01 - January 30, 2025 - Quarterly Investment Treasurer’s Report for December 2024
CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: January 30, 2025
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2024
Reasons for Recommendation
Background
On May 14, 2024, the City Council approved the City Investment Policy. Per the City's
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
City's economy, cash flow, and investments.
The City's 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 City's
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 City's Municipal Code Section 2.88.100 Duties–Powers–
Responsibilities lists one of the powers and functions of the Audit Committee is "to review
the quarterly Treasurer's Investment report."
Per the referenced code provisions, a Treasurer's Investment Report is made available to
the City Council quarterly.
Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending
December 31, 2024. The report is as of January 22 , 2025.
The attached statements include balances and transactions of the City's 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 City's Investment Policy, statements for the Public Agency
Retirement Services (PARS) Section 115 Trusts are also attached per a request from the
Treasurer's Report sub-committee.
The City's General Ledger cash and investments balance was $298.0 million, a $2 7.3
million increase from the prior quarter.
Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
September 30, 2024
Quarter Ending
December 31, 2024
General Fund 165,390,757 195,022,541
Special Revenue 44,505,439 43,874,024
Debt Service 2,676,450 2,394,350
Capital Projects 39,009,666 38,058,181
Enterprise 10,736,533 10,315,523
Internal Service 8,330,016 8,290,580
Total $270,648,861 $297,955,199
3
The $298.0 million in cash and investments include $38.5 million in cash, $66.5 million in
cash equivalents, $170.3 million in investments, and $22.6 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
September 30,
2024
Quarter Ending
December 31,
2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 18,543,366 38,483,863 13%
Workers' Compensation Checking (Wells Fargo) 36,003 22,165 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Petty Cash and Change 2,650 2,650 0%
Cash Equivalents
Local Agency Investment Fund 69,759,754 66,539,548 22%
Investments
Investments (Chandler) 164,643,423 170,294,879 57%
Restricted for Pension2 (PARS) 21,663,664 22,612,094 8%
Total Cash and Investments3 $270,648,861 $297,955,199 100%
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 retirees' post-employment health benefits.
The table below shows the bank balances for the City's 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
September 30,
2024
Quarter Ending
December 31,
2024
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 21,319,079 40,912,141 14%
Workers' Compensation Checking (Wells Fargo) 37,977 28,737 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 65,759,754 66,539,548 22%
Investments
Investments (Chandler) 169,948,739 170,294,879 57%
Restricted for Pension2 (PARS) 22,967,000 22,612,094 8%
Total Cash and Investments3 $280,032,549 $300,387,398 100%
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 retirees' post-employment health benefits.
4 Beginning December 31, 2024, Investment amount reflect cost value.
Wells Fargo Accounts
The City, in collaboration with Chandler and Wells Fargo's 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 "Government Advantage Checking"
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 City's LAIF account had a balance of $66.5 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 City's
Treasurer's direction, Chandler Asset Management manages the City's investment
portfolio in accordance with the City's investment objectives. The City's 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 City's Investment Policy and California
Government Code to achieve the objective.
The portfolio's market value was $168.0 million, compared to $169.1 million at the end of
the previous quarter. The table below includes historical comparisons of the City's
portfolio:
6
September 30,
2024
December 31,
2024
Total Market Value 169,948,739 169,072,958
Par Value 170,704,952 171,799,705
Book Value 169,511,721 170,637,289
Average Maturity 2.67 years 2.67 years
Average Modified Duration 2.28 2.39
Average Purchase Yield 3.20% 3.32%
Average Market Yield 3.97% 4.46%
Average Quality1 AA AA
1 S&P and Moody's respectively
2 This chart now reflects Total Market Value (both quarters reflect the updated value)
The portfolio's 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 i nvestment 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
City's investment principal. If the market value decreases, the City will incur an
unrealized lo ss. 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 City's Investment Policy. On December 3, 2024, 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 "balanced" 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 $22.6 million, a decrease of $0.4 million
from the prior quarter due to investment losses. The Section 115 OPEB Trust had a balance
of $39.7 million, a decrease of $0.6 million from the prior quarter mainly due to investment
losses. The quarterly investment return for OPEB Trust was -1.50% and Pension Trust was
-1.47%.
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 December, the one-year Treasury yield and two-year Treasury yield increased with
yields of 4.16% and 4.25%, respectively. The one-year Treasury yield increased by 18 basis
points, and the two-year Treasury yield increased by 59 basis points from September 30,
2024. The yield of the City's investment portfolio was 4.46%, higher than the one-year
Treasury yield, two-year Treasury yield, and LAIF.
8
Cash Flow History
Historical revenues, expenditures, and liquidity ratios are presented below:
9
As the City's 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
portfolio's 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 allocated $74.5 million to a Sales Tax Repayment Reserve to set
aside disputed sales tax revenues. During FY 2024-25, following a settlement agreement
with the CDTFA, the City Council uncommitted these funds, appropriating $10 million
for an Additional Discretionary Payment to CalPERS to address the pension Unfunded
Accrued Liability, with the remaining balance committed to the Future Use Reserve.
As of December 31, 2024, the liquidity ratio was 2.26 and 2.73 for revenues and
expenditures, respectively. The City will monitor inflows and outflows during FY 2024-
10
25 and bring recommendations for the City's investment portfolio as necessary and
applicable.
As of December 31, 2024, the City had $107.5 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
Staff is currently developing a revised forecast, which is anticipated to be included in the
First Quarter 2025 Investment Report.
Applying three-year historical trend data for each of the City's 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 City's
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 City's Adopted Budget.
Compliance
All of the City's investments comply with state law and the City's 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.
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
Attachments:
A – Chandler Investment Report December 2024
B – Chandler Custodial Statement December 2024
13
C – PARS Pension and OPEB Account Statement December 2024
D – LAIF Account Statement December 2024
INVESTMENT 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)
41
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.
42
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
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
DECEMBER 1, 2024 THROUGH DECEMBER 31, 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
00125 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 DECEMBER 1, 2024 THROUGH DECEMBER 31, 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 DECEMBER 31, 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 903,554.02 903,554.02 0.54 0.00 35,710 3.95 1,596.57
BONDS AND NOTES 169,389,728.31 167,120,939.92 99.46 2,268,788.39- 5,273,069 3.16 1,055,317.04
=====================================================================================================================================
TOTAL INVESTMENTS 170,293,282.33 168,024,493.94 100.00 2,268,788.39- 5,308,779 3.16 1,056,913.61
TOTAL ACCRUALS 1,056,913.61 1,056,913.61
=====================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 171,350,195.94 169,081,407.55 2,268,788.39- 5,308,779 3.16 1,056,913.61
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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______________________________________________________________________________________________________________________________________
851,834.34 ALLSPRING 100% TREASURY 851,834.34 851,834.34 0.51 0.00 1,493.98
MONEY MARKET FUND - #008 1.0000 1.0000
51,719.68 PRINCIPAL PUBLIC DEPOSIT SWEEP 51,719.68 51,719.68 0.03 0.00 102.59
PROGRAM 1.0000 1.0000
======================================================================================================================================
TOTAL CASH EQUIVALENTS 903,554.02 903,554.02 0.54 0.00 1,596.57
BOND & NOTES______________________________________________________________________________________________________________________________________
1,875,000 AMAZON.COM INC 1,866,900.00 1,794,000.00 1.07 72,900.00- 2,552.08
DTD 05/12/21 1.000 05/12/2026 99.5680 95.6800
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,368,895.00 0.81 5,800.85- 2,071.67
ASSET BCKD SEC SER 2022-2 CL A 99.9779 99.5560
DTD 05/24/2022 3.390% 05/17/2027
NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,537,738.50 0.92 13,378.73 1,517.53
ASSET BCKD SEC SER 2022-1 CL A 98.6641 99.5300
DTD 03/18/2022 2.210% 03/15/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 02589BAA8
1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,701,577.50 1.01 56,525.00- 24,811.11
MEDIUM TERM NOTE 100.4630 97.2330
DTD 09/05/2024 4.400% 09/05/2029
NON CALLABLE
MOODY'S RATING A3
CUSIP 02665WFQ9
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,500,000 BANK OF AMERICA CORP 1,498,710.00 1,461,420.00 0.87 37,290.00- 28,117.42
DTD 07/23/18 07/23/2029 99.9140 97.4280
MOODY'S RATING A1
CUSIP 06051GHM4
850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 858,245.00 0.51 553.83- 1,881.33
ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 100.9700
DTD 12/14/2023 4.980% 11/15/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDH8
785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 792,583.10 0.47 7,627.14 1,720.02
ASSET BCKD SEC SER 2024-A1 CL A 99.9944 100.9660
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 1,546,960.05 0.92 67,733.10- 10,937.14
DTD 03/15/2022 2.300% 03/15/2027 99.9810 95.7870
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
173,709.52 BMW VEHICLE OWNER TRUST 173,700.48 172,919.14 0.10 781.34-92.93
ASSET BCKD SEC SER 2022-A CL A3 99.9948 99.5450
DTD 05/18/2022 3.210% 08/25/2026
CALLABLE
MOODY'S RATING AAA
CUSIP 05602RAD3
695,000 BMW VEHICLE OWNER TRUST 694,894.43 703,201.00 0.42 8,306.57 600.02
ASSET BCKD SEC SER 2024-A CL A3 99.9848 101.1800
DTD 06/11/2024 5.180% 02/26/2029
CALLABLE
MOODY'S RATING AAA
CUSIP 096919AD7
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,740,000 CALIFORNIA STATE 1,749,169.80 1,736,781.00 1.03 12,388.80- 12,180.00
GENERAL OBLIGATION 100.5270 99.8150
DTD 11/05/2024 4.500% 08/01/2029
NON CALLABLE
MOODY'S RATING AA2
CUSIP 13063EGT7
1,000,000 CATERPILLAR FINL SERVICE 998,930.00 1,010,180.00 0.60 11,250.00 6,527.78
MEDIUM TERM NOTE 99.8930 101.0180
DTD 05/14/2024 5.000% 05/14/2027
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAL4
1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,195,548.00 0.71 2,544.00- 7,206.67
MEDIUM TERM NOTE 99.8410 99.6290
DTD 11/15/2024 4.700% 11/15/2029
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAU4
960,000 CHARLES SCHWAB CORP 959,729.90 916,713.60 0.55 43,016.30- 7,709.33
DTD 03/03/2022 2.450% 03/03/2027 99.9719 95.4910
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,694,377.10 1.01 4,634.49 3,455.11
ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.2590
DTD 01/31/2024 4.600% 01/16/2029
NON CALLABLE
CUSIP 161571HV9
1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,743,770.00 1.04 21,976.34- 34,132.29
DTD 07/31/2024 4.650% 08/15/2029 100.8998 99.6440
CALLABLE
MOODY'S RATING A2
CUSIP 171239AL0
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,223,000.00 0.73 20,775.00- 2,083.33
SER USD 99.5020 97.8400
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 2,431,275.00 1.45 58,087.80- 2,552.08
DTD 09/25/20 0.375 09/23/2025 99.5745 97.2510
MOODY'S RATING AAA
CUSIP 3137EAEX3
1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,234,470.72 0.73 6,292.28 3,824.29
SER K089 CL A2 *24 DAY DELAY*95.3555 95.8440
DTD 03/01/19 3.563 01/25/2029
CUSIP 3137FL6P4
2,000,000 FED HOME LN MTG CORP 1,929,531.25 1,868,300.00 1.11 61,231.25- 4,970.00
SER K093 CL A2 *24 DAY DELAY*96.4766 93.4150
DTD 06/01/19 2.982 05/25/2029
CUSIP 3137FMCR1
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,457,975.00 1.46 41,252.30-486.11
DTD 06/19/20 0.500 06/17/2025 99.9691 98.3190
MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,437,400.00 1.45 50,583.75- 3,281.25
DTD 08/27/20 0.375 08/25/2025 99.5194 97.4960
MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,421,925.00 1.44 70,775.00- 1,875.00
DTD 11/12/20 0.500 11/07/2025 99.7080 96.8770
MOODY'S RATING AAA
CUSIP 3135G06G3
2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,822,624.00 1.68 33,012.00 16,547.22
DTD 11/15/2023 4.625% 11/15/2027 99.6290 100.8080
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133EPC60
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,421,096.00 1.44 8,544.00 17,416.67
DTD 05/06/2024 4.750% 05/06/2027 100.5230 100.8790
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133ERDS7
1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,901,268.75 1.13 31,218.75 20,286.46
DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.4010
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3130B0TY5
2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,823,080.00 1.09 21,361.25 3,766.67
CMO SER K748 CL A2 90.0860 91.1540
DTD 03/01/2022 2.260% 01/25/2029
NON CALLABLE
CUSIP 3137H5YC5
983,583.93 FHLMC MULTIFAMILY STRUCTURED P 1,061,963.27 974,859.54 0.58 87,103.73- 2,467.16
SER K049 CL A2 *24 DAY DELAY*107.9688 99.1130
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
910,959.27 FHLMC MULTIFAMILY STRUCTURED P 976,292.13 903,452.97 0.54 72,839.16- 2,530.95
SER K050 CL A2 *24 DAY DELAY*107.1719 99.1760
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 630,890.00 0.38 56,561.17- 1,437.04
SER K058 CL A2 *24 DAY DELAY*105.7617 97.0600
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 966,650.00 0.58 15,985.94 2,703.33
SER K068 CL A2 *24 DAY DELAY*95.0664 96.6650
DTD 10/01/17 3.244 08/25/2027
MOODY'S RATING AAA
CUSIP 3137FBBX3
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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 FHLMC MULTIFAMILY STRUCTURED P 1,913,359.38 1,935,300.00 1.15 21,940.62 6,285.00
SER K087 CL A2 *24 DAY DELAY*95.6680 96.7650
DTD 01/01/19 3.771 12/25/2028
CUSIP 3137FKUP9
2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,456,644.50 1.46 9,185.58- 7,841.25
SER K088 CL A2 *24 DAY DELAY*96.6992 96.3390
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 2,032,184.00 1.21 7,198.82- 5,105.83
SER K095 CL A2 *24 DAY DELAY*92.6992 92.3720
DTD 08/01/19 2.785 06/25/2029
CUSIP 3137FNAE0
1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,449,872.00 0.86 38,503.00- 3,233.33
SER K098 CL A2 *24 DAY DELAY*93.0235 90.6170
DTD 10/01/19 2.425 08/25/2029
CUSIP 3137FPHK4
73,444.22 GM FINANCIAL SECURITIZED TERM 73,442.34 72,760.45 0.04 681.89-20.81
SER 2021-4 CL A3 *0 DAY DELAY*99.9975 99.0690
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
179,611.56 GM FINANCIAL SECURITIZED TERM 179,574.02 178,483.60 0.11 1,090.42-232.00
ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.3720
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 1,316,746.50 0.78 8,823.84 2,647.29
ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.5150
DTD 01/17/2024 4.850% 12/18/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 36268GAD7
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
79,402.35 GM FINANCIAL SECURITIZED TERM 79,395.45 78,683.76 0.05 711.69-41.69
SER 2022-1 CL A3 *0 DAY DELAY*99.9913 99.0950
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,352,274.00 0.80 33,586.00-714.58
144A PRIV PLCMT 0.875 12/10/2025 98.9900 96.5910
MOODY'S RATING AA1
CUSIP 40139LBC6
1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,170,452.65 0.70 34,547.35- 13,288.64
MEDIUM TERM NOTE 100.0000 97.1330
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 1,542,199.68 0.92 51,004.21- 2,180.38
DTD 06/17/19 2.950 06/15/2029 95.8030 92.7360
MOODY'S RATING A2
CUSIP 437076BY7
1,000,000 HOME DEPOT INC 992,260.00 1,002,160.00 0.60 9,900.00 791.67
DTD 06/25/2024 4.750% 06/25/2029 99.2260 100.2160
CALLABLE
MOODY'S RATING A2
CUSIP 437076DC3
535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 541,494.90 0.32 6,559.90 1,018.13
ASSET BCKD SEC SER 2024-2 CL A3 99.9879 101.2140
DTD 05/21/2024 5.270% 11/20/2028
CALLABLE
CUSIP 437930AC4
805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 817,799.50 0.49 10,806.83 1,267.88
ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.5900
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 DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
233,407.9 HONDA AUTO RECEIVABLES OWNER T 233,372.79 231,402.93 0.14 1,969.86-195.03
SER 2022-1 CL A3 *0 DAY DELAY*99.9850 99.1410
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
72,161.35 HONDA AUTO RECEIVABLES OWNER T 72,146.14 71,599.93 0.04 546.21-17.64
SER 2021-4 CL A3 *0 DAY DELAY*99.9789 99.2220
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 617,130.90 0.37 7,147.86 1,466.71
ASSET BCKD SEC SER 2024-B CL A3 99.9972 101.1690
DTD 05/22/2024 5.410% 05/17/2027
CALLABLE
144A PRIVATE PLACEMENT
CUSIP 44934FAD7
330,321.81 HYUNDAI AUTO RECEIVABLES TRUST 330,309.10 327,847.70 0.20 2,461.40-325.92
ASSET BCKD SEC SER 2022-A CL A3 99.9962 99.2510
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
138,977 HYUNDAI AUTO RECEIVABLES TRUST 135,463.04 138,419.70 0.08 2,956.66 45.71
SER 2021-C CL A3 *0 DAY DELAY*97.4716 99.5990
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,352,301.20 1.40 96,432.00- 4,245.21
DTD 04/20/21 0.875 04/20/2026 99.5420 95.6220
MOODY'S RATING AAA
CUSIP 4581X0DV7
1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,705,147.50 1.01 16,362.50- 14,127.60
DTD 10/16/2024 3.875% 10/16/2029 98.3720 97.4370
NON CALLABLE
MOODY'S RATING AAA
CUSIP 459058LN1
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,324,544.00 1.38 64,315.25- 2,100.00
DTD 10/28/20 0.500 10/28/2025 99.5358 96.8560
MOODY'S RATING AAA
CUSIP 459058JL8
2,500,000 INTL FINANCE CORP 2,471,150.00 2,446,100.00 1.46 25,050.00- 4,308.33
DTD 07/16/20 0.375 07/16/2025 98.8460 97.8440
MOODY'S RATING AAA
CUSIP 45950KCT5
131,743.03 JOHN DEERE OWNER TRUST 131,713.88 130,645.61 0.08 1,068.27-135.84
ASSET BCKD SEC SER 2022-A CL A3 99.9779 99.1670
DTD 03/16/2022 2.320% 09/16/2026
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47787JAC2
73,504.45 JOHN DEERE OWNER TRUST 73,497.89 73,138.40 0.04 359.49-15.93
SER 2021-B CL A3 *0 DAY DELAY*99.9911 99.5020
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
399,848.9 JOHN DEERE OWNER TRUST 399,810.72 398,109.56 0.24 1,701.16-664.64
ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.5650
DTD 07/20/2022 3.740% 02/16/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47800AAC4
800,325.08 JOHN DEERE OWNER TRUST 800,262.98 802,662.03 0.48 2,399.05 1,810.51
ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.2920
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 DECEMBER 31, 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 499,765.63 503,850.00 0.30 4,084.37 1,102.22
ASSET BCKD SEC SER 2024-A CL A3 99.9531 100.7700
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 1,459,650.00 0.87 36,960.00- 27,669.75
DTD 07/23/18 07/23/2029 99.7740 97.3100
MOODY'S RATING A1
CUSIP 46647PAV8
1,000,000 MASSMUTUAL GLBL FDG 1,002,630.00 1,011,730.00 0.60 9,100.00 11,616.67
MEDIUM TERM NOTE 100.2630 101.1730
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 1,002,230.00 950,150.00 0.57 52,080.00- 5,500.00
144A PRIV PLCMT 1.200 07/16/2026 100.2230 95.0150
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 955,744.65 0.57 11,661.30 14,332.50
DTD 03/09/2023 4.875% 03/09/2028 99.9030 101.1370
CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,120,317.00 0.67 2,972.06- 2,908.89
ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.8470
DTD 10/25/2023 5.950% 11/15/2028
CALLABLE
CUSIP 58769FAC9
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,055,938.45 0.63 57,790.45- 9,872.40
144A PRIV PLCMT 1.875 01/11/2027 99.8860 94.7030
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 728,358.40 0.43 40,933.20- 2,860.76
144A PRIV PLCMT 1.250 09/14/2026 99.9080 94.5920
MOODY'S RATING AA3
CUSIP 58989V2D5
912,000 META PLATFORMS INC 910,584.09 900,554.40 0.54 10,029.69- 15,468.53
DTD 08/09/2024 4.300% 08/15/2029 99.8448 98.7450
CALLABLE
MOODY'S RATING AA3
CUSIP 30303M8S4
1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,956,337.50 1.16 6,337.50 43,594.20
DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 100.3250
CALLABLE
MOODY'S RATING AA3
CUSIP 61690U8E3
1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,007,370.00 0.60 12,490.00 3,472.22
MEDIUM TERM NOTE 99.4880 100.7370
DTD 06/06/2024 5.000% 06/06/2029
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 64952WFG3
1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,355,076.45 0.81 9,145.50- 4,534.83
DTD 12/05/2024 4.600% 12/05/2029 99.9430 99.2730
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 64952WFK4
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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 668,914.60 661,182.80 0.39 7,731.80- 3,796.67
DTD 05/10/2022 4.000% 05/10/2027 99.8380 98.6840
CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLOBAL 827,449.50 818,108.00 0.49 9,341.50- 3,154.44
MEDIUM TERM NOTE 97.3470 96.2480
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 1,497,150.00 0.89 525.00- 30,750.00
DTD 07/17/2024 4.500% 07/17/2029 99.8450 99.8100
CALLABLE
MOODY'S RATING A1
CUSIP 713448FX1
1,500,000 PROGRESSIVE CORP 1,455,495.00 1,457,100.00 0.87 1,605.00 20,000.00
DTD 10/23/18 4.000 03/01/2029 97.0330 97.1400
MOODY'S RATING A2
CUSIP 743315AV5
1,500,000 PROLOGIS LP 1,481,235.00 1,474,350.00 0.88 6,885.00- 27,343.75
DTD 02/01/20 4.375 02/01/2029 98.7490 98.2900
MOODY'S RATING A3
CUSIP 74340XBL4
1,463,000 REALTY INCOME CORP 1,419,212.41 1,406,937.84 0.84 12,274.57- 26,984.22
DTD 01/15/2024 4.000% 07/15/2029 97.0070 96.1680
CALLABLE
MOODY'S RATING A3
CUSIP 756109CB8
2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,004,140.00 1.19 15,780.00- 41,250.00
MEDIUM TERM NOTE 100.9960 100.2070
CONVERTIBLE
DTD 01/19/2024 4.950% 02/01/2029
NON CALLABLE
MOODY'S RATING A1
CUSIP 78016HZV5
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,760,000 STATE STR CORP 1,760,000.00 1,774,643.20 1.06 14,643.20 25,142.53
DTD 03/18/2024 4.993% 03/18/2027 100.0000 100.8320
CALLABLE
MOODY'S RATING AA3
CUSIP 857477CL5
1,340,000 TORONTO DOMINION BANK 1,340,000.00 1,344,435.40 0.80 4,435.40 15,941.53
MEDIUM TERM NOTE 100.0000 100.3310
CONVERTIBLE
DTD 04/05/2024 4.980% 04/05/2027
NON CALLABLE
MOODY'S RATING A2
CUSIP 89115A2W1
1,300,000 TOYOTA AUTO RECEIVABLES OWNER 1,294,718.75 1,310,166.00 0.78 15,447.25 2,981.33
ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.7820
DTD 08/15/2023 5.160% 04/17/2028
CALLABLE
CUSIP 89231FAD2
72,553.73 TOYOTA AUTO RECEIVABLES OWNER 72,552.19 72,024.81 0.04 527.38-22.89
SER 2021-D CL A3 *0 DAY DELAY*99.9979 99.2710
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,319,060.15 0.79 65,330.45-562.66
MED TERM NOTE 99.9560 95.2390
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,173,787.50 1.89 86,525.00-291.78
DTD 06/30/2022 3.250% 06/30/2027 100.3173 97.6550
MOODY'S RATING AAA
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 385,228.00 0.23 7,990.75- 4,603.26
DTD 07/31/2022 2.750% 07/31/2027 98.3047 96.3070
MOODY'S RATING AAA
CUSIP 91282CFB2
PAGE 15
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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 4,370,400.00 2.60 98,502.34- 47,781.42
DTD 08/31/2022 3.125% 08/31/2027 99.3090 97.1200
MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,436,372.50 2.05 15,220.16 36,360.06
DTD 09/30/2022 4.125% 09/30/2027 99.1639 99.6050
MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 840,403.50 0.50 12,252.75- 2,895.60
DTD 11/30/2022 3.875% 11/30/2027 100.3125 98.8710
MOODY'S RATING AAA
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,718,430.00 1.62 56,677.42-294.37
DTD 12/31/2022 3.875% 12/31/2027 100.9130 98.8520
MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,931,240.00 1.74 26,689.69- 43,940.22
DTD 01/31/2023 3.500% 01/31/2028 98.5977 97.7080
MOODY'S RATING AAA
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,666,367.00 2.18 32,746.28- 50,287.29
DTD 02/28/2023 4.000% 02/29/2028 99.9760 99.0910
MOODY'S RATING AAA
CUSIP 91282CGP0
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,505,675.00 1.49 19,422.66- 5,108.17
DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.2270
MOODY'S RATING AAA
CUSIP 91282CJP7
2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,277,391.00 1.36 27,523.81 24,240.04
DTD 03/31/2024 4.125% 03/31/2029 97.8203 99.0170
MOODY'S RATING AAA
CUSIP 91282CKG5
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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 2,311,546.00 1.38 28,436.62 22,178.57
DTD 04/15/2024 4.500% 04/15/2027 99.2656 100.5020
MOODY'S RATING AAA
CUSIP 91282CKJ9
3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,215,936.00 1.91 29,436.00 18,696.13
DTD 05/15/2024 4.500% 05/15/2027 99.5781 100.4980
MOODY'S RATING AAA
CUSIP 91282CKR1
2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 1,988,920.00 1.18 3,373.12 234.81
DTD 06/30/2024 4.250% 06/30/2029 99.2774 99.4460
MOODY'S RATING AAA
CUSIP 91282CKX8
3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,388,875.00 2.02 138,605.47- 43,109.46
DTD 08/31/2024 3.625% 08/31/2029 100.7852 96.8250
MOODY'S RATING AAA
CUSIP 91282CLK5
5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,810,950.00 2.86 114,089.06- 44,711.54
DTD 09/30/2024 3.500% 09/30/2029 98.5008 96.2190
MOODY'S RATING AAA
CUSIP 91282CLN9
3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 2,965,440.00 1.76 28,349.06- 21,194.75
DTD 10/31/2024 4.125% 10/31/2029 99.7930 98.8480
MOODY'S RATING AAA
CUSIP 91282CLR0
2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,838,460.00 1.09 67,620.00- 21,722.22
DTD 07/25/19 2.875 08/15/2029 95.3040 91.9230
MOODY'S RATING A2
CUSIP 91324PDS8
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 989,087.40 0.59 35,963.95- 1,520.87
DTD 05/19/21 1.150 05/15/2026 99.0388 95.5640
MOODY'S RATING A2
CUSIP 91324PEC2
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,500,000 US TREASURY NOTE 1,469,765.63 1,465,890.00 0.87 3,875.63- 1,569.29
DTD 07/31/20 0.250 07/31/2025 97.9844 97.7260
MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,330,232.00 1.39 35,908.63- 1,541.44
DTD 09/30/20 0.250 09/30/2025 98.5892 97.0930
MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,371,036.50 1.41 51,455.69- 1,049.03
DTD 10/31/20 0.250 10/31/2025 98.8772 96.7770
MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,172,735.00 1.29 36,923.20-745.86
DTD 11/30/20 0.375 11/30/2025 98.2070 96.5660
MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,398,775.00 1.43 57,670.31- 3,923.23
DTD 02/01/21 0.375 01/31/2026 98.2578 95.9510
MOODY'S RATING AAA
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,387,875.00 1.42 105,777.34- 3,211.33
DTD 04/30/21 0.750 04/30/2026 99.7461 95.5150
MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,321,166.00 0.79 57,888.68- 3,129.81
DTD 09/30/21 0.875 09/30/2026 98.5039 94.3690
MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,323,476.00 0.79 67,992.75- 2,697.51
DTD 11/01/21 1.125 10/31/2026 99.3906 94.5340
CUSIP 91282CDG3
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
750,000 US TREASURY NOTE 708,251.95 740,482.50 0.44 32,230.55 486.78
DTD 04/30/20 0.375 04/30/2025 94.4336 98.7310
MOODY'S RATING AAA
CUSIP 912828ZL7
350,000 WALMART INC 349,338.50 331,107.00 0.20 18,231.50- 1,061.67
DTD 09/17/21 1.050 09/17/2026 99.8110 94.6020
MOODY'S RATING AA2
CUSIP 931142ER0
======================================================================================================================================
TOTAL BOND & NOTES 169,389,728.31 167,120,939.92 99.46 2,268,788.39- 1,055,317.04
======================================================================================================================================
TOTAL INVESTMENTS 170,293,282.33 168,024,493.94 100.00 2,268,788.39- 1,056,913.61
TOTAL ACCRUALS 1,056,913.61 1,056,913.61
======================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 171,350,195.94 169,081,407.55
PAGE 19
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 412,952.20
TRANSFER RECEIPTS 412,952.20 0.00
SALES 2,950,778.62 0.00
CASH MANAGEMENT SALES 1,355,050.12 0.00
TOTAL CASH RECEIPTS 4,718,780.94 412,952.20
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 10,108.65-0.00
TRANSFER DISBURSEMENTS 0.00 412,952.20-
PURCHASES 3,085,731.95-0.00
CASH MANAGEMENT PURCHASES 1,622,940.34-0.00
TOTAL CASH DISBURSEMENTS 4,718,780.94-412,952.20-
========================================================================================================================================
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________
PAGE 20
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 169,883,009.06
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
12/02/24 INTEREST RECEIVED 1,951.78
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 11/1/24 TO 11/30/24
12/02/24 INTEREST RECEIVED 105.63
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 11/1/24 TO 11/30/24
12/31/24 1,622,940.34 CASH SWEEP PURCHASES FOR STMT PERIOD 1,622,940.34- 1,622,940.34
AS 100% TREAS MM FD-SVC CL #008
12 TRANSACTIONS
12/31/24 1,355,050.12- CASH SWEEP SALES FOR STMT PERIOD 1,355,050.12 1,355,050.12-
AS 100% TREAS MM FD-SVC CL #008
2 TRANSACTIONS
BONDS & NOTES
12/16/24 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 12/15/24
12/16/24 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 12/15/24
12/16/24 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 12/15/24
PAGE 21
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/16/24 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 12/15/24
12/26/24 INTEREST RECEIVED 528.35
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00100/PV ON 197,513.25 PV
DUE 12/25/24
12/26/24 23,803.73- PAID DOWN 23,803.73 23,802.49-1.24
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
AT $128.6803 ON TRADE DATE 12/25/2024
TO SETTLE ON 12/26/2024
12/26/24 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 12/25/24
12/16/24 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 12/15/24
12/26/24 INTEREST RECEIVED 4,970.00
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
$0.00249/PV ON 2,000,000.00 PV
DUE 12/25/24
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/26/24 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 12/25/24
12/17/24 INTEREST RECEIVED 6,250.00
FED NATL MTG ASSN 0.500% 6/17/25
CUSIP 3135G04Z3
INTEREST ON 2,500,000.000 UNITS
12/13/24 1,860,000- SOLD 1,835,373.60 1,856,168.40-20,794.80-
FED NATL MTG ASSN 0.625% 4/22/25
CUSIP 3135G03U5
AT $98.6760 ON TRADE DATE 12/12/2024
TO SETTLE ON 12/13/2024
PERSHING LLC
12/13/24 ACCRUED INTEREST ON SALE 1,646.88
FED NATL MTG ASSN 0.625% 4/22/25
CUSIP 3135G03U5
12/26/24 INTEREST RECEIVED 3,233.33
FHLMC MULTIFAMILY ST 2.425% 8/25/29
CUSIP 3137FPHK4
$0.00202/PV ON 1,600,000.00 PV
DUE 12/25/24
12/26/24 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 12/25/24
12/26/24 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 12/25/24
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/26/24 INTEREST RECEIVED 2,472.40
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00247/PV ON 985,675.42 PV
DUE 12/25/24
12/26/24 2,091.49- PAID DOWN 2,091.49 2,258.16-166.67-
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
TO SETTLE ON 12/26/2024
12/26/24 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 12/25/24
12/26/24 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 12/25/24
12/26/24 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 12/25/24
12/26/24 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 12/25/24
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/16/24 INTEREST RECEIVED 508.98
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00131/PV ON 197,024.96 PV
DUE 12/16/24
12/16/24 17,413.4- PAID DOWN 17,413.40 17,409.76-3.64
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
12/16/24 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 12/16/24
12/16/24 INTEREST RECEIVED 48.83
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00014/PV ON 86,176.55 PV
DUE 12/16/24
12/16/24 12,732.33- PAID DOWN 12,732.33 12,732.00-0.33
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
12/16/24 INTEREST RECEIVED 96.47
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00033/PV ON 91,880.07 PV
DUE 12/16/24
12/16/24 12,477.72- PAID DOWN 12,477.72 12,476.64-1.08
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/16/24 INTEREST RECEIVED 24,529.25
HOME DEPOT INC 2.950% 6/15/29
CUSIP 437076BY7
INTEREST ON 1,663,000.000 UNITS
12/26/24 INTEREST RECEIVED 23,750.00
HOME DEPOT INC 4.750% 6/25/29
CUSIP 437076DC3
INTEREST ON 1,000,000.000 UNITS
12/18/24 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 12/18/24
12/23/24 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 12/21/24
12/23/24 INTEREST RECEIVED 65.33
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00014/PV ON 89,080.64 PV
DUE 12/21/24
12/23/24 16,919.29- PAID DOWN 16,919.29 16,915.72-3.57
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
TO SETTLE ON 12/23/2024
12/16/24 INTEREST RECEIVED 418.74
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00057/PV ON 267,278.69 PV
DUE 12/15/24
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/16/24 33,870.79- PAID DOWN 33,870.79 33,865.70-5.09
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
AT $198.3635 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
12/16/24 INTEREST RECEIVED 2,750.08
HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
$0.00451/PV ON 610,000.00 PV
DUE 12/15/24
12/16/24 INTEREST RECEIVED 699.46
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00069/PV ON 378,088.38 PV
DUE 12/15/24
12/16/24 47,766.57- PAID DOWN 47,766.57 47,764.73-1.84
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
AT $140.6576 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
12/16/24 INTEREST RECEIVED 120.50
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00009/PV ON 195,408.04 PV
DUE 12/15/24
12/16/24 56,431.04- PAID DOWN 56,431.04 55,004.22-1,426.82
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $158.3510 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/13/24 1,750,000 PURCHASED 1,721,510.00- 1,721,510.00
INTL BK RECON & DEV 3.875% 10/16/29
CUSIP 459058LN1
AT $98.3720 ON TRADE DATE 12/12/2024
TO SETTLE ON 12/13/2024
WACHOVIA CAPITAL MARKETS, LLC.
12/13/24 ACCRUED INTEREST ON PURCHASE 10,736.98-
INTL BK RECON & DEV 3.875% 10/16/29
CUSIP 459058LN1
12/16/24 INTEREST RECEIVED 3,567.80
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00340/PV ON 841,132.55 PV
DUE 12/15/24
12/16/24 40,807.47- PAID DOWN 40,807.47 40,804.30-3.17
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
AT $164.6446 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
12/16/24 INTEREST RECEIVED 289.43
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00064/PV ON 149,706.30 PV
DUE 12/15/24
12/16/24 17,963.27- PAID DOWN 17,963.27 17,959.29-3.98
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
AT $374.0260 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/16/24 INTEREST RECEIVED 1,324.48
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00202/PV ON 424,967.38 PV
DUE 12/15/24
12/16/24 25,118.48- PAID DOWN 25,118.48 25,116.08-2.40
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
AT $267.4816 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
12/16/24 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 12/15/24
12/16/24 INTEREST RECEIVED 38.20
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00007/PV ON 88,150.48 PV
DUE 12/15/24
12/16/24 14,646.03- PAID DOWN 14,646.03 14,644.72-1.31
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
TO SETTLE ON 12/16/2024
12/16/24 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 12/15/24
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/05/24 1,365,000 PURCHASED 1,364,221.95- 1,364,221.95
NEW YORK LIFE GL FDG 4.600% 12/05/29
CUSIP 64952WFK4
AT $99.9430 ON TRADE DATE 12/02/2024
TO SETTLE ON 12/05/2024
J.P. MORGAN SECURITIES INC., -
12/06/24 INTEREST RECEIVED 25,000.00
NEW YORK LIFE MTN 5.000% 6/06/29
CUSIP 64952WFG3
INTEREST ON 1,000,000.000 UNITS
12/10/24 INTEREST RECEIVED 6,125.00
P/P GUARDIAN LIFE GL 0.875% 12/10/25
CUSIP 40139LBC6
INTEREST ON 1,400,000.000 UNITS
12/16/24 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 12/15/24
12/16/24 INTEREST RECEIVED 52.59
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00012/PV ON 88,888.13 PV
DUE 12/15/24
12/16/24 16,334.4- PAID DOWN 16,334.40 16,334.05-0.35
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
AT $411.3240 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/18/24 INTEREST RECEIVED 7,790.63
TOYOTA MOTOR CREDIT 1.125% 6/18/26
CUSIP 89236TJK2
INTEREST ON 1,385,000.000 UNITS
12/31/24 INTEREST RECEIVED 52,812.50
U.S. TREASURY NOTES 3.250% 6/30/27
CUSIP 91282CEW7
INTEREST ON 3,250,000.000 UNITS
12/02/24 INTEREST RECEIVED 16,468.75
U.S. TREASURY NOTES 3.875% 11/30/27
CUSIP 91282CFZ9
INTEREST ON 850,000.000 UNITS
12/31/24 INTEREST RECEIVED 53,281.25
U.S. TREASURY NOTES 3.875% 12/31/27
CUSIP 91282CGC9
INTEREST ON 2,750,000.000 UNITS
12/31/24 INTEREST RECEIVED 42,500.00
U.S. TREASURY NOTES 4.250% 6/30/29
CUSIP 91282CKX8
INTEREST ON 2,000,000.000 UNITS
12/16/24 INTEREST RECEIVED 54,687.50
U.S. TREASURY NOTES 4.375% 12/15/26
CUSIP 91282CJP7
INTEREST ON 2,500,000.000 UNITS
12/04/24 750,000- SOLD 737,988.28 708,251.96-29,736.32
US TREASURY NOTE 0.375% 4/30/25
CUSIP 912828ZL7
AT $98.3984 ON TRADE DATE 12/03/2024
TO SETTLE ON 12/04/2024
WACHOVIA CAPITAL MARKETS, LLC.
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/04/24 ACCRUED INTEREST ON SALE 264.16
US TREASURY NOTE 0.375% 4/30/25
CUSIP 912828ZL7
12/02/24 INTEREST RECEIVED 4,218.75
US TREASURY NOTE 0.375% 11/30/25
CUSIP 91282CAZ4
INTEREST ON 2,250,000.000 UNITS
12/26/24 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 12/25/24
12/26/24 39,040.73- PAID DOWN 39,040.73 41,840.68-2,799.95-
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
TO SETTLE ON 12/26/2024
TRANSFER RECEIPTS
12/02/24 ADDITION TO ACCOUNT 22,744.91
TRANSFER FROM INCOME
12/04/24 ADDITION TO ACCOUNT 264.16
TRANSFER FROM INCOME
12/06/24 ADDITION TO ACCOUNT 25,000.00
TRANSFER FROM INCOME
12/10/24 ADDITION TO ACCOUNT 6,125.00
TRANSFER FROM INCOME
12/16/24 ADDITION TO ACCOUNT 108,704.89
TRANSFER FROM INCOME
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/17/24 ADDITION TO ACCOUNT 15,953.37
TRANSFER FROM INCOME
12/18/24 ADDITION TO ACCOUNT 10,140.17
TRANSFER FROM INCOME
12/23/24 ADDITION TO ACCOUNT 3,868.96
TRANSFER FROM INCOME
12/26/24 ADDITION TO ACCOUNT 71,556.99
TRANSFER FROM INCOME
12/31/24 ADDITION TO ACCOUNT 148,593.75
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
12/10/24 INVESTMENT MGMT FEE 10,108.65-
PAID TO CHANDLER ASSET MANAGEMENT INC
INVOICE #: 2411CUPERTIN FOR
PERIOD 11/1/2024 -
TRANSFER DISBURSEMENTS
12/02/24 TRANSFER TO PRINCIPAL 22,744.91-
12/04/24 TRANSFER TO PRINCIPAL 264.16-
12/06/24 TRANSFER TO PRINCIPAL 25,000.00-
12/10/24 TRANSFER TO PRINCIPAL 6,125.00-
12/16/24 TRANSFER TO PRINCIPAL 108,704.89-
12/17/24 TRANSFER TO PRINCIPAL 15,953.37-
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 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12/18/24 TRANSFER TO PRINCIPAL 10,140.17-
12/23/24 TRANSFER TO PRINCIPAL 3,868.96-
12/26/24 TRANSFER TO PRINCIPAL 71,556.99-
12/31/24 TRANSFER TO PRINCIPAL 148,593.75-
=================================================================================================================
ENDING BALANCE 0.00 170,293,282.33
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 12/1/2024 to 12/31/2024
Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 12/1/2024 Contributions Earnings Expenses Distributions Transfers 12/31/2024
OPEB 1001 $41,135,047.69 $0.00 -$1,392,200.57 $11,033.54 $0.00 $0.00 $39,731,813.58
PENSION 1002 $23,421,004.01 $0.00 -$802,635.56 $6,274.33 $0.00 $0.00 $22,612,094.12
Totals $64,556,051.70 $0.00 -$2,194,836.13 $17,307.87 $0.00 $0.00 $62,343,907.70
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 -3.38%-1.50%11.47%2.44%6.10%6.49%6/21/2010
PENSION -3.43%-1.47%11.27%2.39%6.82%-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
January 08, 2025
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:
December 2024 Statement
Tran Type Definitions
Account Summary
Total Deposit:0.00 Beginning Balance:66,539,547.79
Total Withdrawal:0.00 Ending Balance:66,539,547.79
1/8/25, 10:48 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1