01 - January 30, 2025 - Monthly Treasurer’s Investment Report for December 2024INVESTMENT REPORT
City of Cupertino | As of December 31, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
City of Cupertino | As of December 31, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1
ECONOMIC UPDATE
2
Recent economic data suggests continued growth fueled by a resilient consumer.Inflationary trends have subsided, but some components
remain sticky,and core levels remain above the Fed’s target.The labor market reflects improved balance between supply and demand for
workers.While job creation has been robust, continuing jobless claims remain elevated.Given the economic outlook, we expect gradual
normalization of monetary policy and a steepening yield curve.
As broadly anticipated,the Federal Open Market Committee (FOMC)reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50%at the December meeting.Although the cut was widely anticipated,market participants viewed the trajectory of rates in the SEP as
‘hawkish.’Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well
positioned. The Fed released the quarterly Summary of Economic Projections (SEP),which now forecasts a higher central tendency of core
inflation and a higher longer run Fed Funds forecast.In the Chandler team’s view,the updated SEP reflects the continued resiliency of the
US economy and the corresponding risk of inflation taking longer to reach the FOMC’s two percent objective in 2025.
US Treasury yields shifted higher in December and the curve steepened.The 2-year Treasury yield increased 9 basis points to 4.24%,the 5-
year Treasury rose 33 basis points to 4.38%,and the 10-year Treasury yield surged 40 basis points to 4.57%.The spread between the 2-year
and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November
month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the
3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November.
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 256,000 jobs in December,far exceeding consensus expectations.Gains were led by health care,retail,and
leisure sectors,while manufacturing shed jobs.The three-month moving average and six-month moving average payrolls totaled 170,000
and 165,000 respectively.The unemployment rate declined to 4.1%in December,and the labor participation rate was unchanged at
62.5%,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 fell to 7.5%.Average hourly earnings moderated to an increase
of 3.9% year-over-year in December.
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 Department’s Job Openings and Labor Turnover Survey (JOLTS)rose to 8.098 million new job openings in November,which
represented an increase from the upwardly revised 7.839 million job openings in October.Job openings indicate a ratio of 1.1 jobs for
each unemployed individual, representing a relatively balanced labor market.
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 November,the Consumer Price Index (CPI)rose 0.3%month-over-month and 2.7%year-over-year,rising from 2.6%in October as
expected. The Core CPI, which excludes volatile food and energy components, rose 0.3% month-over-month and 3.3% year-over-year, also
meeting consensus forecasts.The Personal Consumption Expenditures (PCE)Index rose 0.1%from the previous month and 2.4%year-over-
year in November versus a 2.3%increase in October.The Core PCE deflator (the Fed’s preferred gauge)increased 0.1%month-over-
month,below recent small month-over-month rises and 2.8%over the past year. Core prices are exhibiting what Fed Chair Powell
describes as “sideways” movement. Although inflation has moderated, price increases remain above the Fed’s 2% target.
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 marginally above expectations at 0.7%in November versus 0.5%in October driven by strong motor vehicle sales.On a
year-over-year basis, Retail Sales grew 3.8%in November versus 2.9%in October.Retail Sales Control Group,which are used to calculate
gross domestic product,was also solid at 0.4%for the month. The Conference Board’s Consumer Confidence Index declined to 104.7 in
December from an upwardly revised 112.8 in November.Consumers'assessment about future business conditions and outcomes were
substantially less optimistic and there was increased pessimism about future employment prospects.While the consumer has been
resilient,low savings rates,growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future
spending.
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)increased 0.3%in November reversing its -0.4%decline in October due to a
rebound in building permits,continued support from equities,improvement in average hours worked in manufacturing, and fewer initial
unemployment claims.The LEI decreased year-over-year by -3.5%.According to the Conference Board,the rise in LEI is a positive sign for
future activity in the US and is consistent with an expectation for moderate growth at the end of 2024 and into early 2025.The Chicago
Fed National Activity Index (CFNAI)improved to -0.12 in November from -0.50 in October.The three-month moving average fell to -0.31 in
November from -0.27 in October, 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 in November declined 1.8%to 1.29 million units from 1.31 million units in October.Total starts are down 14.6%compared
to November 2023.Starts remain soft as mortgage rates remain relatively high. The supply of existing homes is becoming more abundant
after the period of scarcity as homeowners held onto their low mortgage rates.The Freddie Mac average rate for a 30-year fixed rate
mortgage increased to 6.9%from 6.8%in December.According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2%
year-over-year in October,decelerating from 4.6%reported in the previous month.With more inventory entering the market the trend is
gradually improving, however 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 rose more than forecast to 49.3 in December from 48.4 in November.
While the index has posted contractionary readings for the past nine months,New Orders and Prices indices continued in expansion
territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in
contraction.The ISM Services Index rose to 54.1 in December from 52.1 in November while marking the sixth straight month of expansion.
Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers.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 12/23 3/24 6/24 9/24
2.3% 1.3% 1.9% 2.5%
0.2% 0.6% 1.5% 0.2%
0.1% -0.6% -0.9% -0.4%
0.0% 0.0% 0.3% 0.6%
0.6% 0.3% 0.3% 0.3%
3.2% 1.6% 3.0% 3.1%
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,third quarter GDP increased at an annualized rate of 3.1%compared to 2.8%from the second estimate.
Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed
investment also had positive contributions,with negative offsets by net exports,residential investment, and change in private
inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% 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
As broadly anticipated,the Federal Open Market Committee (FOMC)reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50%at the December meeting.There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no
change in rates.Although a reduction in rates was widely anticipated,market participants viewed the trajectory of rates in the SEP as
‘hawkish.’Chair Jerome Powell reiterated previous statements that monetary policy is “well positioned” and the outlook remains roughly
balanced between the dual mandate of maximum employment and price stability.Economic activity is expanding at a solid pace,labor
market conditions have “generally eased”,and the unemployment rate “remains low.”The Fed released the quarterly Summary of
Economic Projections (SEP)which now forecasts a higher,longer run median Fed Funds rate expectation among Fed Governors at 2.8 –
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 $1.9T to approximately $7.0T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
FEDERAL RESERVE
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
Dec-24
Sep-24
Dec-23
Yi
e
l
d
(
%
)
At the end of December,the 2-year Treasury yield was 1 basis point lower,and the 10-Year Treasury yield was 69 basis points higher,
year-over-year.The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December
month-end versus +2 basis points at November month-end. The yield curve inversion which began in July 2022 was historically long.The
average historical spread (since 2004)is about +99 basis points. The 3-month and 10-year Treasury yield curve normalized to +25 basis
points in December from -32 basis points in November.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
City of Cupertino | As of December 31, 2024
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of
capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the
investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or
above the return on the benchmark index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the
investment policy and California Government Code.
15
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2024
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)100.0 9.7 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 4.3 Compliant
Max Maturity (Years)5.0 4.7 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 9.5 Compliant
Max % Issuer (MV)5.0 1.7 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)40.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)25.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
16
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2024
Rules Name Limit Actual Compliance
Status Notes
Max % (MV)30.0 26.6 Compliant
Max % Issuer (MV)5.0 1.7 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 10.8 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 4.3 Compliant
Max Callables (MV)20.0 0.0 Compliant
Max Maturity (Years)5 2 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)20.0 0.5 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)30.0 1.0 Compliant
Max % Issuer (MV)5.0 1.0 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
17
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2024
Rules Name Limit Actual Compliance
Status Notes
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV)10.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 5.3 Compliant
Max % Issuer (MV)10.0 2.4 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 36.6 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 (0.09%)(0.49%)4.15%4.15%4.38%1.16%1.43%--1.79%
Benchmark Return*(0.07%)(0.76%)3.35%3.35%3.92%0.78%1.08%--1.56%
City of Cupertino | Account #10659 | As of December 31, 2024
Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Average Modified Duration 2.39
Average Coupon 3.09%
Average Purchase YTM 3.32%
Average Market YTM 4.46%
Average Quality AA
Average Final Maturity 2.79
Average Life 2.47
Beg. Values as
of 09/30/2024
End Values as of
12/31/2024
Market Value 169,065,101.73 168,017,668.96
Accrued Interest 883,637.19 1,055,289.04
Total Market
Value 169,948,738.92 169,072,957.99
Income Earned 586,104.90 1,382,990.60
Cont/WD 0.00 0.00
Par 170,704,952.15 171,799,704.62
Book Value 169,511,721.72 170,637,289.27
Cost Value 169,150,841.25 170,294,878.84
Government of The United States 36.60%
FHLMC 11.86%
FNMA 4.36%
Farm Credit System 3.12%
International Bank for Recon and Dev 2.40%
American Express Credit Master Trust 1.73%
UnitedHealth Group Incorporated 1.68%
The Home Depot, Inc.1.51%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark:
*See Footnote
19
PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of December 31, 2024
Benchmark*12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs)2.66 2.79 2.67
Average Modified Duration 2.48 2.39 2.28
Average Purchase Yield 3.32%3.20%
Average Market Yield 4.29%4.46%3.97%
Average Quality**AA+AA AA
Total Market Value 169,072,958 169,948,739
*Benchmark: ICE BofA 1-5 Year Unsubordinated 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 December 31, 2024
Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 36.60%35.92%
Corporate 26.62%26.54%
Agency 10.78%13.20%
Agency CMBS 9.69%9.86%
ABS 9.48%10.10%
Supras 5.25%4.19%
Muni Bonds 1.03%--
Money Mkt Fd 0.54%0.18%
21
DURATION ALLOCATION
City of Cupertino | Account #10659 | As of December 31, 2024
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
12/31/2024 1.7%3.9%14.9%19.1%27.1%13.7%19.7%0.0%0.0%
22
ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2024
Issuer Investment Type % Portfolio
Government of The United States US Treasury 36.60%
FHLMC Agency CMBS 9.69%
FNMA Agency 4.36%
Farm Credit System Agency 3.12%
International Bank for Recon and Dev Supras 2.40%
FHLMC Agency 2.17%
American Express Credit Master Trust ABS 1.73%
UnitedHealth Group Incorporated Corporate 1.68%
The Home Depot, Inc.Corporate 1.51%
Guardian Life Global Funding Corporate 1.50%
International Finance Corporation Supras 1.46%
New York Life Insurance Company Corporate 1.41%
Inter-American Development Bank Supras 1.40%
Caterpillar Inc.Corporate 1.31%
Royal Bank of Canada Corporate 1.19%
Massachusetts Mutual Life Insurance Corporate 1.17%
Morgan Stanley Corporate 1.16%
John Deere Owner Trust ABS 1.14%
Federal Home Loan Banks Agency 1.13%
Amazon.com, Inc.Corporate 1.07%
State Street Corporation Corporate 1.06%
Chubb Limited Corporate 1.04%
State of California Muni Bonds 1.03%
Honda Motor Co., Ltd.Corporate 1.01%
Chase Issuance Trust ABS 1.01%
Honda Auto Receivables Owner Trust ABS 0.99%
Bank of America Credit Card Trust ABS 0.98%
GM Financial Securitized Term ABS 0.98%
Berkshire Hathaway Inc.Corporate 0.92%
PepsiCo, Inc.Corporate 0.89%
23
ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2024
Issuer Investment Type % Portfolio
Prologis, Inc.Corporate 0.88%
Bank of America Corporation Corporate 0.87%
JPMorgan Chase & Co.Corporate 0.87%
The Progressive Corporation Corporate 0.87%
Realty Income Corporation Corporate 0.84%
Toyota Auto Receivables Owner Trust ABS 0.82%
The Toronto-Dominion Bank Corporate 0.80%
Toyota Motor Corporation Corporate 0.78%
MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.67%
Metropolitan Life Global Funding I Corporate 0.63%
Mastercard Incorporated Corporate 0.57%
The Charles Schwab Corporation Corporate 0.55%
Meta Platforms, Inc.Corporate 0.54%
BMW Vehicle Owner Trust ABS 0.52%
Wells Fargo & Company Money Mkt Fd 0.51%
Northwestern Mutual Global Funding Corporate 0.49%
Met Tower Global Funding Corporate 0.43%
Northern Trust Corporation Corporate 0.39%
Hyundai Auto Lease Securitization Tr ABS 0.37%
Hyundai Auto Receivables Trust ABS 0.28%
Walmart Inc.Corporate 0.20%
WC MMF Sweep Money Mkt Fd 0.03%
Cash Cash 0.00%
TOTAL 100.00%
24
QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 12.5%11.5%
AA 65.2%66.6%
A 18.4%17.8%
NR 3.9%4.1%
Rating 12/31/2024 09/30/2024
AAA 69.8%69.9%
AA 9.2%7.8%
A 16.6%17.7%
NR 4.3%4.6%
Rating 12/31/2024 09/30/2024
AAA 15.8%15.6%
AA 61.8%63.0%
A 9.1%9.1%
NR 13.3%12.3%
City of Cupertino | Account #10659 | As of December 31, 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 1.7%3.9%14.9%19.1%27.1%13.7%19.7%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.0%2.4%36.3%26.3%24.0%11.0%0.0%0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of December 31, 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 (0.49%)4.15%4.38%1.16%1.43%1.79%
Benchmark (0.76%)3.35%3.92%0.78%1.08%1.56%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated 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 December 31, 2024
Total Rate of Return : Inception | 02/01/2019
27
HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of December 31, 2024
Purchase Yield as of 12/31/24 = 3.32%
28
PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 72,161.37 11/16/2021
0.89%
72,146.16
72,157.91
99.22
4.64%
71,600.09
17.64
0.04%
(557.82)
Aaa/NA
AAA
1.06
0.21
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 73,504.45 07/13/2021
0.52%
73,497.89
73,502.96
99.50
4.47%
73,138.32
16.99
0.04%
(364.64)
Aaa/NA
AAA
1.21
0.13
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 72,553.75 11/09/2021
0.71%
72,552.20
72,553.35
99.27
4.64%
72,025.09
22.89
0.04%
(528.26)
NA/AAA
AAA
1.29
0.18
44935FAD6 HART 2021-C A3 0.74 05/15/2026 138,976.99 --
2.17%
135,463.03
137,946.11
99.60
4.64%
138,419.39
45.71
0.08%
473.28
NA/AAA
AAA
1.37
0.10
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 233,407.90 02/15/2022
1.89%
233,372.79
233,397.43
99.14
4.60%
231,403.81
195.03
0.14%
(1,993.62)
Aaa/AAA
NA
1.37
0.31
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 173,709.51 05/10/2022
3.23%
173,700.48
173,706.25
99.55
4.54%
172,919.39
92.93
0.10%
(786.86)
Aaa/AAA
NA
1.65
0.35
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 131,743.01 03/10/2022
2.34%
131,713.87
131,732.66
99.17
4.82%
130,645.80
135.84
0.08%
(1,086.86)
Aaa/NA
AAA
1.71
0.33
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 73,444.22 10/13/2021
0.68%
73,442.34
73,443.66
99.07
4.44%
72,760.63
20.81
0.04%
(683.03)
Aaa/AAA
NA
1.71
0.25
448977AD0 HART 2022-A A3 2.22 10/15/2026 330,321.79 03/09/2022
2.23%
330,309.08
330,317.27
99.25
4.77%
327,849.04
325.92
0.20%
(2,468.23)
NA/AAA
AAA
1.79
0.29
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 79,402.34 01/11/2022
1.27%
79,395.44
79,399.95
99.09
4.61%
78,683.53
41.69
0.05%
(716.42)
NA/AAA
AAA
1.88
0.27
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 399,848.89 07/12/2022
3.77%
399,810.71
399,831.71
99.56
4.56%
398,108.19
664.64
0.24%
(1,723.52)
Aaa/NA
AAA
2.13
0.55
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 179,611.53 04/05/2022
3.13%
179,574.00
179,596.26
99.35
4.63%
178,444.42
232.00
0.11%
(1,151.85)
Aaa/AAA
NA
2.13
0.43
02589BAA8 AMXCA 2022-1 A 2.21 03/17/2025 1,545,000.00 03/21/2022
2.69%
1,524,359.77
1,543,580.72
99.53
4.58%
1,537,744.37
1,517.53
0.92%
(5,836.35)
Aaa/NA
AAA
0.21
0.20
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024
5.41%
609,983.04
609,986.52
101.17
4.58%
617,128.70
1,466.71
0.37%
7,142.18
NA/AAA
AAA
2.38
1.31
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,945.91
99.56
4.65%
1,368,890.88
2,071.67
0.81%
(6,055.03)
NA/AAA
AAA
0.37
0.36
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 800,325.08 10/12/2022
5.15%
800,262.97
800,292.79
100.29
4.69%
802,661.79
1,810.51
0.48%
2,369.00
Aaa/NA
AAA
2.45
0.64
30
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023
5.40%
1,294,718.75
1,296,047.28
100.78
4.53%
1,310,167.56
2,981.33
0.78%
14,120.28
NA/AAA
AAA
3.30
1.14
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 805,000.00 --
5.64%
806,992.67
806,400.52
101.59
4.55%
817,800.79
1,267.88
0.49%
11,400.26
Aaa/NA
AAA
3.47
1.31
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 1,100,000.00 11/29/2023
5.18%
1,123,289.06
1,117,005.95
101.85
4.63%
1,120,312.82
2,908.89
0.67%
3,306.87
NA/AAA
AAA
3.88
1.32
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
855,871.24
100.97
4.48%
858,245.68
1,881.33
0.51%
2,374.44
Aaa/NA
AAA
1.88
1.75
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,804.37
100.77
4.57%
503,848.80
1,102.22
0.30%
4,044.43
Aaa/NA
AAA
3.88
1.73
437930AC4 HONDO-242-A3 5.27 11/20/2028 535,000.00 05/14/2024
5.27%
534,935.00
534,943.90
101.21
4.60%
541,493.24
1,018.13
0.32%
6,549.35
NA/AAA
AAA
3.89
1.65
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,310,000.00 --
4.97%
1,307,922.66
1,308,237.73
100.51
4.54%
1,316,742.31
2,647.29
0.78%
8,504.58
Aaa/NA
AAA
3.97
1.43
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,790.34
100.26
4.51%
1,694,377.44
3,455.11
1.01%
4,587.10
NR/AAA
AAA
4.04
1.90
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 695,000.00 06/04/2024
5.24%
694,894.43
694,906.94
101.18
4.48%
703,199.89
600.02
0.42%
8,292.94
Aaa/AAA
NA
4.16
1.55
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,961.05
100.97
4.54%
792,586.71
1,720.02
0.47%
7,625.66
Aaa/AAA
NA
4.37
2.19
Total ABS 15,859,010.82 4.38%
15,860,295.21
15,874,360.80
100.46
4.57%
15,931,198.67
28,260.73
9.48%
56,837.86
Aaa/AAA
AAA
2.71
1.13
AGENCY
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 2,500,000.00 --
0.50%
2,499,227.30
2,499,948.58
98.32
4.24%
2,457,982.05
486.11
1.46%
(41,966.53)
Aaa/AA+
AA+
0.46
0.45
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,249,314.02
97.84
4.37%
1,223,004.93
2,083.33
0.73%
(26,309.10)
Aaa/AA+
AA+
0.55
0.54
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 2,500,000.00 --
0.47%
2,487,983.75
2,498,400.46
97.50
4.34%
2,437,399.05
3,281.25
1.45%
(61,001.41)
Aaa/AA+
AA+
0.65
0.63
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 2,500,000.00 --
0.46%
2,489,362.80
2,498,422.24
97.25
4.27%
2,431,274.10
2,552.08
1.45%
(67,148.14)
Aaa/AA+
AA+
0.73
0.71
31
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 2,500,000.00 --
0.56%
2,492,700.00
2,498,756.91
96.88
4.29%
2,421,914.53
1,875.00
1.44%
(76,842.39)
Aaa/AA+
AA+
0.85
0.83
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,871,250.14
101.40
4.09%
1,901,274.47
20,286.46
1.13%
30,024.33
Aaa/AA+
AA+
2.27
2.11
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/2024
4.55%
2,412,552.00
2,410,230.66
100.88
4.35%
2,421,083.09
17,416.67
1.44%
10,852.43
Aaa/AA+
AA+
2.34
2.18
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/2023
4.73%
2,789,612.00
2,792,548.51
100.81
4.32%
2,822,609.80
16,547.22
1.68%
30,061.29
Aaa/AA+
AA+
2.87
2.65
Total Agency 18,325,000.00 2.15%
18,285,262.85
18,318,871.52
98.89
4.28%
18,116,542.01
64,528.12
10.78%
(202,329.51)
Aaa/AA+
AA+
1.40
1.31
AGENCY CMBS
3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 983,583.93 07/01/2021
0.87%
1,061,963.27
993,334.21
99.11
4.56%
974,864.46
2,467.16
0.58%
(18,469.75)
Aaa/AA+
AAA
0.56
0.45
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 910,959.28 11/16/2021
1.22%
976,292.13
921,211.36
99.18
4.54%
903,449.05
2,530.95
0.54%
(17,762.31)
Aaa/AA+
AAA
0.65
0.51
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
662,578.19
97.06
4.48%
630,892.02
1,437.04
0.38%
(31,686.17)
Aaa/AA+
AAA
1.65
1.54
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
973,638.99
96.67
4.57%
966,652.00
2,703.33
0.58%
(6,986.99)
Aaa/AA+
AA+
2.65
2.42
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024
4.86%
1,913,359.38
1,923,045.91
96.77
4.68%
1,935,301.80
6,285.00
1.15%
12,255.89
Aaa/AAA
AA+
3.99
3.46
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,234,610.08
95.84
4.68%
1,234,467.76
3,824.29
0.73%
(142.32)
Aaa/AA+
AA+
4.07
3.67
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,823,036.71
91.15
4.71%
1,823,084.40
3,766.67
1.09%
47.69
Aaa/AA+
AAA
4.07
3.71
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,474,278.17
96.34
4.68%
2,456,648.84
7,841.25
1.46%
(17,629.33)
Aaa/AA+
AA+
4.07
3.62
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 2,000,000.00 09/19/2024
3.82%
1,929,531.25
1,933,683.87
93.42
4.70%
1,868,305.40
4,970.00
1.11%
(65,378.47)
Aaa/AA+
AAA
4.40
3.87
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,054,460.43
92.37
4.72%
2,032,189.94
5,105.83
1.21%
(22,270.49)
Aaa/AA+
AAA
4.48
4.02
32
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,495,671.16
90.62
4.73%
1,449,878.88
3,233.33
0.86%
(45,792.28)
Aaa/AA+
AAA
4.65
4.20
16,542,746.36 94.80 16,275,734.54 9.69%Aaa/AA+3.62
Total Agency CMBS 17,182,543.21 3.93%16,489,549.08 4.66%44,164.85 (213,814.54)AAA 3.23
CASH
CCYUSD Receivable 1,596.57 --
0.00%
1,596.57
1,596.57
1.00
0.00%
1,596.57
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
1,596.57 1.00 1,596.57 0.00%Aaa/AAA 0.00
Total Cash 1,596.57 0.00%1,596.57 0.00%0.00 0.00 AAA 0.00
CORPORATE
40139LBC6 GUARDIAN LIFE GLOBAL FUNDING
0.875 12/10/2025 1,400,000.00 --
1.12%
1,385,860.00
1,396,824.39
96.59
4.63%
1,352,272.08
714.58
0.80%
(44,552.30)
Aa1/AA+
NA
0.94
0.92
66815L2A6 NORTHWESTERN MUTUAL
GLOBAL FUNDING 0.8 01/14/2026 850,000.00 12/06/2021
1.46%
827,449.50
844,309.69
96.25
4.56%
818,105.12
3,154.44
0.49%
(26,204.57)
Aaa/AA+
AAA
1.04
1.00
023135BX3 AMAZON.COM INC 1.0
05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,872,799.78
95.68
4.30%
1,793,990.18
2,552.08
1.07%
(78,809.61)
A1/AA
AA-
1.36
1.33
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,031,902.50
95.56
4.53%
989,090.56
1,520.88
0.59%
(42,811.94)
A2/A+
A
1.37
1.33
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,822.12
95.08
4.65%
1,316,876.01
562.66
0.78%
(67,946.11)
A1/A+
A+
1.46
1.42
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,000,699.68
95.01
4.59%
950,144.65
5,500.00
0.57%
(50,555.03)
Aa3/AA+
AA+
1.54
1.49
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,759.08
94.59
4.59%
728,358.93
2,860.76
0.43%
(41,400.15)
Aa3/AA-
AA-
1.70
1.64
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,773.95
94.60
4.36%
331,106.75
1,061.67
0.20%
(18,667.19)
Aa2/AA
AA
1.71
1.66
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,484.88
94.70
4.65%
1,055,938.84
9,872.40
0.63%
(58,546.04)
Aa3/AA-
AA-
2.03
1.93
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,880.14
95.49
4.66%
916,717.55
7,709.33
0.55%
(43,162.59)
A2/A-
A
2.17
2.06
33
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,865.06
95.79
4.32%
1,546,957.72
10,937.14
0.92%
(67,907.34)
Aa2/AA
A+
2.20
2.10
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,760,000.00 03/13/2024
4.99%
1,760,000.00
1,760,000.00
100.83
4.59%
1,774,648.29
25,142.53
1.06%
14,648.29
Aa3/A
AA-
2.21
1.97
89115A2W1 TORONTO-DOMINION BANK 4.98
04/05/2027 1,340,000.00 03/26/2024
4.98%
1,340,000.00
1,340,000.00
100.33
4.82%
1,344,430.16
15,941.53
0.80%
4,430.16
A2/A-
AA-
2.26
2.09
57629W4S6 MASSMUTUAL GLOBAL FUNDING
II 5.1 04/09/2027 1,000,000.00 06/20/2024
4.99%
1,002,630.00
1,002,137.04
101.17
4.55%
1,011,729.03
11,616.67
0.60%
9,591.99
Aa3/AA+
AA+
2.27
2.10
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 670,000.00 05/05/2022
4.03%
668,914.60
669,489.40
98.68
4.59%
661,184.35
3,796.67
0.39%
(8,305.05)
A2/A+
A+
2.36
2.21
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/2024
5.04%
998,930.00
999,155.93
101.02
4.54%
1,010,182.21
6,527.78
0.60%
11,026.28
A2/A
A+
2.37
2.20
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,416.49
101.14
4.49%
955,743.83
14,332.50
0.57%
11,327.33
Aa3/A+
NA
3.19
2.81
61690U8E3 MORGAN STANLEY BANK NA
4.968 07/14/2028 1,950,000.00 07/17/2024
4.97%
1,950,000.00
1,950,000.00
100.32
4.96%
1,956,331.86
43,594.20
1.16%
6,331.86
Aa3/A+
AA-
3.54
2.30
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,483,113.76
98.29
4.84%
1,474,344.42
27,343.75
0.88%
(8,769.34)
A3/A
WR
4.09
3.62
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/2024
4.69%
2,019,920.00
2,019,137.57
100.15
4.91%
2,002,934.00
41,250.00
1.19%
(16,203.57)
A1/A
AA-
4.09
3.58
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,459,924.41
97.14
4.76%
1,457,104.56
20,000.00
0.87%
(2,819.85)
A2/A
A
4.16
3.73
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
995,400.53
100.74
4.81%
1,007,373.55
3,472.22
0.60%
11,973.02
Aaa/AA+
AAA
4.43
3.92
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,597,437.62
92.74
4.78%
1,542,199.06
2,180.38
0.92%
(55,238.56)
A2/A
A
4.45
4.09
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
993,038.68
100.01
4.75%
1,000,069.00
791.67
0.60%
7,030.32
A2/A
A
4.48
3.99
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,422,737.79
96.17
4.95%
1,406,938.00
26,984.22
0.84%
(15,799.78)
A3/A-
NA
4.54
4.01
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,497,888.91
99.81
4.55%
1,497,142.55
30,750.00
0.89%
(746.37)
A1/A+
NA
4.54
3.98
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,496,863.53
97.31
5.20%
1,459,646.88
27,669.75
0.87%
(37,216.65)
A1/A
AA-
4.56
3.20
34
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,498,806.47
97.43
5.24%
1,461,413.21
28,117.42
0.87%
(37,393.27)
A1/A-
AA-
4.56
3.19
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,691.87
98.74
4.60%
900,552.52
15,468.53
0.54%
(10,139.35)
Aa3/AA-
NA
4.62
4.07
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,764,879.41
99.48
4.78%
1,740,914.00
34,132.29
1.04%
(23,965.41)
A2/A
A
4.62
4.03
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,911,583.13
91.92
4.85%
1,838,465.96
21,722.22
1.09%
(73,117.17)
A2/A+
A
4.62
4.19
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,757,696.92
97.23
5.07%
1,701,569.35
24,811.11
1.01%
(56,127.58)
A3/A-
NA
4.68
4.11
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,205,000.00 09/23/2024
4.18%
1,205,000.00
1,205,000.00
97.13
4.86%
1,170,453.29
13,288.64
0.70%
(34,546.71)
Aa1/AA+
NA
4.74
4.19
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,141.11
99.63
4.79%
1,195,550.05
7,206.67
0.71%
(2,591.06)
A2/A
A+
4.87
4.28
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,233.45
99.27
4.77%
1,355,075.09
4,534.83
0.81%
(9,158.37)
Aaa/AA+
AAA
4.93
4.34
Total Corporate 45,828,000.00 3.77%
45,520,249.63
45,581,895.28
97.66
4.74%
44,725,553.59
497,121.52
26.62%
(856,341.70)
A1/A+
A+
3.38
2.94
MONEY MARKET
FUND
992995944 WC MMF SWEEP 51,719.68 --
2.85%
51,719.68
51,719.68
1.00
2.85%
51,719.68
0.00
0.03%
0.00
NA/NA
NA
0.00
0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 851,834.34 --
0.01%
851,834.34
851,834.34
1.00
0.01%
851,834.34
0.00
0.51%
0.00
Aaa/AAAm
NA
0.00
0.00
Total Money Market
Fund 903,554.02 0.17%
903,554.02
903,554.02
1.00
0.17%
903,554.02
0.00
0.54%
0.00
Aaa/AAA
NA
0.00
0.00
MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024
4.37%
1,749,169.80
1,748,867.67
99.82
4.54%
1,736,781.00
12,180.00
1.03%
(12,086.67)
Aa2/AA-
AA
4.58
4.02
Total Municipal
Bonds 1,740,000.00 4.37%
1,749,169.80
1,748,867.67
99.82
4.54%
1,736,781.00
12,180.00
1.03%
(12,086.67)
Aa2/AA-
AA
4.58
4.02
35
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
SUPRANATIONAL
45950KCT5 INTERNATIONAL FINANCE CORP
0.375 07/16/2025 2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,496,245.28
97.84
4.47%
2,446,095.55
4,296.88
1.46%
(50,149.73)
Aaa/AAA
NA
0.54
0.53
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,398,053.26
96.86
4.44%
2,324,548.75
2,100.00
1.38%
(73,504.50)
Aaa/AAA
NA
0.82
0.80
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,457,075.32
95.62
4.38%
2,352,291.58
4,245.21
1.40%
(104,783.74)
Aaa/AAA
NA
1.30
1.27
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,750,000.00 12/12/2024
4.25%
1,721,510.00
1,721,816.17
97.44
4.48%
1,705,141.25
14,127.60
1.01%
(16,674.92)
Aaa/AAA
NA
4.79
4.28
Total Supranational 9,110,000.00 1.42%
9,030,252.45
9,073,190.03
96.91
4.44%
8,828,077.14
24,769.69
5.25%
(245,112.90)
Aaa/AAA
NA
1.64
1.52
US TREASURY
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 750,000.00 03/21/2022
2.22%
708,251.96
745,622.89
98.73
4.32%
740,479.28
481.70
0.44%
(5,143.61)
Aaa/AA+
AA+
0.33
0.32
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 1,500,000.00 03/12/2021
4.30%
1,469,765.63
1,496,010.35
97.73
4.27%
1,465,883.12
1,569.29
0.87%
(30,127.23)
Aaa/AA+
AA+
0.58
0.57
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 2,400,000.00 --
0.56%
2,366,140.63
2,394,488.03
97.09
4.27%
2,330,236.13
1,532.97
1.39%
(64,251.90)
Aaa/AA+
AA+
0.75
0.73
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 2,450,000.00 --
0.49%
2,422,492.19
2,445,222.43
96.78
4.26%
2,371,038.88
1,049.03
1.41%
(74,183.55)
Aaa/AA+
AA+
0.83
0.81
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/2021
0.76%
2,209,658.20
2,242,130.16
96.57
4.26%
2,172,731.29
741.76
1.29%
(69,398.87)
Aaa/AA+
AA+
0.91
0.89
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,489,933.24
95.95
4.25%
2,398,777.18
3,923.23
1.43%
(91,156.06)
Aaa/AA+
AA+
1.08
1.05
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,498,291.28
95.51
4.26%
2,387,870.53
3,211.33
1.42%
(110,420.76)
Aaa/AA+
AA+
1.33
1.29
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,392,616.40
94.37
4.26%
1,321,167.78
3,129.81
0.79%
(71,448.62)
Aaa/AA+
AA+
1.75
1.69
36
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,396,849.71
94.53
4.27%
1,323,474.03
2,697.51
0.79%
(73,375.68)
Aaa/AA+
AA+
1.83
1.77
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,516,538.48
100.23
4.25%
2,505,664.58
5,108.17
1.49%
(10,873.90)
Aaa/AA+
AA+
1.96
1.85
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,287,100.02
100.50
4.26%
2,311,537.90
22,178.57
1.38%
24,437.88
Aaa/AA+
AA+
2.29
2.13
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,189,347.95
100.50
4.27%
3,215,939.07
18,696.13
1.91%
26,591.13
Aaa/AA+
AA+
2.37
2.21
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,255,008.28
97.65
4.25%
3,173,777.78
291.78
1.89%
(81,230.49)
Aaa/AA+
AA+
2.50
2.36
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
396,460.81
96.31
4.28%
385,229.22
4,603.26
0.23%
(11,231.59)
Aaa/AA+
AA+
2.58
2.42
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,483,358.28
97.12
4.28%
4,370,408.60
47,781.42
2.60%
(112,949.68)
Aaa/AA+
AA+
2.67
2.49
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,433,912.27
99.61
4.28%
3,436,375.67
36,360.06
2.05%
2,463.41
Aaa/AA+
AA+
2.75
2.54
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,551.42
98.87
4.29%
840,406.63
2,895.60
0.50%
(11,144.80)
Aaa/AA+
AA+
2.91
2.71
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,765,276.76
98.85
4.29%
2,718,435.28
294.37
1.62%
(46,841.48)
Aaa/AA+
AA+
3.00
2.79
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,973,966.39
97.71
4.30%
2,931,230.85
43,940.22
1.74%
(42,735.54)
Aaa/AA+
AA+
3.08
2.84
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,523.71
99.09
4.31%
3,666,356.42
50,287.29
2.18%
(33,167.29)
Aaa/AA+
AA+
3.16
2.89
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,257,021.10
99.02
4.38%
2,277,388.45
24,240.04
1.36%
20,367.35
Aaa/AA+
AA+
4.25
3.81
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,986,996.95
99.45
4.39%
1,988,928.94
234.81
1.18%
1,931.99
Aaa/AA+
AA+
4.50
4.05
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,525,813.15
96.82
4.39%
3,388,874.23
43,109.46
2.02%
(136,938.92)
Aaa/AA+
AA+
4.67
4.18
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,928,367.59
96.22
4.39%
4,810,968.70
44,711.54
2.86%
(117,398.89)
Aaa/AA+
AA+
4.75
4.27
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.17%
2,993,789.06
2,993,996.66
98.85
4.39%
2,965,450.92
21,194.75
1.76%
(28,545.74)
Aaa/AA+
AA+
4.83
4.30
37
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total US Treasury 62,850,000.00 3.19%
62,401,751.96
62,645,404.28
97.88
4.30%
61,498,631.43
384,264.12
36.60%
(1,146,772.85)
Aaa/AA+
AA+
2.73
2.51
Total Portfolio 171,799,704.62 3.32%
170,294,878.84
170,637,289.27
97.32
4.46%
168,017,668.96
1,055,289.04
100.00%
(2,619,620.31)
Aa2/AA-
AA
2.79
2.39
Total Market Value +
Accrued 169,072,957.99
38
TRANSACTIONS
39
TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2024 Through 12/31/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/03/2024 02665WFQ9 1,750,000.00 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 100.463 4.29%(1,758,102.50)(5,988.89)(1,764,091.39)0.00
Purchase 10/07/2024 91282CLN9 2,000,000.00 UNITED STATES TREASURY
3.5 09/30/2029 98.813 3.76%(1,976,250.00)(1,346.15)(1,977,596.15)0.00
Purchase 10/15/2024 171239AL0 885,000.00 CHUBB INA HOLDINGS LLC
4.65 08/15/2029 101.227 4.36%(895,858.95)(8,573.44)(904,432.39)0.00
Purchase 10/15/2024 91282CLN9 3,000,000.00 UNITED STATES TREASURY
3.5 09/30/2029 98.293 3.88%(2,948,789.06)(4,326.92)(2,953,115.98)0.00
Purchase 11/01/2024 78016HZV5 2,000,000.00 ROYAL BANK OF CANADA
4.95 02/01/2029 100.996 4.69%(2,019,920.00)(24,750.00)(2,044,670.00)0.00
Purchase 11/01/2024 91282CLR0 3,000,000.00 UNITED STATES TREASURY
4.125 10/31/2029 99.793 4.17%(2,993,789.06)(341.85)(2,994,130.91)0.00
Purchase 11/05/2024 13063EGT7 1,740,000.00 4.5 08/01/2029 100.527 4.38%(1,749,169.80)0.00 (1,749,169.80)0.00
Purchase 11/15/2024 14913UAU4 1,200,000.00
CATERPILLAR FINANCIAL
SERVICES CORP 4.7
11/15/2029
99.841 4.74%(1,198,092.00)0.00 (1,198,092.00)0.00
Purchase 12/05/2024 64952WFK4 1,365,000.00 NEW YORK LIFE GLOBAL
FUNDING 4.6 12/05/2029 99.943 4.61%(1,364,221.95)0.00 (1,364,221.95)0.00
Purchase 12/13/2024 459058LN1 1,750,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 3.875
10/16/2029
98.372 4.25%(1,721,510.00)(10,736.98)(1,732,246.98)0.00
Total Purchase 18,690,000.00 (18,625,703.32)(56,064.23)(18,681,767.55)0.00
TOTAL
ACQUISITIONS 18,690,000.00 (18,625,703.32)(56,064.23)(18,681,767.55)0.00
DISPOSITIONS
Sale 10/03/2024 91282CED9 (1,500,000.00)UNITED STATES TREASURY
1.75 03/15/2025 98.875 2.70%1,483,125.00 1,305.25 1,484,430.25 (13,774.47)
Sale 10/07/2024 3137EAEP0 (500,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
98.933 1.52%494,665.00 1,145.83 495,810.83 (5,308.00)
Sale 10/07/2024 91282CED9 (1,600,000.00)UNITED STATES TREASURY
1.75 03/15/2025 98.867 2.70%1,581,875.00 1,701.66 1,583,576.66 (14,898.93)
40
TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2024 Through 12/31/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 10/15/2024 3137EAEP0 (1,865,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
98.991 1.52%1,846,178.42 4,895.63 1,851,074.05 (18,727.15)
Sale 10/15/2024 61690U7W4 (1,000,000.00)MORGAN STANLEY BANK NA
5.882 10/30/2026 103.060 5.88%1,030,600.00 26,959.17 1,057,559.17 30,544.51
Sale 10/15/2024 912828ZC7 (795,000.00)UNITED STATES TREASURY
1.125 02/28/2025 98.754 0.81%785,093.55 1,111.79 786,205.34 (10,829.67)
Sale 11/01/2024 17275RBQ4 (2,000,000.00)CISCO SYSTEMS INC 4.8
02/26/2027 100.811 4.85%2,016,220.00 17,333.33 2,033,553.33 12,394.03
Sale 11/01/2024 24422EXM6 (2,000,000.00)JOHN DEERE CAPITAL CORP
4.85 03/05/2027 100.946 4.77%2,018,920.00 15,088.89 2,034,008.89 15,604.56
Sale 11/01/2024 46647PEA0 (1,500,000.00)JPMORGAN CHASE & CO
5.04 01/23/2028 100.479 5.02%1,507,185.00 20,580.00 1,527,765.00 6,578.75
Sale 11/01/2024 912828ZC7 (700,000.00)UNITED STATES TREASURY
1.125 02/28/2025 98.906 0.81%692,343.75 1,348.76 693,692.51 (8,367.54)
Sale 11/15/2024 912828ZL7 (1,000,000.00)UNITED STATES TREASURY
0.375 04/30/2025 98.184 2.22%981,835.94 155.39 981,991.33 (10,022.88)
Sale 12/04/2024 912828ZL7 (750,000.00)UNITED STATES TREASURY
0.375 04/30/2025 98.398 2.22%737,988.28 264.16 738,252.44 (6,604.70)
Sale 12/13/2024 3135G03U5 (1,860,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.625 04/22/2025
98.676 0.67%1,835,373.60 1,646.88 1,837,020.48 (24,353.32)
Total Sale (17,070,000.00)17,011,403.54 93,536.74 17,104,940.28 (47,764.81)
TOTAL
DISPOSITIONS (17,070,000.00)17,011,403.54 93,536.74 17,104,940.28 (47,764.81)
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IMPORTANT DISCLOSURES
City of Cupertino | As of December 31, 2024
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party
suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use,
including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the
quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof
are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler
asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from
sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on
current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied
upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice
regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the
possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on
greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee
its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency
guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
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BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of December 31, 2024
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and
nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating
(based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final
maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed
coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
43