate 0.61%
Caterpillar Inc.Corporate 0.61%
Mastercard Incorporated Corporate 0.58%
BMW Vehicle Owner Trust ABS 0.57%
Meta Platforms, Inc.Corporate 0.55%
The Charles Schwab Corporation Corporate 0.55%
Chubb Limited Corporate 0.52%
Northwestern Mutual Global Funding Corporate 0.48%
Hyundai Auto Receivables Trust ABS 0.46%
Met Tower Global Funding Corporate 0.43%
Northern Trust Corporation Corporate 0.40%
Hyundai Auto Lease Securitization Tr ABS 0.37%
Walmart Inc.Corporate 0.20%
Wells Fargo & Company Money Mkt Fd 0.15%
WC MMF Sweep Money Mkt Fd 0.03%
Cash Cash 0.00%
TOTAL 100.00%
24
QUALITY DISTRIBUTION
Rating 09/30/2024 06/30/2024
AAA 11.5%16.1%
AA 66.6%62.9%
A 17.8%16.6%
NR 4.1%4.4%
Rating 09/30/2024 06/30/2024
AAA 69.9%70.6%
AA 7.8%6.9%
A 17.7%17.7%
NR 4.6%4.9%
Rating 09/30/2024 06/30/2024
AAA 15.6%19.6%
AA 63.0%62.8%
A 9.1%8.1%
NR 12.3%9.5%
City of Cupertino | Account #10659 | As of September 30, 2024
S&P Rating Moody’s Rating Fitch Rating
25
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 0.4%6.0%14.1%20.6%29.8%14.3%14.8%0.0%0.0%
ICE BofA 1-3 Year US Treasury & Agency
Index 0.1%0.1%3.6%58.6%37.6%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2024
Portfolio Compared to the Benchmark
26
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since
Inception
TOTAL RATE OF RETURN
City of Cupertino 3.04%7.38%5.18%1.09%1.63%1.96%
Benchmark 2.86%6.74%4.73%0.75%1.27%1.73%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized
and unrealized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
City of Cupertino | Account #10659 | As of September 30, 2024
Total Rate of Return : Inception | 02/01/2019
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Cupertino ICE BofA 1-3 Yr US Treasury & Agency Index
27
HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of September 30, 2024
Purchase Yield as of 09/30/24 = 3.17%
28
PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 124,921.35 11/16/2021
0.89%
124,895.02
124,913.93
98.70
5.24%
123,294.88
30.54
0.07%
(1,619.05)
Aaa/NA
AAA
1.31
0.30
47789QAC4 JDOT 2021-B A3 0.52 123,022.51 07/13/2021 123,011.54 98.83 121,581.32 0.07%Aaa/NA 1.46
03/16/2026 0.52%123,019.51 4.69%28.43 (1,438.19)AAA 0.28
89238JAC9 TAOT 2021-D A3 0.71 123,747.06 11/09/2021 123,744.42 98.81 122,276.71 0.07%NA/AAA 1.54
04/15/2026 0.71%123,746.25 4.64%39.05 (1,469.55)AAA 0.30
44935FAD6 HART 2021-C A3 0.74 312,769.81 --304,861.59 99.08 309,889.45 0.18%NA/AAA 1.62
05/15/2026 2.17%310,022.06 5.23%102.87 (132.61)AAA 0.20
43815BAC4 HAROT 2022-1 A3 1.88 340,002.36 02/15/2022 339,951.22 98.81 335,949.09 0.20%Aaa/AAA 1.62
05/15/2026 1.89%339,984.30 4.89%284.09 (4,035.21)NA 0.39
05602RAD3 BMWOT 2022-A A3 3.21 247,751.54 05/10/2022 247,738.66 99.33 246,087.22 0.15%Aaa/AAA 1.90
08/25/2026 3.23%247,746.18 4.75%132.55 (1,658.97)NA 0.44
47787JAC2 JDOT 2022 A3 0.36 191,836.37 03/10/2022 191,793.94 98.85 189,630.01 0.11%Aaa/NA 1.96
09/15/2026 2.34%191,819.08 4.69%197.80 (2,189.07)AAA 0.49
362554AC1 GMCAR 2021-4 A3 0.68 114,117.31 10/13/2021 114,114.40 98.52 112,431.34 0.07%Aaa/AAA 1.96
09/16/2026 0.68%114,116.31 4.96%32.33 (1,684.97)NA 0.34
448977AD0 HART 2022-A A3 2.22 476,406.35 03/09/2022 476,388.01 98.90 471,164.22 0.28%NA/AAA 2.04
10/15/2026 2.23%476,398.91 4.95%470.05 (5,234.69)AAA 0.40
380146AC4 GMCAR 2022-1 A3 1.26 117,840.82 01/11/2022 117,830.58 98.64 116,240.69 0.07%NA/AAA 2.13
11/16/2026 1.27%117,836.81 4.79%61.87 (1,596.11)AAA 0.38
362585AC5 GMCAR 2022-2 A3 3.1 234,645.75 04/05/2022 234,596.71 99.15 232,661.11 0.14%Aaa/AAA 2.38
02/16/2027 3.13%234,623.43 4.69%303.08 (1,962.32)NA 0.54
47800AAC4 JDOT 2022-B A3 3.74 490,018.70 07/12/2022 489,971.91 99.44 487,285.97 0.29%Aaa/NA 2.38
02/16/2027 3.77%489,995.15 4.62%814.52 (2,709.19)AAA 0.66
02589BAA8 AMXCA 2022-1 A 2.21 1,545,000.00 03/21/2022 1,524,359.77 98.89 1,527,872.13 0.90%Aaa/NA 0.46
03/17/2025 2.69%1,541,839.74 4.72%1,517.53 (13,967.61)AAA 0.44
44934FAD7 HALST 24B A3 5.41 610,000.00 05/14/2024 609,983.04 101.70 620,374.39 0.37%NA/AAA 2.63
05/17/2027 5.41%609,985.09 4.37%1,466.71 10,389.30 AAA 1.54
02582JJT8 AMXCA 2022-2 A 3.39
05/17/2027 1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,908.77
99.28
4.61%
1,365,101.38
2,071.67
0.81%
(9,807.39)
NA/AAA
AAA
0.62
0.60
30
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 943,295.68 10/12/2022
5.15%
943,222.48
943,253.71
100.44
4.58%
947,492.88
2,133.94
0.56%
4,239.16
Aaa/NA
AAA
2.71
0.79
89231FAD2 TAOT 2023-C A3 5.16
04/17/2028 1,300,000.00 11/21/2023
5.40%
1,294,718.75
1,295,744.75
101.22
4.30%
1,315,838.94
2,981.33
0.78%
20,094.19
NA/AAA
AAA
3.55
1.32
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 805,000.00 --
5.64%
806,992.67
806,531.18
102.32
4.18%
823,704.42
1,267.88
0.49%
17,173.23
Aaa/NA
AAA
3.73
1.47
47800RAD5 JDOT 2024 A3 4.96
11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,791.64
101.66
4.20%
508,311.40
1,102.22
0.30%
8,519.76
Aaa/NA
AAA
4.13
2.04
05522RDH8 BACCT 2023-2 A 4.98
11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
856,660.94
102.02
4.02%
867,127.67
1,881.33
0.51%
10,466.73
Aaa/NA
AAA
2.13
1.98
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 1,100,000.00 11/29/2023
5.18%
1,123,289.06
1,118,498.84
102.71
4.11%
1,129,853.23
2,908.89
0.67%
11,354.39
NA/AAA
AAA
4.13
1.41
437930AC4 HONDO-242-A3 5.27
11/20/2028 535,000.00 05/14/2024
5.27%
534,935.00
534,940.26
102.19
4.16%
546,712.76
1,018.13
0.32%
11,772.50
NA/AAA
AAA
4.14
1.86
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,310,000.00 --
4.97%
1,307,922.66
1,308,127.04
101.27
4.18%
1,326,606.61
2,647.29
0.78%
18,479.56
Aaa/NA
AAA
4.22
1.74
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,777.27
101.28
4.05%
1,711,583.33
3,455.11
1.01%
21,806.06
NR/AAA
AAA
4.30
2.13
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 695,000.00 06/04/2024
5.24%
694,894.43
694,901.30
102.19
4.05%
710,236.28
600.02
0.42%
15,334.98
Aaa/AAA
NA
4.41
1.84
05522RDJ4 BACCT 2024-1 A 4.93
03/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,958.75
102.32
4.03%
803,220.09
1,720.02
0.48%
18,261.34
Aaa/AAA
NA
4.45
2.41
Total ABS 16,940,375.62 4.27%
16,937,174.73
16,954,141.20
100.80
4.37%
17,072,527.47
29,269.27
10.10%
118,386.28
Aaa/AAA
AAA
2.90
1.28
AGENCY
3137EAEP0
FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,866.29
98.85
4.70%
2,337,804.20
4,828.54
1.38%
(27,062.09)
Aaa/AA+
AA+
0.37
0.36
31
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3135G03U5
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.625 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,859,573.57
97.98
4.33%
1,822,397.37
5,134.38
1.08%
(37,176.20)
Aaa/AA+
AA+
0.56
0.54
3135G04Z3
FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
06/17/2025
2,500,000.00 --
0.50%
2,499,227.30
2,499,920.26
97.43
4.20%
2,435,826.95
3,611.11
1.44%
(64,093.31)
Aaa/AA+
AA+
0.71
0.70
3137EAEU9
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,249,000.04
97.12
4.04%
1,214,060.43
911.46
0.72%
(34,939.62)
Aaa/AA+
AA+
0.80
0.79
3135G05X7
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.375 08/25/2025
2,500,000.00 --
0.47%
2,487,983.75
2,497,776.91
96.87
3.95%
2,421,636.23
937.50
1.43%
(76,140.68)
Aaa/AA+
AA+
0.90
0.88
3137EAEX3
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
2,500,000.00 --
0.46%
2,489,362.80
2,497,874.48
96.53
4.03%
2,413,334.58
208.33
1.43%
(84,539.91)
Aaa/AA+
AA+
0.98
0.96
3135G06G3
FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
11/07/2025
2,500,000.00 --
0.56%
2,492,700.00
2,498,388.00
96.23
4.04%
2,405,668.25
5,000.00
1.42%
(92,719.75)
Aaa/AA+
AA+
1.10
1.07
3130B0TY5 FEDERAL HOME LOAN BANKS
4.75 04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,870,833.49
102.76
3.59%
1,926,841.37
42,057.29
1.14%
56,007.88
Aaa/AA+
AA+
2.52
2.32
3133ERDS7
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.75
05/06/2027
2,400,000.00 06/20/2024
4.55%
2,412,552.00
2,411,331.50
102.78
3.62%
2,466,713.52
45,916.67
1.46%
55,382.02
Aaa/AA+
AA+
2.60
2.39
3133EPC60
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.625
11/15/2027
2,800,000.00 11/09/2023
4.73%
2,789,612.00
2,791,894.37
102.87
3.64%
2,880,311.90
48,922.22
1.70%
88,417.52
Aaa/AA+
AA+
3.13
2.85
Total Agency 22,550,000.00 1.99%
22,504,610.20
22,541,458.90
99.07
4.00%
22,324,594.78
157,527.50
13.20%
(216,864.13)
Aaa/AA+
AA+
1.44
1.35
AGENCY CMBS
3137BLMZ8 FHMS K-049 A2 3.01
07/25/2025 989,730.34 07/01/2021
0.87%
1,068,599.48
1,004,528.47
98.79
4.51%
977,716.50
2,482.57
0.58%
(26,811.97)
Aaa/AA+
AAA
0.82
0.69
32
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137BLW95 FHMS K-050 A2 3.334 950,000.00 11/16/2021 1,018,132.81 98.96 940,162.28 0.56%Aaa/AA+0.90
08/25/2025 1.22%965,331.14 4.47%2,639.42 (25,168.87)AAA 0.74
3137BSP72 FHMS K-058 A2 2.653 650,000.00 11/12/2021 687,451.17 97.49 633,699.76 0.37%Aaa/AA+1.90
08/25/2026 1.36%664,583.72 3.99%1,437.04 (30,883.96)AAA 1.78
3137FBBX3 FHMS K-068 A2 3.244 1,000,000.00 09/28/2022 950,664.06 98.16 981,581.00 0.58%Aaa/AA+2.90
08/25/2027 4.36%971,064.46 3.88%2,703.33 10,516.54 AA+2.66
3137FKUP9 FHMS K-087 A2 3.771 2,000,000.00 07/01/2024 1,913,359.38 99.26 1,985,154.60 1.17%Aaa/AAA 4.24
12/25/2028 4.86%1,918,095.02 3.93%6,285.00 67,059.58 AA+3.76
3137FL6P4 FHMS K-089 A2 3.563 1,288,000.00 07/03/2024 1,228,178.44 98.44 1,267,848.21 0.75%Aaa/AA+4.32
01/25/2029 4.70%1,231,248.09 3.93%3,824.29 36,600.12 AA+3.90
3137H5YC5 FHMS K-748 A2 2.26 2,000,000.00 07/03/2024 1,801,718.75 93.32 1,866,316.00 1.10%Aaa/AA+4.32
01/25/2029 4.74%1,811,893.23 3.97%3,766.67 54,422.77 AAA 3.95
3137FKZZ2 FHMS K-088 A2 3.69 2,550,000.00 07/17/2024 2,465,830.08 98.93 2,522,817.51 1.49%Aaa/AA+4.32
01/25/2029 4.50%2,469,509.92 3.93%7,841.25 53,307.59 AA+3.86
3137FMCR1 FHMS K-093 A2 2.982 2,000,000.00 09/19/2024 1,929,531.25 96.00 1,919,926.60 1.14%Aaa/AA+4.65
05/25/2029 3.82%1,929,824.87 3.94%4,970.00 (9,898.27)AAA 4.11
3137FNAE0 FHMS K-095 A2 2.785 2,200,000.00 07/17/2024 2,039,382.82 95.01 2,090,317.02 1.24%Aaa/AA+4.73
06/25/2029 4.47%2,046,154.20 3.96%5,105.83 44,162.82 AAA 4.26
3137FPHK4 FHMS K-098 A2 2.425 1,600,000.00 09/03/2024 1,488,375.00 93.30 1,492,721.92 0.88%Aaa/AA+4.90
08/25/2029 4.00%1,489,934.01 3.96%3,233.33 2,787.91 AAA 4.44
Total Agency 16,591,223.24 96.86 16,678,261.39 9.86%Aaa/AA+3.88
CMBS 17,227,730.34 3.93%16,502,167.12 4.01%44,288.74 176,094.27 AAA 3.48
CASH
CCYUSD Receivable 3,753.53 --
0.00%
3,753.53
3,753.53
1.00
0.00%
3,753.53
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
3,753.53 1.00 3,753.53 0.00%Aaa/AAA 0.00
Total Cash 3,753.53 0.00%3,753.53 0.00%0.00 0.00 AAA 0.00
CORPORATE
33
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
40139LBC6 GUARDIAN LIFE GLOBAL
FUNDING 0.875 12/10/2025 1,400,000.00 --
1.12%
1,385,860.00
1,395,972.62
96.03
4.33%
1,344,404.89
3,777.08
0.80%
(51,567.72)
Aa1/AA+
NA
1.19
1.16
66815L2A6
NORTHWESTERN MUTUAL
GLOBAL FUNDING 0.8
01/14/2026
850,000.00 12/06/2021
1.46%
827,449.50
842,924.74
95.86
4.14%
814,813.62
1,454.44
0.48%
(28,111.12)
Aaa/AA+
AAA
1.29
1.25
023135BX3 AMAZON.COM INC 1.0
05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,872,391.68
95.61
3.83%
1,792,715.85
7,239.58
1.06%
(79,675.83)
A1/AA
AA-
1.61
1.57
91324PEC2 UNITEDHEALTH GROUP INC
1.15 05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,031,334.81
95.60
3.97%
989,504.43
4,496.50
0.59%
(41,830.38)
A2/A+
A
1.62
1.57
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,791.42
95.34
3.96%
1,320,452.50
4,457.97
0.78%
(64,338.91)
A1/A+
A+
1.71
1.66
57629WDE7 MASSMUTUAL GLOBAL
FUNDING II 1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,000,814.43
95.03
4.11%
950,292.45
2,500.00
0.56%
(50,521.98)
Aa3/AA+
AA+
1.79
1.74
58989V2D5 MET TOWER GLOBAL
FUNDING 1.25 09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,723.39
94.65
4.13%
728,818.66
454.51
0.43%
(40,904.73)
Aa3/AA-
AA-
1.96
1.89
931142ER0 WALMART INC 1.05
09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,740.62
94.97
3.74%
332,380.17
142.92
0.20%
(17,360.44)
Aa2/AA
AA
1.96
1.91
61690U7W4 MORGAN STANLEY BANK NA
5.882 10/30/2026 1,000,000.00 --
5.88%
1,000,082.50
1,000,056.58
103.60
4.06%
1,036,032.08
24,671.72
0.61%
35,975.50
Aa3/A+
AA-
2.08
1.83
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,420.84
95.34
4.04%
1,063,057.65
4,645.83
0.63%
(51,363.19)
Aa3/AA-
AA-
2.28
2.19
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 2,000,000.00 --
4.71%
2,004,911.40
2,003,972.48
102.19
3.84%
2,043,769.18
9,333.33
1.21%
39,796.70
A1/AA-
NA
2.41
2.17
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,866.78
96.04
4.19%
921,966.13
1,829.33
0.55%
(37,900.65)
A2/A-
A
2.42
2.31
24422EXM6 JOHN DEERE CAPITAL CORP
4.85 03/05/2027 2,000,000.00 03/11/2024
4.77%
2,004,220.00
2,003,435.79
102.04
3.96%
2,040,873.84
7,005.56
1.21%
37,438.05
A1/A
A+
2.43
2.27
084664CZ2 BERKSHIRE HATHAWAY
FINANCE CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,849.60
96.79
3.68%
1,563,169.11
1,650.89
0.92%
(51,680.49)
Aa2/AA
A+
2.45
2.35
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,760,000.00 03/13/2024
4.99%
1,760,000.00
1,760,000.00
102.36
3.98%
1,801,610.71
3,173.33
1.07%
41,610.71
A1/A
AA-
2.46
2.23
34
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89115A2W1 TORONTO-DOMINION BANK
4.98 04/05/2027 1,340,000.00 03/26/2024
4.98%
1,340,000.00
1,340,000.00
102.04
4.12%
1,367,271.56
32,624.53
0.81%
27,271.56
A1/A
AA-
2.51
2.29
57629W4S6 MASSMUTUAL GLOBAL
FUNDING II 5.1 04/09/2027 1,000,000.00 06/20/2024
4.99%
1,002,630.00
1,002,374.48
102.62
4.00%
1,026,213.89
24,366.67
0.61%
23,839.41
Aa3/AA+
AA+
2.52
2.30
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 670,000.00 05/05/2022
4.03%
668,914.60
669,434.71
100.16
3.93%
671,090.11
10,496.67
0.40%
1,655.40
A2/A+
A+
2.61
2.34
14913UAL4
CATERPILLAR FINANCIAL
SERVICES CORP 5.0
05/14/2027
1,000,000.00 05/10/2024
5.04%
998,930.00
999,065.95
102.77
3.88%
1,027,717.99
19,027.78
0.61%
28,652.04
A2/A
A+
2.62
2.40
46647PEA0 JPMORGAN CHASE & CO 5.04
01/23/2028 1,500,000.00 03/11/2024
5.02%
1,500,780.00
1,500,629.37
101.67
4.78%
1,525,089.33
14,280.00
0.90%
24,459.96
A1/A-
AA-
3.31
2.15
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,370.34
103.30
3.84%
976,207.74
2,815.31
0.58%
31,837.40
Aa3/A+
NA
3.44
3.07
61690U8E3 MORGAN STANLEY BANK NA
4.968 07/14/2028 1,950,000.00 07/17/2024
4.97%
1,950,000.00
1,950,000.00
102.03
4.58%
1,989,569.54
19,375.20
1.18%
39,569.54
Aa3/A+
AA-
3.79
2.56
74340XBL4 PROLOGIS LP 4.375
02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,482,072.52
100.87
4.15%
1,513,006.32
10,937.50
0.89%
30,933.80
A3/A
WR
4.34
3.68
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,457,498.78
99.75
4.06%
1,496,178.48
5,000.00
0.88%
38,679.70
A2/A
A
4.42
4.00
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
995,138.84
103.75
4.11%
1,037,467.61
15,972.22
0.61%
42,328.77
Aaa/AA+
AAA
4.68
4.09
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,593,728.07
95.48
4.01%
1,587,786.35
14,445.00
0.94%
(5,941.71)
A2/A
A
4.71
4.30
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
992,647.21
103.07
4.03%
1,030,712.42
12,666.67
0.61%
38,065.21
A2/A
A
4.73
4.10
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,420,501.00
98.45
4.36%
1,440,270.76
12,354.22
0.85%
19,769.76
A3/A-
NA
4.79
4.27
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,497,771.77
103.07
3.79%
1,545,987.18
13,875.00
0.91%
48,215.41
A1/A+
NA
4.79
4.19
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,496,641.39
99.63
4.66%
1,494,418.86
11,908.50
0.88%
(2,222.53)
A1/A-
AA-
4.81
3.46
35
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
06051GHM4 BANK OF AMERICA CORP
4.271 07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,498,721.94
99.74
4.70%
1,496,047.59
12,101.17
0.88%
(2,674.35)
A1/A-
AA-
4.81
3.45
171239AL0 CHUBB INA HOLDINGS LLC
4.65 08/15/2029 865,000.00 08/12/2024
4.52%
869,887.39
869,759.42
102.32
4.12%
885,094.81
6,815.48
0.52%
15,335.39
A3/A
A
4.87
4.24
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,620.53
101.54
3.95%
926,059.12
5,664.53
0.55%
15,438.58
Aa3/AA-
NA
4.87
4.27
91324PDS8 UNITEDHEALTH GROUP INC
2.875 08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,906,761.34
94.85
4.05%
1,897,026.86
7,347.22
1.12%
(9,734.48)
A2/A+
A
4.87
4.46
40139LBJ1 GUARDIAN LIFE GLOBAL
FUNDING 4.179 09/26/2029 1,205,000.00 09/23/2024
4.18%
1,205,000.00
1,205,000.00
99.68
4.25%
1,201,099.05
699.40
0.71%
(3,900.95)
Aa1/AA+
NA
4.99
4.45
Total Corporate 45,128,000.00 3.84%
44,794,048.13
44,837,033.43
99.54
4.11%
44,878,176.85
329,606.08
26.54%
41,143.42
A1/A+
A+
3.29
2.86
MONEY MARKET
FUND
992995944 WC MMF SWEEP 51,482.48 --
2.85%
51,482.48
51,482.48
1.00
2.85%
51,482.48
0.00
0.03%
0.00
NA/NA
NA
0.00
0.00
VP4520004 WF ADV 100% TREAS MM FD-
SVC CL #008 248,610.18 --
0.01%
248,610.18
248,610.18
1.00
0.01%
248,610.18
0.00
0.15%
0.00
Aaa/AAAm
NA
0.00
0.00
Total Money
Market Fund 300,092.66 0.50%
300,092.66
300,092.66
1.00
0.50%
300,092.66
0.00
0.18%
0.00
Aaa/AAA
NA
0.00
0.00
SUPRANATIONAL
45950KCT5 INTERNATIONAL FINANCE
CORP 0.375 07/16/2025 2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,494,482.87
97.03
4.23%
2,425,823.65
1,953.13
1.43%
(68,659.22)
Aaa/AAA
NA
0.79
0.77
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,397,456.25
96.30
4.06%
2,311,097.35
5,100.00
1.37%
(86,358.90)
Aaa/AAA
NA
1.08
1.05
4581X0DV7
INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,456,507.66
95.52
3.87%
2,349,906.56
9,626.46
1.39%
(106,601.10)
Aaa/AAA
NA
1.55
1.51
36
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total 7,308,742.45 96.29 7,086,827.56 4.19%Aaa/AAA 1.14
Supranational 7,360,000.00 0.74%7,348,446.78 4.05%16,679.58 (261,619.22)NA 1.11
US TREASURY
912828ZC7 UNITED STATES TREASURY
1.125 02/28/2025 1,495,000.00 03/18/2020
0.81%
1,518,067.38
1,496,914.84
98.65
4.45%
1,474,764.94
1,440.28
0.87%
(22,149.90)
Aaa/AA+
AA+
0.41
0.41
91282CED9 UNITED STATES TREASURY 1.75 3,100,000.00 --3,057,617.20 98.85 3,064,428.71 1.81%Aaa/AA+0.45
03/15/2025 2.23%3,093,513.61 4.31%2,397.79 (29,084.91)AA+0.45
912828ZL7 UNITED STATES TREASURY 2,500,000.00 03/21/2022 2,360,839.85 97.76 2,443,925.78 1.45%Aaa/AA+0.58
0.375 04/30/2025 2.22%2,474,129.70 4.32%3,923.23 (30,203.92)AA+0.57
91282CAB7 UNITED STATES TREASURY 0.25 1,500,000.00 03/12/2021 1,469,765.63 96.90 1,453,511.72 0.86%Aaa/AA+0.83
07/31/2025 0.72%1,494,270.78 4.08%631.79 (40,759.07)AA+0.81
91282CAM3 UNITED STATES TREASURY 0.25 2,400,000.00 --2,366,140.63 96.39 2,313,375.00 1.37%Aaa/AA+1.00
09/30/2025 0.56%2,392,623.68 3.98%16.48 (79,248.68)AA+0.98
91282CAT8 UNITED STATES TREASURY 0.25 2,450,000.00 --2,422,492.19 96.13 2,355,158.20 1.39%Aaa/AA+1.08
10/31/2025 0.49%2,443,771.82 3.94%2,563.18 (88,613.62)AA+1.06
91282CAZ4 UNITED STATES TREASURY 2,250,000.00 03/26/2021 2,209,658.20 96.05 2,161,142.57 1.28%Aaa/AA+1.17
0.375 11/30/2025 0.76%2,239,955.91 3.88%2,835.55 (78,813.34)AA+1.14
91282CBH3 UNITED STATES TREASURY 2,500,000.00 05/27/2021 2,456,445.31 95.57 2,389,160.15 1.41%Aaa/AA+1.34
0.375 01/31/2026 0.75%2,487,588.57 3.82%1,579.48 (98,428.42)AA+1.30
91282CBW0 UNITED STATES TREASURY 0.75 2,500,000.00 05/27/2021 2,493,652.34 95.44 2,385,937.50 1.41%Aaa/AA+1.58
04/30/2026 0.80%2,497,966.49 3.75%7,846.47 (112,028.99)AA+1.54
91282CCZ2 UNITED STATES TREASURY 1,400,000.00 10/18/2021 1,379,054.68 94.73 1,326,171.87 0.78%Aaa/AA+2.00
0.875 09/30/2026 1.19%1,391,550.01 3.64%33.65 (65,378.14)AA+1.95
91282CDG3 UNITED STATES TREASURY 1,400,000.00 11/15/2021 1,391,468.75 94.98 1,329,726.57 0.79%Aaa/AA+2.08
1.125 10/31/2026 1.25%1,396,415.84 3.65%6,591.03 (66,689.27)AA+2.02
91282CJP7 UNITED STATES TREASURY 2,500,000.00 12/28/2023 2,525,097.66 101.59 2,539,648.45 1.50%Aaa/AA+2.21
4.375 12/15/2026 4.01%2,518,672.47 3.62%32,274.59 20,975.98 AA+2.06
91282CKJ9 UNITED STATES TREASURY 4.5 2,300,000.00 04/17/2024 2,283,109.38 102.18 2,350,042.96 1.39%Aaa/AA+2.54
04/15/2027 4.77%2,285,677.00 3.59%47,790.98 64,365.96 AA+2.34
37
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,188,213.70
102.26
3.59%
3,272,375.01
54,391.30
1.94%
84,161.31
Aaa/AA+
AA+
2.62
2.42
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,255,514.61
99.16
3.57%
3,222,578.13
26,693.27
1.91%
(32,936.48)
Aaa/AA+
AA+
2.75
2.58
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
396,114.79
97.77
3.58%
391,078.12
1,853.26
0.23%
(5,036.67)
Aaa/AA+
AA+
2.83
2.68
91282CFH9 UNITED STATES TREASURY
3.125 08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,481,783.13
98.76
3.58%
4,444,277.36
12,042.47
2.63%
(37,505.78)
Aaa/AA+
AA+
2.92
2.75
91282CFM8 UNITED STATES TREASURY
4.125 09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,432,435.15
101.61
3.56%
3,505,388.68
390.97
2.07%
72,953.53
Aaa/AA+
AA+
3.00
2.80
91282CFZ9 UNITED STATES TREASURY
3.875 11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,685.69
100.88
3.58%
857,437.50
11,069.16
0.51%
5,751.81
Aaa/AA+
AA+
3.17
2.92
91282CGC9 UNITED STATES TREASURY
3.875 12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,766,561.45
100.95
3.56%
2,776,210.94
26,930.20
1.64%
9,649.48
Aaa/AA+
AA+
3.25
3.00
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,971,837.42
99.77
3.57%
2,993,203.14
17,690.22
1.77%
21,365.72
Aaa/AA+
AA+
3.34
3.10
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,485.74
101.36
3.57%
3,750,296.88
12,674.03
2.22%
50,811.13
Aaa/AA+
AA+
3.42
3.16
91282CKG5 UNITED STATES TREASURY
4.125 03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,254,470.09
102.27
3.57%
2,352,199.21
260.65
1.39%
97,729.12
Aaa/AA+
AA+
4.50
4.08
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,986,267.95
102.92
3.57%
2,058,437.50
21,480.98
1.22%
72,169.55
Aaa/AA+
AA+
4.75
4.24
91282CLK5 UNITED STATES TREASURY
3.625 08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,527,207.64
100.30
3.56%
3,510,390.63
10,864.99
2.08%
(16,817.01)
Aaa/AA+
AA+
4.92
4.45
Total US Treasury 61,195,000.00 2.89%
60,711,196.31
61,024,628.09
99.29
3.74%
60,720,867.48
306,266.02
35.92%
(303,760.61)
Aaa/AA+
AA+
2.47
2.30
Total Portfolio 170,704,952.15 3.17%
169,150,841.25
169,511,721.72
98.94
3.97%
169,065,101.73
883,637.19
100.00%
(446,619.99)
Aa2/AA
AA
2.67
2.28
Total Market
Value + Accrued 169,948,738.92
38
TRANSACTIONS
39
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/02/2024 437076DC3 1,000,000.00 HOME DEPOT INC
4.75 06/25/2029 99.226 4.93%(923.61)(993,183.61)0.00
Purchase 07/02/2024 64952WFG3 1,000,000.00
NEW YORK LIFE
GLOBAL FUNDING
5.0 06/06/2029
99.488 5.12%(3,611.11)(998,491.11)0.00
Purchase 07/02/2024 91282CKX8 2,000,000.00
UNITED STATES
TREASURY 4.25
06/30/2029
99.277 4.41%(461.96)(1,986,008.84)0.00
Purchase 07/05/2024 3137FKUP9 2,000,000.00 FHMS K-087 A2
3.771 12/25/2028 95.668 4.86%(838.00)(1,914,197.38)0.00
Purchase 07/09/2024 3137FL6P4 1,288,000.00 FHMS K-089 A2
3.563 01/25/2029 95.355 4.70%(1,019.81)(1,229,198.25)0.00
Purchase 07/09/2024 3137H5YC5 2,000,000.00 FHMS K-748 A2 2.26
01/25/2029 90.086 4.74%(1,004.44)(1,802,723.19)0.00
Purchase 07/17/2024 713448FX1 1,500,000.00 PEPSICO INC 4.5
07/17/2029 99.845 4.53%0.00 (1,497,675.00)0.00
Purchase 07/17/2024 743315AV5 1,500,000.00 PROGRESSIVE CORP
4.0 03/01/2029 97.033 4.72%(22,666.67)(1,478,161.67)0.00
Purchase 07/18/2024 3137FNAE0 2,200,000.00 FHMS K-095 A2
2.785 06/25/2029 92.699 4.47%(2,893.31)(2,042,276.13)0.00
Purchase 07/19/2024 74340XBL4 1,500,000.00 PROLOGIS LP 4.375
02/01/2029 98.749 4.68%(30,625.00)(1,511,860.00)0.00
Purchase 07/19/2024 61690U8E3 1,950,000.00
MORGAN STANLEY
BANK NA 4.968
07/14/2028
4.97%0.00 (1,950,000.00)0.00
Purchase 07/22/2024 3137FKZZ2 2,550,000.00 FHMS K-088 A2 3.69
01/25/2029 96.699 4.50%(5,488.88)(2,471,318.96)0.00
Purchase 08/09/2024 756109CB8 1,463,000.00
REALTY INCOME
CORP 4.0
07/15/2029
97.007 4.69%(3,901.33)(1,423,113.74)0.00
Purchase 08/15/2024 30303M8S4 667,000.00 META PLATFORMS
INC 4.3 08/15/2029 99.852 4.33%(478.02)(666,490.86)0.00
40
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 08/15/2024 30303M8S4 245,000.00 META PLATFORMS
INC 4.3 08/15/2029 99.825 4.34%(175.58)(244,746.83)0.00
Purchase 08/15/2024 171239AL0 604,000.00
CHUBB INA
HOLDINGS LLC 4.65
08/15/2029
4.52%(1,170.25)(608,697.61)0.00
Purchase 08/15/2024 171239AL0 80,000.00
CHUBB INA
HOLDINGS LLC 4.65
08/15/2029
4.52%(80,449.60)(155.00)(80,604.60)0.00
Purchase 08/15/2024 171239AL0 181,000.00
CHUBB INA
HOLDINGS LLC 4.65
08/15/2029
4.53%(350.69)(182,261.12)0.00
Purchase 09/06/2024 3137FPHK4 1,600,000.00 FHMS K-098 A2
2.425 08/25/2029 93.023 4.00%(538.89)(1,488,913.89)0.00
Purchase 09/13/2024 91282CLK5 3,500,000.00
UNITED STATES
TREASURY 3.625
08/31/2029
3.45%(4,556.28)(3,532,036.75)0.00
Purchase 09/18/2024 437076BY7 1,663,000.00 HOME DEPOT INC
2.95 06/15/2029 95.803 3.93%(12,673.45)(1,605,877.34)0.00
Purchase 09/18/2024 91324PDS8 2,000,000.00
UNITEDHEALTH
GROUP INC 2.875
08/15/2029
95.304 3.94%(5,270.83)(1,911,350.83)0.00
Purchase 09/18/2024 46647PAV8 1,500,000.00
JPMORGAN
CHASE & CO 4.203
07/23/2029
99.774 4.26%(9,631.88)(1,506,241.88)0.00
Purchase 09/18/2024 06051GHM4 1,500,000.00
BANK OF AMERICA
CORP 4.271
07/23/2029
99.914 4.29%(9,787.71)(1,508,497.71)0.00
Purchase 09/24/2024 3137FMCR1 2,000,000.00 FHMS K-093 A2
2.982 05/25/2029 96.477 3.82%(3,810.33)(1,933,341.58)0.00
Purchase 09/26/2024 40139LBJ1 1,205,000.00
GUARDIAN LIFE
GLOBAL FUNDING
4.179 09/26/2029
4.18%0.00 (1,205,000.00)0.00
Total Purchase (122,033.03)(37,772,268.88)0.00
41
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS (122,033.03)(37,772,268.88)0.00
DISPOSITIONS
Sale 07/17/2024 74153WCQ0 (885,000.00)
PRICOA GLOBAL
FUNDING I 1.15
12/06/2024
98.266 1.18%869,654.10 1,159.10 870,813.20 (15,227.58)
Sale 07/17/2024 14913Q3B3
CATERPILLAR
FINANCIAL
SERVICES CORP 2.15
11/08/2024
98.960 1.93%4,532.92 1,093,092.92 (12,192.83)
Sale 07/17/2024 89114TZL9 (700,000.00)
TORONTO-
DOMINION BANK
1.45 01/10/2025
98.074 2.78%686,518.00 197.36 686,715.36 (9,140.69)
Sale 07/18/2024 3135G0W66
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 1.625
10/15/2024
99.100 1.76%8,290.89 1,965,515.89 (17,314.06)
Sale 07/18/2024 6174468Q5 (650,000.00)MORGAN STANLEY
2.188 04/28/2026 97.473 3.63%633,574.50 3,160.44 636,734.94 (6,708.45)
Sale 07/18/2024 66815L2J7
NORTHWESTERN
MUTUAL GLOBAL
FUNDING 4.0
07/01/2025
98.884 4.01%2,210.00 1,159,152.80 (12,930.89)
Sale 07/18/2024 13063DRK6 (755,000.00)CALIFORNIA STATE
2.4 10/01/2024 99.427 1.92%750,673.85 5,385.67 756,059.52 (5,047.15)
Sale 07/18/2024 912828YY0
UNITED STATES
TREASURY 1.75
12/31/2024
98.461 1.97%1,797.55 2,069,477.24 (30,239.72)
Sale 07/19/2024 3135G0X24
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 1.625
01/07/2025
98.331 1.69%701.46 1,274,091.80 (23,072.03)
42
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 08/09/2024 06406RBC0
BANK OF NEW YORK
MELLON CORP 3.35
04/25/2025
98.850 3.35%13,258.56 1,367,503.56 (15,709.63)
Sale 08/13/2024 89236TJT3
TOYOTA MOTOR
CREDIT CORP 1.45
01/13/2025
98.386 1.50%1,468.13 1,196,858.03 (19,382.82)
Sale 08/14/2024 78016EZ59
ROYAL BANK OF
CANADA 3.375
04/14/2025
98.871 3.39%11,812.50 1,049,958.00 (11,768.36)
Sale 09/06/2024 3137BFE98 FHMS K-041 A2
3.171 10/25/2024 99.484 0.46%421,076.12 186.41 421,262.53 (2,860.14)
Sale 09/12/2024 64952WEK5
NEW YORK LIFE
GLOBAL FUNDING
1.45 01/14/2025
98.777 1.49%3,924.67 1,663,378.27 (20,341.12)
Sale 09/12/2024 69371RR73 (885,000.00)
PACCAR FINANCIAL
CORP 2.85
04/07/2025
98.901 2.86%875,273.85 10,859.69 886,133.54 (9,682.69)
Sale 09/18/2024 06367WB85 BANK OF MONTREAL
1.85 05/01/2025 98.274 0.86%8,729.94 1,227,327.54 (28,878.95)
Sale 09/18/2024 06051GHY8 (600,000.00)
BANK OF AMERICA
CORP 2.015
02/13/2026
98.736 1.06%592,416.00 1,175.42 593,591.42 (9,869.67)
Sale 09/18/2024 46647PBK1 (401,000.00)
JPMORGAN
CHASE & CO 2.083
04/22/2026
98.295 1.11%394,162.95 3,387.54 397,550.49 (9,099.73)
Sale 09/18/2024 06051GJD2 (700,000.00)
BANK OF AMERICA
CORP 1.319
06/19/2026
97.364 1.27%681,548.00 2,282.60 683,830.60 (18,696.11)
Sale 09/18/2024 74153WCM9 (904,000.00)
PRICOA GLOBAL
FUNDING I 0.8
09/01/2025
96.695 3.23%874,122.80 341.51 874,464.31 (9,975.84)
Sale 09/18/2024 91324PEG3 (675,000.00)
UNITEDHEALTH
GROUP INC 3.7
05/15/2027
99.818 3.71%673,771.50 8,533.12 682,304.62 (1,394.38)
43
TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2024 Through 09/30/2024|
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 09/18/2024 437076DB5 HOME DEPOT INC
4.875 06/25/2027 5.00%15,173.44 1,402,595.44 40,269.09
Sale 09/19/2024 912828ZC7 (5,000.00)
UNITED STATES
TREASURY 1.125
02/28/2025
98.531 0.81%4,926.56 2.95 4,929.51 (80.36)
Sale 09/20/2024 06406HCQ0
BANK OF NEW YORK
MELLON CORP 3.95
11/18/2025
99.628 3.21%996,280.00 13,386.11 1,009,666.11 (11,308.86)
Sale 09/24/2024 3137BM7C4 (440,000.00)FHMS K-051 A2
3.308 09/25/2025 98.910 2.16%423,566.21 905.05 424,471.26 (8,114.12)
Sale 09/24/2024 3137BN6G4 (570,000.00)FHMS K-053 A2
2.995 12/25/2025 98.516 2.20%561,539.06 1,090.68 562,629.74 (12,316.97)
Sale 09/24/2024 06051GHT9
BANK OF AMERICA
CORP 3.559
04/23/2027
98.901 4.30%17,167.23 1,154,528.73 6,933.02
Total Sale 141,120.94 26,114,637.37
TOTAL
DISPOSITIONS 141,120.94 26,114,637.37
44
IMPORTANT DISCLOSURES
City of Cupertino | Account #10659 | As of September 30, 2024
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
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regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the
possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on
greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee
its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency
guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
45
BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of September 30, 2024
Benchmark Disclosure
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and
nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating
(based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final
maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed
coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
46
INVESTMENT AND INSURANCE PRODUCTS ARE:
·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY
·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE
·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
PCS - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075
CITY OF CUPERTINO -CHANDLER ASSET MANAGEMENT
ACCOUNT NUMBER
MONTHLY STATEMENT
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/CONNOR GAFKJEN
TELEPHONE NUMBER:
ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
27524 SE
Custody and trust services are provided by Principal Bank
®, Member FDIC, and/or Principal Trust Company
®. These services are provided under the trade
name Principal
®Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and
Principal Trust Company are members of the Principal Financial Group
®, Des Moines, IA 50392.
ASSET VALUATION PRACTICES
VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE
PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED
REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE
THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED.
TRADE CONFIRMS
PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED
IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE
ACCOUNT MANAGER.
UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION
YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY
STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT
INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY
RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO
DESIGNATE A REPRESENTATIVE FOR NOTICE.
TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
PAGE
REPORT NAME NUMBER_________________
ASSET SUMMARY .................................................................................. 1
STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2
CASH SUMMARY ................................................................................... 19
STATEMENT OF TRANSACTIONS ...................................................................... 20
PAGE 1
ASSET SUMMARY CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED
INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH 0.00 0.00 0.00
CASH EQUIVALENTS 300,092.66 300,092.66 0.18 0.00 12,802 4.27 3,753.53
BONDS AND NOTES 168,846,995.07 168,761,320.03 99.82 85,675.04- 4,970,008 2.94 883,775.71
=====================================================================================================================================
TOTAL INVESTMENTS 169,147,087.73 169,061,412.69 100.00 85,675.04- 4,982,810 2.95 887,529.24
TOTAL ACCRUALS 887,529.24 887,529.24
=====================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 170,034,616.97 169,948,941.93 85,675.04- 4,982,810 2.95 887,529.24
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS______________________________________________________________________________________________________________________________________
248,610.18 ALLSPRING 100% TREASURY 248,610.18 248,610.18 0.15 0.00 3,632.16
MONEY MARKET FUND - #008 1.0000 1.0000
51,482.48 PRINCIPAL PUBLIC DEPOSIT SWEEP 51,482.48 51,482.48 0.03 0.00 121.37
PROGRAM 1.0000 1.0000
======================================================================================================================================
TOTAL CASH EQUIVALENTS 300,092.66 300,092.66 0.18 0.00 3,753.53
BOND & NOTES______________________________________________________________________________________________________________________________________
1,875,000 AMAZON.COM INC 1,866,900.00 1,792,725.00 1.06 74,175.00- 7,239.58
DTD 05/12/21 1.000 05/12/2026 99.5680 95.6120
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,365,100.00 0.81 9,595.85- 2,071.67
ASSET BCKD SEC SER 2022-2 CL A 99.9779 99.2800
DTD 05/24/2022 3.390% 05/17/2027
NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,527,865.95 0.90 3,506.18 1,517.53
ASSET BCKD SEC SER 2022-1 CL A 98.6641 98.8910
DTD 03/18/2022 2.210% 03/15/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 02589BAA8
1,500,000 BANK OF AMERICA CORP 1,498,710.00 1,496,055.00 0.88 2,655.00- 12,101.17
DTD 07/23/18 07/23/2029 99.9140 99.7370
MOODY'S RATING A1
CUSIP 06051GHM4
850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 867,127.50 0.51 8,328.67 1,881.33
ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 102.0150
DTD 12/14/2023 4.980% 11/15/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDH8
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 803,219.85 0.48 18,263.89 1,720.02
ASSET BCKD SEC SER 2024-A1 CL A 99.9944 102.3210
DTD 06/13/2024 4.930% 05/15/2029
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDJ4
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,563,174.65 0.92 51,518.50- 1,650.89
DTD 03/15/2022 2.300% 03/15/2027 99.9810 96.7910
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
247,751.55 BMW VEHICLE OWNER TRUST 247,738.66 246,086.66 0.15 1,652.00-132.55
ASSET BCKD SEC SER 2022-A CL A3 99.9948 99.3280
DTD 05/18/2022 3.210% 08/25/2026
CALLABLE
MOODY'S RATING AAA
CUSIP 05602RAD3
695,000 BMW VEHICLE OWNER TRUST 694,894.43 710,234.40 0.42 15,339.97 600.02
ASSET BCKD SEC SER 2024-A CL A3 99.9848 102.1920
DTD 06/11/2024 5.180% 02/26/2029
CALLABLE
MOODY'S RATING AAA
CUSIP 096919AD7
1,000,000 CATERPILLAR FINL SERVICE 998,930.00 1,027,720.00 0.61 28,790.00 19,027.78
MEDIUM TERM NOTE 99.8930 102.7720
DTD 05/14/2024 5.000% 05/14/2027
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAL4
960,000 CHARLES SCHWAB CORP 959,729.90 921,964.80 0.55 37,765.10- 1,829.33
DTD 03/03/2022 2.450% 03/03/2027 99.9719 96.0380
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,711,581.30 1.01 21,838.69 3,455.11
ASSET BCKD SEC SER 2024-A1I CL A 99.9848 101.2770
DTD 01/31/2024 4.600% 01/16/2029
CALLABLE
CUSIP 161571HV9
865,000 CHUBB INA HOLDINGS LLC 869,887.39 885,093.95 0.52 15,206.56 6,815.48
DTD 07/31/2024 4.650% 08/15/2029 100.5650 102.3230
CALLABLE
MOODY'S RATING A3
CUSIP 171239AL0
2,000,000 CISCO SYSTEMS INC 2,004,911.40 2,043,780.00 1.21 38,868.60 9,333.33
DTD 02/26/2024 4.800% 02/26/2027 100.2456 102.1890
CALLABLE
MOODY'S RATING A1
CUSIP 17275RBQ4
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,337,802.50 1.38 25,376.45- 4,828.54
DTD 02/14/20 1.500 02/12/2025 99.9230 98.8500
MOODY'S RATING AAA
CUSIP 3137EAEP0
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,214,062.50 0.72 29,712.50-911.46
SER USD 99.5020 97.1250
DTD 07/23/20 0.375 07/21/2025
MOODY'S RATING AAA
CUSIP 3137EAEU9
2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,413,325.00 1.43 76,037.80-208.33
DTD 09/25/20 0.375 09/23/2025 99.5745 96.5330
MOODY'S RATING AAA
CUSIP 3137EAEX3
1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,267,842.80 0.75 39,664.36 3,824.29
SER K089 CL A2 *24 DAY DELAY*95.3555 98.4350
DTD 03/01/19 3.563 01/25/2029
CUSIP 3137FL6P4
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,000,000 FED HOME LN MTG CORP 1,929,531.25 1,919,920.00 1.14 9,611.25- 4,970.00
SER K093 CL A2 *24 DAY DELAY*96.4766 95.9960
DTD 06/01/19 2.982 05/25/2029
CUSIP 3137FMCR1
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,822,390.80 1.08 33,777.60- 5,134.38
DTD 04/24/20 0.625 04/22/2025 99.7940 97.9780
MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,435,825.00 1.44 63,402.30- 3,611.11
DTD 06/19/20 0.500 06/17/2025 99.9691 97.4330
MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,421,625.00 1.43 66,358.75-937.50
DTD 08/27/20 0.375 08/25/2025 99.5194 96.8650
MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,405,675.00 1.42 87,025.00- 5,000.00
DTD 11/12/20 0.500 11/07/2025 99.7080 96.2270
MOODY'S RATING AAA
CUSIP 3135G06G3
2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,880,304.00 1.70 90,692.00 48,922.22
DTD 11/15/2023 4.625% 11/15/2027 99.6290 102.8680
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133EPC60
2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,466,720.00 1.46 54,168.00 45,916.67
DTD 05/06/2024 4.750% 05/06/2027 100.5230 102.7800
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133ERDS7
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,926,843.75 1.14 56,793.75 42,057.29
DTD 04/11/2024 4.750% 04/09/2027 99.7360 102.7650
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3130B0TY5
2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,866,320.00 1.10 64,601.25 3,766.67
CMO SER K748 CL A2 90.0860 93.3160
DTD 03/01/2022 2.260% 01/25/2029
NON CALLABLE
CUSIP 3137H5YC5
989,730.34 FHLMC MULTIFAMILY STRUCTURED P 1,068,599.48 977,715.01 0.58 90,884.47- 2,482.57
SER K049 CL A2 *24 DAY DELAY*107.9688 98.7860
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 940,158.00 0.56 77,974.81- 2,639.42
SER K050 CL A2 *24 DAY DELAY*107.1719 98.9640
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 633,698.00 0.37 53,753.17- 1,437.04
SER K058 CL A2 *24 DAY DELAY*105.7617 97.4920
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 981,580.00 0.58 30,915.94 2,703.33
SER K068 CL A2 *24 DAY DELAY*95.0664 98.1580
DTD 10/01/17 3.244 08/25/2027
MOODY'S RATING AAA
CUSIP 3137FBBX3
2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,913,359.38 1,985,160.00 1.17 71,800.62 6,285.00
SER K087 CL A2 *24 DAY DELAY*95.6680 99.2580
DTD 01/01/19 3.771 12/25/2028
CUSIP 3137FKUP9
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,522,817.00 1.49 56,986.92 7,841.25
SER K088 CL A2 *24 DAY DELAY*96.6992 98.9340
DTD 03/01/19 3.690 01/25/2029
MOODY'S RATING AAA
CUSIP 3137FKZZ2
2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,090,308.00 1.24 50,925.18 5,105.83
SER K095 CL A2 *24 DAY DELAY*92.6992 95.0140
DTD 08/01/19 2.785 06/25/2029
CUSIP 3137FNAE0
1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,492,720.00 0.88 4,345.00 3,233.33
SER K098 CL A2 *24 DAY DELAY*93.0235 93.2950
DTD 10/01/19 2.425 08/25/2029
CUSIP 3137FPHK4
114,117.32 GM FINANCIAL SECURITIZED TERM 114,114.40 112,431.81 0.07 1,682.59-32.33
SER 2021-4 CL A3 *0 DAY DELAY*99.9975 98.5230
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
234,645.76 GM FINANCIAL SECURITIZED TERM 234,596.72 232,660.66 0.14 1,936.06-303.08
ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.1540
DTD 04/13/2022 3.100% 02/16/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 362585AC5
1,310,000 GM FINANCIAL SECURITIZED TERM 1,307,922.66 1,326,610.80 0.78 18,688.14 2,647.29
ASSET BCKD SEC SER 2024-1 CL A3 99.8414 101.2680
DTD 01/17/2024 4.850% 12/18/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 36268GAD7
117,840.83 GM FINANCIAL SECURITIZED TERM 117,830.59 116,240.55 0.07 1,590.04-61.87
SER 2022-1 CL A3 *0 DAY DELAY*99.9913 98.6420
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,344,406.00 0.80 41,454.00- 3,777.08
144A PRIV PLCMT 0.875 12/10/2025 98.9900 96.0290
MOODY'S RATING AA1
CUSIP 40139LBC6
1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,201,095.80 0.71 3,904.20-699.40
MEDIUM TERM NOTE 100.0000 99.6760
DTD 09/26/2024 4.179% 09/26/2029
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 40139LBJ1
1,663,000 HOME DEPOT INC 1,593,203.89 1,587,782.51 0.94 5,421.38- 14,445.00
DTD 06/17/19 2.950 06/15/2029 95.8030 95.4770
MOODY'S RATING A2
CUSIP 437076BY7
1,000,000 HOME DEPOT INC 992,260.00 1,030,710.00 0.61 38,450.00 12,666.67
DTD 06/25/2024 4.750% 06/25/2029 99.2260 103.0710
CALLABLE
MOODY'S RATING A2
CUSIP 437076DC3
535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 546,711.15 0.32 11,776.15 1,018.13
ASSET BCKD SEC SER 2024-2 CL A3 99.9879 102.1890
DTD 05/21/2024 5.270% 11/20/2028
CALLABLE
CUSIP 437930AC4
805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 823,708.20 0.49 16,715.53 1,267.88
ASSET BCKD SEC SER 2023-4 CL A3 100.2476 102.3240
DTD 11/08/2023 5.670% 06/21/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 438123AC5
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
340,002.36 HONDA AUTO RECEIVABLES OWNER T 339,951.22 335,949.53 0.20 4,001.69-284.09
SER 2022-1 CL A3 *0 DAY DELAY*99.9850 98.8080
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
124,921.33 HONDA AUTO RECEIVABLES OWNER T 124,894.99 123,294.85 0.07 1,600.14-30.54
SER 2021-4 CL A3 *0 DAY DELAY*99.9789 98.6980
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 620,376.10 0.37 10,393.06 1,466.71
ASSET BCKD SEC SER 2024-B CL A3 99.9972 101.7010
DTD 05/22/2024 5.410% 05/17/2027
NON CALLABLE
144A PRIVATE PLACEMENT
CUSIP 44934FAD7
476,406.37 HYUNDAI AUTO RECEIVABLES TRUST 476,388.03 471,165.90 0.28 5,222.13-470.05
ASSET BCKD SEC SER 2022-A CL A3 99.9962 98.9000
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
312,769.81 HYUNDAI AUTO RECEIVABLES TRUST 304,861.60 309,889.20 0.18 5,027.60 102.87
SER 2021-C CL A3 *0 DAY DELAY*97.4716 99.0790
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,349,915.00 1.39 98,818.20- 9,626.46
DTD 04/20/21 0.875 04/20/2026 99.5420 95.5250
MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,311,104.00 1.37 77,755.25- 5,100.00
DTD 10/28/20 0.500 10/28/2025 99.5358 96.2960
MOODY'S RATING AAA
CUSIP 459058JL8
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,500,000 INTL FINANCE CORP 2,471,150.00 2,425,825.00 1.43 45,325.00- 1,958.33
DTD 07/16/20 0.375 07/16/2025 98.8460 97.0330
MOODY'S RATING AAA
CUSIP 45950KCT5
2,000,000 JOHN DEERE CAPITAL CORP 2,004,220.00 2,040,880.00 1.21 36,660.00 7,005.56
MEDIUM TERM NOTE 100.2110 102.0440
DTD 03/07/2024 4.850% 03/05/2027
NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EXM6
191,836.39 JOHN DEERE OWNER TRUST 191,793.94 189,630.27 0.11 2,163.67-197.80
ASSET BCKD SEC SER 2022-A CL A3 99.9779 98.8500
DTD 03/16/2022 2.320% 09/16/2026
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47787JAC2
123,022.51 JOHN DEERE OWNER TRUST 123,011.53 121,581.92 0.07 1,429.61-26.65
SER 2021-B CL A3 *0 DAY DELAY*99.9911 98.8290
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
490,018.71 JOHN DEERE OWNER TRUST 489,971.92 487,284.41 0.29 2,687.51-814.52
ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.4420
DTD 07/20/2022 3.740% 02/16/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47800AAC4
943,295.68 JOHN DEERE OWNER TRUST 943,222.48 947,493.35 0.56 4,270.87 2,133.94
ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.4450
DTD 10/19/2022 5.090% 06/15/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 47800BAC2
PAGE 11
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
500,000 JOHN DEERE OWNER TRUST 499,765.63 508,310.00 0.30 8,544.37 1,102.22
ASSET BCKD SEC SER 2024-A CL A3 99.9531 101.6620
DTD 03/19/2024 4.960% 11/15/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 47800RAD5
1,500,000 JPMORGAN CHASE & CO 1,496,610.00 1,494,420.00 0.88 2,190.00- 11,908.50
DTD 07/23/18 07/23/2029 99.7740 99.6280
MOODY'S RATING A1
CUSIP 46647PAV8
1,500,000 JPMORGAN CHASE & CO 1,500,780.00 1,525,095.00 0.90 24,315.00 14,280.00
DTD 01/23/2024 VAR CPN 01/23/2028 100.0520 101.6730
CALLABLE
MOODY'S RATING A1
CUSIP 46647PEA0
1,000,000 MASSMUTUAL GLBL FDG 1,002,630.00 1,026,210.00 0.61 23,580.00 24,366.67
MEDIUM TERM NOTE 100.2630 102.6210
DTD 04/09/2024 5.100% 04/09/2027
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 57629W4S6
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 950,290.00 0.56 51,940.00- 2,500.00
144A PRIV PLCMT 1.200 07/16/2026 100.2230 95.0290
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 976,203.90 0.58 32,120.55 2,815.31
DTD 03/09/2023 4.875% 03/09/2028 99.9030 103.3020
CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,129,854.00 0.67 6,564.94 2,908.89
ASSET BCKD SEC SER 2023-2 CL A3 102.1172 102.7140
DTD 10/25/2023 5.950% 11/15/2028
CALLABLE
CUSIP 58769FAC9
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,063,063.30 0.63 50,665.60- 4,645.83
144A PRIV PLCMT 1.875 01/11/2027 99.8860 95.3420
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 728,820.40 0.43 40,471.20-454.51
144A PRIV PLCMT 1.250 09/14/2026 99.9080 94.6520
MOODY'S RATING AA3
CUSIP 58989V2D5
912,000 META PLATFORMS INC 910,584.09 926,063.04 0.55 15,478.95 5,664.53
DTD 08/09/2024 4.300% 08/15/2029 99.8448 101.5420
CALLABLE
MOODY'S RATING AA3
CUSIP 30303M8S4
1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,989,565.50 1.18 39,565.50 19,375.20
DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 102.0290
CALLABLE
MOODY'S RATING AA3
CUSIP 61690U8E3
1,000,000 MORGAN STANLEY BK 1,000,082.50 1,036,030.00 0.61 35,947.50 24,671.72
DTD 11/01/2023 5.882% 10/30/2026 100.0083 103.6030
CALLABLE
MOODY'S RATING AA3
CUSIP 61690U7W4
1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,037,470.00 0.61 42,590.00 15,972.22
MEDIUM TERM NOTE 99.4880 103.7470
DTD 06/06/2024 5.000% 06/06/2029
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 64952WFG3
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
670,000 NORTHERN TRUST CORP 668,914.60 671,092.10 0.40 2,177.50 10,496.67
DTD 05/10/2022 4.000% 05/10/2027 99.8380 100.1630
CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLOBAL 827,449.50 814,810.00 0.48 12,639.50- 1,454.44
MEDIUM TERM NOTE 97.3470 95.8600
DTD 01/14/2021 0.800% 01/14/2026
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 66815L2A6
1,500,000 PEPSICO INC 1,497,675.00 1,545,990.00 0.91 48,315.00 13,875.00
DTD 07/17/2024 4.500% 07/17/2029 99.8450 103.0660
CALLABLE
MOODY'S RATING A1
CUSIP 713448FX1
1,500,000 PROGRESSIVE CORP 1,455,495.00 1,496,175.00 0.88 40,680.00 5,000.00
DTD 10/23/18 4.000 03/01/2029 97.0330 99.7450
MOODY'S RATING A2
CUSIP 743315AV5
1,500,000 PROLOGIS LP 1,481,235.00 1,513,005.00 0.89 31,770.00 10,937.50
DTD 02/01/20 4.375 02/01/2029 98.7490 100.8670
MOODY'S RATING A3
CUSIP 74340XBL4
1,463,000 REALTY INCOME CORP 1,419,212.41 1,440,264.98 0.85 21,052.57 12,354.22
DTD 01/15/2024 4.000% 07/15/2029 97.0070 98.4460
CALLABLE
MOODY'S RATING A3
CUSIP 756109CB8
1,760,000 STATE STR CORP 1,760,000.00 1,801,606.40 1.07 41,606.40 3,173.33
DTD 03/18/2024 4.993% 03/18/2027 100.0000 102.3640
CALLABLE
MOODY'S RATING A1
CUSIP 857477CL5
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,340,000 TORONTO DOMINION BANK 1,340,000.00 1,367,269.00 0.81 27,269.00 32,624.53
MEDIUM TERM NOTE 100.0000 102.0350
CONVERTIBLE
DTD 04/05/2024 4.980% 04/05/2027
NON CALLABLE
MOODY'S RATING A1
CUSIP 89115A2W1
1,300,000 TOYOTA AUTO RECEIVABLES OWNER 1,294,718.75 1,315,834.00 0.78 21,115.25 2,981.33
ASSET BCKD SEC SER 2023-C CL A3 99.5938 101.2180
DTD 08/15/2023 5.160% 04/17/2028
CALLABLE
CUSIP 89231FAD2
123,747.04 TOYOTA AUTO RECEIVABLES OWNER 123,744.40 122,276.93 0.07 1,467.47-39.05
SER 2021-D CL A3 *0 DAY DELAY*99.9979 98.8120
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,320,459.00 0.78 63,931.60- 4,457.97
MED TERM NOTE 99.9560 95.3400
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 3,064,443.00 1.81 6,825.80 2,397.79
DTD 03/15/2022 1.750% 03/15/2025 98.6328 98.8530
MOODY'S RATING AAA
CUSIP 91282CED9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,222,570.00 1.91 37,742.50- 26,693.27
DTD 06/30/2022 3.250% 06/30/2027 100.3173 99.1560
MOODY'S RATING AAA
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 391,080.00 0.23 2,138.75- 1,853.26
DTD 07/31/2022 2.750% 07/31/2027 98.3047 97.7700
MOODY'S RATING AAA
CUSIP 91282CFB2
PAGE 15
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,444,290.00 2.63 24,612.34- 12,042.47
DTD 08/31/2022 3.125% 08/31/2027 99.3090 98.7620
MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,505,407.00 2.07 84,254.66 390.97
DTD 09/30/2022 4.125% 09/30/2027 99.1639 101.6060
MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 857,437.50 0.51 4,781.25 11,069.16
DTD 11/30/2022 3.875% 11/30/2027 100.3125 100.8750
MOODY'S RATING AAA
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,776,207.50 1.64 1,100.08 26,930.20
DTD 12/31/2022 3.875% 12/31/2027 100.9130 100.9530
MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,993,190.00 1.77 35,260.31 17,690.22
DTD 01/31/2023 3.500% 01/31/2028 98.5977 99.7730
MOODY'S RATING AAA
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,750,283.00 2.22 51,169.72 12,674.03
DTD 02/28/2023 4.000% 02/29/2028 99.9760 101.3590
MOODY'S RATING AAA
CUSIP 91282CGP0
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,539,650.00 1.50 14,552.34 32,274.59
DTD 12/15/2023 4.375% 12/15/2026 101.0039 101.5860
MOODY'S RATING AAA
CUSIP 91282CJP7
2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,352,210.00 1.39 102,342.81 260.65
DTD 03/31/2024 4.125% 03/31/2029 97.8203 102.2700
MOODY'S RATING AAA
CUSIP 91282CKG5
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,350,048.00 1.39 66,938.62 47,790.98
DTD 04/15/2024 4.500% 04/15/2027 99.2656 102.1760
MOODY'S RATING AAA
CUSIP 91282CKJ9
3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,272,384.00 1.94 85,884.00 54,391.30
DTD 05/15/2024 4.500% 05/15/2027 99.5781 102.2620
MOODY'S RATING AAA
CUSIP 91282CKR1
2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,058,440.00 1.22 72,893.12 21,480.98
DTD 06/30/2024 4.250% 06/30/2029 99.2774 102.9220
MOODY'S RATING AAA
CUSIP 91282CKX8
3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,510,395.00 2.08 17,085.47- 10,864.99
DTD 08/31/2024 3.625% 08/31/2029 100.7852 100.2970
MOODY'S RATING AAA
CUSIP 91282CLK5
2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,897,020.00 1.12 9,060.00- 7,347.22
DTD 07/25/19 2.875 08/15/2029 95.3040 94.8510
MOODY'S RATING A2
CUSIP 91324PDS8
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 989,501.40 0.59 35,549.95- 4,496.50
DTD 05/19/21 1.150 05/15/2026 99.0388 95.6040
MOODY'S RATING A2
CUSIP 91324PEC2
1,500,000 US TREASURY NOTE 1,469,765.63 1,453,515.00 0.86 16,250.63-631.79
DTD 07/31/20 0.250 07/31/2025 97.9844 96.9010
MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,313,384.00 1.37 52,756.63-16.57
DTD 09/30/20 0.250 09/30/2025 98.5892 96.3910
MOODY'S RATING AAA
CUSIP 91282CAM3
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,450,000 US TREASURY NOTE 2,422,492.19 2,355,160.50 1.39 67,331.69- 2,563.18
DTD 10/31/20 0.250 10/31/2025 98.8772 96.1290
MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,161,147.50 1.28 48,510.70- 2,835.55
DTD 11/30/20 0.375 11/30/2025 98.2070 96.0510
MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,389,150.00 1.41 67,295.31- 1,579.48
DTD 02/01/21 0.375 01/31/2026 98.2578 95.5660
MOODY'S RATING AAA
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,385,950.00 1.41 107,702.34- 7,846.47
DTD 04/30/21 0.750 04/30/2026 99.7461 95.4380
MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,326,178.00 0.78 52,876.68-33.65
DTD 09/30/21 0.875 09/30/2026 98.5039 94.7270
MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,329,734.00 0.79 61,734.75- 6,591.03
DTD 11/01/21 1.125 10/31/2026 99.3906 94.9810
CUSIP 91282CDG3
1,495,000 US TREASURY NOTE 1,518,067.38 1,474,772.65 0.87 43,294.73- 1,553.91
DTD 03/02/20 1.125 02/28/2025 101.5430 98.6470
MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,443,925.00 1.45 83,085.15 3,944.67
DTD 04/30/20 0.375 04/30/2025 94.4336 97.7570
MOODY'S RATING AAA
CUSIP 912828ZL7
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
350,000 WALMART INC 349,338.50 332,381.00 0.20 16,957.50-142.92
DTD 09/17/21 1.050 09/17/2026 99.8110 94.9660
MOODY'S RATING AA2
CUSIP 931142ER0
======================================================================================================================================
TOTAL BOND & NOTES 168,846,995.07 168,761,320.03 99.82 85,675.04- 883,775.71
======================================================================================================================================
TOTAL INVESTMENTS 169,147,087.73 169,061,412.69 100.00 85,675.04- 887,529.24
TOTAL ACCRUALS 887,529.24 887,529.24
======================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 170,034,616.97 169,948,941.93
PAGE 19
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 643,506.28
TRANSFER RECEIPTS 643,506.28 0.00
SALES 12,746,403.14 0.00
CASH MANAGEMENT SALES 5,974,464.48 0.00
TOTAL CASH RECEIPTS 19,364,373.90 643,506.28
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 10,056.99-0.00
TRANSFER DISBURSEMENTS 0.00 643,506.28-
PURCHASES 14,644,990.61-0.00
CASH MANAGEMENT PURCHASES 4,709,326.30-0.00
TOTAL CASH DISBURSEMENTS 19,364,373.90-643,506.28-
========================================================================================================================================
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________
PAGE 20
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 168,710,087.47
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
09/03/24 INTEREST RECEIVED 3,474.34
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 8/1/24 TO 8/31/24
09/03/24 INTEREST RECEIVED 128.32
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 8/1/24 TO 8/31/24
09/30/24 4,709,197.98 CASH SWEEP PURCHASES FOR STMT PERIOD 4,709,197.98- 4,709,197.98
AS 100% TREAS MM FD-SVC CL #008
13 TRANSACTIONS
09/30/24 128.32 CASH SWEEP PURCHASES FOR STMT PERIOD 128.32-128.32
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
09/30/24 5,974,464.48- CASH SWEEP SALES FOR STMT PERIOD 5,974,464.48 5,974,464.48-
AS 100% TREAS MM FD-SVC CL #008
6 TRANSACTIONS
BONDS & NOTES
09/16/24 INTEREST RECEIVED 2,845.38
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
$0.00184/PV ON 1,545,000.00 PV
DUE 9/15/24
09/16/24 INTEREST RECEIVED 3,884.38
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
$0.00283/PV ON 1,375,000.00 PV
DUE 9/15/24
PAGE 21
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/16/24 INTEREST RECEIVED 3,225.04
BANK OF AMERICA ABS 4.930% 5/15/29
CUSIP 05522RDJ4
$0.00411/PV ON 785,000.00 PV
DUE 9/15/24
09/18/24 1,240,000- SOLD 1,218,597.60 1,285,656.80-67,059.20-
BANK OF MONTREAL 1.850% 5/01/25
CUSIP 06367WB85
AT $98.2740 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
TORONTO DOMINION SECURITIES (U
09/18/24 ACCRUED INTEREST ON SALE 8,729.94
BANK OF MONTREAL 1.850% 5/01/25
CUSIP 06367WB85
09/20/24 1,000,000- SOLD 996,280.00 1,024,910.00-28,630.00-
BANK OF NEW YORK MEL 3.950% 11/18/25
CUSIP 06406HCQ0
AT $99.6280 ON TRADE DATE 09/19/2024
TO SETTLE ON 09/20/2024
BANC OF AMERICA SECURITIES LLC
09/20/24 ACCRUED INTEREST ON SALE 13,386.11
BANK OF NEW YORK MEL 3.950% 11/18/25
CUSIP 06406HCQ0
09/16/24 INTEREST RECEIVED 18,572.50
BERKSHIRE HATH 2.300% 3/15/27
CUSIP 084664CZ2
INTEREST ON 1,615,000.000 UNITS
09/16/24 INTEREST RECEIVED 3,527.50
BK OF AMERICA ABS 4.980% 11/15/28
CUSIP 05522RDH8
$0.00415/PV ON 850,000.00 PV
DUE 9/15/24
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/25/24 INTEREST RECEIVED 735.51
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00139/PV ON 274,957.21 PV
DUE 9/25/24
09/25/24 27,205.66- PAID DOWN 27,205.66 27,204.25-1.41
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
09/25/24 INTEREST RECEIVED 3,000.08
BMW VEHICLE OWN ABS 5.180% 2/26/29
CUSIP 096919AD7
$0.00432/PV ON 695,000.00 PV
DUE 9/25/24
09/03/24 INTEREST RECEIVED 11,760.00
CHARLES SCHWAB CORP 2.450% 3/03/27
CUSIP 808513BY0
INTEREST ON 960,000.000 UNITS
09/16/24 INTEREST RECEIVED 6,478.33
CHASE ISSUANCE ABS 4.600% 1/16/29
CUSIP 161571HV9
$0.00383/PV ON 1,690,000.00 PV
DUE 9/15/24
09/23/24 INTEREST RECEIVED 4,687.50
FED HOME LN MTG CORP 0.375% 9/23/25
CUSIP 3137EAEX3
INTEREST ON 2,500,000.000 UNITS
09/24/24 2,000,000 PURCHASED 1,929,531.25- 1,929,531.25
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
AT $96.4766 ON TRADE DATE 09/19/2024
TO SETTLE ON 09/24/2024
GOLDMAN SACHS
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/24/24 ACCRUED INTEREST ON PURCHASE 3,810.33-
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
09/04/24 0.01 SHARE ADJUSTMENT
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
09/25/24 INTEREST RECEIVED 2,336.95
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
$0.00264/PV ON 461,110.52 PV
DUE 9/25/24
09/25/24 461,110.52- PAID DOWN 461,110.52 496,018.03-34,907.51-
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
09/25/24 423,258.55- SOLD 421,076.12 455,300.54-34,224.42-
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
AT $99.4844 ON TRADE DATE 09/03/2024
TO SETTLE ON 09/25/2024
TORONTO DOMINION SECURITIES (U
09/25/24 ACCRUED INTEREST ON SALE 186.41
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
09/25/24 INTEREST RECEIVED 3,824.29
FED HOME LN MTG CORP 3.563% 1/25/29
CUSIP 3137FL6P4
$0.00297/PV ON 1,288,000.00 PV
DUE 9/25/24
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/06/24 1,600,000 PURCHASED 1,488,375.00- 1,488,375.00
FHLMC MULTIFAMILY ST 2.425% 8/25/29
CUSIP 3137FPHK4
AT $93.0234 ON TRADE DATE 09/03/2024
TO SETTLE ON 09/06/2024
TORONTO DOMINION SECURITIES (U
09/06/24 ACCRUED INTEREST ON PURCHASE 538.89-
FHLMC MULTIFAMILY ST 2.425% 8/25/29
CUSIP 3137FPHK4
09/25/24 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 9/25/24
09/25/24 INTEREST RECEIVED 5,105.83
FHLMC MULTIFAMILY ST 2.785% 6/25/29
CUSIP 3137FNAE0
$0.00232/PV ON 2,200,000.00 PV
DUE 9/25/24
09/24/24 570,000- SOLD 561,539.06 582,001.17-20,462.11-
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
AT $98.5156 ON TRADE DATE 09/19/2024
TO SETTLE ON 09/24/2024
TORONTO DOMINION SECURITIES (U
09/24/24 ACCRUED INTEREST ON SALE 1,090.68
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
09/25/24 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 0.00 PV
DUE 9/25/24
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/25/24 INTEREST RECEIVED 2,487.50
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00249/PV ON 991,693.37 PV
DUE 9/25/24
09/25/24 1,963.03- PAID DOWN 1,963.03 2,119.46-156.43-
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
09/25/24 INTEREST RECEIVED 2,703.33
FHLMC MULTIFAMILY ST 3.244% 8/25/27
CUSIP 3137FBBX3
$0.00270/PV ON 1,000,000.00 PV
DUE 9/25/24
09/25/24 428,233.28- SOLD 423,566.21 440,963.19-17,396.98-
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
AT $98.9102 ON TRADE DATE 09/19/2024
TO SETTLE ON 09/25/2024
TORONTO DOMINION SECURITIES (U
09/25/24 ACCRUED INTEREST ON SALE 905.05
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
09/26/24 INTEREST RECEIVED 1,182.90
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 871.44 PV
DUE 9/25/24
09/26/24 871.44- PAID DOWN 871.44 897.34-25.90-
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
TO SETTLE ON 09/26/2024
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/25/24 INTEREST RECEIVED 7,841.25
FHLMC MULTIFAMILY ST 3.690% 1/25/29
CUSIP 3137FKZZ2
$0.00308/PV ON 2,550,000.00 PV
DUE 9/25/24
09/25/24 INTEREST RECEIVED 6,285.00
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
$0.00314/PV ON 2,000,000.00 PV
DUE 9/25/24
09/25/24 INTEREST RECEIVED 3,766.67
FHLMC SER K748 CMO 2.260% 1/25/29
CUSIP 3137H5YC5
$0.00188/PV ON 2,000,000.00 PV
DUE 9/25/24
09/16/24 INTEREST RECEIVED 654.35
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00168/PV ON 253,297.12 PV
DUE 9/16/24
09/16/24 18,651.36- PAID DOWN 18,651.36 18,647.46-3.90
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
09/16/24 INTEREST RECEIVED 5,294.58
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 1,310,000.00 PV
DUE 9/16/24
09/16/24 INTEREST RECEIVED 72.50
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00021/PV ON 127,934.78 PV
DUE 9/16/24
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/16/24 13,817.46- PAID DOWN 13,817.46 13,817.11-0.35
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
09/16/24 INTEREST RECEIVED 137.44
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00047/PV ON 130,896.31 PV
DUE 9/16/24
09/16/24 13,055.48- PAID DOWN 13,055.48 13,054.34-1.14
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
09/26/24 1,205,000 PURCHASED 1,205,000.00- 1,205,000.00
GUARDIAN LIFE MTN 4.179% 9/26/29
CUSIP 40139LBJ1
AT $100.0000 ON TRADE DATE 09/23/2024
TO SETTLE ON 09/26/2024
DEUTSCHE BANK SECURITIES INC.
09/18/24 1,663,000 PURCHASED 1,593,203.89- 1,593,203.89
HOME DEPOT INC 2.950% 6/15/29
CUSIP 437076BY7
AT $95.8030 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
DAIWA SECURITIES AMER
09/18/24 ACCRUED INTEREST ON PURCHASE 12,673.45-
HOME DEPOT INC 2.950% 6/15/29
CUSIP 437076BY7
09/18/24 1,350,000- SOLD 1,387,422.00 1,346,913.30-40,508.70
HOME DEPOT INC 4.875% 6/25/27
CUSIP 437076DB5
AT $102.7720 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
DEUTSCHE BANK SECURITIES INC.
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/18/24 ACCRUED INTEREST ON SALE 15,173.44
HOME DEPOT INC 4.875% 6/25/27
CUSIP 437076DB5
09/18/24 INTEREST RECEIVED 2,349.54
HONDA AUTO RECE ABS 5.270% 11/20/28
CUSIP 437930AC4
$0.00439/PV ON 535,000.00 PV
DUE 9/18/24
09/23/24 INTEREST RECEIVED 3,803.63
HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
$0.00473/PV ON 805,000.00 PV
DUE 9/21/24
09/23/24 INTEREST RECEIVED 105.74
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00023/PV ON 144,189.73 PV
DUE 9/21/24
09/23/24 19,268.4- PAID DOWN 19,268.40 19,264.34-4.06
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
TO SETTLE ON 09/23/2024
09/16/24 INTEREST RECEIVED 593.34
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00080/PV ON 378,728.67 PV
DUE 9/15/24
09/16/24 38,726.31- PAID DOWN 38,726.31 38,720.48-5.83
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
AT $3,095.5713 ON TRADE DATE 09/15/2024
TO SETTLE ON 09/16/2024
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/16/24 INTEREST RECEIVED 2,750.08
HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
$0.00451/PV ON 610,000.00 PV
DUE 9/15/24
09/16/24 INTEREST RECEIVED 978.63
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00097/PV ON 528,989.09 PV
DUE 9/15/24
09/16/24 52,582.72- PAID DOWN 52,582.72 52,580.70-2.02
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
AT $2,279.8374 ON TRADE DATE 09/15/2024
TO SETTLE ON 09/16/2024
09/16/24 INTEREST RECEIVED 232.21
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00017/PV ON 376,555.82 PV
DUE 9/15/24
09/16/24 63,786.01- PAID DOWN 63,786.01 62,173.22-1,612.79
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $2,499.6149 ON TRADE DATE 09/15/2024
TO SETTLE ON 09/16/2024
09/05/24 INTEREST RECEIVED 47,961.11
JOHN DEERE CAP MTN 4.850% 3/05/27
CUSIP 24422EXM6
INTEREST ON 2,000,000.000 UNITS
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/16/24 INTEREST RECEIVED 4,239.77
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00404/PV ON 999,553.58 PV
DUE 9/15/24
09/16/24 56,257.9- PAID DOWN 56,257.90 56,253.53-4.37
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
AT $2,130.9017 ON TRADE DATE 09/15/2024
TO SETTLE ON 09/16/2024
09/16/24 INTEREST RECEIVED 404.02
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00090/PV ON 208,977.90 PV
DUE 9/15/24
09/16/24 17,141.51- PAID DOWN 17,141.51 17,137.72-3.79
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
AT $6,993.5527 ON TRADE DATE 09/15/2024
TO SETTLE ON 09/16/2024
09/16/24 INTEREST RECEIVED 1,613.74
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00246/PV ON 517,776.20 PV
DUE 9/15/24
09/16/24 27,757.49- PAID DOWN 27,757.49 27,754.84-2.65
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
AT $4,318.8362 ON TRADE DATE 09/15/2024
TO SETTLE ON 09/16/2024
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/16/24 INTEREST RECEIVED 2,066.67
JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
$0.00413/PV ON 500,000.00 PV
DUE 9/15/24
09/16/24 INTEREST RECEIVED 59.65
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00010/PV ON 137,647.92 PV
DUE 9/15/24
09/16/24 14,625.41- PAID DOWN 14,625.41 14,624.11-1.30
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
TO SETTLE ON 09/16/2024
09/09/24 INTEREST RECEIVED 23,034.38
MASTERCARD INC 4.875% 3/09/28
CUSIP 57636QAW4
INTEREST ON 945,000.000 UNITS
09/16/24 INTEREST RECEIVED 5,454.17
MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
$0.00496/PV ON 1,100,000.00 PV
DUE 9/15/24
09/16/24 INTEREST RECEIVED 4,812.50
P/P MET TOWER GLOBAL 1.250% 9/14/26
CUSIP 58989V2D5
INTEREST ON 770,000.000 UNITS
09/12/24 1,680,000- SOLD 1,659,453.60 1,678,185.60-18,732.00-
P/P NEW YORK LIF MTN 1.450% 1/14/25
CUSIP 64952WEK5
AT $98.7770 ON TRADE DATE 09/11/2024
TO SETTLE ON 09/12/2024
MARKETAXESS CORPORATION
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/12/24 ACCRUED INTEREST ON SALE 3,924.67
P/P NEW YORK LIF MTN 1.450% 1/14/25
CUSIP 64952WEK5
09/03/24 INTEREST RECEIVED 3,616.00
P/P PRICOA GLOBAL FU 0.800% 9/01/25
CUSIP 74153WCM9
INTEREST ON 904,000.000 UNITS
09/18/24 904,000- SOLD 874,122.80 832,972.72-41,150.08
P/P PRICOA GLOBAL FU 0.800% 9/01/25
CUSIP 74153WCM9
AT $96.6950 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
PERSHING LLC
09/18/24 ACCRUED INTEREST ON SALE 341.51
P/P PRICOA GLOBAL FU 0.800% 9/01/25
CUSIP 74153WCM9
09/12/24 885,000- SOLD 875,273.85 884,769.90-9,496.05-
PACCAR FIN MTN 2.850% 4/07/25
CUSIP 69371RR73
AT $98.9010 ON TRADE DATE 09/11/2024
TO SETTLE ON 09/12/2024
MARKETAXESS CORPORATION
09/12/24 ACCRUED INTEREST ON SALE 10,859.69
PACCAR FIN MTN 2.850% 4/07/25
CUSIP 69371RR73
09/03/24 INTEREST RECEIVED 30,000.00
PROGRESSIVE CORP 4.000% 3/01/29
CUSIP 743315AV5
INTEREST ON 1,500,000.000 UNITS
PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/18/24 INTEREST RECEIVED 43,938.40
STATE STR CORP 4.993% 3/18/27
CUSIP 857477CL5
INTEREST ON 1,760,000.000 UNITS
09/16/24 INTEREST RECEIVED 5,590.00
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00430/PV ON 1,300,000.00 PV
DUE 9/15/24
09/16/24 INTEREST RECEIVED 83.91
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00020/PV ON 141,811.73 PV
DUE 9/15/24
09/16/24 18,064.69- PAID DOWN 18,064.69 18,064.30-0.39
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
AT $6,636.1534 ON TRADE DATE 09/15/2024
TO SETTLE ON 09/16/2024
09/16/24 INTEREST RECEIVED 27,125.00
U.S. TREASURY NOTES 1.750% 3/15/25
CUSIP 91282CED9
INTEREST ON 3,100,000.000 UNITS
09/03/24 INTEREST RECEIVED 70,312.50
U.S. TREASURY NOTES 3.125% 8/31/27
CUSIP 91282CFH9
INTEREST ON 4,500,000.000 UNITS
09/13/24 3,500,000 PURCHASED 3,527,480.47- 3,527,480.47
U.S. TREASURY NOTES 3.625% 8/31/29
CUSIP 91282CLK5
AT $100.7852 ON TRADE DATE 09/11/2024
TO SETTLE ON 09/13/2024
MERRILL LYNCH,PIERCE,FENNER
PAGE 34
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/13/24 ACCRUED INTEREST ON PURCHASE 4,556.28-
U.S. TREASURY NOTES 3.625% 8/31/29
CUSIP 91282CLK5
09/03/24 INTEREST RECEIVED 74,000.00
U.S. TREASURY NOTES 4.000% 2/29/28
CUSIP 91282CGP0
INTEREST ON 3,700,000.000 UNITS
09/30/24 INTEREST RECEIVED 47,437.50
U.S. TREASURY NOTES 4.125% 3/31/29
CUSIP 91282CKG5
INTEREST ON 2,300,000.000 UNITS
09/30/24 INTEREST RECEIVED 71,156.25
U.S. TREASURY NOTES 4.125% 9/30/27
CUSIP 91282CFM8
INTEREST ON 3,450,000.000 UNITS
09/18/24 2,000,000 PURCHASED 1,906,080.00- 1,906,080.00
UNITEDHEALTH GROUP 2.875% 8/15/29
CUSIP 91324PDS8
AT $95.3040 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
DEUTSCHE BANK SECURITIES INC.
09/18/24 ACCRUED INTEREST ON PURCHASE 5,270.83-
UNITEDHEALTH GROUP 2.875% 8/15/29
CUSIP 91324PDS8
09/18/24 675,000- SOLD 673,771.50 675,316.70-1,545.20-
UNITEDHEALTH GRP INC 3.700% 5/15/27
CUSIP 91324PEG3
AT $99.8180 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
CITIGROUP GBL MKTS/SALOMON BRO
PAGE 35
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/18/24 ACCRUED INTEREST ON SALE 8,533.12
UNITEDHEALTH GRP INC 3.700% 5/15/27
CUSIP 91324PEG3
09/30/24 INTEREST RECEIVED 3,000.00
US TREASURY NOTE 0.250% 9/30/25
CUSIP 91282CAM3
INTEREST ON 2,400,000.000 UNITS
09/30/24 INTEREST RECEIVED 6,125.00
US TREASURY NOTE 0.875% 9/30/26
CUSIP 91282CCZ2
INTEREST ON 1,400,000.000 UNITS
09/03/24 INTEREST RECEIVED 8,437.50
US TREASURY NOTE 1.125% 2/28/25
CUSIP 912828ZC7
INTEREST ON 1,500,000.000 UNITS
09/19/24 5,000- SOLD 4,926.56 5,077.15-150.59-
US TREASURY NOTE 1.125% 2/28/25
CUSIP 912828ZC7
AT $98.5312 ON TRADE DATE 09/19/2024
WACHOVIA CAPITAL MARKETS, LLC.
09/19/24 ACCRUED INTEREST ON SALE 2.95
US TREASURY NOTE 1.125% 2/28/25
CUSIP 912828ZC7
09/18/24 700,000- SOLD 681,548.00 701,274.00-19,726.00-
VR BANK OF AMERICA 1.319% 6/19/26
CUSIP 06051GJD2
AT $97.3640 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
BARCLAYS CAPITAL INC. FIXED IN
PAGE 36
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/18/24 ACCRUED INTEREST ON SALE 2,282.60
VR BANK OF AMERICA 1.319% 6/19/26
CUSIP 06051GJD2
09/18/24 600,000- SOLD 592,416.00 620,988.00-28,572.00-
VR BANK OF AMERICA 2.015% 2/13/26
CUSIP 06051GHY8
AT $98.7360 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
BARCLAYS CAPITAL INC. FIXED IN
09/18/24 ACCRUED INTEREST ON SALE 1,175.42
VR BANK OF AMERICA 2.015% 2/13/26
CUSIP 06051GHY8
09/24/24 1,150,000- SOLD 1,137,361.50 1,114,222.54-23,138.96
VR BANK OF AMERICA 3.559% 4/23/27
CUSIP 06051GHT9
AT $98.9010 ON TRADE DATE 09/23/2024
TO SETTLE ON 09/24/2024
BANC OF AMERICA SECURITIES LLC
09/24/24 ACCRUED INTEREST ON SALE 17,167.23
VR BANK OF AMERICA 3.559% 4/23/27
CUSIP 06051GHT9
09/18/24 1,500,000 PURCHASED 1,498,710.00- 1,498,710.00
VR BANK OF AMERICA 4.271% 7/23/29
CUSIP 06051GHM4
AT $99.9140 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
BANC OF AMERICA SECURITIES LLC
09/18/24 ACCRUED INTEREST ON PURCHASE 9,787.71-
VR BANK OF AMERICA 4.271% 7/23/29
CUSIP 06051GHM4
PAGE 37
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/25/24 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 9/25/24
09/18/24 401,000- SOLD 394,162.95 415,969.33-21,806.38-
VR JPMORGAN CHASE & 2.083% 4/22/26
CUSIP 46647PBK1
AT $98.2950 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
BARCLAYS CAPITAL INC. FIXED IN
09/18/24 ACCRUED INTEREST ON SALE 3,387.54
VR JPMORGAN CHASE & 2.083% 4/22/26
CUSIP 46647PBK1
09/18/24 1,500,000 PURCHASED 1,496,610.00- 1,496,610.00
VR JPMORGAN CHASE & 4.203% 7/23/29
CUSIP 46647PAV8
AT $99.7740 ON TRADE DATE 09/17/2024
TO SETTLE ON 09/18/2024
JEFFERIES & COMPANY, INC.
09/18/24 ACCRUED INTEREST ON PURCHASE 9,631.88-
VR JPMORGAN CHASE & 4.203% 7/23/29
CUSIP 46647PAV8
09/17/24 INTEREST RECEIVED 1,837.50
WALMART INC 1.050% 9/17/26
CUSIP 931142ER0
INTEREST ON 350,000.000 UNITS
PAGE 38
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
TRANSFER RECEIPTS
09/03/24 ADDITION TO ACCOUNT 201,728.66
TRANSFER FROM INCOME
09/05/24 ADDITION TO ACCOUNT 47,961.11
TRANSFER FROM INCOME
09/09/24 ADDITION TO ACCOUNT 22,884.98
TRANSFER FROM INCOME
09/12/24 ADDITION TO ACCOUNT 14,784.36
TRANSFER FROM INCOME
09/16/24 ADDITION TO ACCOUNT 92,255.03
TRANSFER FROM INCOME
09/17/24 ADDITION TO ACCOUNT 5,721.88
TRANSFER FROM INCOME
09/18/24 ADDITION TO ACCOUNT 48,547.64
TRANSFER FROM INCOME
09/20/24 ADDITION TO ACCOUNT 13,389.06
TRANSFER FROM INCOME
09/23/24 ADDITION TO ACCOUNT 8,596.87
TRANSFER FROM INCOME
09/24/24 ADDITION TO ACCOUNT 15,354.47
TRANSFER FROM INCOME
09/25/24 ADDITION TO ACCOUNT 41,248.54
TRANSFER FROM INCOME
PAGE 39
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/26/24 ADDITION TO ACCOUNT 2,132.03
TRANSFER FROM INCOME
09/27/24 ADDITION TO ACCOUNT 1,182.90
TRANSFER FROM INCOME
09/30/24 ADDITION TO ACCOUNT 127,718.75
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
09/09/24 INVESTMENT MGMT FEE 10,056.99-
PAID TO CHANDLER ASSET MANAGEMENT INC
CHANDLER ASSET MGMT FEE 2408CUPERTIN
PERIOD 8.1.24-8.31.24
TRANSFER DISBURSEMENTS
09/03/24 TRANSFER TO PRINCIPAL 201,728.66-
09/05/24 TRANSFER TO PRINCIPAL 47,961.11-
09/09/24 TRANSFER TO PRINCIPAL 22,884.98-
09/12/24 TRANSFER TO PRINCIPAL 14,784.36-
09/16/24 TRANSFER TO PRINCIPAL 92,255.03-
09/17/24 TRANSFER TO PRINCIPAL 5,721.88-
09/18/24 TRANSFER TO PRINCIPAL 48,547.64-
09/20/24 TRANSFER TO PRINCIPAL 13,389.06-
09/23/24 TRANSFER TO PRINCIPAL 8,596.87-
INVESTMENT AND INSURANCE PRODUCTS ARE:
·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY
·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE
·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
PAGE 40
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
09/24/24 TRANSFER TO PRINCIPAL 15,354.47-
09/25/24 TRANSFER TO PRINCIPAL 41,248.54-
09/26/24 TRANSFER TO PRINCIPAL 2,132.03-
09/27/24 TRANSFER TO PRINCIPAL 1,182.90-
09/30/24 TRANSFER TO PRINCIPAL 127,718.75-
=================================================================================================================
ENDING BALANCE 0.00 169,147,087.73
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 9/1/2024 to 9/30/2024
Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 9/1/2024 Contributions Earnings Expenses Distributions Transfers 9/30/2024
OPEB 1001 $39,725,258.30 $0.00 $655,055.49 $10,800.09 $0.00 $0.00 $40,369,513.70
PENSION 1002 $22,599,082.20 $0.00 $374,060.92 $6,142.80 $0.00 $0.00 $22,967,000.32
Totals $62,324,340.50 $0.00 $1,029,116.41 $16,942.89 $0.00 $0.00 $63,336,514.02
Investment Selection
Source
OPEB
PENSION
Investment Objective
Source
OPEB
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years
OPEB 1.65%6.29%24.81%4.03%7.72%6.73%6/21/2010
PENSION 1.66%6.11%24.56%3.96%8.45%-3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees
Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
Account Report for the Period
Balance as of
City of Cupertino - OPEB
Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
City of Cupertino - PEN
Plan's Inception Date
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
October 02, 2024
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:
September 2024 Statement
Tran Type Definitions
Account Summary
Total Deposit:0.00 Beginning Balance:65,759,753.90
Total Withdrawal:0.00 Ending Balance:65,759,753.90
10/2/24, 7:14 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1